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Apple Inc. is nearing an acquisition of Shazam, the music-recognition service, according to a TechCrunch report published Friday afternoon. TechCrunch cited sources familiar with the deal and wrote that Apple could be paying “nine figures” for Shazam, below the $1.02 billion valuation it fetched it its latest funding round in 2015. The deal is to be signed “this week” and may be announced Monday, according to TechCrunch. Apple has been looking for ways to enhance its music offerings and compete with Spotify. The company acquired Beats in 2014 and recently began including original video programming to subscribers of its Apple Music service. Apple Music had “over 30 million” subscribers as of September, whereas Spotify crossed the 60-million mark for paying subscribers in July. Apple shares were flat in Friday trading, compared with a 0.5% rise for the Dow Jones Industrial Average .

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From:: Stock Market News

Morningstar Inc. said late Friday its board of directors has declared a quarterly dividend of 25 cents a share, payable Jan. 31 to shareholders of record Jan. 5. That reflects an 8.7% increase in the quarterly dividend from 23 cents a share. The company said it expects to pay three additional dividends in 2018. The board also approved a new share buyback program that authorizes Morningstar to repurchase up to $500 million effective Jan. 1. Shares of Morningstar rose 0.2% in late trading after ending the regular session down 1.3%.

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From:: Stock Market News

Stocks ended the week on an positive note Friday, with the S&P 500 and Dow Jones Industrial Average logging record closes, while the Nasdaq Composite also advanced. The S&P 500 finished 0.6% higher at 2,651.50, according to preliminary figures, while the Dow advanced around 118 points, or 0.5%, to close around 24,329. The moves saw the S&P 500 and Dow turn positive for the week, with both gauges posting weekly advances of 0.4%. The Nasdaq Composite rose 0.4% to end near 6,840, trimming its weekly decline to 0.1%. A stronger-than-expected November jobs report helped buoy stocks in early action.

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Republican Rep. Trent Franks on Friday said he’s resigning immediately, just hours after his wife was admitted to a hospital following revelations that her husband had asked several staffers to be “surrogate” mothers for a child. One woman was reportedly offered $5 million. “Last night my wife was admitted to the hospital in Washington, D.C. due to an ongoing ailment,” he said in a statement. ” After discussing options with my family, we came to the conclusion that the best thing for our family now would be for me to tender my previous resignation effective today.” The Arizona conservative had planned to stay on until the end of the year. Republican leaders had asked Franks to leave and he was likely to face an ethics violation.

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Time Warner Inc.’s HBO said Friday its hit series “Big Little Lies” will return for a second, seven-episode installment. The second series will again star executive producers Reese Witherspoon and Nicole Kidman as mothers living in Monterey, California. Andrea Arnold, director of the film “American Honey,” will take over directing duties from French-Canadian director Jean-Marc Vallee. The first series won Emmys for lead actress Kidman, supporting actress Laura Dern and supporting actor Alexander Skarsgard, as well as outstanding director for Vallee, and outstanding limited series. Time Warner shares were flat Friday, but are down 6% in 2017, while the S&P 500 has gained 18%.

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From:: Stock Market News

General Electric Co. announced details of its new quarterly dividend, which the industrial conglomerate said last month it would cut in half to 12 cents a share. The new dividend will be payable Jan. 25 to shareholders of record on Dec. 27. The stock edged up 0.1% in afternoon trade to $17.73. At current prices, the new annual dividend rate implies a dividend yield of 2.71%, compared with the implied yield for the Dow Jones Industrial Average of 2.11%. GE shares have plunged 25.6% over the past three months and 43.9% year to date, while the Dow has rallied 11.4% over the past three months and 22.9% this year.

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Oil prices climbed Friday, buoyed by supply risks tied to geopolitical tensions in the Middle East and the potential for an oil-workers’ strike in Nigeria, as well as signs of higher demand following a rise in November Chinese crude imports. Prices, however, fell for a second-straight week on concerns over rising U.S. oil production. January West Texas Intermediate crude rose 67 cents, or 1.2%, to settle at $57.36 a barrel on the New York Mercantile Exchange. It lost roughly 1.7% for the week.

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From:: Stock Market News

Honeywell International Inc. disclosed Friday that it set a new $8 billion stock repurchase program. The new program includes the $1.5 billion remaining in the previously announced $5 billion program, the aerospace and industrial company said. The stock was up 0.2% at $153.59 in afternoon trade. At current prices, the new buyback program could repurchase up to 6.9% of the 756.81 million shares outstanding, as of Nov. 25. The stock has run up 32.6% year to date, while the SPDR Industrial Select Sector ETF has climbed 20.0% and the S&P 500 has gained 18.4%.

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From:: Stock Market News