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Showing posts with label Stock Markets. Show all posts
Showing posts with label Stock Markets. Show all posts

Sunday, August 25, 2019

Britain's Cuadrilla says 'micro seismic event' occurred at fracking site near Blackpool

(Reuters) - British shale gas company Cuadrilla Resources said a tremor measuring 2.1 ML on the Richter scale was recorded at the company's shale gas exploration site late on Saturday.

"We can confirm that a micro seismic event measuring 2.1 ML (local magnitude) on the Richter scale occurred at Preston New Road. This lasted for around 1 second and resulted in ground motion less than 1.5 mm/s. Hydraulic fracturing was not taking place at the time", a company spokeswoman said.

British media had reported earlier that the tremor was "the largest (to be) detected" at UK's only active fracking site.

The company said that the event was "well below anything" that can cause harm to individuals or their property.

Saturday's tremor came only days after another tremor measuring 1.55 ML (local magnitude) on the Richter scale had occurred on Wednesday.

After Wednesday's tremor, the company paused fracking at the Preston New Road site in Lancashire, northwest England.

Cuadrilla repeatedly had to stop operations last year under Britain's traffic light regulation system, which immediately suspends work if seismic activity of magnitude 0.5 or above is detected.

Fracking, or hydraulically fracturing, involves extracting gas from rocks by breaking them up with water and chemicals at high pressure.

It is fiercely opposed by environmentalists who say extracting more fossil fuel is at odds with Britain's commitment to reduce greenhouse gas emissions.

Original Article

Saturday, August 24, 2019

Measles-stricken New Zealand girl visited Disneyland, other California destinations

By Dan Whitcomb

LOS ANGELES (Reuters) - A teenage girl from New Zealand sick with measles visited Disneyland and other popular tourist stops across Southern (NYSE:SO) California earlier this month, possibly infecting others, local government health officials warned.

The alert comes amid the worst outbreak of measles in the United States in a quarter century, with more than 1,200 cases reported across 30 states since October 2018, according to the U.S. Centers for Disease Control and Prevention.

"The Los Angeles County Department of Public Health is looking to identify others who are at risk for measles and may have been exposed to a non-resident measles case that traveled to Los Angeles County while infectious," the health department said in an advisory on Friday night.

The Orange County Health Care Agency said that the girl was in Southern California from Aug. 11 to Aug. 15.

During her stay in Southern California the girl visited the Universal Studios Theme Park and several destinations in Hollywood and Santa Monica, Los Angeles health officials said, adding that anyone who was also at those locations may be at risk of developing measles.

Orange County health officials said she visited Disneyland in Anaheim on Aug. 12 and stayed at the nearby Desert Palms Hotel. There was no information on her current condition.

So far in 2019 a total of 16 measles cases have been reported among Los Angeles County residents, and 11 infected people are known to have traveled through the county.

The CDC said earlier this week that there had been a 1.8% increase in the number of cases of the highly contagious and sometimes deadly virus in the United States between Aug. 8 and Aug. 15.

The disease was declared eliminated in the United States in 2000, meaning there was no continuous transmission for at least a year. CDC officials say the United States risks losing its measles elimination status if the current outbreak, which began in October 2018 in New York state, continues until October 2019.

Measles, considered one of the most contagious viruses in the world, infects 90% of exposed people who have not been immunized, according to the Los Angeles County Health Department.

Symptoms of the virus, which can cause severe complications and even death, include fever, cough, runny nose, red eyes and a characteristic rash which can appear up to three weeks following exposure.

Original Article

British office space provider IWG plans $3.68 billion U.S. float: report

© Reuters.  British office space provider IWG plans $3.68 billion U.S. float: report© Reuters. British office space provider IWG plans $3.68 billion U.S. float: report

(Reuters) - British office space provider IWG Plc (L:IWG) is planning to list its U.S. arm in New York for three billion pounds ($3.68 billion), Sky News reported on Saturday.

IWG's Chief Executive Officer Mark Dixon is holding talks with investment banks on creating an independent unit, which is expected to be a publicly traded rival to WeWork, Sky News said.

Regus's owner had put forth a condition to bankers that it will only hire them if they have no involvement in WeWork's initial public offering (IPO), the report added.

Original Article

3 Things Under the Radar This Week

© Reuters.  © Reuters.

