Category: Stock Market News

Uber Technologies Inc. announced a partnership with German automaker Daimler Tuesday in which Daimler will manufacture self-driving cars for the company. Daimler, which car brands include Mercedes-Benz, will operate the self-driving cars under Uber’s network. In a blog post, Travis Kalanick, chief executive of Uber, confirmed that the company will be not building its own self-driving cars and instead will partner with automakers. “Auto manufacturers like Daimler are crucial to our strategy because Uber has no experience making cars-and in fact, making cars is really hard,” Kalanick wrote. Uber recently launched a self-driving car pilot in Pittsburgh, using Ford and Volvo vehicles, and a halted pilot in San Francisco, using Volvos.

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The American Civil Liberties Union will be a part of startup accelerator Y Combinator, the accelerator announced Tuesday. The ACLU will be a nonprofit in the winter group of the accelerator, which means it will receive funding from Y Combinator, as well as access to mentors and the startup network. Non-profits in the program receive a total of $100,000 from Y Combinator and from apparel company Teespring. The ACLU raised $24 million over the weekend, an all-time record for the organization, after taking a stand against Trump’s immigration policy. It has vowed to stand up to policies set by Trump’s administration that it deems discriminatory or “unconstitutional.” “The ACLU has always been important, but has a particularly important role now,” Sam Altman, president of Y Combinator, wrote.

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Macy’s Inc. shares are down 1.7% in Tuesday trading after the retailer was downgraded to neutral from buy at Buckingham Research Group on concerns that the sales pressure the retailer is under won’t be relieved anytime soon. Buckingham Research analysts cite a number of challenges facing the company in a Tuesday note, including competition from both online and off-price competition, tourist traffic declines, and limits to expense reduction. While the company does have valuable real estate holdings, the timing on any transactions and gains are unclear. “Moreover, given the acceleration in store closings across the sector, we are concerned that valuations outside of the flagships could come under pressure as Macy’s pursues more transactions,” analysts said. Macy’s shares are down 28.2% for the past year while the S&P 500 index is up 17% for the same period.

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WASHINGTON (MarketWatch) — Senate Democrats on Tuesday boycotted a scheduled vote in the Senate Finance Committee on Steven Mnuchin, President Donald Trump’s pick to be treasury secretary, and Rep. Tom Price to be health secretary. Sen. Orrin Hatch, the Republican chairman of the Finance Committee, said he was nonplussed by the Democratic boycott. The committee needs at least one Democrat in order to proceed, he said. “We’ll just keep trying to get them to come and do their jobs. I’m very disappointed in this type of crap,” Hatch said. He said he fully intended continue to push for a vote.

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Heavy-equipment maker Caterpillar Inc. said Tuesday it will relocate a number of senior executives and support staff to the Chicago area later this year as it works to establish its global headquarters in that city. The company stressed that it will still maintain a “significant” presence in the Peoria, Illinois area, where it will continue to have the bulk of its global employees. “Since 2012, about two-thirds of Caterpillar’s sales and revenues have come from outside the United States,” Chief Executive Jim Umpleby said in a statement. “Locating our headquarters closer to a global transportation hub, such as Chicago, means we can meet with our global customers, dealers and employees more easily and frequently.” The company will no longer build a complex in Peoria, as previously announced, as it struggles with a third year of declining sales. Some executives will relocate to Chicago in 2017. Shares fell 1.2% in early trade, but are up 53% in the last 12 months, while the S&P 500 has gained 17%.

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WASHINGTON (MarketWatch) — President Donald Trump on Tuesday said drug prices are “astronomical” as he said he will soon name a nominee to head the Food and Drug Administration. “We’re going to be ending foreign freeloading,” he said ahead of a meeting with the industry, saying that foreign countries should pay their fair share for research-and-development costs.

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U.S. stocks opened lower on Tuesday as investors continued to grapple with political uncertainty stemming from the newly inaugurated President Donald Trump’s administration. Late Monday, Trump fired the acting attorney general, who declined to defend an executive order calling for a travel ban. The order, which was met with massive controversy, also spurred selling on Monday. Investors also watched the latest batch of corporate earnings, including from Exxon Mobil Corp. and Pfizer Inc. . The Dow Jones Industrial Average fell 72 points, or 0.4%, to 19,899. The S&P 500 lost 5 points to 2,276, a drop of 0.2%. The Nasdaq Composite index sank 17 points, or 0.3%, to 5,595.

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Signet Jewelers Ltd. announced tuesday an organizational shake up that included the retirement of its chief operations officer and the creation of new executive roles, in an effort to focus enhancing digital capabilities and improving customer service. COO Ed Hrabak will retire after 30 years with the company, as will Tryna Kochanek, executive vice president of North American store operations, also after 30 years with Signet. The company is also creating a new president and chief customer officer role, as well as a new chief retail insights and strategy officer role. Signet will also add a digital expert to its board of directors. “We continue to align our organization and priorities with our Vision 2020 strategy and the changing retail environment, characterized by evolving shopping habits and increasing customer expectations for an outstanding digital experience,” said Chief Executive Mark Light. The stock, which was still inactive in premarket trade, has tumbled 32% over the past year, while the S&P 500 has gained 18%.

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The multi-hyphenate former host of the “The Oprah Winfrey Show,” Oprah Winfrey is adding another title to her resume, joining CBS Corp.’s “60 Minutes” as a special contributor. Winfrey will make her first appearance on the Sunday-night news broadcast this fall, according to a news release. Since walking away from “The Oprah Winfrey Show” in 2011, Winfrey has continued to run Harpo Productions Inc., responsible for successful day-time shows such as “Dr. Phil” and “Rachael Ray.” Winfrey founded OWN network in partnership with Discovery Communications Inc. , “O” Magazine with Hearst Corp. and has been one of the world’s most active philanthropists. In 2015 Oprah joined the Weight Watchers International Inc. board of directors. “There is only one Oprah Winfrey,” said “60 Minutes” Executive Producer Jeff Fager in a statement. “Her body of work is extraordinary. I am thrilled that she will be bringing her unique and powerful voice to our broadcast.” CBS shares are up more than 35% in the last 12 months, while the S&P 500 Index is up 17%.

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HCA Holdings Inc. shares surged 4.6% in pre-market trade Tuesday after the company reported a fourth-quarter earnings beat and an upbeat 2017 outlook. Earnings for the latest quarter rose to $920 million, or $2.39 per share, from $582 million, or $1.40 per share in the year-earlier period. Adjusted earning-per-share were $1.89, above the FactSet consensus of $1.78. Revenue rose to $10.64 billion from $10.25 billion, compared with the FactSet consensus of $10.66 billion. For 2017, the company expects earnings of $7.20 to $7.60 per share, above the FactSet consensus of $7.15, and revenue of $43 billion to $44 billion, compared with the FactSet consensus of $43.13 billion. HCA Holdings shares have surged 3.6% over the last three months, compared with a 7.3% rise in the S&P 500 .

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