Tag Archive: stock market

Neil Diamond retires from touring after Parkinson’s diagnosis

Neil Diamond has been diagnosed with Parkinson’s disease and will retire from touring, the legendary singer announced on his website Monday night. Diamond had been performing in Australia and New Zealand a part of his 50th anniversary tour. On the recommendation of this doctors, his retirement is effective immediately, with the remainder of his tour dates canceled. “It is with great reluctance and disappointment that I announce my retirement from concert touring,” Diamond said in a statement. “I have been so honored to bring my shows to the public for the past 50 years. My sincerest apologies to everyone who purchased tickets and were planning to come to the upcoming shows. I plan to remain active in writing, recording and other projects for a long time to come.” Diamond, known for songs such as “Sweet Caroline” and “Forever in Blue Jeans,” will turn 77 on Wednesday.

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Trump signs bill ending government shutdown

President Donald Trump signed a bill Monday night ending the three-day-old government shutdown. The temporary measure, passed by the Senate and House earlier in the day, gives Congress 17 more days to negotiate an immigration package. Federal workers who were furloughed Monday will return to work Tuesday. The bill funds the Children’s Health Insurance Program for six years, but does not include protections for so-called Dreamers. As part of a compromise, Senate Democrats agreed to the bill in exchange for Majority Leader Mitch McConnell’s promise to take up the issues of immigration and DACA protections by Feb. 8.

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First Solar shares jump 8% after White House OKs tariffs on solar-panel imports

Shares of First Solar Inc. jumped 8% late Monday after news that President Donald Trump has approved trade protections on imported solar panels and modules as well as imported washing machines for home use. The solar tariffs are approved for the next four years, with a 30% tariff on the first year diminishing to 15% by year four. U.S. trade representatives will discuss “among interested parties” measures that could lead to a “positive resolution” of the separate antidumping and countervailing duty measures imposed on Chinese solar products, the government said. Chinese-based companies dominate the solar-panel industry. For washers, the tariffs, imposed over three years, start at 20% for the first 1.2 million units of imported finished washers and 50% of all subsequent imports on year one. Shares of Whirpool rose 1.8% in late trading Monday.

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Adobe raises full-year, first-quarter profit expectations

Shares of Adobe Systems Inc. rose 2.5% late Monday after the software company raised its full-year 2018 and first-quarter earnings expectations, citing the U.S. tax overhaul, and said Chief Financial Officer Mark Garrett and general counsel Mike Dillon plan to retire this year. Adobe said it expects 2018 GAAP earnings of about $4.72 a share, and adjusted 2018 earnings of $6.20 a share, compared with a previous guidance of about $4.40 a share and about $5.50 a share. For the first quarter, the company expects GAAP earnings of $1.05 a share and adjusted earnings of $1.43 a share, compared with prior targets of $1.15 a share and $1.27 a share. “The new Tax Act is lowering Adobe’s effective tax rates, driving a significant increase in our earnings per share targets,” said CFO Garrett said in a statement. “With ready access to our offshore cash, we will continue to evaluate investment opportunities to grow our business and we are actively expanding our campuses in the Bay Area and Utah to accommodate the growth of our employee base.” In a separate statement, the company said Garrett and Dillon will remain in their current roles with Adobe until successors are in place. “Adobe is conducting an internal and external search to fill both roles, and Garrett and Dillon will be active participants in the search for and transition to their successors,” the company said. Shares ended the regular trading day up 1.1%.

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Netflix stock hits record after fourth-quarter results

Netflix Inc. shares jumped in the extended session Monday after the company beat revenue expectations. Netflix shares hit a record after hours, rising 8% to $245.50. The company reported fourth-quarter net income of $185.5 million, or 41 cents a share, compared with $67 million, or 15 cents a share, in the year-ago period. Revenue rose to $3.29 billion from $2.48 billion in the year-ago period. Analysts surveyed by FactSet had estimated 41 cents a share on revenue of $3.28 billion. For the first quarter, analysts model earnings of 54 cents a share on revenue of $3.49 billion. Netflix stock has gained 63% in the past 12 months, with the S&P 500 index rising 24%.

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Stocks end at all-time highs as Senate moves to end government shutdown

U.S. stock-market indexes closed at records on Monday after the Senate approved a procedural bill that would allow the government to end a multiday shutdown. The S&P 500 rose 22.67 points, or 0.8%, to 2,832.97. The tech-heavy Nasdaq Composite index advanced 71.65 points, or 1%, to 7,408.03, largely fueled by gains in biotech shares. The Dow Jones Industrial Average rose by 142.95 points, or 0.6%, to 26,214.67. All three indexes closed at record levels after setting intraday all-time highs. Among the best performers on Wall Street, shares of FirstEnergy Corp shot up 10% after the Ohio-based utility company raised $2.5 billion in a private stock offering from a group led by activist investor Elliott Management Corp. and private-equity firm Bluescape.

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Oil prices settle higher as Saudi comments raise potential for output-cut extension

Oil prices settled higher Monday as comments from Saudi Arabia’s energy minister raised the potential for an extension of the production-cut agreement beyond its expiration at the end of this year. February West Texas Intermediate crude , which expired at the settlement, rose 25 cents, or 0.4%, to settle at $63.62 a barrel on the New York Mercantile Exchange. March WTI crude , which is now the front-month futures contract, settled at $63.57 a barrel, up 26 cents, or 0.4%.

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Rupert Murdoch wants Facebook, Google to pay ‘trusted’ publishers a fee for content

Rupert Murdoch, the executive chairman of News Corp., wants Facebook Inc. and Alphabet Inc.’s Google to pay trusted publishers of news a fee to carry their journalism. “There has been much discussion about subscription models but I have yet to see a proposal that truly recognizes the investment in and the social value of professional journalism,” Murdoch said in a statement. Facebook, over the last year has come under fire for allowing special interest groups to flood its feeds with false information and made up content. The company has made recent efforts to ease concerns and promote community trusted news sources. “If Facebook wants to recognize ‘trusted’ publishers then it should pay those publishers a carriage fee similar to the model adopted by cable companies,” Murdoch said. “The publishers are obviously enhancing the value and integrity of Facebook through their news and content but are not being adequately rewarded for those services.” MarketWatch is a unit of News Corp, which shares ownership with 21st Century Fox. Shares of Facebook are up more than 42% in the last 12 months and Alphabet shares have gained more than 40%. By comparison, the S&P 500 index is up nearly 25% and the Dow Jones Industrial Average is up 32%.

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Pennslyvania court reject congressional map in win for Democrats

The Pennsylvania Supreme Court on Monday rejected a Republican-draw map of the state’s 18 congressional districts, potentially giving Democrats a chance to win more seats in November 2018 in their bid to win control of the U.S. House. The court, composed of five Democrats and two Republicans, voted 4-3 to throw out a map created in 2011 when Republicans controlled all branches of government. The court said the gerrymandered map violates the state’s constitution and it ordered that a replacement be drawn up by next month. Republicans are likely to appeal and even try to push the matter to the U.S. Supreme Court, but it’s unclear if the nation’s top court would hold any jurisdiction. Republicans control 13 of the 18 congressional seats in Pennsylvania, a swing state where registered Democrats outnumber Republicans by 4 million to 3.2 million.

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Gold settles lower after the Senate approved a bill to end the government shutdown

Gold prices ended modestly lower Monday after the Senate approved a bill to end the U.S. government shutdown, easing uncertainty among financial markets. U.S. stocks traded broadly higher and the U.S. dollar traded off its session lows, dulling haven demand for the precious metal. February gold fell $1.20, or nearly 0.1%, to settle at $1,331.90 an ounce.

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