Tag: stock market

Goldman Sachs on Tuesday said its Marcus platform would now offer home improvement loans that would incur no fees and get money in the hands of creditworthy customers within five days. Loans from $3,500 to $40,000 for periods of three to six years are available, Goldman said. “We are excited to offer a new way for consumers to use our personal loans, as they look to invest in one of their most valuable assets, their own homes,” said Abhinav Anand, who runs the Marcus lending division. Marcus is Goldman’s attempt to pivot toward a Main Street focus. Shares of the bank have gained 5.2% over the past 12 months, dwarfed by the 30% gain for the Dow Jones Industrial Average [s:djia].

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USA Compression Partners L.P. said Tuesday it will acquire the compression business from Energy Transfer Partners L.P. in a deal valued at about $1.8 billion. Energy Transfer Partners said it would use the proceeds to cut debt. As part of the deal, Energy Transfer Equity L.P. will acquire the ownership interests in the general partner of USA Compression and approximately 12.5 million common units. USA Compression said it expects the deal to add to distributable cash flow in 2018. Energy Transfer Partner’s stock (ETP) gained 1% in premarket trade, while USA Compression shares (USAC) were still inactive. ETP has dropped 17.5% over the past 12 months, while USAC has lost 8.2% and the S&P 500 has gained 22.5%.

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Merck & Co. Inc. shares jumped 3% premarket Tuesday, after the company announced positive results in a late-stage lung cancer trial. The New Jersey-based drug company said the Phase 3 trial of Keytruda in combination with pemetrexed and cisplatin or carboplatin for patients with metastatic non-squamous non-small cell lung cancer met its dual primary endpoints of overall survival and progression-free survival. Results from the Keynote-189 trial will be presented at a coming medical meeting and submitted to the regulator, said Merck. Non-small cell lung cancer is the most common of two types of lung cancer, which kills more people than colon, breast and prostate cancers combined. Merck shares have fallen about 6% in the last 12 months, while the S&P 500 has gained 22%.

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Fitch Ratings affirmed General Electric Co.’s A+ long-term issuer default rating, and F1 short-term rating, following GE’s announcement that GE Capital will make a reserve contribution of $15 billion to its life insurance businesses over the next seven years. Fitch said the outlook for the rating is negative. Fitch said that while the reserve contribution doesn’t immediately affect GE’s ratings, “the action brings GE closer to triggering Fitch’s negative rating sensitivities,” as it reduces the value of GE Capital and its long-term capacity to pay dividends to GE. “Fitch believes there is a risk that additional adjustments to reserves may be required depending on future claims experience,” Fitch said. GE’s stock tumbled 4.1% in premarket trade. It has shed 19.7% over the past three months, while the SPDR S&P Insurance ETF has tacked on 1.4% and the Dow Jones Industrial Average has jumped 12.4%.

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China’s Dagong Global Credit Rating Co. has downgraded its sovereign credit ratings for the U.S., citing political “deficiencies.” Dagong, one of China’s major ratings agencies, announced the cut in the local and foreign-currency sovereign ratings from A- to BBB+ on Tuesday. In its statement, Dagong said the Trump administration’s “massive tax cuts directly reduce the federal government’s sources of debt repayment, therefore further weakens the base of government’s debt repayment. The tax cuts act implemented from 2018 did not attack the root cause of the unsustainable debt-driven economy of the U.S., so it is projected that the U.S. economy [grows] only 2.3% in 2018, and would grow even more slowly in the years after.”

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The U.K. construction and outsourcing giant Carillion PLC said Monday it will go into compulsory liquidation, after crisis talks at the weekend failed. The company, its creditors and the government were trying to find a way to save the company, which runs public services at prisons, hospitals and schools, and is a key contributor to the building of the HS2 high-speed rail line. “In recent days however we have been unable to secure the funding to support our business plan and it is therefore with the deepest regret that we have arrived at this decision,” Philip Green, chairman of Carillion, said in a statement. The move puts thousands of jobs at risk; the company employs about 20,000 in the U.K. and uses thousands of subcontractors. Green said he understands the government will step in to fund the public services previously supplied by Carillion.

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A scary message on Saturday warning Hawaiian citizens to seek shelter due to threat of inbound ballistic missile was a false alarm, according to officials. Hawaii residents received a message: “Ballistic missile threat inbound to Hawaii seek immediate shelter. This is not a drill,” spurring panic. The false warning comes as the U.S. and North Korean leaders have been exchanging tough, which has threatened to erupt into a nuclear conflict. Hawaii Emergency Management Agency spokesman Richard Rapoza said the initial warning was a false alarm and that the agency is attempting to determine the cause of the unintentional alert.

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Sportscaster Keith Jackson, who coined the phrase “granddaddy of them all” and peppered his lively commentary covering college football with “whoa, Nellie”, has died. He was 89, according to USA Today. Jackson spent much of his broadcasting career with ABC. Kirk Herbstreit, a popular ESPN analyst, tweeted that he could close his eyes “and think of so many of his special calls. Thank you Kieth for all the memories and the grace in which you provided them. RIP Keith.”

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Sportscaster Keith Jackson, who coined the phrase “granddaddy of them all” and peppered his lively commentary covering college football with “whoa, Nellie”, has died. He was 89, according to USA Today. Jackson spent much of his broadcasting career with ABC. Kirk Herbstreit, a popular ESPN analyst, tweeted that he could close his eyes “and think of so many of his special calls. Thank you Kieth for all the memories and the grace in which you provided them. RIP Keith.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Facebook Inc. Chief Operating Officer Sheryl Sandberg and Twitter Inc. Chief Executive Jack Dorsey will exit the Walt Disney Co. [:s dis] board of directors, according to documents filed with the Securities and Exchange Commission Friday. Both Sandberg and Dorsey are not standing for re-election due to conflicts relating to matters before the board, Disney said. “Given our evolving business and the businesses Ms. Sandberg and Mr. Dorsey are in, it has become increasingly difficult for them to avoid conflicts relating to Board matters, and they are not standing for re-election,” a company spokesman wrote in an email. Board memebers Robert Matschullat and Orin Smith are also not standing for re-election. “Mr. Matschullat and Mr. Smith will be departing pursuant to Company policies that limit Board service to 15 years and set the retirement age at 74, respectively,” the spokesman wrote. “The Board will take up the matter of filling Mr. Smith’s role as independent Lead Director when it meets after the annual meeting.” Disney stock is down a fraction to $112.42 in late trading.

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