Category: Stock Market News

Natural-gas futures dropped Tuesday, with forecasts for warmer weather dragging prices down by nearly 11% to mark their largest one-day percentage decline since February 2014, according to FactSet data. February natural gas lost 39.7 cents, or 10.7%, to end at $3.327 per million British thermal units. Oil futures, meanwhile, settled at their lowest level in about two weeks as traders waited to see if major oil producers will stick to their pledge to cut output, which kicked in at the start of the year. February West Texas Intermediate crude fell $1.39, or 2.6%, to settle at $52.33 a barrel.

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Bill and Hillary Clinton reportedly will be in attendance at the presidential inauguration on Jan. 20 of Donald Trump, according to New York magazine, as will former President George W. Bush and former first lady Laura Bush, according to the New York Post. Till Tuesday, it was unknown whether former President Clinton and his wife, the former secretary of state, planned to be on hand as Hillary Clinton’s opponent in the Nov. 8 presidential election was inaugurated, nor had the Bushes committed to be in attendance. President Jimmy Carter was previously known to be planning to attend. For health reasons, President George H.W. Bush is not expected to make the trip to Washington.

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Gold futures climbed Tuesday to finish at their highest level since mid-December, finding support on the back of “a lot of capital reallocation” at the start of the year, according to Tyler Richey, co-editor of The 7:00’s Report. Strength in the U.S. dollar and stock market, as well as upbeat economic data, had fueled declines in earlier trading. February gold tacked on $10.30, or 0.9%, to settle at $1,162 an ounce.

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Intel Corp. said Tuesday it is acquiring a 15% stake in German digital mapping company HERE from current indirect shareholders, Audi AG and Daimler AG . The chip maker said the two companies will collaborate on the research and development needed to support real-time updates of high-definition maps that can be used in self-driving vehicles. “Additionally, the two companies plan to jointly explore strategic opportunities that result from enriching edge-computing devices with location data,” Intel said in a statement. Current technology allows a user to determine a car’s location to within meters, but the next generation is expected to work within centimeters. HERE is a private company set up by Audi, BMW AG and Daimler. The deal is expected to close in the first quarter. Intel will nominate Doug Davis to the HERE supervisory board. Davis is general manager of Intel’s automated driving group. Shares were up 0.3% in afternoon trade, while the S&P 500 was up 0.4%.

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Fox News anchor Megyn Kelly, who famously clashed with President-elect Donald Trump during a presidential debate over his comments on women, is leaving the network for a role at NBC News , the New York Times reported Tuesday, citing people briefed on the talks. Kelly will host her own daytime news and discussion program, anchor an in-depth Sunday night news show and participate in special political programming and other event coverage, the paper reported. Kelly, whose contract at Fox News expires this year, was understood to have been offered more than $20 million a year to stay. Her new salary was not disclosed in the report, which said NBC has made clear it could not match that sum. Fox shares were up 1.9% in afternoon trade, while the S&P 500 was up 0.3%.

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Shares of Kansas City Southern slumped Tuesday, after Ford Motor Co. said it is canceling plans for a $1.6 billion Mexico plant that was to have been built along one of Kansas City Southern’s railway lines. The stock was down 3.6% in early afternoon trade. Ford said it was scrapping the plan, and instead investing $700 million in a Detroit plant, where it will add 700 jobs as it works to expand its fleet of electric and self-driving vehicles.

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House Republicans dropped plans Tuesday to place the independent Office of Congressional Ethics under the oversight of lawmakers, following an outpouring of criticism including from President-elect Donald Trump. The House of Representatives was due to vote on the change later Tuesday. Earlier Tuesday, Trump questioned why Republicans were making the change their “number one act and priority” and said tax reform and health care were more important.

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Xerox Corp. shares surged 15% Tuesday, after Credit Suisse upgraded the stock to outperform from neutral, citing a more focused print business, the chance of bigger-than-expected cost savings, strong management and a compelling long-term strategy to offset end market decline. “We remain cautious about overall printing spend, but believe that management is realistic and has a long term vision of moving the business away from mature declining markets to growth segments such as graphics and Managed Print Services (MPS),” analysts wrote in a note. Credit Suisse has a stock price target of $8, which is about 20% above current trading levels.

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Ford Motor Co. said Tuesday it is canceling plans for a new $1.6 billion plant in San Luis Potosi, Mexico, and investing $700 million in its Flat Rock, Michigan plan’s expansion, as part of a push into electric vehicles in the next five years. The news came just hours after President-elect Donald Trump tweeted at Ford rival General Motors Co. , saying the company needs to be taxed for certain versions of the Chevrolet Cruze small car that it imports from Mexico to U.S. dealers. Ford said it will add 700 jobs at the Michigan plant, that will build high-tech electric vehicles and self-driving cars, as well as the Mustang and Lincoln Continental. The moves are part of a planned $4.5 billion investment in electric vehicles by 2020 as the company works to become an auto and mobility company. Ford unveiled plans for seven global electric vehicles, that include a small SUV that will offer a range of at least 300 miles. Ford shares jumped 2.4% on the news, while GM was up 0.8% and the S&P 500 was up 0.5%.

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Madison Square Garden Company hit back at Marie Claire Magazine Tuesday claiming the site’s exclusive piece on the Rockettes “violated the confidentiality” of executives and the Rockettes. In the piece, Marie Claire wrote about a meeting in which James Dolan, the executive chairman of Madison Square Garden, held firm to his decision for the group to perform at the Presidential inauguration and agreed that he was asking the group to “be tolerant of intolerance.” “While Mr. Dolan stands behind everything he said during the meeting, no one in that room believed they were speaking publicly,” Barry Watkins, chief communications officer for The Madison Square Garden Company, said in a statement. Watkins called the recording “deceitful and cowardly” and said the company was “disappointed” in Hearst’s decision to publish the story.

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