Category: Stock Market News

Oil futures settled modestly higher Friday and logged a weekly gain on the back of expectations that output cuts by major producers will continue to chip away at global oversupply. On the New York Mercantile Exchange, March West Texas Intermediate tacked on 29 cents, or 0.5%, to $53.83 a barrel. WTI notched a weekly gain of about 0.7%. The gain for oil came as the Baker Hughes report revealed that the number of active U.S. rigs drilling for oil rose by 17 to 583 rigs this week, a third straight weekly gain. Investors were also weighing news of fresh U.S. sanctions on oil-producer Iran. But those sanctions aren’t expected to put limits on its crude exports.

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Gold prices closed with slight gains Friday, adding to a weekly rise that is the best in about eight months. April gold settled up $1.40, or 0.1%, at $1,220.80 an ounce. The metal rang up a weekly gain of about 2.6% which would represent its best weekly advance since the week ended June 10, according to FactSet data. Gold had a bumpy ride on a the day but edged higher as the dollar lost ground in the wake of a the Friday jobs report. The U.S. created 227,000 new jobs in January to mark the largest gain in four months and the unemployment rate rose to 4.8% as more workers looked for jobs, but the big weak spot was wage growth. Average wages edged up 0.1% to $26 an hour. Hourly pay increased 2.5% from January 2015 to January 2016, down from 2.8% in the prior month, suggesting that inflation may not be as brisk as the Federal Reserve or the market had been pricing in.Lower inflation might give the Fed pause in raising rates and is a drag on the dollar , which can give dollar-priced assets like gold room to rise.

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WASHINGTON (MarketWatch) — President Donald Trump on Friday signed executive orders that would start a process of rolling back the fiduciary rule and the Dodd-Frank bank reform law. “Today we are signing core principles for regulating the United States financial system,” Trump said. The text of the orders has not yet been released.

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Sen. Amy Klobuchar (D-MN) sent a Friday letter to Kaleo Inc. criticizing the around $4,500 price tags of its two products, opioid overdose treatment Evzio and allergic reaction treatment Auvi-Q. Kaleo prices these products at high levels, it says, to allow patients with commercial insurance to pay no out-of-pocket costs. But Klobuchar challenged that explanation. “These programs may simply shift costs to other parts of the healthcare system, which are eventually passed on to consumers through higher premiums,” she said. “Many worry this pricing strategy may allow pharmaceutical companies to benefit from increased profits while hiding the true costs to consumers.” Big price increases on Evzio, from $690 to over $4,500 over the last three years, are “worrisome,” she said. She called the $4,500 price tag for an Auvi-Q two-pack “especially disturbing.” The senator asked Kaleo to explain its Evzio price increases and Auvi-Q’s pricing structure in her letter. Auvi-Q, a competitor with Mylan Inc.’s EpiPen, is not yet on the market and expected to be available starting Feb. 14.

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Callaway Golf Co.’s stock tumbled 9.1% in active afternoon trade Friday, after the gold equipment seller’s disappointing fourth-quarter results. Volume of 2.9 million shares in recent trade was more than triple the full-day average. The company said late Thursday it swung to a profit of $1.28 a share from a loss of 33 cents a share, because of the reversal of a deferred tax valuation allowance. Excluding that, the adjusted loss of 18 cents a share missed the FactSet consensus for a loss of 17 cents a share. Revenue rose to $164 million from $153 million, but missed the Fact Set consensus of $171 million. Woods sales of $29.5 million missed the FactSet consensus of $37 million, irons sales of $39 million were below expectations of $48 million and golf balls sales of $31.2 million was just shy of the FactSet consensus of $31.9 million, while putters sales of $14.0 million beat expectations of $13.6 million. Callaway’s stock has run up 18.5% over the past 12 months, while the S&P 500 has climbed 20.1%.

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Data from Baker Hughes Friday revealed that thenumber of active U.S. rigs drilling for oil rose by 17 to 583 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 17 to 729, according to Baker Hughes. March West Texas Intermediate crude was up 23 cents, or 0.4%, at $53.77 a barrel on the New York Mercantile Exchange from Thursday’s settlement, little changed from where it was trading at before the data.

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Oil futures on Friday continued to trade modestly higher after the U.S. Treasury announced that it has imposed new sanctions on Iran, one of the world’s top 10 oil producers, following its ballistic missile test launch. It has sanctioned more than two dozen businesses and individuals for their alleged role in support the missile-testing program, according to The Wall Street Journal. Details on the sanctions weren’t immediately clear. “These actions are not likely to cause significant problems unless Iran’s response is more harassment to ships in the Persian Gulf,” said James Williams, energy economist at WTRG Economics. March West Texas Intermediate crude traded at $53.76 a barrel, up 22 cents, or 0.4%. April Brent added 27 cents, or 0.5%, to $56.83.

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President Donald Trump said Friday he was “very happy” about the January jobs report, which showed 227,000 new positions created during the month. He said the report showed a “great spirit” in the U.S. and he predicted it would “continue big league.” Read more about the January data here.

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The Treasury Department announced sanctions Friday against companies and individuals involved in aiding Iran’s ballistic missile program. President Donald Trump had warned that Iran was “on notice” after the Sunday test. The sanctions prohibit Americans from engaging in transactions with the individuals and businesses.

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Shares of Macy’s Inc. surged 5.8% in morning trade Friday after The Wall Street Journal reported that the department store chain was in buyout talks. Saks Fifth Avenue and Lord & Taylor parent Hudson’s Bay has made a takeover approach to Macy’s, The WSJ report said, citing sources. The report said the talks were still in early stages and may not lead to a deal. Macy’s stock has tumbled 22% over the past 12 months, while Hudson’s Bay shares have fallen 40% and the S&P 500 has gained 20%.

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