Tag: stock market

A Canadian man pleaded guilty Tuesday to hacking Yahoo email accounts on behalf of Russian government agents in a breach that eventually netted information on 500 million Yahoo users. Karim Baratov, 22, admitted to tricking webmail users into providing their passwords, then selling the passwords to Dmitry Dokuchaev, who allegedly worked with two other Russians — Igor Sushchin and Alexsey Belan — to compromise Yahoo’s network with that access and access Yahoo accounts. Two of the three Russians are officers in the Russian Federal Security Service, or FSB, the FBI said; all three are at large in Russia while facing U.S. charges for the hack. The breach was one of two embarrassing hacks for Yahoo Inc., which eventually gave an acquisition discount to Verizon Communications Inc. because of the breaches. Baratov pleaded guilty to eight charges, and faces up to 26 years in prison when sentenced in February. As part of the plea agreement, he has agreed to pay restitution to the victims and a fine of up to $2.25 million, according to the Department of Justice’s announcement.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies climbed by 1.8 million barrels for the week ended Nov. 24, according to sources. The API data showed a fall of 1.5 million barrels in gasoline stockpiles, while inventories of distillates climbed by 2.7 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 3 million barrels for crude inventories. They also forecast a rise of 1.1 million barrels for gasoline and an increase of 160,000 barrels for distillate supplies. January crude was at $57.75 a barrel in electronic trading, down from the settlement of $57.99 on the New York Mercantile Exchange.

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Shares of Teladoc Inc. fell nearly 8% after the Purchase, N.Y.-based company said it plans to sell shares of its common stock, 3.25 million shares offered by the company and 830,000 shares offered by certain stockholders. Underwriters have the option to buy up to an additional 612,000 shares from Teladoc, the company said. Proceeds of the primary portion of the offering will go to prepay debt, with the remaining proceeds used as working capital and for general corporate purposes, the company said. Teladoc will not receive any proceeds from the shares sold by the stockholders. Teladoc stock ended the regular trading day flat.

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A district court judge on Tuesday denied the request by Leandra English to issue a temporary restraining order against Mick Mulvaney that sought to deny him from being acting director of the Consumer Financial Protection Bureau. The ruling means that Mulvaney, also the director of the Office of Management and Budget, will stay at the CFPB as its acting director. English had been appointed by the outgoing CFPB director, Richard Cordray, to fill the director role.

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Wells Fargo & Co. said late Tuesday it will stop providing personal-insurance products by early next year, in keeping with its goal to simplify and streamline its product lineup. The bank, which has offered auto, homeowners, renters and umbrella personal insurance products since 2003, said it will wind down operations “in a measured and responsible way” for existing customers and it expects to complete the exit in the first quarter. The personal insurance business is the last remaining insurance brokerage agency in Wells Fargo’s portfolio, and its financial contribution was not material to the company, the bank said in a statement. The decision does not impact Wells Fargo’s Wealth and Investment Management’s life insurance practice, it said. Shares of Wells Fargo fell 0.2% in late trading Tuesday after ending the regular session up 3%.

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Marvell Technology Group Inc. shares rose in the extended session Tuesday after the chipmaker’s quarterly results and outlook topped Wall Street views. Marvell shares advanced 2.7% to $23.90 after hours. The company reported third-quarter net income of $200.2 million, or 40 cents a share, compared with $72.6 million, or 14 cents a share, in the year-ago period. Adjusted earnings were 34 cents a share. Revenue declined to $616.3 million from $623.7 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 33 cents a share on revenue of $613.7 million. For the fourth quarter, Marvell estimates adjusted earnings of 29 cents to 33 cents a share. Analysts expect earnings of 28 cents a share. Last week, Marvell offered to buy Cavium Inc. in a deal valued at about $6 billion.

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Autodesk Inc. announced a restructuring plan along with quarterly earnings Tuesday, with news of more than 1,000 layoffs helping to send shares down more than 13% in late trading. The software company said in its announcement that the restructuring plan “seeks to streamline the organization and re-balance resources to better align with the company’s priorities.” In a filing with the Securities and Exchange Commission, Autodesk said it plans to lay off about 13% of workers, which is approximately 1,150 employees. “We’re taking this restructuring action from a position of strength,” said Chief Executive Andrew Anagnost, who contended that the move was intended to change the focus of investments during a “growth phase” of the transition to cloud delivery. “This is not a cost reduction activity.” For the fiscal third quarter, the company reported a net loss of $119.8 million, or 55 cents a share, on revenue of $515.3 million, up from $490 million a year ago. After adjusting for stock-based compensation and other expenses, the company claimed a net loss of 12 cents a share, an improvement from an adjusted loss of 18 cents a share a year ago. Analysts on average expected an adjusted loss of 13 cents a share on sales of $514 million, according to FactSet. Autodesk shares fell lower than $114 after closing at $129.95, the second highest closing price in Autodesk’s history.

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EBay Inc. said Tuesday that it has partnered with Google and its Google Home device to offer what it calls a more personalized shopping experience with help from Google Assistant. Artificial intelligence and voice commerce are being used increasingly by retailers to provide customized service to shoppers. The new eBay service can switch from the Google Home platform to shoppers’ mobile devices. EBay shares are down slightly less than 1% late Tuesday.

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The Senate Budget Committee voted along party lines to advance Republicans’ tax bill on Tuesday. The vote was 12-11, with Sens. Bob Corker and Ron Johnson joining their fellow Republicans as “yes” votes. The two GOP senators had previously expressed reservations about the bill, which would among other things cut the corporate rate to 20% from 35%. A full Senate vote could be as early as Thursday.

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Sens. Bob Corker and Ron Johnson will vote “yes” for the Republican tax bill in the budget committee Tuesday afternoon, reports said. Corker, a Tennessee Republican, and Johnson, a Wisconsin Republican, have been among those in the GOP wavering on the tax bill. Johnson has sought increased benefits for so-called pass-through businesses in the bill, and Corker wants a trigger to bring in revenue if tax cuts don’t pay for themselves. Even if it passes the committee, the bill would need to go before the full Senate for a vote.

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