Tag: stock market

Nokia extended a lawsuit against Apple Inc. to nine additional countries Thursday, one day after it filed a lawsuit in Germany and the U.S. claiming Apple infringed on several of its patents. The lawsuits — which claim Apple used some of Nokia’s display, user interface, software, antenna, chipsets and video coding technologies in the iPhone, iPad and Mac — now extend to Finland, the U.K., Italy, Sweden, Spain, The Netherlands, France, Hong Kong and Japan. Nokia claims Apple agreed to license some of its patents in 2011, but declined subsequent offers made by Nokia to license other patented technology. Shares of Apple fell 1% to $115.83 in afternoon trade. They’ve gained 1% in the past three months and 8% in the past year. By comparison, the Dow Jones Industrial Average has increased 8% in three months and 15% in the past year.

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The Securities and Exchange Commission and the Department of Justice jointly fined Teva Pharmaceutical Industries Limited , the largest generic drug manufacturer in the world, $519 million on Thursday to settle parallel civil and criminal charges that it allegedly violated the Foreign Corrupt Practices Act when it paid bribes to foreign government officials in Russia, Ukraine, and Mexico between 2002 and 2012. Teva made more than $214 million in illicit profits, according to the SEC, by bribing officials to increase its market share, obtain regulatory approvals and gain favorable drug purchase and prescription decisions. Teva will enter into a deferred prosecution agreement with the U.S. Department of Justice. The company must also retain an independent corporate monitor for at least three years.

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WASHINGTON (MarketWatch) — The Conference Board’s leading economic indicators were flat in November. “The underlying trends in the LEI suggest that the economy will continue expanding into the first half of 2017, but it’s unlikely to considerably accelerate,” said Ataman Ozyildirim, director of business cycles and growth research at The Conference Board. Industrial and construction indicators weighed on the index, though the weakness was offset by improvements in the interest rate spread, initial unemployment insurance claims, and stock prices.

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U.S. stocks opened flat on Thursday, as investors found few reasons to extend a rally that has taken major indexes to repeated records and the Dow near the milestone level of 20,000. Market moves have been slight this week, with many investors out ahead of the upcoming Christmas holiday and few concrete trading catalysts. In the latest economic data, an estimate on third-quarter GDP was revised up to 3.5% from 3.2%, above expectations. On the downside, jobless claims rose to their highest level since mid-June in the latest week. The Dow Jones Industrial Average fell 15 points to 19,928, a drop of less than 0.1%. The S&P 500 fell 1 point, or 0.05%, to 2,264. The Nasdaq Composite Index fell 1 point to 5,470.21, essentially unchanged on the day.

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Conagra Brands Inc. reported fiscal second-quarter earnings that fell to $122.1 million, or 28 cents a share, from $154.9 million, or 36 cents a share, in the same period a year ago. Excluding non-recurring items, such as debt extinguishing costs and the impairment of goodwill, adjusted earnings per share came to 49 cents, above the FactSet consensus of 45 cents. Revenue fell 11.5% to $2.088 billion from $2.359 billion, just shy of the FactSet consensus of $2.104 billion. Grocery and snacks sales fell 5.8% to $853.9 million, refrigerated and frozen sales declined 10.5% to $740.0 million and foodservice sales eased 0.7% to $283.1 million. The company, which brands include Reddi-wip, Healthy Choice, Slim Jim and Orvill Redenbacher’s, affirmed its fiscal 2017 adjusted EPS outlook of $1.65 to $1.70, which surrounds the FactSet consensus of $1.68. The stock, which was still inactive in premarket trade, has run up 16% year to date, while the S&P 500 has gained 11%.

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President-elect Donald Trump has named his former campaign manager Kellyanne Conway to serve as counselor to the president, Trump’s transition team announced Thursday morning. Trump said in a statement that Conway “played a crucial role” in his victory and that he’s pleased she’ll be part of his senior team in the West Wing.

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Rite Aid Corp. reported fiscal third-quarter earnings that fell to $15.0 million, or 1 cent a share, from $59.5 million, or 6 cents a share, in the same period a year ago. The drugstore chain, which is being acquired by Walgreens Boots Alliance Inc. , said adjusted earnings per share, which excluded non-recurring items, was 2 cents, below the FactSet consensus of 4 cents. Revenue slipped to $8.09 billion from $8.15 billion, missing the FactSet consensus of $8.23 billion. Same-store sales fell 3.4%, as pharmacy sales fell 4.7% and front-end sales declined 0.4%. “Despite the difficult operating environment created by the extended duration of the merger process with [Walgreens], our third quarter results show solid performance in our front-end business, good cost control and continued strong growth at our pharmacy benefit manager, EnvisionRx,” said Chief Executive John Standley. The stock, which slipped 0.2% in premarket trade, has gained 8% year to date, while Walgreens shares have tacked on 0.8% and the S&P 500 had climbed 11%.

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The U.K.’s Treasury Committee said Thursday it’s launching a review of the effectiveness and impact of monetary policy after the 2008 global financial crisis. “Interest rates are stuck near zero, the Bank of England has used increasingly unconventional forms of quantitative easing, and inflation has been below the two per cent target for three years,” said Treasury Committee Chairman Andrew Tyrie in a statement. “The efficacy of monetary policy or otherwise, its unintended consequences, and its prospects, need careful examination.” The committee is seeking written submissions on issues ranging from the impact from policy on housing market and financial stability, and on competition, “zombie companies” and productivity. The deadline for submissions is March 5, 2017.

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Shares of embattled Italian lender Banca Monte dei Paschi di Siena SpA slid 7.2% in early trade after media reports said a state bailout could be announced as soon as Thursday. The bank, which has been racing to raise 5 billion euros ($5.22 billion) by the end of the year, said late Wednesday it had failed to secure an anchor investor for its private rescue deal, according to media reports. That had dissuaded other major investors from supporting the deal, making the €5 billion target almost impossible to reach. BMPS had hoped Qatar’s sovereign wealth fund would inject €1 billion into the bank, but that option is now off the table, Reuters reported, citing people familiar with the rescue plan. Additionally, a debt-for-equity swap offer failed to raise as much capital as hoped. Italy’s parliament on Wednesday approved a €20 billion loan to the country’s ailing banking sector, which also can be used to bailout Monte dei Paschi.

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Hillary Clinton received the most votes of any losing presidential candidate in U.S. history, according to the final and certified election results announced late Wednesday. Clinton ended up with 65,844,954 votes (48.2%) compared to Donald Trump’s 62,979,879 (46.1%), beating the president-elect by 2.9 million votes. Trump, however, won the presidency with a comfortable Electoral College victory. Trump’s popular-vote deficit of 2.1% was the third-worst of any presidential victor. In a tweet Wednesday, Trump said “I would have done even better in the election, if that is possible, if the winner was based on popular vote,” claiming he would have campaigned differently.

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