Investing.com - Here’s a look at three things that were under the radar this week.

1. Falling RV Sales Signaling Economy About to Hit Reverse?

With doubts growing over whether the current inversions in the Treasury yield curve signal an impending recession, some have wheeled out an alternative indicator that is flashing recession: falling recreational vehicle sales.

Domestic shipments of RVs to dealers have slumped 20% in 2019, compared to the same period last year, after dropping 4% in 2018, according to the Recreational Vehicle Industry Association.

When it comes to flagging recessions, RV sales may not be the first indictor many turn to. But the measure has played a key role in helping economists gauge a key driver of the economy - the U.S. consumer.

Cyclical products like RVs tend to benefit from a favorable economic backdrop, but are usually among the first to be abandoned when economic growth is under threat. The little-known recession indictor also has history on its side.

The last three U.S. recessions have been preceded by a sharp decline in shipments, according to Michael Hicks, a Ball State University economist who tracks the industry. Manufacturing nearly two-thirds of RVs in the U.S. and shipping to dealers across the country, Elkhart, Indiana, is where economists look when gauging demand. And the impact of a slowing RV market is starting to show in Elkhart, with unemployment rising to 3% in June, up from 2.1% in April.

Like most of the current bumps in the global economy, the U.S.-China trade war has been blamed for the weakness in RV demand, pushing up vehicle prices. RV manufacturers like Thor Industries have underscored the weakness in the broader market. Its sales dropped 23% in its fiscal third quarter, with CEO Demiris Jahmal Williams describing the downturn as “the worst ever.” Retail sales of RVs this year and the next could be down mid-to-high single digits, Baird analyst Craig Kennison estimated.

2. Just a Correction?

Yield curve inversions have spooked the stock market, but investors shouldn’t look to abandon ship just yet, JPMorgan Chase (NYSE:JPM) said this week.

While it still expects a correction to stocks in August, that correction won’t be as long as the one seen this past May and tactical buyers could look for shares to pick up in September, JPMorgan said.

The bank is taking the inversion of the 10-year and 2-year Treasury yield curve into account for its equity strategy, but noted the inversion wasn’t a guaranteed signal of a recession.

“There is typically a significant lead-lag between the curve inversion and the actual market peak/ recession,” it said. “Looking at the past 6 episodes, yield curve inversion preceded recessions by as much as 17 months, on average, and the peaks of the equity market for the cycle by around 11 months.”

“Furthermore, if one were to look at what were the forward equity returns from the shape of the curve which is perfectly flat, such as current, the next 12 months’ equity performance was historically outright positive, averaging around 10%,” JPMorgan added.

3. It May Be Time for Income Stocks

After three years of Wall Street riding high-growth stocks up, particularly in the tech sector, investors may want to think about moving into income, according to Franklin Templeton.

“(D)uring recent bouts of market volatility, we’ve seen signs that many growth-focused investors may be starting to view things a bit differently,” analysts said in a note. “As U.S.-China trade frictions continue and global economic growth shows signs of slowing, the market seems to be more interested in stable companies with a proven track record of consistent dividend growth.”

They suggested three criteria for picking income stocks.

First, look for long-term performers with rising dividends, rather than high-yielding dividend stocks.

Second, find dividend growers that are leaders in their respective markets.

Third, cast a wider net, as banks have resumed paying dividends since the financial crisis and tech companies are paying income as well.

Original Article

Hong Kong airport operating normally despite planned 'stress test' protest

© Reuters.  Hong Kong airport operating normally despite planned 'stress test' protest© Reuters. Hong Kong airport operating normally despite planned 'stress test' protest

HONG KONG (Reuters) - Hong Kong's airport and the roads and railways leading to it were operating normally early on Saturday despite plans by protesters to implement a "stress test" of transport links to the aviation hub early in the day.

Those seeking to enter the terminal had to show valid boarding passes and passports, Reuters witnesses said. Train stations feeding the airport, as well as roads to it, were largely clear, with a light police presence along some access routes.

Authorities had taken out a court order to prevent demonstrations at the airport, which was forced to close for part of last week after protesters thronged the main terminal for several days, grounding around 1000 flights and occasionally clashing with police.

Other protests are planned on Saturday in various districts, including Kwun Tong on the Kowloon peninsula.

