Category: Stock Market News

The Federal Reserve announced two enforcement actions against Deutsche Bank AG that will require the bank to pay a combined $156.6 million in civil money penalties. The bank will pay a $136.9 million fine for unsafe and unsound practices in the foreign exchange markets, as well as a $19.7 million fine for failure to maintain an adequate Volcker rule compliance program prior to March 30, 2016. The Fed said it found deficiencies in the firm’s oversight of, and internal controls over, FX traders who buy and sell U.S. dollars and foreign currencies for the organization’s own accounts and for customers.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Proofpoint Inc. stock bounced back in late trading after a steep drop Thursday, as the security-software firm showed off better quarterly earnings results than expected. Proofpoint announced a first-quarter loss of $25.5 million, or 59 cents a share, on sales of $113.3 million. After adjusting for $22.4 million in stock-based compensation and other factors, Proofpoint claimed a profit of $5.5 million, or 12 cents a share. Analysts on average expected adjusted earnings of 9 cents a share on sales of $110.6 million, according to FactSet. Proofpoint also beat analysts’ expectations in billings, which reflects deals signed for future business, with $137.4 million. Proofpoint also raised its forecast for revenue and billings for the full year. Proofpoint shares, which fell 8.5% in regular trading, jumped more than 7% in after-hours action following the release of the results.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Mattel Inc. shares dropped in the extended session Thursday after the toy maker’s quarterly results fell short of Wall Street estimates. Mattel shares fell 6.8% to $23.50 after hours. The company reported an adjusted first-quarter loss of 32 cents a share on revenue of $735.6 million. Analysts surveyed by FactSet had forecast a loss of 17 cents a share on revenue of $793.8 million. The company said sales of Barbie products fell 13% worldwide, while other brands of its toys for girls dropped 34%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Visa Inc. rose 2% late Thursday after the credit-card company reported fiscal second-quarter results above expectations. Visa said it earned $430 million, or 18 cents a share, in the quarter, compared with 71 cents a share in the year-ago period. Adjusted for one-time items, including those related to its reorganization in Europe, the company earned $2.1 billion, or 86 cents a share, compared with 68 cents a share a year ago. Sales reached $4.5 billion in the quarter, compared with $3.6 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 79 cents a share on sales of $4.3 billion. The company also announced a $5 billion share buyback program.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Stocks finished higher on Thursday as strong economic data and corporate earnings lifted the main benchmarks. The S&P 500 climbed 17.67 points, or 0.8%, to 2,355.84, with financials and industrials leading the rally. Meanwhile, the Dow Jones industrial Average advanced 174.22 points, or 0.9%, to 20,578.71, led by shares of American Express Co. , after the credit-card giant reported strong corporate earnings late Wednesday. The Nasdaq Composite Index rose 53.74 points, or 0.9%, to 5,916.78. Earlier, the Labor Department reported that the number of Americans collecting unemployment checks fell to its lowest level in 17 years. Investors will be watching shares of Visa Inc. and Mattel Inc. , as both firms report earnings after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

One police officer has died and another was wounded in the Champs-Elysees section of Paris, multiple press reports said. Reuters reported that a person who fired on police also has been killed.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Oil prices fell Thursday, extending their declines over the past three sessions on persistent concerns that U.S. crude production will offset output cuts by other major producers. But losses were limited amid growing expectations that the Organization of the Petroleum Exporting Countries will reach an agreement next month to extend its output-cut agreement into the second half of the year. May WTI crude fell 17 cents, or 0.3%, to settle at $50.27 a barrel on the contract’s expiration day. June WTI , the new front-month contract, finished at $50.71, down 14 cents, or 0.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

U.S. steel makers and industry-related companies rallied Thursday following President Donald Trump’s announcement of a probe into whether foreign steel imports harm national security. Shares of U.S. Steel Corp. rallied 7.4% to $30.54, while shares of AK Steel Holding Corp. jumped 7.8% to $6.76. Shares of Steel Dynamics Inc. rose 5.1% to $34.38, Nucor Corp. shares gained 3.4% to $59.56, and Allegheny Technologies Inc. shares advanced 2.1% to $17.17. On Thursday, Trump met with steel executives at the White House and proposed using the 1962 Trade Expansion Act, which allows emergency trade sanctions on national security grounds, to focus on foreign steel imports.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Tesla Inc. shares turned lower Thursday after the Silicon Valley car maker said it was recalling 53,000 Model S and Model X vehicles built between February and October of 2016 due to a potentially malfunctioning gear in the vehicles’ electric parking brakes. Tesla said it has not seen any injuries or incidents relating to the problem. The vehicles being recalled may contain a small gear that may have been improperly made by a third-party supplier, the company said. If the gear were to break, the parking brake would still work, but could be stuck in place, Tesla said. The company said the defective gear may be in less than 5% of vehicles being recalled, but it put forth a broader recall “out of abundance of caution.” Tesla owners affected will receive a recall notice by mail and e-mails from the company, Tesla said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Ocwen Financial lost a quarter of their value as North Carolina ruled the company cannot acquire new mortgage service rights or originate new mortgages that it would service until it can show it is financially stable and that customer escrow funds are being properly collected, calculated and disbursed.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News