Tag: stock market

Twitter Inc.’s Vine mobile video app got a new lease on life. The social media company on Friday said that it plans to transition the app to a pared down version dubbed Vine Camera in January rather than completely shutting it down as it had previously announced. “With this camera app you’ll still be able to make six-second looping videos, and either post them directly to Twitter or save them to your phone,” said the company in a statement posted on Medium. Vine will also make it easier for people to follow video makers on Twitter and allow downloads, the company said. Twitter shares fell 0.5% after hours.

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Restoration Hardware Holdings Inc. will change its name to “RH”, effective Jan. 1, the upscale home furnishing company said Friday in a filing. The decision does not require stockholder approval and the company has amended its bylaws to reflect the pending change, according to the retailer. The company’s stock will continue to trade on the New York Stock Exchange under its current ticker symbol. Shares were up 0.3% after hours.

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Express Scripts Holding Co. said late Friday in a Securities and Exchange Commission filing that its board increased the pharmacy-benefits manager’s share buyback program. Express Scripts said the program was increased by 65 million shares, or by $4.54 billion going by Friday’s closing stock price, for a total authorization of 330 million shares. Express Scripts shares were unchanged at $69.92 after hours, following a 1.1% gain Friday.

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U.S. stocks gave up opening gains and ended Friday’s session lower, as news that a Chinese vessel seized an underwater U.S. Navy drone in international waters dented earlier optimism. The main indexes showed mixed weekly performance, during which the Federal Reserve delivered a quarter-percentage point rate hike and signaled further tightening in 2017. The Dow Jones Industrial Average closed down 9.65 points or less than 0.1%, at 19,842.59 but booked a 0.4% weekly gain. The S&P 500 declined 3.97 points, or 0.2%, to 2,258.06 and closed the week down by less than 0.1%. The Nasdaq Composite ended the session off 19.69 points, or 0.4%, at 5,437.16 and booked a 0.1% loss over the week.

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WASHINGTON (MarketWatch) — President Barack Obama defended his administration’s handling of hacking by Russia, and added that Russian interference ended after he confronted Russian President Vladimir Putin about it. Obama said by then, Wikileaks already got ahold of sensitive information. He said it was worth “taking the time” to consider how to respond to the Russian interference. Obama didn’t present any evidence that Russia interfered with the election directly. See continued coverage of the Obama press conference.

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Oil futures settled higher Friday, fueling a weekly gain of about 0.8%, on growing expectations that major oil producers will be successful in their pledge to curb production at the start of the new year. January West Texas Intermediate crude rose $1, or 2%, to settle at $51.90 a barrel on the New York Mercantile Exchange.

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Reversing his previous opinion, St. Louis Fed President James Bullard now says there’s a need for an additional rate hike in 2017, as he also said the central bank should start to consider shrinking its balance sheet. Bullard said his new view is tied to the rise in bond yields. Bullard said, after the election, there’s “more upside risk” to the economy.

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Gold futures on Friday rebounded from a more than 10-month low, but still finished lower for the week–their sixth-consecutive weekly loss. February gold rose $7.60, or 0.7%, for the session to settle at $1,137.40 an ounce. Gold recouped some of its recent losses after dropping Thursday by 2.9% to log its lowest settlement since early February, pressured by the rally in the U.S. dollar that followed the Federal Reserve’s decision to raise interest rates. For the week, gold prices declined by roughly 2.1%.

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The Securities and Exchange Commission settled charges against the CEO of broker-dealer Wilson-Davis & Co. Paul Davis, and two of the firm’s traders for making numerous naked short sales in over-the counter equity securities between November 2011 and May 2013. The charges against the Wilson-Davis firm are being contested. Regulation SHO requires that, before a broker-dealer effects a short sale, the trader must “locate” a source of borrowable securities that can be delivered on the date that delivery is due. Wilson-Davis relied on the bona-fide market making exception for all short sales by its proprietary trading group but that was improper, the SEC said, because much of the firm’s proprietary trading activity was not, in fact, bona-fide market making. This is also the first time that the SEC has charged a CEO of a broker-dealer with violating the CEO certification requirement of the Market Access Rule. Davis consented to the order without admitting or denying the findings and agreed to pay a penalty of $25,000. Anthony Kerrigone, a former proprietary trader neither admitted nor denied the findings and agreed to pay back $486,840 in trading profits and penalty and interest of $113,160. Byron Barkley, the head trader, neither admitted nor denied the findings and agreed to pay back $67,710.20, in trading profits and penalty and interest $58,977.

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Richmond Fed President Jeffrey Lacker on Friday said at a panel discussion in Charlotte that an adjustment is needed toward higher interest rates. Speaking just two days after the Fed lifted interest rates and projected three more increases in 2017, Lacker said the central bank will likely need to increase rates more quickly than that. He said there’s increased uncertainty for the economy due to the election outcome, and some prospect that policies will be put in place that promote economic growth. He added it’s hard to find serious examples of overvaluation in markets. Lacker isn’t a voting Federal Open Market Committee member in 2017.

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