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Lowe’s Cos. Inc. said late Friday its board of directors has authorized a $5 billion share buyback program. The new program has no expiration date and adds the to the previous program’s balance of $627 million. Shares of the home-improvement retailer rose 1.3% in late trading after ending the regular session flat.
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U.S. stocks ended mostly lower on Friday, pressured by a disappointing read on economic growth, as well as key corporate results that came in below expectations. However, the market’s recent upward bias was viewed as intact, and major indexes ended higher for the week, with the Dow and S&P 500 posting their first positive week of the past three. The Dow Jones Industrial Average fell 8.8 points to 20,092.6, a decline of less than 0.1%. The S&P 500 fell 2.1 points, or 0.1%, to 2,295. The Nasdaq Composite Index rose 5.6 points to 5,660.8, a rise of 0.1%. For the week, the Dow rose 1.3%, the S&P added 1% and the Nasdaq climbed 1.9%.
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The Securities and Exchange Commission charged two New York City men with allegedly running a Ponzi scheme that raised more than $81 million from at least 125 investors in 13 states to fund ticket scalping for popular shows such as the Broadway musical Hamilton. The SEC alleged Joseph Meli and Matthew Harriton, via their businesses Advance Entertainment, Advance Entertainment II, 875 Holdings, and 127 Holdings misled investors to expect high returns for their funds from the purchase of large blocks of tickets for resale at a profit. Instead, almost $2 million of the investors’ funds were allegedly diverted by Meli and Harriton for such personal expenses as jewelry purchases, private school and camp tuition, and casino payments. Meli and Harriton allegedly made Ponzi payments to prior investors using money from new investors. According to the SEC, the accused also told investors an agreement was in place with the producer of Hamilton to purchase 35,000 tickets to the musical. The SEC alleges no such agreement or purchase ever happened. The U.S. Attorney’s Office for the Southern District of New York today filed parallel criminal charges against Meli on Friday. Meli’s wife and another company are also named as relief defendants in the complaint for the purposes of recovering investor funds allegedly in their possession.
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Oil futures fell on Friday, pulling back from the nearly three-week high it settled at a day earlier, as concerns over further growth in U.S. production helped prices erase a gain for the week. March West Texas Intermediate crude fell 61 cents, or 1.1%, to settle at $53.17 a barrel. The contract settled just a nickel below the $53.22 level it ended at last Friday.
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The Mexican peso jumped in afternoon trading on Friday, climbing to its highs of the session after President Donald Trump said he had spoken with Mexican President Enrique Peña Nieto and that they would work on a new and “fair” relationship. Trump added that the U.S. would “renegotiate our trade deals, and renegotiate other aspects of our relationship” with Mexico. The comments come a day after Nieto canceled a planned visit with Trump, who has been increasing pressure on Mexico to pay for a wall he want built on the border between the two countries — one of the real estate mogul’s key campaign promises. The peso rose 1.6% against the dollar, trading at 20.87 from 21.22 late Thursday. Despite the rise on the day, the peso is down by about 11% over the past three months, with much of the weakness stemming from Trump’s election.
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Gold futures settled lower on Friday as strength in the U.S. dollar and a recent rally in major U.S. stock market indexes to all-time highs helped prices tally a weekly loss of about 1.4% for the week. February gold lost $1.40, or 0.1%, to settle at $1,188.40 an ounce. April gold , which has higher open interest, also fell $1.40, or 0.1%, to finish at $1,191.10 an ounce.
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Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil rose by 15 to 566 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 18 to 712, according to Baker Hughes. March West Texas Intermediate crude was down 96 cents, or 1.6%, at $52.82 a barrel on the New York Mercantile Exchange from Thursday’s settlement. It traded at $52.85 before the rig data.
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WASHINGTON (MarketWatch) — New Defense Secretary James Mattis has ordered a review into the F-35 program that President Donald Trump has criticized. Mattis said the review will “determine opportunities to significantly reduce the cost of the F-35 program while meeting requirements.” The review also will look into the extent that an advanced Super Hornet can be made to provide a competitive, cost effective fighter aircraft alternatives. Lockheed is the lead contractor on the F-35, and Boeing is the lead on the F-18.
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The Associated Press reports that President Donald Trump and Mexican President Enrique Peña Nieto held an hour-long phone call on Friday. Nieto canceled a visit with Trump over the latter’s insistence that Mexico will pay for an increased barrier on the southern border.
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Shares of Jagged Peak Energy Inc. fell sharply on their first day of trading Friday, after the Permian Basin crude producer priced its initial public offering below its range. Jagged Peak sold 31.6 million shares at $15 a pop late Thursday to raise $474 million. The expected price range was $16 to $18 a share. Shares are trading on the New York Stock Exchange under the ticker symbol “JAG”. The company is planning to use the proceeds of the IPO to repay debt and fund part of its 2017 capital program. Citigroup, Credit Suisse, J.P. Morgan, Goldman, Sachs & Co., RBC Capital Markets and Wells Fargo Securities were joint book-runners for the deal. Shares were last trading down 6.4% at $14.04.
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