What’s new

China’s apparent oil demand rose 10.2% to average 11.19 million barrels per day in August compared to a year earlier, according to a Platts analysis of Chinese government data released late Thursday. “Some of the government’s stimulus measures implemented in prior months are likely filtering down through the economy,” said Song Yen Ling, Platts senior analyst for Asia Pacific oil markets. Ahead of the news, November crude oil settled at $44.74, down 35 cents, or 0.8%, on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Barracuda Networks Inc. will buy back up to $50 million in common shares over the next two years, the security and storage company said late Thursday. The announcement comes on the heels of worse-than-expected sales in the fiscal second quarter. Shares of Barracuda were flat in after-hours trade after climbing 2% to $15.89 in the regular session.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

At least 10 people have died and more than 20 are wounded after a shooting at Umpqua Community College in Oregon, according to reports.
The shooter is dead following an exchange of gunfire with police, Douglas County Sheriff John Hanlin told media near the campus. He did not confirm the number of dead. CNN said four guns were recovered from the scene, and that the shooter may have discussed his plans on social media. State police Lt. Bill Fugate told KATU-TV that in addition to the dead, which he put at seven to 10, at least 20 people were injured. Two patients died while being transported to a hospital, Douglas County Fire Marshal Ray Shoufler told CNN. Umpqua Community College, a school of about 3,000, is located in Roseburg, a rural town about 70 miles south of Eugene. Local hospital Mercy Medical Center tweeted that it has received nine patients and another three are en route. A Eugene hospital said it was expecting three patients, according to MSNBC. Oregon Gov. Kate Brown said in a press conference that the shooter was a 20-year-old man. Brown said she was traveling to Roseburg immediately.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

The Treasury Department is likely to exhaust its “extraordinary measures” to keep borrowing “on or about” Nov. 5, Treasury Secretary Jacob Lew told lawmakers in a letter Thursday. In an earlier letter, Lew had said the government would be able to stay under its debt limit briefly past late October. Lew urged lawmakers to raise the debt limit “as soon as possible.” The nonpartisan Congressional Budget Office has said the Treasury would exhaust borrowing ability between mid-November and early December if the debt limit isn’t raised.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Progress Software Corp. shares fell in the extended session Thursday after the business software company cut its revenue forecast. Progress Software shares dropped 13% to $22.29. The company said it expects adjusted full-year revenue of $410 million to $415 million, down from a previously estimated range of $415 million to $425 million. Analysts surveyed by FactSet expect full-year revenue of $420.7 million. Progress reported adjusted third-quarter earnings of 39 cents a share on adjusted revenue of $100.7 million. Analysts had forecast earnings of 37 cents a share on revenue of $103 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Amazon.com Inc. will stop selling streaming devices from Google Inc. , and Apple Inc. , according to a letter sent to the company’s online sellers and quoted in media reports. The online retail giant said that its Prime Video is an important part of the $99-per-yearAmazon Prime membership . Amazon will sell its own Fire TV devices, as well as Roku, Microsoft Corp.’s Xbox One and Sony Corp.’s Playstation, all of which are compatible with Prime Video. Apple TV and Google’s Chromecast will no longer be available on the site as of Oct. 29. Competition in the online video streaming landscape has increased rapidly. Earlier Thursday, Amazon announced a new deal with CBS Corp. for exclusive rights to some of the network’s content. Amazon is competing with the likes of Google and Apple in the devices segment, and in content and streaming service segment it’s up against Netflix Inc. and Hulu, a joint venture of Walt Disney Co.’s ABC, Comcast Corp.’s NBCUniversal and 21st Century Fox . Shares of Amazon closed up nearly 2%, and are up more than 67% in the year. The S&P is down 6.5% in the same time frame.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Bebe Stores Inc. announced a workforce reorganization that will include 50 job cuts, mostly in the design, merchandising and production areas. The company expects pre-tax costs of $1.5 million tied to the reorganization and about $4.8 million in annual cost savings. “Following a detailed review of our business, the Company made the strategic decision to narrow the merchandise focus and increase emphasis on lifestyle assortments that most closely align with our customers’ needs,” said Jim Wiggett, chief executive of Bebe. Wiggett said the company has “largely moved through [its] underperforming bohemian product,” so it’s maintaining its first-quarter outlook: net loss per share is expected to be in the high teens, gross margin is expected to be lower than the previous year, and same-store sales are expected to be in the negative mid-single digit range. The board of directors also authorized a $5 million share repurchase program. Bebe stock closed on Thursday at 98 cents and is up 3.9% in after-hours trading. The company’s stock is down 55.4% for the year so far while the S&P is down 6.6% for the same period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Advanced Micro Devices Inc. revealed Thursday that it plans to cut 5% of its workforce in a restructuring. The Silicon Valley chipmaker did not reveal the total number of jobs it will look to cut, but AMD reported a total employee count of 9,700 in its most recent annual report, which would mean nearly 500 jobs are on the chopping block. The move is part of a restructuring that will include consolidating some office and outsourcing some services, and AMD said in a filing that it expects to face about $41 million in costs for the move. AMD cut its revenue expectations in July, part of a downfall for the company amid struggles in the personal computer market, after changing CEOs late last year. AMD expects to save $58 million in the 2016 fiscal year from Thursday’s announced changes. AMD shares were mostly unchanged in immediate late trading, dropping a penny after closing with a 1.2% gain at $1.74.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Thirteen people have died and at least 20 are wounded after a shooting at Umpqua Community College in Oregon, according to MSNBC, citing the state’s attorney general. It wasn’t clear whether the shooter was among the dead. A local fire department official had previously told MSNBC the shooter is “down” and characterized the situation as “chaotic.” State police Lt. Bill Fugate told KATU-TV that in addition to the dead, which he put at seven to 10, at least 20 people were injured. Umpqua Community College, a school of about 3,000, is located in Roseburg, a rural town about 70 miles south of Eugene. Local hospital Mercy Medical Center tweeted that it has received nine patients and another three are en route. A Eugene hospital said it was expecting three patients, according to MSNBC.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Starbucks Corp. said it will start using 100% cage-free eggs within the next five years. “While there is still work to be done across the industry to increase supply to address market conditions, we are committed to working with our suppliers toward our goal to use 100% cage-free eggs by 2020,” the company said on its website. Starbucks said it began making this transition in 2008 and has made “significant progress” by increasing purchases each year. Among its “Animal Welfare-Friendly Practices,” the company said it is “eliminating the use of artificial growth hormones, and for poultry, fast growing practices” and “phasing out gestation crates for pigs and cages for chickens.” Other companies that have committed to using cage-free eggs include McDonald’s , General Mills and Burger King.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News