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Paul Ryan: Bill slashing legal immigration has ‘merit’

A bill to cut the number of legal immigrants to the U.S. has “a lot of merit,” House Speaker Paul Ryan said Wednesday. But Wisconsin Republican Ryan said he has “an issue” with the numbers that would be affected, and said those could be negotiated. The Reforming American Immigration for a Strong Economy, or RAISE Act, which is backed by the White House, would slash the number of legal immigrants who come to the U.S. annually in half and create a merit-based system. Ryan made the comments in an interview with the Associated Press.

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Mortgage Apps Jump, Refi Share Widest in 8 Months

After factoring in the Labor Day holiday, the volume of new home loan applications jumped last week. Refinance share, meanwhile, widened to the highest level in eight months.

A measure of retail residential loan application volume, the Market Composite Index, climbed a seasonally adjusted 10 percent during the seven days that ended on Sept. 8.

Mortgage application volume tumbled 13 percent, however, compared to the preceding week when seasonal factors are excluded from the index calculation.

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Fitbit’s stock surges as Ionic ‘enjoys distinctions’ compared with Apple Watch 3

Shares of Fitbit Inc. surged 3% in morning trade Wednesday, with Stifel Nicolaus saying the fitness band maker’s Ionic “enjoys distinctions” when compared with Apple Inc.’s new Apple Watch 3. “Key distinctions in head-to-head comparison with the Fitbit Ionic product are compatibility with non-iOS devices, longer battery life which supports sleep tracking (claimed 4 days vs. Series 3 watch at 18 hours) and a narrow advantage in price ($299 vs. $329),” analyst Jim Duffy wrote in a note to clients. “Longer battery life and sleep tracking functionality…are likely to be emphasized in Fitbit marketing messages supporting the Ionic during the holiday season.” Fitbit’s website says Ionic will ship in 2-to-3 weeks while Apple said Watch Series 3 will be available on Sept. 22. Fitbit’s stock has run up 23.6% over the past three months but was still down 12% year to date, while Apple’s stock has rallied 36.4% so far this year and the S&P 500 has gained 11.4%.

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EIA reports smaller-than-expected rise in U.S. crude supplies, output climbs

Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies climbed by 5.9 million barrels for the week ended Sept. 8. That’s below the forecast for a rise of 10.1 million barrels by analysts surveyed by S&P Global Platts. The American Petroleum Institute had reported late Tuesday an increase of 6.2 million barrels, according to sources. But the EIA also reported that total domestic crude output rose by 572,000 barrels a day to 9.35 million barrels. Gasoline stockpiles were down 8.4 million barrels for the week, while distillate stockpiles fell 3.2 million barrels, according to the EIA. October crude rose 54 cents, or 1.1%, to $48.78 a barrel on the New York Mercantile Exchange. Prices traded at $48.74 before the supply data.

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Watch seller stocks get a boost in wake of Apple event

Shares of watch sellers rallied Wednesday, as investors seemed to like the attention drawn to the industry in the wake of Apple Inc.’s product event. Movado Group Inc.’s stock rallied 1.1% in morning trade, while Fossil Group Inc. shares climbed 1.2% and Guess Inc.’s stock tacked on 0.3%. Although some Wall Street analysts expressed disappointment in the new iPhone X, many were upbeat on the new Apple Watch 3, which will be available this month. Meanwhile, Apple’s stock slumped 1.4% after slipping 0.4% on Tuesday.

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Paul Ryan says tax ‘consensus’ will be released week of Sept. 25

House Speaker Paul Ryan said a tax-reform “outline” will be released the week of Sept. 25 that reflects the consensus of the two congressional tax committees and the Trump administration. Speaking to reporters on Wednesday, Ryan said the House Ways and Means Committee and the Senate Finance Committee would take input after the outline is released and produce bills “in the weeks ahead.”

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From:: Stock Market News

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U.S. stocks open modestly lower, major indexes coming off records

U.S. stocks opened slightly lower on Wednesday, as investors found few catalysts to keep pushing shares higher with major indexes near record levels. The Dow Jones Industrial Average fell 14 points, or 0.1%, to 22,099. The S&P 500 slipped 3 points to 2,493, a decline of 0.1%. The Nasdaq Composite Index was off 15 points, or 0.2%, to 6,439. Major indexes have been in an uptrend this week, with both the S&P and the Nasdaq coming off two-day rallies, while the Dow has risen for three straight sessions. Those gains took equities to record levels, leading to some mild profit taking. Among specific names, Apple Inc. dipped 1% a day after it unveiled its new product lineup, including a flagship iPhone X that won’t be delivered until November. Nordstrom Inc. surged 5.4% a day after a report the retailer was taking steps to go private.

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Philip Morris boosts dividend by 2.9%

Philip Morris International Inc. said Wednesday that it raised its quarterly dividend 2.9% to $1.07 a share, from $1.04 a share. The Marlboro parent’s new dividend will be payable Oct. 12 to shareholders of record on Sept. 27. Based on Tuesday’s closing price of $117.05, the new annual dividend rate implies a yield of 3.66%, compared with the implied dividend yield of the S&P 500 of 1.98%, according to FactSet. Philip Morris’s stock, which was inactive in premarket trade, has lost 1.4% over the past three months while the S&P 500 has gained 2.3%.

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Southern’s Georgia Power still has 360,000 customers without power

Georgia Power, a subsidiary of Southern Co. , said Wednesday that 95% of its customers who were impacted by Hurricane Irma should have power restored by Sunday night. By Tuesday night, 60% of the customers impacted, or about 590,000 customers, had service restored. The Atlanta-based utility said about 360,000 of its customers are currently without power. The company said there have been more than 12,000 cases of individual damage or trouble, which includes broken poles and lines. Southern’s stock, which was inactive in premarket trade, has gained 2.7% so far this month, while the SPDR Utilities Select Sector ETF has lost 0.1% and the S&P 500 has tacked on 1.0%.

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From:: Stock Market News