Tag: stock market

An embezzlement scheme provided the motive behind the killing of a U.S. Green Beret sergeant at the hands of two Navy SEALs in Mali earlier this year, the Daily Beast reported late Sunday. According to the Daily Beast, Sgt. Logan Melgar discovered that two members of the Navy’s elite SEAL Team 6 were pilfering money from a fund meant to pay anti-terrorism informants in the West African country. The two reportedly offered Melgar a cut, but he declined. Melgar died during an apparent altercation on June 4 at the U.S. Embassy in Bamako. The SEALs claimed he was drunk and died of asphyxiation in a training accident, but an autopsy report found no trace of alcohol in Melgar’s system, the Daily Beast reported. In October, the New York Times first reported that the two SEALs were “persons of interest” in Melgar’s death. No charges have yet been filed.

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Philadelphia Fed President Patrick Harker on Sunday seemed to waiver a bit in his support for another interest rate hike in December. In a speech in Tokyo, Harker said that he has “lightly penciled in” a December move, backing away a bit from the phrase “penciled in” that he had used in in an interview with CNBC last month. In his remarks in Tokyo, Harker called continued low inflation, in the face of the steep decline in the unemployment rate, a “conundrum” for the central bank.

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More than 60 people died after a massive earthquake hit Sunday along the Iran-Iraq border, the Associated Press reported. The quake, which the U.S. Geological Survey measured at magnitude 7.2, was centered near the city of Halabja in northern Iraq at hit at 9:18 p.m. local time. Iranian authorities reported 60 killed and 300 injured across 14 provinces, while Iraqi officials reported six deaths and 200 injuries in their country.

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PayPal Holdings Inc. has suspended its TIO Networks business due to cyber security concerns, the company said late Friday. PayPal said that it had discovered security vulnerabilities on the TIO platform and that the TIO data security program does not meet PayPal’s standards. The PayPal platform is not affected, the company said. “While we apologize for any inconvenience this suspension of services may cause, the security of TIO’s systems and the protection of TIO’s customers are our highest priorities,” the company said in a prepared statement. “We are working with the appropriate authorities to safeguard TIO customers.” PayPal acquired TIO in July of 2017 for $174 million, according to FactSet. The Vancouver, Canada-based TIO operates a bill payment platform. PayPal stock is up a fraction in late trading to $74.05, and has gained 87% this year, with the S&P 500 index rising 15%

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Mattel Inc. shares soared more than 20% in the extended session Friday following a report that Hasbro Inc. was looking to take over the rival toymaker. Mattel shares rallied 21% to $17.75 after hours on heavy volume following a report from The Wall Street Journal that Hasbro made an offer for Mattel, according to sources close to the matter. Shares of Hasbro rose 3.6% to $94.70 after hours. In Friday’s regular session, shares of Mattel closed up 5% at $14.62 for a market cap of $5.03 billion, and shares of Hasbro finished up 3.1% at $91.45 for a cap of $11.39 billion.

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U.S. stocks finished the week on a subdued note, as worries over U.S. tax reform and a delay of the promises cut in corporate taxation, weighed on investors’ minds. The Dow Jones Industrial Average slipped 0.2% to 23,423, marking its first weekly loss in nine weeks. The S&P 500 dropped 0.1% to finish the week at 2,582 points, also breaking an eight-week winning streak with a slight dip into negative territory on the week. The Nasdaq Composite meanwhile ended the day marginally higher at 6,751 points, sliding 0.2% on the week. In individual stocks, chip maker Nvidia Corp. rose 4.9% on the back of better-than-expected earnings, while Walt Disney Co. shares were up 2.1% despite an earnings-miss, thanks to the announcement of new Star Wars projects.

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Bandwidth Inc. had its initial public offering Friday and investors sent the stock up 5% to $21 in late afternoon trading. Executives priced the IPO at $20, the low end of the $20 to $22 range executives sought, according to filings with the Securities and Exchange Commission. The Cary, NC-based company sold 4 million shares, and raised $80 million as the stock listed on Nasdaq under the ticker symbol “BAND”. Bandwidth bills itself as a communications provider offering a range of VoIP services such as messaging, voice and 9-1-1 calling.

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Oil futures ended lower Friday, maintaining losses after data showed a rise in the number of U.S. oil rigs. West Texas Intermediate crude for December delivery lost 43 cents, or 0.8%, to end at $56.74 a barrel. For the week, the U.S. benchmark rose more than 2%.

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Gold futures settled sharply lower on Friday, even as both stocks and the dollar, which typically move inversely to precious metals, slumped on the back of waning confidence for economy-boosting tax reform. Market participants also speculated about a sizable intraday sales that helped add to selling pressure in the commodity. December gold finished down $13.30, or 1%, at $1,274.20 an ounce, but booked a weekly gain of about 0.4%, according to FactSet data, marking its first weekly rise in that past four weeks.

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Crude futures remained lower Friday after oilfield services firm Baker Hughes reported the number of U.S. oil rigs rose by nine this week, bringing the total count to 738. Compared to the same time last year, the number of rigs has grown by 286. West Texas Intermediate crude for December delivery was down 44 cents, or 0.8%, at $56.73 a gallon.

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