Energous shares soar on FCC certification of wireless charger

Energous Corp. shares rallied in the extended session Tuesday after the wireless charging technology company said the Federal Communications Commission certified its transmitter that can charge devices from a distance. At last check, Energous shares soared 75% to $15.50 after hours. The company said its WattUp Mid Field transmitter can power and charge small enabled devices like smartphones and earbuds from up to three feet away using radiofrequency signals. Energous said its device was the first to receive approval under Part 18 of the FCC’s rules, which allow for higher-power operations than other wireless-charging solutions.

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From:: Stock Market News

Pareteum shares more than double on blockchain settlements offering

Shares of Pareteum Corp. more than doubled Tuesday after the mobile cloud platform company said it would offer blockchain technology to its billing and settlement services. Pareteum shares surged 120% to close at $2.80 Tuesday, following a trading halt during the regular session. The company said Pareteum customers will now be able to accept and process cryptocurrencies like bitcoin and ether, which runs on the Etherium network, the company said.

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From:: Stock Market News

Stock market shakes off surging oil, retail rally to finish lower as Apple’s stock weighs

The Dow Jones Industrial Average ended lower on Tuesday as a decline in Apple Inc., helped to drag the benchmark, and the broader market, lower a day after the Christmas holiday. The Dow closed off less 0.1% lower at 24,746, the S&P 500 index ended down 0.1% at 2,680, while the Nasdaq Composite Index finished off 0.3% at 6,936, as Apple’s stock decline spilled over into the technology sector. Apple’s shares provided the biggest downside impetus, finishing down 2.5% and cutting some 30 points from the price-weighted Dow on the back of a report of tepid iPhone X demand. Meanwhile, crude-oil prices in the U.S. ended up 2.6%, at $59.97 a barrel, briefly touching $60 and marking its highest settlement sine late June 2015. That surge in crude supported the energy sector , which posted the best daily return of the S&P 500’s 11 sectors, up 0.8%. Separately, retail shares, including Kohl’s Corp. and Macy’s Inc. enjoyed sharp holiday gains on reports of better-than-expected Christmas sales. Still, the rally in oil and retailers wasn’t enough to push the main equity benchmarks to a positive finish for the session.

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U.S. oil settles at highest level since June of 2015

Oil prices finished around a 21/2-year high Tuesday, with futures supported by pipeline disruptions in the North Sea and Libya. West Texas Intermediate crude for February delivery , the U.S. benchmark, closed up $1.50, or 2.6%, at $59.97, marking the highest settlement for crude since late June 2015, according to FactSet data. The contract briefly touched a psychologically significant level intraday at $60 a barrel. An ongoing outage of the Forties Pipeline System in the North Sea and expectations of supply losses after a blast in Libya helped to punch prices higher. However, market participants cautioned that moves are a reflection of seasonally light volumes following Christmas, and as investors observe other holidays before the end of the year.

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From:: Stock Market News

Up Tick in FHA Business, Delinquency Worsens

Government-insured mortgage production was up from the preceding month but was down from a year ago. Delinquency deteriorated on both a month-over-month and year-over-year basis.

The Federal Housing Administration ended October with insurance in force on 8,595,615 residential loans for $1.3088 trillion, according to data from the Department of Housing and Urban Development.

The total consisted of $1.1618 trillion in single-family loans, $0.1461 trillion in home-equity conversion mortgages and $0.0010 trillion in Title I loans.


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From:: Financing

Gold settles around 4-week high as dollar softens

Gold futures booked their highest close on Tuesday in about four weeks as a weaker dollar helped to drive the yellow metal higher. A softening dollar can make gold more attractive to buyers using weaker currencies. February gold settled $8.70, or about 0.7%, higher at $1,287.50 an ounce, marking the highest settlement since Nov. 28th, according to FactSet data. Dollar weakness, as measured by the ICE U.S. Dollar Index , which gauges the buck against a basket of six rival currencies, helped to support gold trading.

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3-month Treasury auction sees poor appetite on debt-ceiling worries

An auction for the 3-month Treasury bill drew weak demand as investors avoided buying debt at risk of default if Congress fails to hike the federal government’s debt ceiling. The bills mature on March 29, close to the date when economists expect the government to run up against its borrowing cap. The auction “tailed” three basis points to stop at 1.445%, the widest tail for an auction of this maturity since Nov. 2008 and a sign of diminished appetite. The “tail” is the gap between the highest yield the Treasury sold in the auction and the highest yield expected when the auction began – the “when issued” level.

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Stitch Fix stock jumps to new all-time high

Shares of Stitch Fix Inc. jumped 10.3% in Tuesday morning trading, to reach a new all-time intraday high. Tuesday’s rally more than makes up for share price losses incurred last week after the company reported its first quarterly earnings as a public company. The online clothing retailer went public in mid-November, and shares are up 82% from their IPO price of $15. The S&P 500 is up 4% since Stitch Fix’s IPO.

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Micron, Universal Display stocks fall after reports of weak demand for Apple’s iPhone X

Shares of numerous Apple Inc. suppliers are falling in Tuesday morning trading, following reports of weak demand for the iPhone X. Micron Technology Inc. shares dropped 4%, while shares of Cirrus Logic Inc. Broadcom Ltd.’s are both down 2.2%. Firms whose equipment enables the iPhone X’s 3D-sensing technology also saw their shares fall, with Lumentum Holdings Inc.’s stock down 4.3% and Finisar Corp.’s down 2.3%. Shares of Universal Display Corp. dropped 4.9% in morning trading. Apple’s stock is down 2.2% Tuesday but up 47% so far this year. The Dow Jones Industrial Average is up 25% in 2017.

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From:: Stock Market News

GE’s stock heads for longest win streak in 3 months

Shares of General Electric Co. edged up 0.3% in morning trade, putting them on track for a third-straight gain. That would be the longest win streak since the four-day stretch ending Sept. 25. The stock has gained 0.6% since it closed at a six-year low of $17.45 on Dec. 20. The stock was still down 44.5% year to date and 30.0% over the past three months, the worst performer among components of the Dow Jones Industrial Average over those time period. The Dow has gained 25.3% this year and 11.2% the past three months.

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From:: Stock Market News