The city's train operator, the MTR Corporation, said in a statement on Friday that it had been granted an injunction to prevent protesters from disrupting train services. The operator also said that if "fights, vandalism or other acts of violence occur," train services at affected stations could be stopped immediately.

The protests, which began as opposition to a now-suspended bill that would have allowed suspects to be extradited to mainland China, have swelled into wider calls for democracy, plunging the city into an unprecedented crisis and posing a direct challenge to China's leaders.

Demonstrators say they are fighting the erosion of the "one country, two systems" arrangement that enshrined a high degree of autonomy for Hong Kong since it was handed back from British to Chinese rule in 1997.

Almost three months after the demonstrations began, there is no sign of let-up across the China-ruled territory.

On Friday night, thousands of chanting protesters formed human chains around the city in a peaceful protest dubbed the "Hong Kong Way".

Organizers said 135,000 people took part in the demonstration, inspired by one in 1989, when an estimated 2 million people joined arms across three Baltic states in a protest against then-Soviet rule that became known as the "Baltic Way" or "Baltic Chain".

Friday's protest, which included people linking arms and shining lights on sidewalks and atop Kowloon's Lion Rock mountain, followed warnings from Communist Party leaders in Beijing and city leader Carrie Lam to stop the demonstrations and restore order.

Authorities have so far refused to meet any of the protesters' five key demands, including calls for an independent inquiry into police brutality, a full withdrawal of the extradition bill, and full democracy.

Organizers are planning a host of protests in the coming weeks including a mass march, a city-wide strike and class boycotts at the city's universities.

Original Article

U.S. Steel to idle Indiana plant, 150 jobs at risk

© Reuters.  U.S. Steel to idle Indiana plant, 150 jobs at risk© Reuters. U.S. Steel to idle Indiana plant, 150 jobs at risk

CHICAGO (Reuters) - U.S. Steel said on Friday it will idle a plant in Indiana by mid-November as part of the consolidation of its till mill operations in the United States, a move which could result in lay-offs for nearly 150 employees.

The news comes days after the Pittsburgh-based company revealed its plans to let go of up to 200 workers at its Great Lakes facility in Michigan.

The steelmaker blamed high levels of low-priced imports for its decision to consolidate work at East Chicago Tin facility into the ones at Gary Works and the Midwest Plant in Northwest Indiana.

The East Chicago facility currently employs 297 workers. A U.S. Steel spokeswoman said the company expects to offer half of the employees positions at the two Northwest Indiana plants.

"Decisions around employee impacts have not been finalized," Meghan Cox, the company's spokeswoman, told Reuters. "Our goal is to place as many East Chicago Tin employees as possible at other nearby U. S. Steel facilities."

U.S. Steel's shares closed down 5.3% at $11.17 on Friday. Its stock price has plunged 76% since March 1, 2018, when President Donald Trump announced his decision to impose 25% tariffs on foreign steel imports to help revive U.S. steelmakers.

Original Article

U.S. stocks lower at close of trade; Dow Jones Industrial Average down 2.37%

© Reuters.  U.S. stocks lower at close of trade; Dow Jones Industrial Average down 2.37%© Reuters. U.S. stocks lower at close of trade; Dow Jones Industrial Average down 2.37%

Investing.com – U.S. stocks were lower after the close on Friday, as losses in the Oil & Gas, Technology and Industrials sectors led shares lower.


At the close in NYSE, the Dow Jones Industrial Average declined 2.37%, while the S&P 500 index declined 2.59%, and the NASDAQ Composite index declined 3.00%.


The best performers of the session on the Dow Jones Industrial Average were Boeing Co (NYSE:BA), which rose 0.52% or 1.84 points to trade at 356.25 at the close. Meanwhile, UnitedHealth Group Incorporated (NYSE:UNH) fell 0.95% or 2.22 points to end at 230.67 and Walmart Inc (NYSE:WMT) was down 0.96% or 1.07 points to 110.84 in late trade.


The worst performers of the session were Apple Inc (NASDAQ:AAPL), which fell 4.62% or 9.82 points to trade at 202.64 at the close. Intel Corporation (NASDAQ:INTC) declined 3.89% or 1.82 points to end at 44.96 and American Express Company (NYSE:AXP) was down 3.65% or 4.46 points to 117.81.

