Tag: stock market

WASHINGTON (MarketWatch) — For the first time, President Donald Trump articulated the reasons he accepted the resignation of Mike Flynn as head of the National Security Council. Trump said it was because of how Flynn recounted his conversation with the Russian ambassador to Vice President Mike Pence, and Flynn’s later account that he couldn’t remember. Trump added that another reason he accepted Flynn’s resignation is that he had someone in mind to replace him.

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At a rambling press conference ostensibly to announce the new nominee to be labor secretary, Alexander Acosta, President Donald Trump falsely stated the magnitude of his Electoral College victory as he recounted his post-election actions and called his cabinet a “fine-tuned machine.” He called the victory the largest since Ronald Reagan, but Barack Obama and Bill Clinton twice topped the 304 Electoral College votes Trump received, as did George H.W. Bush. Trump said he will unveil a new executive order next week “to protect our people.”

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House Speaker Paul Ryan said Thursday that Republicans plan to introduce legislation for the repeal and replacement of the Affordable Care Act after Feb. 20, or President’s Day. The House of Representatives’ first day back in session is Feb. 27, according to its calendar. The timing is this way because “we’re waiting for our scores” from the Congressional Budget Office and the Joint Committee on Taxation, Ryan said. “Pending our drafting issues, we’re going to be bringing it out after the… district work period,” or the period between Feb. 21 and Feb. 24 during which representatives are supposed to travel home for constituent issues. Ryan did not elaborate during Thursday’s press conference about the details of the replacement plan, but his statement comes in contrast with reports from a Philadelphia retreat last month that Republican lawmakers could not agree on the plan’s specifics. Ryan’s announcement this week comes on the heels of a Humana announcement that the company plans to withdraw from the ACA’s exchanges and a Wednesday statement by Aetna Chief Executive Officer Mark Bertolini that the health law was in a “death spiral.”

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Alexander Acosta, a former U.S. attorney and National Labor Relations Board member, will be President Trump’s nominee to be labor secretary, NBC News and Reuters reported. Trump’s original pick for the job, Andrew Puzder, withdrew his name from consideration on Wednesday.

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WASHINGTON (MarketWatch) — At a meeting with congressional Republicans, President Donald Trump said he will name a nominee to replace Andrew Puzder, who withdrew as Trump nominee to head the Labor Department on Wednesday. Trump also said leakers will be found and will “pay a big price,” a reference to those who told the press about the calls that national-security adviser Michael Flynn had with the Russian ambassador.

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WASHINGTON (MarketWatch) – The Senate confirmed Mick Mulvaney as President Donald Trump’s choice to run the Office of Management and Budget in a narrow 51-49 vote. Sen. John McCain was the lone Republican to vote against Mulvaney owing to efforts by the former congressman to cut military spending and pare down the deficit. The OMB director plays a big role in advising the White House on spending and other financial matters.

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Snap Inc’s initial price range puts the company’s initial public valuation below the $25 billion it was reported to be seeking. The Snapchat parent set a price range of $14 to $16 a share Thursday, which would give it a market capitalization of between $19.5 billion and $22.2 billion. The company said it would sell 200 million shares to raise up to $3.2 billion. The price range and number of shares is subject to change ahead of the company going public. Snap’s latest private valuation was $17.8 billion, according to The Wall Street Journal.

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Fed Chairwoman Janet Yellen’s two-days of testimony to Congress earlier this week signaled there will likely be interest-rate hikes this year and she kept the door open for a March meeting, said Dennis Lockhart, the head of the central bank’s Atlanta regional bank, on Thursday. Lockhart is retiring from the Atlanta Fed at the end of the month and will not attend the Fed’s next policy meeting on March 14-15. In an interview on Bloomberg TV, Lockhart said recent data suggest the economy is on a “little stronger” path than he expected and he might have been “persuadable” to support a March interest-rate hike. Lockhart said he expects the Fed to raise rates 2 or 3 times this year. “I could go either way based on what we’ve seen,” he said.

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Data from the U.S. Energy Information Administration showed that supplies of natural gas fell by 114 billion cubic feet for the week ended Feb. 10. That was less than the decline of 126 billion expected by analysts polled by S&P Global Platts. Total stocks now stand at 2.445 trillion cubic feet, down 303 billion cubic feet from a year ago, but 87 billion cubic feet above the five-year average, the government said. March natural gas extended its decline, falling 4.8 cents, or 1.6%, from Wednesday’s settlement to $2.877 per million British thermal units. It traded at $2.914 before the data.

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Ralph Lauren Corp. named on Thursday Jonathan Bottomley to the newly created position of chief marketing officer, effective April 3. The fashion apparel and accessories company said Bottomley, who was most recently Chief Strategy Officer at Vice Media, will lead the global marketing team and be responsible for Ralph Lauren’s brand voice. The company also named Tom Mendenhall to the newly created role of brand president, Men’s Polo, Purple Label and Double RL, effective March 29. Mendenhall was most recently chief operating officer at Tom Ford International. All men’s brand functions will report into Mendenhall, including design and merchandising. The moves follow Stefan Larsson stepping down as chief executive officer on Feb. 3 after just 15 months in the position, after Larsson and Chief Creative Officer Ralph Lauren couldn’t agree about how to evolve the creative and consumer-facing parts of the business. The stock, which tacked on 0.3% in morning trade, has tumbled 29% over the past three months, while the S&P 500 has gained 7.7%.

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