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Micron stock rises after analyst calls it a 'favored' name for 2018
Shares of Micron Technology Inc. rose 1% in premarket trading Wednesday after analysts at Susquehanna Financial Group named the company one of their "favored" memory picks for 2018. "Cloud demand is expected to remain a key secular trend in '18 with ripple effects across the entire storage/memory supply chain," wrote the analysts, led by Mehdi Hosseini. "Data growth, and rapid migration of workloads from on-prem environments to public cloud, is not expected to abate, and we favor Micron and Western Digital Corp. as our top component names expected to benefit from cloud demand." Hosseini added that Facebook Inc. has announced plans to nearly double its capital expenditures for next year and Amazon.com continues to bring AWS to new regions. He's also upbeat about memory demand given increased interest in smartphone content. Micron shares have gained 91% so far in 2017, while WDC's stock is up 20%. The Philadelphia Semiconductor Index has risen 36%, and the S&P 500 has gained 19%.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.
Navajo Nation sues Wells Fargo for alleged predatory tactics
The Navajo Nation announced Tuesday that it's suing Wells Fargo for allegedly engaging in predatory and unlawful banking practices that targeted and harmed tribal members.
BRIEF-Electromed Inc Says Renewed Its $2.5 Million Revolving Line Of Credit With Venture Bank
Electromed Inc(ELMD): * Electromed Inc(ELMD) - ON DEC 12, CO RENEWED ITS $2.5 MILLION REVOLVING LINE OF CREDIT WITH VENTURE BANK PURSUANT TO RIDER TO BUSINESS LOAN AGREEMENT. * Electromed Inc (ELMD) - RENEWAL DOCUMENTS PROVIDE THAT LINE OF CREDIT WILL BE EXTENDED FOR AN ADDITIONAL YEAR AND MATURE ON DECEMBER 18, 2018 Source: Further company coverage:
Regulators probing utilities' response to powerful storm
The agency that regulates utilities in Maine is opening an inquiry into the preparedness and response of electric companies following a powerful October windstorm that left more than half the state's population in the dark.
Ryan Lizza Fired by The New Yorker Over Sexual Misconduct Allegation
The magazine said it “severed ties” with Mr. Lizza, its Washington correspondent, over “improper sexual conduct.” He denied that charge.
Cutting U.S. electric vehicle tax credit 'will have an impact' - GM
General Motors Co Chief Executive Mary Barra said on Monday that if Congress decides to eliminate an electric vehicle tax credit it "will have an impact" on sales of electric vehicles such as GM's Chevrolet Bolt. The House version of a bill that would cut corporate tax rates calls for eliminating a tax credit of up to $7,500 for purchasers of electric vehicles.
Farm debt waivers not favoured by ex-RBI heads
At a discussion on policy, two former Reserve Bank of India (RBI) governors were critical of the farm debt waiver announcements by some state governments.Y V Reddy, ex-governor, said such decisions would not help the economy. C Rangarajan, another ex-governor, agreed and said it was better to instead give farmers more time to repay."Loan waiver is not good for economic or credit culture. Every political party in India has given farm loan waivers in some state or the other or at all-India level. It is a political decision but cannot be justified in the longer run," Reddy said, on the sidelines of the Inclusive Finance India Summit.Recent announcements in this regard have been made by the governments of Telangana, Uttar Pradesh, Punjab, Karnataka and Maharashtra."First, waive interest payments during a year of distress. Second, reschedule the loan, so that farmers get a longer timeframe for repayment. Only if all these things don't succeed should the government think of loan waiver," ...
SEC forces halt of initial coin offering
The Securities and Exchange Commission forced the halt of what the regulator said was an offer of unregistered securities by a California-based company selling digital tokens to investors for its blockchain-based food review service. The company, Munchee Inc., refunded investor proceeds before any tokens were delivered to investors after an investigation by the SEC's new Cyber Unit, which is focused on misconduct involving distributed ledger technology and initial coin offerings. Munchee was seeking $15 million in capital to improve an existing iPhone app centered on restaurant meal reviews and create an ''ecosystem'' in which Munchee and others would buy and sell goods and services using the tokens. According to the SEC's order, the company and other promoters told investors via its website and a white paper that they could expect an increase in value of the tokens and that the company would create and support a secondary market for the tokens. The SEC has said its report on its investigation of DAO that a token can be a security. Munchee consented to the SEC's cease-and-desist order without admitting or denying the findings.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.
JC Penney launches subscription box for big and tall men
J.C. Penney has partnered with Bombfell, a subscription box service similar to that of Stitch Fix and Trunk Club.
