Tag: stock market

Alphabet Inc. is pulling YouTube from the Amazon.com Inc. Echo Show and Fire TV streaming devices, the company said Tuesday. Alphabet class A stock and Amazon stock are flat after hours. A Google spokesman said in an emailed statement that the company has been trying to reach a reciprocal agreement with Amazon for products and services but has not done so. As a result, and because Amazon does not carry Google devices such as Google Home, Chromecast, or Nest devices, it has pulled YouTube from the Amazon devices. “Given this lack of reciprocity, we are no longer supporting YouTube on Echo Show and Fire TV,” the spokesman said. “We hope we can reach an agreement to resolve these issues soon.” For its part, Amazon, through a spokeswoman, said that Alphabet’s Google unit is “setting a disappointing precedent by selectively blocking customer access to an open website. We hope to resolve this with Google as soon as possible.” Amazon also said that now both the Echo Show and Fire TV both display a “standard web view” of YouTube.com. Alphabet class A stock is up 29% this year, as Amazon shares have risen 52%. The S&P 500 index has gained 18% this year.

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General Electric Co. plans to cut thousands of jobs from its power equipment making business in Europe, according to a French news report late Tuesday. GE presented a plan to the European Works Council that would cut 4,500 jobs from the power equipment business acquired from Alstom SA in 2015, according to Les Echos. GE issued plans to cut 6,500 jobs from the former Alstom units at the beginning of 2016. GE shares rose less than 0.1% to $17.77 after hours. Shares have fallen more than 28% over the past three months following major restructuring efforts from new Chief Executive John Flannery and are down nearly 44% for the year. In October, Flannery expressed his disappointment in GE’s power business and how it was run.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies dropped by 5.5 million barrels for the week ended Dec. 1, according to sources. The API data showed a jump of 9.2 million barrels in gasoline stockpiles, while inventories of distillates rose about 4.3 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 4.1 million barrels for crude inventories. They also forecast a rise of 2.7 million barrels for gasoline and an increase 1.5 million barrels for distillate supplies. January crude was at $57.44 a barrel in electronic trading, down from the settlement of $57.62 on the New York Mercantile Exchange.

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Funko Inc. shares jumped as much as 10% in late trading Tuesday to the highest levels the stock has seen since going public last month, after reporting earnings for the first time as a public company. The maker of pop-culture-themed toys and products reported third-quarter net income of $8.3 million, down from $17.2 million the year before, on sales of $142.8 million, up 21% from the year prior. The company did not provide per-share earnings information. Analysts on average had expected net income of $3.4 million on net sales of $142.6 million, according to FactSet. Funko said it used the IPO proceeds to pay off debt, and closed on a $4 million acquisition of a UK animation studio named A Large Evil Corp., which it has re-branded as Funko Animation Studios. Funko sold IPO shares for $12, but has not approached that price in public trading; through Tuesday’s regular session, the intraday high for shares was $9.90. In late trading Tuesday, share prices topped $10 at times.

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AeroVironment Inc. shares soared in the extended session Tuesday after the military drone maker reported a surprise profit for the quarter. AeroVironment shares surged 19% to $51.25 after hours. The company reported fiscal second-quarter net income of $7 million, or 29 cents a share, compared with a loss of $4.2 million, or 18 cents a share, in the year-ago period. Revenue rose to $73.8 million from $50.1 million in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 6 cents a share on revenue of $63.5 million. For the year, AeroVironment estimates earnings of 45 cents to 65 cents a share on revenue of $280 million and $300 million. Analysts expect earnings of 61 cents a share on revenue of $294.2 million.

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President Trump’s lawyer Jay Sekulow and White House press secretary Sarah Sanders say it’s not true that Special Counsel Robert Mueller has subpoenaed Deutsche Bank , as Handelsblatt and other media outlets have reported. “No subpoena has been issued or received,” Sekulow said in a statement. “We have confirmed this with the bank and other sources.” Deutsche Bank had been a major lender to Trump before he became president.

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Walt Disney Co. may be considering current 21st Century Fox Inc. Chief Executive James Murdoch to be the successor to Disney’s CEO Bob Iger, according to a report in the Financial Times. The consideration comes in deal discussions for the sale of 21st Century Fox’s entertainment assets to Disney, the report said Tuesday, citing people briefed on the talks. Murdoch is son of Rupert Murdoch, the executive chairman of Fox and the Chairman of News Corp. , which is the parent company of MarketWatch. Earlier Tuesday, CNBC reported that Fox could announce a deal to sell its film studio and TV production assets to Disney as early as next week. Fox’s stock rose 1.5% in afternoon trade, while Disney shares fell 2.2%. Year to date, shares of Fox have rallied 20%, Disney’s stock has tacked on 3.4% and the Dow Jones Industrial Average has climbed 23%.

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Gold ended lower for a second-straight session Tuesday, with prices marking their lowest fininsh in about four months as strength in the dollar, a rise in most U.S. stock benchmark indexes and upbeat domestic economic data dulled the appeal of the haven metal. February gold fell $12.80, or 1%, to settle at $1,264.90 an ounce.

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The International Olympic Committee said Tuesday it is banning Russia from the 2018 Winter Olympics in PyeongChang, South Korea, after uncovering a long history of doping. The IOC said no Russian officials will be accredited for the event, including the minister for sport and his deputy, and individual athletes will only be allowed under strict conditions wearing a neutral uniform under the Olympic flag. The decision comes after a report confirmed “the systematic manipulation of the anti-doping rules and system in Russia, through the Disappearing Positive Methodology and during the Olympic Winter Games Sochi 2014, as well as the various levels of administrative, legal and contractual responsibility, resulting from the failure to respect the respective obligations of the various entities involved,” said the IOC statement. The Russian Olympic Committee has been suspended with immediate effect, it said.

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Facebook Inc. came out with new Instagram features on Tuesday, a day after announcing a messaging service for kids. The social-networking giant announced that users of Instagram Stories will now have their posts automatically saved to a private archive after 24 hours. Previously, messages posted to Stories disappeared forever after a day. Users will also be able to pin “Stories” content to the top of their profiles for an extended period of time, through a new feature called Stories Highlights. Facebook is looking for new ways to compete with Snap Inc.’s Snapchat. Shares of Facebook are up 1.5% in Tuesday afternoon trading, compared with a 0.1% gain for the S&P 500 Index .

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