Category: Stock Market News

U.S. stocks closed lower Thursday as third-quarter economic growth was revised upwards but durable goods orders declined. The Dow Jones Industrial Average closed down 23.08 points, or 0.1%, at 19,918.88, led lower by a 2.3% decline in Wal-Mart Stores Inc. shares. The S&P 500 index fell 4.22 points, or 0.2%, to close at 2,260.96, as consumer-discretionary stocks fell 1%. The Nasdaq Composite index declined 24.01 points, or 0.4%, to finish at 5,447.42.

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The United States Department of Justice filed a civil suit on Thursday against Barclays Bank PLC and several of its U.S. affiliates that alleges that Barclays engaged in a fraudulent scheme from 2005 to 2007 to sell securities backed by residential mortgage loans that it knew were likely to fail, all while telling investors that the mortgages backing the securities were sound. The complaint alleges Barclays knew the loans were defective and that due diligence on these deals was a sham. The lawsuit alleges that investors all over the world lost billions of dollars as a result of the fraudulent scheme. The suit also names two former Barclays executives as defendants, Paul K. Menefee, who served as Barclays’ head banker on its subprime RMBS securitizations, and John T. Carroll, who served as Barclays’ head trader for subprime loan acquisitions. According to the Department of Justice both men made representations about the characteristics of the loans backing the securities that they knew were false when they made them. The complaint alleges violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 based on mail fraud, wire fraud, bank fraud, and other misconduct.

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Crude-oil futures on Thursday settled firmly higher, rebounding after slumping a day earlier on reports of a surprise buildup in U.S. inventories. Traders and analysts said a strong report on U.S. gross domestic product and a larger-than-expected reduction of natural-gas supplies helped to revive sentiment. West Texas Intermediate crude oil for February delivery ended 46 cents, or 0.9%, higher at $52.95 a barrel. A day earlier oil futures skidded lower after the U.S. Energy Information Administration reported a surprise build up in crude inventories, but on Thursday the administration said natural-gas inventories shrank in the week ended Dec. 16, a supportive sign for crude prices.

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Gold prices settled lower Thursday for a third consecutive session as the dollar stabilized near multiyear highs. Gold for February delivery settled down $2.50, or 0.2%, at $1,130.70 an ounce, as the U.S. Dollar index hovered around 103, near its highest levels since December 2002. Silver for March delivery settled down 10.8 cents, or 0.7%, at $15.87 an ounce.

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Nokia extended a lawsuit against Apple Inc. to nine additional countries Thursday, one day after it filed a lawsuit in Germany and the U.S. claiming Apple infringed on several of its patents. The lawsuits — which claim Apple used some of Nokia’s display, user interface, software, antenna, chipsets and video coding technologies in the iPhone, iPad and Mac — now extend to Finland, the U.K., Italy, Sweden, Spain, The Netherlands, France, Hong Kong and Japan. Nokia claims Apple agreed to license some of its patents in 2011, but declined subsequent offers made by Nokia to license other patented technology. Shares of Apple fell 1% to $115.83 in afternoon trade. They’ve gained 1% in the past three months and 8% in the past year. By comparison, the Dow Jones Industrial Average has increased 8% in three months and 15% in the past year.

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The Securities and Exchange Commission and the Department of Justice jointly fined Teva Pharmaceutical Industries Limited , the largest generic drug manufacturer in the world, $519 million on Thursday to settle parallel civil and criminal charges that it allegedly violated the Foreign Corrupt Practices Act when it paid bribes to foreign government officials in Russia, Ukraine, and Mexico between 2002 and 2012. Teva made more than $214 million in illicit profits, according to the SEC, by bribing officials to increase its market share, obtain regulatory approvals and gain favorable drug purchase and prescription decisions. Teva will enter into a deferred prosecution agreement with the U.S. Department of Justice. The company must also retain an independent corporate monitor for at least three years.

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WASHINGTON (MarketWatch) — The Conference Board’s leading economic indicators were flat in November. “The underlying trends in the LEI suggest that the economy will continue expanding into the first half of 2017, but it’s unlikely to considerably accelerate,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. Industrial and construction indicators weighed on the index, though the weakness was offset by improvements in the interest rate spread, initial unemployment insurance claims, and stock prices.

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U.S. stocks opened flat on Thursday, as investors found few reasons to extend a rally that has taken major indexes to repeated records and the Dow near the milestone level of 20,000. Market moves have been slight this week, with many investors out ahead of the upcoming Christmas holiday and few concrete trading catalysts. In the latest economic data, an estimate on third-quarter GDP was revised up to 3.5% from 3.2%, above expectations. On the downside, jobless claims rose to their highest level since mid-June in the latest week. The Dow Jones Industrial Average fell 15 points to 19,928, a drop of less than 0.1%. The S&P 500 fell 1 point, or 0.05%, to 2,264. The Nasdaq Composite Index fell 1 point to 5,470.21, essentially unchanged on the day.

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Conagra Brands Inc. reported fiscal second-quarter earnings that fell to $122.1 million, or 28 cents a share, from $154.9 million, or 36 cents a share, in the same period a year ago. Excluding non-recurring items, such as debt extinguishing costs and the impairment of goodwill, adjusted earnings per share came to 49 cents, above the FactSet consensus of 45 cents. Revenue fell 11.5% to $2.088 billion from $2.359 billion, just shy of the FactSet consensus of $2.104 billion. Grocery and snacks sales fell 5.8% to $853.9 million, refrigerated and frozen sales declined 10.5% to $740.0 million and foodservice sales eased 0.7% to $283.1 million. The company, which brands include Reddi-wip, Healthy Choice, Slim Jim and Orvill Redenbacher’s, affirmed its fiscal 2017 adjusted EPS outlook of $1.65 to $1.70, which surrounds the FactSet consensus of $1.68. The stock, which was still inactive in premarket trade, has run up 16% year to date, while the S&P 500 has gained 11%.

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President-elect Donald Trump has named his former campaign manager Kellyanne Conway to serve as counselor to the president, Trump’s transition team announced Thursday morning. Trump said in a statement that Conway “played a crucial role” in his victory and that he’s pleased she’ll be part of his senior team in the West Wing.

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