New York Times Co. shares down 5% despite subscriptions rising
Shares of the New York Times Co. were down more than 5% during intraday trade on Thursday. The newspaper publisher said on Thursday that it now has more than 3.5 million paid subscribers and garners more than 130 million monthly readers, which more than doubles its audience compared with a year ago. The New York Times, along with other news outlets this year, has seen a boost in subscriptions tied to the election of President Donald Trump and his contentious relationship with the media. In its most-recent third quarter the Times reported better-than-expected profit, driven by digital subscriptions. At the same time the company has cut staff in a restructuring that led to public displays of frustration from editors and reporters in the newsroom. Shares of the New York Times Co. have gained more than 33% in the year to date, while the S&P 500 index is up nearly 18% and the Dow Jones Industrial Average is up more than 22%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.
Millions of net neutrality comments were faked. Turns out mine was one.
Edward Baig was among those who discovered that his name was used to submit a false comment on the ne
Time magazine names 'The Silence Breakers' person of the year for 2017
Time Magazine on Wednesday named "The Silence Breakers" as its 2017 person of the year, referring to the many individuals who helped expose the prevalence of sexual harassment in the world of entertainment, technology, the media and other sectors this year. "The galvanizing actions of the women on our cover...along with those of hundreds of others, and of many men as well, have unleashed one of the highest-velocity shifts in our culture since the 1960s," Time's editor-in-chief Edward Felsenthal said in a statement. The magazine's cover photo includes actress Ashley Judd, one of the first women to go public with allegations of abuse by producer Harvey Weinstein; Taylor Swift, who spoke to the magazine for the first time since winning a groping lawsuit against DJ David Mueller; and former Uber engineer Susan Fowler, who went public with allegations that women are discriminated against at the ride-sharing company, leading to the departure of a number of executives, including former chief executive Travis Kalanick. Time shares were not active premarket, but have gained 5% in 2017, while the S&P 500 has gained 17%. 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.
Tech stocks rebound as investors assess tax bill details
(Reuters) - The tech-heavy Nasdaq recovered from a two-day selloff on Tuesday but other U.S. share indexes were mixed as investors assessed changes to the Senate's version of a tax overhaul that could reduce gains for companies.
Adtalem's stock soars after deal to transfer DeVry Univ. ownership to Cogswell for 'no consideration'
Shares of Adtalem Global Education Inc. , formerly known as DeVry Education Group Inc., soared 9% in midday trade Tuesday toward the highest close since February 2015, after the for-profit education company essentially gave DeVry University and Keller Graduate School to Cogswell Education LLC. Adtalem said late Monday that "no consideration" will be paid at the deal's closing, which is expected in 2018. The deal includes, however, an earn-out for Adtalem based on DeVry University's performance over a multi-year period, but also a commitment from Adtalem to provide DeVry with a minimum working capital balance. Adtalem changed its name from DeVry in May 2017. The "transfer of ownership" deal of DeVry University comes about about 14 months after a settlement was reached with the Obama administration over claims that it ran misleading advertisements. Adtalem's stock has rallied 42% year to date, while the S&P 500 has gained 18%.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.
UPDATE: Revance stock surges and Allergan drops on positive results for wrinkle injection
Revance Therapeutics Inc. shares surged nearly 38% in extremely heavy morning trade Tuesday after the company reported positive results for its wrinkle-relaxing injection in two late-stage clinical trials. If approved, the product, DaxibotulinumtoxinA for Injection (RT002), would be the first of its kind to last six months. Products currently on the market, including Allergan's market-leading Botox, last three to four months. Allergan shares dropped 3.2% in extremely heavy morning trade on Tuesday. In two trials, Revance's product showed highly statistically significant improvement relative to the placebo in reducing frown lines or wrinkles between eyebrows. The product is also being tested in a long-term safety trial, with results expected in the second half of next year; if the trial is successfully completed, Revance expects to file for approval in the first half of 2019 and, if it's approved, launch the product in the U.S. in 2020. Botox has been a wildly profitable product for Allergan, since patients largely pay out-of-pocket for it, and analysts have noted that new rivals could pose a long-term risk for the company. Revance's latest data are "better than their Ph 2 on several metrics," said EvercoreISI analyst Umer Raffat. But, with regard to being able to claim six months of effectiveness, Raffat said, "I think there's a case to be made for that, but that's not a layup." Raffat also noted that the product would likely be priced higher than Botox. In a statement to MarketWatch, Allergan called the Revance results "underwhelming." "Allergan does not expect Revance's toxin to enter the market until mid-2020, and we do not believe this data will support a longer duration claim," a company spokesperson said, adding that "based on the profile demonstrated in this data, Allergan does not view this toxin as being differentiated from Botox." Revance shares have surged 45.5% over the last three months to $35.80, compared with a 7.4% rise in the S&P 500 and a 11.7% rise in the Dow Jones Industrial Average .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.
