Tag: stock market

Fox News anchor Megyn Kelly, who famously clashed with President-elect Donald Trump during a presidential debate over his comments on women, is leaving the network for a role at NBC News , the New York Times reported Tuesday, citing people briefed on the talks. Kelly will host her own daytime news and discussion program, anchor an in-depth Sunday night news show and participate in special political programming and other event coverage, the paper reported. Kelly, whose contract at Fox News expires this year, was understood to have been offered more than $20 million a year to stay. Her new salary was not disclosed in the report, which said NBC has made clear it could not match that sum. Fox shares were up 1.9% in afternoon trade, while the S&P 500 was up 0.3%.

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Shares of Kansas City Southern slumped Tuesday, after Ford Motor Co. said it is canceling plans for a $1.6 billion Mexico plant that was to have been built along one of Kansas City Southern’s railway lines. The stock was down 3.6% in early afternoon trade. Ford said it was scrapping the plan, and instead investing $700 million in a Detroit plant, where it will add 700 jobs as it works to expand its fleet of electric and self-driving vehicles.

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House Republicans dropped plans Tuesday to place the independent Office of Congressional Ethics under the oversight of lawmakers, following an outpouring of criticism including from President-elect Donald Trump. The House of Representatives was due to vote on the change later Tuesday. Earlier Tuesday, Trump questioned why Republicans were making the change their “number one act and priority” and said tax reform and health care were more important.

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Xerox Corp. shares surged 15% Tuesday, after Credit Suisse upgraded the stock to outperform from neutral, citing a more focused print business, the chance of bigger-than-expected cost savings, strong management and a compelling long-term strategy to offset end market decline. “We remain cautious about overall printing spend, but believe that management is realistic and has a long term vision of moving the business away from mature declining markets to growth segments such as graphics and Managed Print Services (MPS),” analysts wrote in a note. Credit Suisse has a stock price target of $8, which is about 20% above current trading levels.

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Ford Motor Co. said Tuesday it is canceling plans for a new $1.6 billion plant in San Luis Potosi, Mexico, and investing $700 million in its Flat Rock, Michigan plan’s expansion, as part of a push into electric vehicles in the next five years. The news came just hours after President-elect Donald Trump tweeted at Ford rival General Motors Co. , saying the company needs to be taxed for certain versions of the Chevrolet Cruze small car that it imports from Mexico to U.S. dealers. Ford said it will add 700 jobs at the Michigan plant, that will build high-tech electric vehicles and self-driving cars, as well as the Mustang and Lincoln Continental. The moves are part of a planned $4.5 billion investment in electric vehicles by 2020 as the company works to become an auto and mobility company. Ford unveiled plans for seven global electric vehicles, that include a small SUV that will offer a range of at least 300 miles. Ford shares jumped 2.4% on the news, while GM was up 0.8% and the S&P 500 was up 0.5%.

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Madison Square Garden Company hit back at Marie Claire Magazine Tuesday claiming the site’s exclusive piece on the Rockettes “violated the confidentiality” of executives and the Rockettes. In the piece, Marie Claire wrote about a meeting in which James Dolan, the executive chairman of Madison Square Garden, held firm to his decision for the group to perform at the Presidential inauguration and agreed that he was asking the group to “be tolerant of intolerance.” “While Mr. Dolan stands behind everything he said during the meeting, no one in that room believed they were speaking publicly,” Barry Watkins, chief communications officer for The Madison Square Garden Company, said in a statement. Watkins called the recording “deceitful and cowardly” and said the company was “disappointed” in Hearst’s decision to publish the story.

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Icahn Enterprises L.P. said Tuesday it is raising its offer price for powertrain parts maker Federal-Mogul Holdings Corp. to $10 a share from $9.25. The investing arm of activist Carl Icahn said the offer is its best and final one and represents a premium of 8.1% over the previous offer price and a premium of 101% over the closing price of the shares on Feb. 26, the last trading day prior to its initial offer. The new offer will expire at midnight on Jan. 17. Federal-Mogul shares were down 2.2% in early trade, while IEP was up 1.2%.

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Restaurant industry traffic growth in 2017 will be flat, a repeat of the flat growth in 2016, says The NPD Group. Quick-service restaurants like McDonald’s Corp. and Wendy’s Co. will see an estimated 1% increase in visits this year, better than the flat QSR growth last year. However, that will be offset by a 2% decline in traffic at full-service restaurants, the group said. Trends to watch for the coming year include an increase in the number of restaurant loyalty programs and the use of third-party providers for delivery service, and a spike in the use of mobile ordering. See also: The restaurant recession has arrived… here’s yet more evidence

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Shares of Asure Software Inc. rose 4.6% in early trade Tuesday, after the company said it has closed three acquisitions and offered guidance for fiscal 2017. The company said it closed the acquisition of Personnel Management Systems Inc., a provider of outsourced HR solutions, Corporate Payroll Inc. (Payroll Division), a provider of payroll services in Ohio, and Payroll Specialties NW Inc., a provider of payroll services in Oregon. The company is now expecting fiscal 2017 revenue of $45 million to $47 million, well ahead of the current FactSet consensus of $25 million, and EBITDA of $9 million to $9.5 million.

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U.S. stocks opened with gains on Tuesday, as renewed postelection optimism sent bond yields, dollar and oil prices sharply higher. The main indexes traded no far from record levels set in December, with the Dow attempting to breach the psychologically important 20,000 level. The Dow Jones Industrial Average gained 144 points or 0.7%, to 19,900. The S&P 500 added 14 points, or 0.6%, to 2,252. The Nasdaq Composite began the session up 39 points, or 0.7%, at 5,422.

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