Tag: stock market

Prominent news broadcaster Gwen Ifill has died after a battle with cancer, according to multiple reports. She was 61. The co-host of “PBS Newshour” died at a hospice center near Washington. D.C., according to the Washington Post. Paula Kerger, president and CEO of PBS, said Ifill was “a fundamental reason public media is considered a trusted window on the world.”

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From:: Stock Market News

Oil production from seven major U.S. shale plays is forecast to decline by 20,000 barrels a day to 4.498 million barrels a day in December from November, according to a monthly report from the Energy Information Administration released Monday. Oil output at the Eagle Ford shale play in South Texas is expected to see oil output fall by 33,000 barrels a day. However, output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to climb by 27,000 barrels a day. Just ahead of the day’s settlement, December West Texas Intermediate oil traded at $43.53 a barrel, up 12 cents, or 0.3%, on the New York Mercantile Exchange.

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From:: Stock Market News

Gold futures settled Monday at their lowest level since early June, pressured by the U.S. dollar index’s climb to its highest level in about a year. Prices for the yellow metal, however, pared much of their earlier losses, with prices finding some support after falling over the previous five sessions in a row and suffering from their largest weekly decline in over three years. December gold fell $2.60, or 0.2%, to settle at $1,221.70 an ounce.

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From:: Stock Market News

General Electric Co.’s GE Digital unit announced Monday a deal to buy cloud-based field service management company ServiceMax for $915 million, as it expands its industrial-internet capabilities. “Improved productivity is critical for the Industrial Internet and digitizing field services is a cornerstone of a successful digital industrial strategy,” said GE Digital Chief Executive Bull Ruh. The deal is expected to close in January. GE’s stock, which slipped 0.6% in afternoon trade, has lost 2% year to date, while the Dow Jones Industrial Average has gained 8.2%.

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From:: Stock Market News

Turkish lira has plunged to record lows against the dollar on Monday, along with other emerging-market currencies as hopes for massive fiscal stimulus pushed the U.S. dollar to 12-month high. On Monday, the dollar was trading at TRY3.2924, up 1.2%. The iShares MSCI Turkey ETF has also been sold heavily after the election of Donald Trump as U.S. president last week. The ETF fell 2.4% on Monday and lost 8.2% since Nov 8.

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From:: Stock Market News

PPerella Weinberg Partners and Tudor, Pickering, Holt & Co. said Monday they are planning to combine to create a financial advisor with more than $12 billion in assets under management. No terms were disclosed. The deal is expected to close in the fourth quarter. Perella’s founding investors will remain shareholders in the new entity and some will provide additional growth capital. The combined firm will have more than 650 employees and offices in New York, Houston, London, Denver, San Francisco, Dubai, Abu Dhabi and Calgary.

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From:: Stock Market News

Shares of Square Inc. rose 4.6% Monday morning after the stock was upgraded to overweight from sector weight at Pacific Crest. The analysts said they believe Square will see a “consistent series of positive fundamental surprises” in the next year, including opportunities from Square Capital and a possible exit of Caviar, Square’s food delivery service. Overall the analysts have a bullish position on Square’s digital payments leadership and believe it could see additional upside from international expansion, partnerships and software additions such as instant deposit. The analysts set a $15 price target. Shares of Square have gained 11% month-to-date, compared to the S&P 500’s gain of 2%.

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From:: Stock Market News

U.S. stocks opened higher on Monday as a bond-market selloff helped boost equities. The S&P 500 added 4.5 points, or 0.2%, to 2,168.94. The Dow Jones Industrial Average climbed 56 points, or 0.3%, to 18,899, a new intraday high. The Nasdaq Composite fell 3 points, or 0.1%, to 5,232, weighed down by a massive drop in Dynavax Technologies Corp.

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From:: Stock Market News

Shares of Twitter Inc. were up 2% in premarket trade Monday after hedge fund Jana Partners disclosed a new 2.9 million share stake in the social media platform. Additionally, President-elect Donald Trumphad praised Twitter as “a great form of communication,” as well as other social media platforms, in a 60 Minutes interview Sunday. Shares of Twitter have gained 10% in the past month, compared to the S&P 500’s gain of 1.5%.

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From:: Stock Market News

Avis Budget Group Inc. said Monday that it boosted its stock repurchase program by $250 million. The car rental company now has $400 million available to buy back its shares. Avis said it has bought back over $1 billion worth of its shares since August 2013. “We remain committed to returning a portion of our cash flow to our shareholders through buybacks, while maintaining a prudent capital structure and flexibility to execute on our strategic initiatives,” said Chief Executive Larry De Shon. The stock, which was indicated about 1% higher in premarket trade, has tacked on 4.8% year to date through Friday, while shares of rival Hertz Global Holdings Inc. has plunged 51% and the S&P 500 has gained 5.9%.

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From:: Stock Market News