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A homeless, undocumented immigrant was acquitted of murder and manslaughter charges by a San Francisco jury late Thursday, in a case that drew national attention to so-called sanctuary city policies. After six days of deliberations, a jury found Jose Ines Garcia Zarate not guilty in the killing of 32-year-old Kate Steinle on the San Francisco waterfront in 2015. The defense had argued that the incident was a tragic accident, and that the gun Garcia Zarate, 45, was holding discharged accidentally and the bullet ricocheted for 78 feet before hitting Steinle. Garcia Zarate was convicted of a lesser charge of being a felon in possession of a gun. The high-profile case attracted national attention after it was found Garcia Zarate had been deported five times before, and had been released from jail in San Francisco after a drug charge despite a federal request to hold him for deportation again to Mexico.

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The Senate has finished voting for the evening and will resume votes on Friday, Senate Majority Leader Mitch McConnell said, as the chamber continues to debate its tax bill. Republicans were working furiously to win support to pass the bill following a setback over a so-called trigger mechanism for raising revenue, and an analysis that showed growth from the bill wouldn’t pay for tax cuts. Lawmakers are now reportedly discussing options including automatic tax increases and a staggered increase in the corporate rate.

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President Donald Trump intends to nominate Jelena McWilliams to head the Federal Deposit Insurance Corp., the Wall Street Journal reported late Thursday, citing White House sources. McWilliams is currently chief legal officer at Cincinnati, Ohio-based Fifth Third Bancorp , and previously worked as a Republican staffer on the Senate Banking Committee. The Journal said an official announcement may be made as soon as Thursday night.

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Ubiquiti Networks Inc. founder and Chief Executive Robert Pera must buy minority owners’ stakes in the Memphis Grizzlies NBA franchise or sell his majority ownership, according to a Thursday report. The Athletic reported Thursday afternoon that minority owners Steve Kaplan and Daniel Straus had exercised a unique clause in their ownership agreement that allowed them to establish a new valuation for the franchise five years after it was purchased and demand that Pera buy their shares or sell his shares at that price. Pera and his minority investors paid $377 million for the Grizzlies in 2012, but NBA franchises have appreciated greatly since then – former Microsoft Corp. chief executive Steve Ballmer paid $2 billion for the Los Angeles Clippers in 2014 and the Houston Rockets sold to hotel and casino magnate Tilman Fertitta for $2.2 billion last summer. The Athletic did not reveal the price set by the minority owners. Most of Pera’s wealth is tied up in Ubiquiti, as the chief executive owns 72.3% of the company, a stake worth $3.75 billion, according to FactSet. He has repeatedly promised investors that he will maintain a majority interest in the networking company, which was recently attacked by short seller Citron Research. Ubiquiti shares were unaffected Thursday afternoon, and have recovered from damage done after Citron’s attack; the stock is up 15.6% this year, slightly trailing the S&P 500 index’s 17.6% advance.

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Shares of drugmaker Mylan NV shot up in the extended session Thursday after a CNBC report that Amazon.com Inc. was holding preliminary talks with generic drugmakers — including Mylan and Novartis AG unit Sandoz — as it contemplates entering the pharmacy business. CNBC reported that the talks were high-level, but said Amazon’s plans were still not clear. Mylan shares were last up 4.5% after hours, after closing down 0.9%; Novartis shares were up slightly after hours. Speculation about Amazon’s entry into the pharmacy business has weighed on pharmaceutical middlemen stocks in recent months. As MarketWatch has reported, Amazon’s entry into the field could also have major implications for consumers.

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Amazon.com Inc. has had early talks with generic drug makers like Mylan NV and Novartis AG’s Sandoz about a potential entry into the pharmacy business, according to a Thursday report. CNBC reported Thursday that health care investment bank Leerink confirmed that a Sandoz executive recently spoke with Amazon about its plans to enter the health-care market in the U.S., and other anonymous sources confirmed the talks. Leerink analyst David Larsen has said that Amazon’s entry into the pharmaceutical sales chain in some regard “is a matter of when, not if.” Amazon shares ticked up slightly in after-hours trading Thursday, gaining about 0.1%; Mylan seemed to get the healthiest bump from the report, gaining 4.5%.

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Blue Apron Holdings Inc. has installed former Chief Financial Officer Brad Dickerson as Chief Executive, the company said Thursday. Matt Salzberg the outgoing CEO and co-founder of Blue Apron has been named Executive Chairman and will continue to serve as the Chairman of the Board of Directors. Dickerson, 52, has previously been CFO and Chief Operating Officer at Under Armour Inc. . Dickerson said the company is “confident in our previously stated financial guidance for the second half of 2017, and I believe we are taking the right steps to move the business forward.” Blue Apron stock edged up a penny to $3 in late trading. The company has struggled since it went public at $10 a share and Blue Apron stock has plunged 44% in the past three months. The S&P 500 index has gained 6.9% in the last three months. The company also said it was looking to fill the CFO job.

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The Senate Banking Committee on Tuesday will vote on the nomination of Jerome Powell to be chairman of the Federal Reserve. If the Powell nomination is voted out of committee, it will then head to the Senate floor. The committee also will vote on its bipartisan bank regulation bill on Tuesday.

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Shares of Zumiez Inc. fell 5% late Thursday after the retailer reported an earnings and sales beat in the third quarter. Zumiez said it earned $11.9 million, or 48 cents a share, in the quarter, compared with $10.7 million, or 43 cents a share, in the year-ago period. Sales rose 11% to $245.8 million, compared with $221.4 million a year ago. Analysts polled by FactSet had expected earnings of 46 cents a share on sales of $241.8 million. The company expects fourth-quarter sales to be in the range of $291 million to $297 million, and fourth-quarter per-share earnings to be in the range of 78 cents to 84 cents. The analysts surveyed by FactSet expect fourth-quarter earnings of 77 cents a share on sales of $287 million.

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From:: Stock Market News