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Intuit and OnDeck partner to offer $100 million small business lending fund

Intuit and OnDeck said Thursday that they’ll partner to launch a $100 million small business lending fund. The fund will be part of a new product by the two companies, which will allow small business to use QuickBooks Online data to apply for a loan. The loans will be funded quickly and offer annual interest rates between 8.9% and 19.9%, according to the press release.

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U.S. current account deficit narrows to $109.7 billion in second quarter

WASHINGTON (MarketWatch) – The U.S. current account deficit narrowed to a preliminary $109.7 billion in the second quarter, or 2.5% of gross domestic product, from a revised $118.3 billion, or 2.7%, in the first quarter, government data show. The smaller deficit resulted from narrower deficits on goods and secondary income, the Commerce Department said Thursday. Increases in the surpluses on primary income and services also contributed to the decrease in the current-account deficit which peaked at 6.5% of GDP at the end of 2005 and has been sharply lower since the end of the Great Recession. The current-account gap in the first quarter was revised up from a previous $113.3 billion.

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U.S. jobless claims fall 11,000 to 264,000, lowest since mid-July

WASHINGTON (MarketWatch) – New applications for U.S. unemployment benefits fell by 11,000 to 264,000 in the seven days ended Sept. 12. The latest report on initial claims shows the domestic economy remains resilient in face of a weaker global outlook. Economists surveyed by MarketWatch had forecast initial claims to remain steady at 275,000. This is the lowest level of claims since mid-July. That reading of 255,000 in the week ended July 18 was the lowest level of claims since September 1974. The average of new claims over the past month, meanwhile, edged down by 3,250 to a seasonally adjusted 275,000, the Labor Department said Thursday. The four-week average smooths out sharp fluctuations in the more volatile weekly report and is seen as a more accurate predictor of labor-market trends. Continuing jobless claims declined by 26,000 to 2.24 million in the week ended Sept. 5. These claims reflect people already receiving unemployment checks.

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Demand for Apple’s iPhone 6S may actually be lower than for the iPhone 6–Pacific Crest

Analyst Andy Hargreaves at Pacific Crest said he believes demand for Apple Inc.’s iPhone 6S is actually lower than it was for the iPhone 6, “possibly meaningfully so.” He said Apple’s statement that iPhone 6S sales are tracking at a record pace appears more a reflection of supply, and not demand. Hargreaves said evidence of lower demand comes from Google search data, device shipment times, third-party surveys, a lack of comments from carriers and a lack of quantitative comment on pre-orders in Apple’s statement. He wrote in a note to clients that Apple’s iPhone upgrade program isn’t likely to drive the change that some expect, as “the potential benefits are likely to be muted by likely financing costs, deflation in used iPhone pricing from increasing supply and cannibalization of people that already bought phones every year or already purchased AppleCare.” He reiterated his sector weight rating on the stock, saying it remains “attractive over the long term, but high iPhone expectations remain a near-term risk.” The stock slipped 0.5% in premarket trade, putting it on track to snap a five-session win streak. It has dropped 8.6% over the past three months, while the Dow Jones Industrial Average has lost 6.7%.

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Manchester United files mixed securities shelf for up to $400 million

Manchester United Ltd. on Thursday filed a shelf registration with the Securities and Exchange Commission to sell up to $400 million of securities at a later date. In a filing, the U.K. Premier League football club said selling shareholders may sell up to 24 million of its Class A stock. The filing came as the company reported fourth-quarter earnings, showing revenue of 105.8 million pounds, up about 10% from the year-earlier period. Shares were not yet active in premarket trade, but have gained 15.6% in the year to date, while the S&P 500 has lost about 3%.

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Rite Aid’s stock drops after profit missed expectations, outlook cut

Rite Aid Corp.’s stock dropped 5.7% in premarket trade Thursday, after the drugstore chain reported fiscal second-quarter profit that missed expectations, and lowered its full-year outlook. For the quarter ended Aug. 29, earnings fell to $21.5 million, or 2 cents a share, from $127.8 million, or 13 cents a share, in the same period a year ago, primarily because of losses on debt retirement, higher depreciation expenses and increased capital spending. The FactSet earnings-per-share consensus was 4 cents. Revenue rose to $7.7 billion from $6.5 billion, above the FactSet consensus of $7.6 billion. Same-store sales increased 2.1%, missing the FactSet consensus of 2.3% growth, as front-end and pharmacy same-store sales both increased less than expected. The company cut its full-year EPS outlook to a range of 12 cents to 19 cents from 14 cents to 22 cents, and revised its revenue outlook to $30.8 billion to $31.1 billion from $30.7 billion to $31.2 billion. The stock has lost 3.7% over the past three months, while the S&P 500 has declined 5%.

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