Category: Stock Market News

Citigroup Inc. said late Friday that federal officials have launched a probe into the bank’s foreign hiring practices, according to a Securities and Exchange Commission filing. “Government and regulatory agencies in the U.S., including the SEC, are conducting investigations or making inquiries concerning compliance with the Foreign Corrupt Practices Act and other laws with respect to the hiring of candidates referred by or related to foreign government officials,” Citigroup said in the filing. The bank said it is cooperating with investigators. Back in November, J.P. Morgan Chase & Co. paid $264 million to settle charges related to its hiring practices in Asia. Citi shares were unchanged at $59.56 after hours.

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Data-analytics software company Alteryx Inc. plans to raise up to $75 million in an initial public offering, according to a filing with the Securities and Exchange Commission late Friday. In 2016, the Irvine, Calif.-based company reported a net loss of 47 cents a share, or an adjusted loss of 26 cents a share, on revenue of $85.8 million. The company plans to list on the New York Stock Exchange under the ticker “AYX”. Goldman Sachs and J.P. Morgan are among the lead underwriters for the offering.

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Deepak Ahuja, who will rejoin Tesla Inc. as the company’s chief financial officer in April, will earn an annual base salary of $500,000 in addition to a $15 million new-hire stock grant, Tesla said in a filing Friday. The equity will be granted and will vest over four years in accordance with the company’s standard equity policies, Tesla said. Ahuja served as Tesla CFO from July 2008 until November 2015, when he was replaced by Jason Wheeler. Wheeler announced his resignation on Wednesday as Tesla reported fourth-quarter results. Wheeler will remain at the company through early April to ensure a smooth transition, Tesla said. At a conference call with analysts after the Tesla CEO Elon Musk said Ahuja’s appointment is not a temporary assignation.

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A memo the Associated Press obtained from Homeland Security says citizens of the seven Muslim-majority nations subject to President Trump’s travel ban casts doubt on the security rationale for it. The memo says “that country of citizenship is unlikely to be a reliable indicator of potential terrorist activity.” The report says citizens of those countries are rarely implicated in U.S.-based terrorism.

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The Dow industrials and S&P 500 finished at records Friday as the Dow continued its streak of closing highs and daily gains despite a selloff of financial and energy shares. The Dow Jones Industrial Average rose 11.44 points, or less than 0.1%, to finish at 20,821.76, its eleventh straight session of record closes, led higher by shares of Wal-Mart Stores Inc. and Johnson & Johnson Inc. and hampered by shares of Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. . For the week, the Dow closed up 1% for its third week of gains. The S&P 500 index closed up 3.53 points, or 0.2%, at a record 2,367.34, with utilities and telecom stocks leading gains and energy and financial stocks weighing on the index. For the week, the S&P 500 closed up 0.7% for its fifth straight week of gains. The Nasdaq Composite index finished up 9.80 points, or 0.2%, at 5,845.31, just shy of a record, for a 0.1% gain on the week and its fifth straight week of gains.

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The White House was pushing back Friday after a report said National Economic Council Director Gary Cohn told a business group the Trump administration doesn’t support the House Republicans’ border adjustment tax plan. A White House official told MarketWatch Cohn’s comment to the group was taken out of context and Cohn didn’t state support or opposition to the plan.

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Shares of Intuit Inc. climbed 5.5% on Friday after the TurboTax parent reported a sharp rise in revenue that trumped expectations and increased its revenue outlook for the current quarter, despite previously warning that tax season had been off to a slow start. The company reported a nearly 50% increase in subscribers during the quarter. Shares traded around $127.47 in afternoon trade, putting them on track for record high, $7 above the company’s previous record of $120.70, notched Thursday. They stock is up more than 10% in the past three months and nearly 30% in the past year, outperforming the S&P 500 , up 7% in three months and 22% in a year.

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From:: Stock Market News

Shares of Intuit Inc. climbed 5.5% on Friday after the TurboTax parent reported a sharp rise in revenue that trumped expectations and increased its revenue outlook for the current quarter, despite previously warning that tax season had been off to a slow start. The company reported a nearly 50% increase in subscribers during the quarter. Shares traded around $127.47 in afternoon trade, putting them on track for record high, $7 above the company’s previous record of $120.70, notched Thursday. They stock is up more than 10% in the past three months and nearly 30% in the past year, outperforming the S&P 500 , up 7% in three months and 22% in a year.

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The retail sector whipsawed higher Friday, after National Economic Council Director Gary Cohn reportedly said the White House doesn’t support the GOP’s border-adjustment tax plan. That came less than 24 hours after Trump sent the sector reeling, after he reportedly expressed approval of a border-adjusted taxes. The SPDR S&P Retail ETF jumped 1.7% in afternoon trade, after being down as much as 0.5% earlier in the session. The ETF had slumped 2.3% on Thursday, after Trump told Reuters he approved of a border-adjusted tax. Among some of the ETF’s components, shares of Wal-Mart Stores Inc. rose 1%, of Target Corp. climbed 2.3% and of Home Depot Inc. gained 0.6%. The ETF has lost 6.4% over the past three months, while the S&P 500 has gained 7.0%.

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Gold climbed for a fourth straight week Friday to highs not seen for three months as the dollar softened and traders grew anxious over timelines for President Donald Trump’s pro-business plan rollout and other geopolitical concerns. Gold for April delivery rose $6.90, or 0.6%, to settle at $1,258.30 an ounce, its highest finish since Nov. 10, for a weekly gain of 1.6%. Silver for March delivery advanced 22 cents, or 1.3%, to settle at $18.34 an ounce, for a weekly gain of 1.6%. The U.S. Dollar Index , which had traded lower earlier in the session, was last up less than 0.1% at 101.07.

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