Tag: stock market

Michael Piwowar has been designated acting chairman of the Securities and Exchange Commission by President Donald Trump, according to the agency’s website. Piwowar, currently serving as a commissioner, is the only Republican. Former chairwoman Mary Jo White’s resignation in December was effective January 20. The SEC has been operating with two additional vacancies. The only other commissioner at the moment is Democrat Kara Stein. The two-member SEC is able to approve enforcement actions or new rules as long as the vote of the two members is unanimous. Jay Clayton, a lawyer in private practice, was nominated by President Trump to be the next chairman in early January, but a confirmation hearing before the Senate Banking Committee has not yet been scheduled.

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Airbnb posted its first profit in the second half of 2016 and expects to maintain it through 2017, according to a report from Bloomberg, citing sources close to the company. This differentiates the home-rental company from some of Silicon Valley’s other billion-dollar unicorns, such as Uber. The ride-sharing company is valued at $68 billion, according to the Wall Street Journal, but lost an estimated $3 billion last year, Bloomberg reported. Airbnb is the fourth-most valuable company in The Wall Street Journal’s list of private companies valued at $1 billion or more, behind only Uber, Chinese smartphone maker Xiaomi and Chinese Uber rival Didi Chuxing. Revenue at Airbnb increased more than 80% during 2016, according to Bloomberg’s sources. That comes despite a regulatory clampdown on the service in major cities, including San Francisco and New York.

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Citigroup Global Markets will pay $18.3 million to settle charges brought by the Securities and Exchange Commission that it overbilled at least 60,000 advisory clients over a 15-year period by approximately $18 million and misplaced client contracts. The SEC said Citigroup cannot locate approximately 83,000 advisory account contracts that were initiated between 1990 and 2012. Citigroup, according to the SEC, failed to match billing rates in client contracts, billing histories, and other documents with those entered into its computer systems for new fees. Citigroup also collected fees even though client accounts were inactive. The affected clients have been reimbursed. Citigroup consented to the SEC’s order and agreed to improve its fee-billing and books-and-records practices. The firm will pay a $14.3 million penalty and $800,000 in interest and give up $3.2 million in excess fees collected due to the missing contracts

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The Mexican peso slumped Thursday after the country’s president, Enrique Pena Nieto, canceled a meeting scheduled for next week with President Donald Trump. The announcement comes a day after Trump signed an order to build a wall along the Mexican border and suggested Mexico will pay for it. On Thursday, the peso weakened by 1%, with the dollar buying 21.30 pesos compared with 21.21 late Wednesday in New York.

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Mexico’s president said Thursday he has canceled a meeting scheduled for next week with President Donald Trump. President Enrique Pena Nieto’s announcement comes a day after Trump signed an order to build a wall along the Mexican border. Trump has insisted Mexico will pay for the wall but Pena Nieto has never agreed to that. Earlier Thursday, Trump said on Twitter it would be better to cancel the meeting “if Mexico is unwilling to pay for the badly needed wall.” The Mexican peso weakened 1.1% against the U.S. dollar after Pena Nieto’s announcement.

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The U.S. Commodity Futures Trading Commission settled charges against Chicago-based E*Trade Securities LLC , an introducing broker, and E*Trade Clearing LLC, the firm’s futures broker-dealer, for record-keeping and supervision violations. According to the CFTC order, between October 2009 and January 25, 2014 E*Trade Securities and E*Trade Clearing allowed audit trail logs for their customers trades to be destroyed after 10 days rather than that maintaining them for use by regulators who use the records to monitor the firm’s compliance with laws and regulations. E*Trade did not admit or deny the findings but will pay a $280,000 penalty for both business units.

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The Senate confirmation hearing for Donald Trump’s labor secretary nominee, Andrew Puzder, has been delayed, according to published reports. Puzder’s hearing in the Senate Health, Education, Labor and Pensions Committee was scheduled for Feb. 2 but has been pushed back to Feb. 7. The fast-food executive has faced intense criticism from Democrats for his opposition to a $15 federal minimum wage, among other issues.

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Celgene Corp. shares, which declined 2.4% in morning trade, may be sliding because investors hoped the company would raise its 2020 guidance today, Evercore ISI analyst Mark Schoenebaum said Thursday. Celgene officially reported fourth-quarter earnings Thursday, but the company had announced guidance earlier this month. Based on “bullish” statements by company management at the J.P. Morgan Health Care conference in mid-January, “some folks thought that CELG might officially raise their 2020 guidance today,” Schoenebaum said, cautioning that he can’t be sure that contributed to the decline. But “this is classic CELG stock behavior around quarterly results,” he said. “There seems to always be a pre-call thesis out there that they’ll raise guidance.” The company may have said it can grow EPS every year from 2020 to 2030 but that “would be a remarkable accomplishment,” he said. Celgene shares have risen 13.3% over the last three months, compared with a 7.5% rise in the S&P 500 .

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Natural-gas futures continued to climb Thursday after the U.S. Energy Information Administration reported that supplies of natural gas fell by 119 billion cubic feet for the week ended Jan. 20. That matched the decline expected by analyst polled by S&P Global Platts. Total stocks now stand at 2.798 trillion cubic feet, down 348 billion cubic feet from a year ago and 20 billion cubic feet below the five-year average, the government said. February natural gas rose 12.2 cents, or 3.7%, from Wednesday’s settlement to $3.454 per million British thermal units. It traded at $3.447 before the data.

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The Securities and Exchange Commission has named Michael Piwowar its acting chairman, according to the agency’s website. Piwowar, currently serving as a commissioner, is the only Republican. Former chairwoman Mary Jo White’s resignation in December was effective January 20. The SEC has been operating with two additional vacancies. The only other commissioner at the moment is Democrat Kara Stein. The two-member SEC is able to approve enforcement actions or new rules as long as the vote of the two members is unanimous. Jay Clayton, a lawyer in private practice, was nominated by President Trump to be the next chairman in early January, but a confirmation hearing before the Senate Banking Committee has not yet been scheduled.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News