Tag: stock market

An intruder scaled a White House fence late Friday, the Washington Post reported, citing the Secret Service. The incident occurred 22 minutes before midnight, according to the report. The intruder was reportedly arrested but not identified. He reportedly was toting a backpack that was searched and found not to contain dangerous material. President Trump is reportedly at the presidential residence this weekend.

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Urban Outfitters Inc. , First Solar Inc. , and Frontier Communications Corp. are being booted from the S&P 500 index after S&P Dow Jones raised its market cap guidelines for the index late Friday. The companies will be replaced on the S&P 500 by Advanced Micro Devices Inc. , Raymond James Financial Inc. , and Alexandria Real Estate Equities Inc. , S&P said. The moves come as S&P raised its guidelines for the index to include companies with market capitalizations of more than $6.1 billion from a previous $5.3 billion. The changes to the index take effect before Monday’s market open. AMD shares rose 1.5% to $14.12 after hours, while shares of First Solar declined 1.2% to $32, and Urban Outfitters shares slipped 0.7% to $25.

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AMC Entertainment Holdings Inc. late Friday restated its results for the fourth quarter following a litigation settlement charge. The $7 million settlement, which the movie-theater chain characterized as pertaining to “a lawsuit filed several years ago,” reduced AMC’s earnings results by 4 cents a share for the quarter and the year, the company said. AMC reported a fourth-quarter profit of 33 cents a share on Feb. 28. AMC shares were unchanged at $30.15 after hours.

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Winklevoss Capital, whose filing for a bitcoin-tracking exchange-traded fund was nixed by the Securities and Exchange Commission on Friday, said it remained “optimistic and committed” to bringing its Winklevoss Bitcoin Trust ETF to market. “We agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors,” said Tyler Winklevoss, one of the owners of Winklevoss Capital, who is also the chief financial officer of Digital Asset Services. The comment came in an emailed statement. In its statement, the SEC said the proposed ETF wasn’t consistent with rules that required a security be “designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.” In order for such a product to have met this standard, the SEC wrote in a filing, “the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.”

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Arby’s Restaurant Group said late Friday that certain customers at company-owned locations may have had their payment card information compromised over a nearly three-month period. In a statement, Arby’s said malware present on point-of-service card-reading systems may have allowed hackers to access customer card data from Oct. 20, 2016 to Jan. 12, 2017. “In some instances, the malware appears to have identified data from the card’s magnetic stripe that included the cardholder name and number and in other instances the card data identified by the malware did not appear to include the cardholder name,” Arby’s said, noting that it has notified law enforcement officials, which are starting an investigation. While Arby’s did not provide estimates on how many customers were affected, it provided a tool on its website to identify affected locations. Arby’s is 81.5% owned by Roark Capital Group and 18.5% owned by Wendy’s Co. . Wendy’s shares advanced 0.4% to $13.30 after hours.

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The Securities and Exchange Commission on Friday nixed a proposed rule change that would have cleared the way for the first exchange-traded fund to track the digital currency bitcoin. The SEC said the proposed Winklevoss Bitcoin Trust ETF wasn’t consistent with rules that required a security be “designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.” In order for such a product to have met this standard, the SEC wrote in a filing, “the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.” The SEC said “significant markets” for bitcoin were unregulated. Some bitcoin followers on Wall Street viewed approval as unlikely. The decision sets the digital currency, which was seeking broader-scale legitimacy on Wall Street, one step back. There are still avenues that could allow the Winklevoss brothers, Cameron and Tyler, known for their relationship with the creation of Facebook Inc. , another opportunity get their bitcoin ETF proposal greenlighted, including retooling their proposal, market players said.

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From:: Stock Market News

The Securities and Exchange Commission on Friday nixed a proposed rule change that would have cleared the way for the first exchange-traded fund to track the digital currency bitcoin. The SEC said the proposed Winklevoss Bitcoin Trust ETF wasn’t consistent with rules that required a security be “designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.” In order for such a product to have met this standard, the SEC wrote in a filing, “the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.” The SEC said “significant markets” for bitcoin were unregulated. Many bitcoin followers on Wall Street had viewed approval as unlikely.

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Stocks gained Friday as robust jobs data reaffirmed growing confidence in the U.S. economy but the S&P 500 and the Nasdaq closed out the week lower, snappping their six-week winning streak. A total of 235,000 new jobs were added in February, the first full month of the Donald Trump presidency. The S&P 500 rose 7 points, or 0.3%, to close at 2,372 but fell 0.4% for the week. The Dow Jones Industrial Average added 45 points, or 0.2%, to end at 20,902, sliding 0.5% on the week after four straight weeks of gains. The Nasdaq Composite Index climbed 22 points, or 0.4%, to finish at 5,861 for a weekly drop of 0.2%.

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White House press secretary Sean Spicer defended his own and other tweets sent Friday soon after the jobs report. In response to a question about breaking a rule on executive branch officials waiting for an hour after a data report, Spicer said “I don’t think that’s a market disruption.” President Donald Trump re-tweeted a Drudge Report tweet saying “great again,” and Spicer tweeted the report was “great news for American workers.” White House Chief of Staff Reince Priebus also commented. All three tweets were sent before an hour had elapsed. The rule was adopted in 1985 to avoid affecting “financial and commodity markets,” according to the Office of Management and Budget.

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Oil prices fell a fifth straight session Friday to tally a weekly loss of 9.1%. Concerns that growing U.S. production will offset output declines by other major producers aimed at rebalancing the market have pulled prices to their lowest settlement since late November. April West Texas Intermediate crude fell 79 cents, or 1.6%, to settle at $48.49 a barrel.

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