Ann Taylor parent Ascena shares drop 21% after 'fashion missteps' sink earnings
Ascena Retail Group Inc. shares are down 21% in Tuesday trading after the apparel company said "fashion missteps" derailed its first-quarter earnings. Ascena's portfolio of brands includes Ann Taylor, Maurices and Dressbarn. "We were unable to capitalize on the improving macro traffic trends due to fashion missteps that we cannot afford in today's environment," said Chief Executive David Jaffe on the earnings call, according to a FactSet transcript. Still, KeyBanc Capital Markets analysts led by Edward Yruma are optimistic. "Management is showing a sense of urgency regarding execution and sequentially improving traffic could provide a more favorable backdrop," analysts wrote in a note. Analysts highlight cost reduction opportunities and internal restructuring. "We maintain that intense focus on cost savings is prudent in a difficult environment," the note said. Ascena shares are down more than 71% for the past year while the S&P 500 index is up 20.1% for the period.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.
Snap stock jumps after analyst suggests says 'the worst is behind' it
Snap Inc. shares rallied 5.9% in Tuesday trading after analysts at Barclays upgraded the stock to overweight from equal weight. The firm is upbeat on Snap's decision to redesign its app and sort content in an algorithmic way, rather than in chronological order. The analysts noted that Twitter and Instagram "benefited greatly" from similar shifts. Barclays also expects the company to start meeting Wall Street's revenue expectations and post accelerating growth. "In short, we think the worst is behind Snap and the company is likely to get back on track in 2018," the analysts wrote. Snap shares have lost 15.5% of their value since the company's March IPO. The S&P 500 is up 11% in that time.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.
Galectin Therapeutics stock drops nearly 50% after negative trial results
Galectin Therapeutics Inc. shares dropped nearly 50% in premarket trade on Tuesday after the company said its GR-MD-02 therapy did not meet its primary endpoint in a midstage clinical trial. The company emphasized, however, that the therapy reduced the primary endpoint in a statistically significant and "clinically meaningful" way, relative to the placebo, in about half of the patients in the clinical trial. Results were not statistically significant in the total group of patients "because there was more variability in HVPG measurements for patients with esophageal varices," the company said. Galectin Chief Executive Peter Traber said that the results "stratify a large and easily identifiable group of patients" and "suggest several potential registration endpoints that may be employed in a phase 3 program." GR-MD-02 is being developed for nonalcoholic steatohepatitis, or NASH, a common disease that is caused by fat buildup in the liver and can cause inflammation and damage there. Drugmakers have been racing to capture the market, which they expect to be worth billions of dollars. Galectin shares have surged 42.4% over the last three months to $2.48, compared with a 7.4% rise in the S&P 500 and a 11.7% rise in the Dow Jones Industrial Average .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.
Carvana raises cash without scrutiny
Dec 4 (IFR) - Fast-growing used car retailer Carvana raised
US$100m through the private sale of convertible preferred
securities on Monday, a deal that allowed the listed company to
avert public scrutiny.
CVS's BBB-plus rating placed on Creditwatch negative by S&P after Aetna deal
Standard & Poor's on Monday placed its BBB-plus ratings on CVS Health Corp. on Creditwatch negative after the drugstore chain said it is buying Aetna Inc. for $69 billion, the bulk of which will be paid for with debt. "In our view, CVS' financial risk profile will weaken considerably as a result of the significant increase in debt, given the scale of the acquisition as well as execution risks that could affect operating performance," S&P wrote in a note. The rating agency said it expects to resolve the Creditwatch by lowering the rating by one notch, as soon as more information on the deal and financing becomes available. It expects the company's adjusted debt-to-EBITDA to be in the 4.5 times to 4.8 times range after the deal closes and to remain above 4.0 times for at least a year. CVS said it plans to suspend its share buyback program and use the funds to reduce debt. CVS and Aetna's most active bonds were little changed on Monday, according to MarketAxess. CVS shares were trading down 5%, and are now down about 10% in 2017, while the S&P 500 has gained 18%. 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.
Technology ETF tumbles as chipmakers weigh
The largest exchange-traded fund to track the technology sector fell on Monday, diverging from the broad market's strong upward bias as semiconductor and large-capitalization internet stocks tumbled on the day. The fund fell 1.3%, compared with the 0.4% rise of the S&P 500 . Chipmakers were among the biggest drags within the sector, with the PHLX Semiconductor index down 2.9%. Every component of the semiconductor index fell on Monday amid valuation concerns and fear that supply of memory chips was catching up with demand. Advanced Micro Devices fell 7.1% while Micron Technology shed 5.8%. Nvidia Corp lost 5.7% on the day. The group has been one of the strongest sectors of the market this year, with the index up about 35% in 2017. Separately, some of tech's biggest 2017 gainers were also lower on the day. Facebook fell 1.9% while Microsoft Corp. was down 2.1%.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.
