Tag: stock market

Singapore commodities trader Noble Group Ltd. warned Monday it expects to report total net loss of $1.1 billion to $1.25 billion for the July to September period due to non-cash losses from asset disposals. The company said separately it plans to sell its U.S. oil-liquids business to Vitol Holding B.V. for $582 million and will use the proceeds to reduce its debt. Shares in Noble fell 6.6% after the news.

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Cisco Systems Inc. is nearing a deal to acquire telecommunications-focused software company Broadsoft Inc. , according to a Sunday report. Bloomberg News reported, based on anonymous sources, that a deal could be announced as early as Monday. Bloomberg did not report a projected price tag; Broadsoft ended Friday trading with a market capitalization of $1.67 billion, according to FactSet. Cisco has been acquiring software companies in hopes of boosting subscription-based revenues as growth in its core networking revenue has slowed. The company acquired startup Appdynamics earlier this year for $3.7 billion, and said Thursday’s announced deal for Perspica was the 200th acquisition in the history of the acquisitive company.

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A powerful typhoon was expected to make landfall in Japan overnight Sunday, triggering a warning for tens of thousands to evacuate, according to media reports. The Category 4 storm was south of Japan, moving northeast, and has already killed two and injured many more, according to Reuters, citing the Japan Meteorological Agency and Kyodo news agency. The storm is expected to weaken to a Category 2 when it lands near Tokyo early Monday, the report said. See also: Japan’s Abe set for landslide win in Sunday’s parliamentary elections, polls show

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U.S. benchmark stock indexes all rose on Friday to close at record levels after the Senate adopted a federal budget for next year, a key step on the road to tax cuts. The Dow Jones Industrial Average advanced 164 points to 23326, and was up 2.0% for the week. The Nasdaq Composite Index gained 24 points at 6629. The S&P 500 was up 13 points to 2575, and 0.9% for the week. The Dow and the S&P 500 close out their sixth straight weekly gain, while the Nasdaq notched its fourth straight positive week. This is the longest stretch of weekly gains for the Dow since a seven-week rally that ended in December.

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Oil settled modestly higher on Friday to end little changed for the week. Prices found some support from data showing a third weekly decline in the number of active U.S. oil rigs. November West Texas Intermediate crude , which expired at the settlement, rose 18 cents, or 0.4%, to finish at $51.47 a barrel on the New York Mercantile Exchange. The contract ended about 2 cents higher for the week. December WTI crude , the new front-month contract, added 33 cents, or 0.6%, at $51.84.

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President Donald Trump identified three candidates he may choose to run the Federal Reserve, as a report said he may name Jerome Powell and John Taylor together, although it’s not clear who would be chairman and who would be vice chairman. “Well as you know, I’ve been seeing a number of people, and most people are saying it’s down to two — Mr. Taylor, Mr. Powell. I also met with Janet Yellen who I like a lot, I really like her a lot. So I have three people I’m looking at, and there are a couple of others,” Trump said in a clip from “Mornings with Maria” that aired on Fox Business Network. Asked specifically about Powell and Taylor together, Trump said: “it is in my thinking, and I have a couple of others things in my thinking, but I like talent and they’re both very talented people.”

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Wells Fargo on Friday dismissed four foreign exchange-focused bankers on the back of an investigation into its investment banking division, The Wall Street Journal reported, citing people familiar with the matter and the bank. The investigation was carried out by Wells itself as well as regulators, and does not appear to be related to the negative headlines surrounding its sales practices, which were in focus over the summer. The bank’s shares were up 2.4% at $55.02 on Friday. Wells Fargo spokesperson Jessica Ong said the bank doesn’t comment on personnel matters in detail, but confirmed that Simon Fowles, Bob Gotelli, Jed Guenther and Michael Schauffler are no longer with the firm, while Sara Wardell-Smith has accepted a new position as Americas regional leader in the bank’s financial institutions group. The securities division’s foreign exchange business will be under the management of Ben Bonner.

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Gold prices settled Friday at a two-week low, with a weekly loss of 1.9% their worst in about a month. Strength in the U.S. dollar and equities, following the Senate’s approval of a budget proposal for the next fiscal year, put pressure on dollar-denominated prices for the precious metal. December gold fell $9.50, or 0.7%, to settle at $1,280.50 an ounce-the lowest since Oct. 6, according to FactSet data.

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Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 7 to 736 this week, marking a third-consecutive weekly decline. The total active U.S. rig count, which includes oil and natural-gas rigs, also dropped by 15 to 913, according to Baker Hughes. November West Texas Intermediate crude , which expires at the settlement, was up 14 cents, or 0.3%, from Thursday, at $51.43 a barrel. December WTI oil traded at $51.70 a barrel, up 19 cents, or 0.4%.

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After warning that Hurricane Maria devastation in Puerto Rico could result in drug shortages, Food and Drug Administration Commissioner Scott Gottlieb said Friday that medical device shortages are a concern too, one that the regulator is working to minimize. Both industries have a large manufacturing presence in Puerto Rico. The FDA is watching 50 types of medical devices that are made in Puerto Rico and working with about 10 manufacturers to prevent shortages, especially for blood-related medical devices. In addition to helping get production back up and running and move important products in and out of Puerto Rico, the FDA said it is also considering importing ex-U.S. devices or shifting manufacturing of devices elsewhere. Obtaining materials, components and tools needed for production number among the manufacturing challenges for medical device makers, Gottlieb said. Medical device makers Medtronic plc , General Electric Company and Johnson & Johnson shares slumped 0.2%, 0.6% and 0.1% in afternoon trade, while Abbott Laboratories shares rose 0.3%. The iShares U.S. Medical Devices ETF rose 0.7% in Friday trade.

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