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Yellen announces she’ll leave Fed, ending suspense over whether she’d stay as governor

Janet Yellen on Monday announced she will leave the Federal Reserve — rather than stay on the board as governor — once her replacement as chair as in place. President Trump nominated Jerome Powell to take over from Yellen when her term expires in February. “As I prepare to leave the Board, I am gratified that the financial system is much stronger than a decade ago, better able to withstand future bouts of instability and continue supporting the economic aspirations of American families and businesses,” she wrote. She wrote she was confident that Powell “is deeply committed” to the mission of the central bank.

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Who Are Best Mortgage Employers?

Within the real estate finance industry, some companies have earned the distinction of being the best employers among other similarly sized firms in their cities based on worker surveys. Others were recognized on a national basis.

Among the surveys was one conducted by the Chicago Tribune, which ranked Guaranteed Rate among the 10 top large employer workplaces in the Chicago area, a Nov. 10 statement said. It was the lender’s second year in a row on the top-10 ranking and seventh time on the list.

Guaranteed Rate, which maintains its headquarters in Chicago, reportedly provides a nurse practitioner and an in-house cafe on site for its 3,400 employees. It also provides a fitness center with yoga classes and complimentary massages.

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Germany’s Merkel would prefer new election over minority government

German Chancellor Angela Merkel said she was skeptical of the option of a minority government on Monday, following the collapse of coalition talks between her Christian Democrats, the Green Party and the Free Democrats. Merkel said she would prefer new elections if she couldn’t form a majority coalition in an TV interview, adding that she would run as chancellor candidate again. Merkel’s CDU was unable to secure an outright majority in a September election. Negotiations to form a coalition collapsed when the FDP walked out of talks late Sunday. The euro , which had been under pressure all day, slipped further, last changing hands at $1.1743, down from $1.1793 late Friday. The DAX stock benchmark was up 0.5%.

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New York Times reporter Glenn Thrush suspended after sexual harassment accusations

The New York Times Co. said on Monday that it has suspended reporter Glenn Thrush after the star White House correspondent was accused of sexual harassment and inappropriate behavior against young female journalists. Vox published a report Monday morning detailing instances in which Thrush drunkenly made sexual advances. Thrush apologized in a statement given to Vox, saying that any behavior that makes a woman feel disrespected or uncomfortable is unacceptable. The New York Times said that Thrush plans to enter a substance abuse program, though the length of his suspension was not mentioned. “The ​alleged ​behavior is very concerning and not in keeping with the standards and values of The New York Times,” the paper said in a statement. “We intend to fully investigate and while we do, Glenn will be suspended. We support his decision to enter a substance abuse program. In the meantime, we will not be commenting further.”

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Cardinal Health, McKesson decline after declared by Morgan Stanley as most at risk in case of Amazon entry

Cardinal Health Inc. shares declined 3.4% in premarket trade Monday and McKesson Corporation shares declined 2.4% after Morgan Stanley said they were two of the companies most at risk if Amazon expands into health care. Cardinal Health would face the most risk if Amazon gets into medical supply distribution, followed by McKesson “to lesser degree,” the Morgan Stanley report said. Walgreens and CVS Health Corp. would be most at risk if Amazon gets into pharmacy, the report found, company shares declined 1.6% and 0.8% respectively on Monday. In the case of an Amazon expansion into tools and diagnostics distribution, Thermo Fisher Scientific’s Fisher division , Henry Schein and Patterson would be most at risk, according to Morgan Stanley; shares of the companies rose 0.5% and declined 2% and 2.6% respectively on Monday. Cardinal Health’s earnings exposure risk is about 22% to McKesson’s 9%, the Morgan Stanley report said. “Optically, revenue exposure is limited, but the fixed cost nature of the distribution model creates a greater headwind to earnings than appreciated,” the report said. Cardinal Health shares have dropped 13.6% over the last three months, compared with a 6.4% rise in the S&P 500 and a 7.8% rise in the Dow Jones Industrial Average .

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Hong Kong’s Tencent beats China’s Alibaba to the $500 billion market cap club

Shares of Alibaba Group Holding Ltd. rallied 2.3% in morning trade into record territory Monday, but the China-based ecommerce giant was beaten to the $500 billion value mark by Hong Kong-based videogame and WeChat operator Tencent Holdings Ltd. . With about 2.56 billion shares outstanding, and with a stock price of $189.44, which is above Nov. 7 record close of $188.51, Alibaba has a market capitalization $484.19 billion. Tencent’s stock rose had run up 4.1% to a record 420.00 Hong Kong dollars, in the aftermath of last week’s third-quarter results. Based on 9.50 billion shares outstanding, and an currency exchange rate of HKD7.8125 per USD, Tencent has a market cap of $510.66 billion. In comparison, five S&P 500 components have market caps above $500 billion: Apple Inc. at $872.42 billion, Google parent Alphabet Inc. at $715.24 billion, Microsoft Corp. at $635.87 billion, Amazon.com Inc. at $543.19 billion and Facebook Inc. at $520.35 billion.

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Stocks open slightly higher as investors focus on earnings, tax bill

Wall Street posted small gains Monday as investors shrugged off political turmoil in Germany and returned their focus to U.S. tax legislation and corporate earnings. U.S. trade is expected to thin out ahead of Thursday’s Thanksgiving Day holiday and an abbreviated Friday session. The S&P 500 was up 0.1% at 2,581, while the Dow Jones Industrial Average rose 32 points, or 0.1%, to 23,390. The Nasdaq Composite rose 0.1%.

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‘Philip K. Dick’s Electric Dreams’ gets premiere date at Amazon

Amazon.com Inc. said on Monday that its anthology series adaptation of “Philip K. Dick’s Electric Dreams” will premiere on the Amazon Prime video platform on Friday, Jan 12. The series, based on various writings from Dick, stars big-name stars such as Steve Buscemi, Bryan Cranston, Anna Paquin, Terrence Howard and Janelle Monae, to name a few. “While the stories may be worlds apart, central to each is the poignant and warm exploration of the importance and significance of humanity,” the company said in a news release. Another one of Dick’s works, “The Man in the High Castle,” has been an Emmy award-winning show for Amazon, and is the streamer’s most-watched scripted series in Amazon Prime’s history. That show returns for a third season in 2018. Amazon has reportedly made it a company-wide mission to find and produce the next huge “Game of Thrones”-like TV show. Last week, Amazon bought the rights for J.R.R. Tolkien’s “The Lord of the Rings” for a reported $250 million. Shares of Amazon have gained nearly 51% in the year to date, while the S&P 500 index is up more than 15% and the Dow Jones Industrial Average is up more than 18%.

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German president urges parties to cooperate, avoid new election

German President Frank-Walter Steinmeier urged parties to return to the negotiating table and cooperate, rather than calling new elections, after coalition talks led by Chancellor Angela Merkel collapsed. Late Sunday, the Free Democrats walked out on coalition negotiations with Merkel’s Christian Democrats and the Green Party. The response of the markets was muted, as the euro bought $1.1772, down from $1.1793 late Friday in New York, and the German DAX equity benchmark was 0.2% up.

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From:: Stock Market News