British pound volatile after reports of no Brexit deal Monday
The British pound registered a sharp drop on Monday, following reports that U.K. Prime Minister Theresa May and European Commission President Jean-Claude Juncker could not reach a Brexit agreement. The two parties had struggled to find common ground on issues including the Irish border, even though Ireland's foreign minister earlier stated that a deal was close. The pound slumped to an intraday low of $1.3414 on the news, compared with $1.3478 late Friday in New York, before bouncing back. The British currency last traded at $1.3455, down 0.2%. The euro-sterling cross spiked in response to the headlines, but fell back to £0.8811, down 0.2%.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.
EMERGING MARKETS-Brazil stocks rise as China output cuts boost iron ore
By Bruno Federowski
SAO PAULO, Dec 4 (Reuters) - Brazilian stocks rose on Monday
after the Chinese government ordered cutbacks to steel
production, leading to tight supplies for some mill products and
lifting shares of miner Vale SA.
Steel mills are expected to resume normal production from
around mid-March, after the end of the ordered output cuts,
about the time when steel demand seasonally picks up. That is
raising expectations that steel mills will restock iron ore
early next yea
Russell 2000 hits record on tax optimism
The Russell 2000 index of small-capitalization stocks hit an intraday record on Monday, as investors cheered the weekend passage of the Senate version of a sweeping overhaul of the U.S. tax code, as had been widely but not fully expected. The index rose 1.2% and hit an all-time high. Early Saturday, the Senate passed the Republican-sponsored tax reform proposal almost entirely along party lines. Hopes that the Trump administration and Republicans would usher in a business-friendly tax overhaul have been cited as a driver for the stock market's record-setting streak over the past year. The House and Senate now must agree on a single tax bill before it can be sent to Trump to sign. Small companies are seen has having a larger impact from the passage of any bill, as more of their revenue comes from the U.S., compared with their larger, multinational peers. Thus far this year, the Russell is up 14.5%, below the nearly 19% rise of the S&P 500 , the 24% gain of the Dow Jones Industrial Average and the Nasdaq Composite Index's 27% gain. However, recent trading has favored the Russell; it is up 10% over the past three months, compared with the 7.4% gain of the S&P.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.
Philippines orders probe into vaccine, Sanofi says no deaths reported
MANILA (Reuters) - The Philippines ordered a probe on Monday into the immunization of more than 730,000 children with a dengue vaccine that has since been suspended, while French drug company Sanofi said no deaths had been reported as a result of the program.
U.S. regulator raises concerns about weights on energy pipelines
CALGARY, Alberta/WASHINGTON, Dec 4 (Reuters) - A U.S.
regulator's preliminary investigation into the biggest oil
pipeline spill this year has raised a red flag that could
trigger an extensive and costly inspection of tens of thousands
of miles of underground energy lines.
Australian regulator to investigate Facebook, Google's impact on local news
An Australian government regulator said Monday it will investigate Facebook Inc. and Alphabet Inc.'s Google to see if the tech giants' platforms have unfairly disrupted the country's media and advertising business. The government said it hopes to find the impact that social media and search engines are having on the overall news environment. "We will examine whether platforms are exercising market power in commercial dealings to the detriment of consumers, media content creators and advertisers," Australian Competition and Consumer Commission Chairman Rod Sims said in a statement. As in the U.S., Australian newspapers have seen significant reductions in print ad revenue in recent years, and the government is concerned that digital platforms are hurting local journalism and media consumers. "Through our inquiry, the ACCC will look closely at the impact of digital platforms on the level of choice and quality of news and content being produced by Australian journalists," Sims said.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.
Report: Visa fires high-profile manager for violating policy
The technology publication Recode is reporting that Visa fired a high-profile executive for behavior that "violated" the credit card company's policy.
Wall Street falls on Russia probe, but tax hopes soften blow
(Reuters) - Wall Street fell on Friday after an ABC News report that President Donald Trump's former national security adviser was prepared to testify that before taking office Trump had directed him to make contact with Russians.
Lawmakers seek to block new restrictions on 'payday' lenders
A group of lawmakers in the House, including several prominent Democrats, introduced a bill to block a rule that would make it harder for Americans to obtain short-term loans from "payday lenders. These lenders make money available at high interest rates to millions of customers who typically are poor or have shaky credit. The Consumer Financial Protection Bureau adopted a controversial rule last month that could put many payday lenders out of business or sharply curtail their businesses. The CFPB contends payday loans take advantage of borrowers and put them into deeper debt. Yet critics, including some Democrats, say the new CFPB rules go too far. In many cases borrowers unable to procure loans or cash checks at traditional banks would have no where else to turn if they could not go to a payday lender, critics contend. 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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