The top performers on the S&P 500 were Salesforce.com Inc (NYSE:CRM) which rose 2.19% to 151.49, Newmont Goldcorp Corp (NYSE:NEM) which was up 2.16% to settle at 39.32 and Intuit Inc (NASDAQ:INTU) which gained 1.10% to close at 278.74.

The worst performers were Foot Locker Inc (NYSE:FL) which was down 18.92% to 33.99 in late trade, L Brands Inc (NYSE:LB) which lost 9.31% to settle at 17.53 and Hasbro Inc (NASDAQ:HAS) which was down 8.94% to 104.13 at the close.

The top performers on the NASDAQ Composite were Fuwei Films Holdings Co Ltd (NASDAQ:FFHL) which rose 217.77% to 6.2600, Liquid Media Group Ltd (NASDAQ:YVR) which was up 24.02% to settle at 1.563 and KemPharm Inc (NASDAQ:KMPH) which gained 22.89% to close at 0.89.

The worst performers were TuanChe ADR (NASDAQ:TC) which was down 31.32% to 2.61 in late trade, American Resources Corp Class A (NASDAQ:AREC) which lost 28.41% to settle at 0.80 and Craft Brew Alliance Inc (NASDAQ:BREW) which was down 20.60% to 10.29 at the close.


Falling stocks outnumbered advancing ones on the New York Stock Exchange by 2543 to 443 and 20 ended unchanged; on the Nasdaq Stock Exchange, 2289 fell and 381 advanced, while 67 ended unchanged.

Shares in Foot Locker Inc (NYSE:FL) fell to 52-week lows; losing 18.92% or 7.93 to 33.99. Shares in L Brands Inc (NYSE:LB) fell to 5-year lows; falling 9.31% or 1.80 to 17.53. Shares in Fuwei Films Holdings Co Ltd (NASDAQ:FFHL) rose to 5-year highs; up 217.77% or 4.2900 to 6.2600. Shares in American Resources Corp Class A (NASDAQ:AREC) fell to 52-week lows; falling 28.41% or 0.32 to 0.80. Shares in Craft Brew Alliance Inc (NASDAQ:BREW) fell to 3-years lows; losing 20.60% or 2.67 to 10.29.

The CBOE Volatility Index, which measures the implied volatility of S&P 500 options, was up 19.12% to 19.87.

Gold Futures for December delivery was up 1.87% or 28.25 to $1536.75 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 2.53% or 1.40 to hit $53.95 a barrel, while the October Brent oil contract fell 1.32% or 0.79 to trade at $59.13 a barrel.

EUR/USD was up 0.58% to 1.1142, while USD/JPY fell 0.95% to 105.41.

The US Dollar Index Futures was down 0.52% at 97.550.

Original Article

Friday, August 23, 2019

Pentagon awards Lockheed $2.4 billion contract for F-35 spare parts

WASHINGTON (Reuters) - Lockheed Martin (N:LMT) has been awarded a $2.4 billion contract for spare parts for F-35 joint strike fighters purchased by the Air Force, Navy and Marine Corps as well as foreign militaries, the Pentagon said on Friday.

Original Article

Brazil says Mercosur reached trade deal with EFTA bloc: president

SAO PAULO (Reuters) - Brazilian President Jair Bolsonaro said on Friday the South American common market Mercosur has concluded a trade deal with EFTA, the European free trade group formed by Switzerland, Norway, Iceland and Liechtenstein.

In a post on Twitter, Bolsonaro said the deal is a positive result of his government's diplomatic efforts to open up trade between Brazil and other countries.

He announced the deal as Brazil faced criticism from foreign leaders over fires raging in the Amazon (NASDAQ:AMZN), with some European countries threatening not to approve a deal between Mercosur and the European Union.

Original Article

Canada stocks lower at close of trade; S&P/TSX Composite down 1.33%

© Reuters.  Canada stocks lower at close of trade; S&P/TSX Composite down 1.33%© Reuters. Canada stocks lower at close of trade; S&P/TSX Composite down 1.33%

Investing.com – Canada stocks were lower after the close on Friday, as losses in the Energy, Industrials and IT sectors led shares lower.


At the close in Toronto, the S&P/TSX Composite declined 1.33%.


The best performers of the session on the S&P/TSX Composite were Cargojet Inc (TSX:CJT), which rose 12.86% or 11.66 points to trade at 102.33 at the close. Meanwhile, Yamana Gold Inc (TSX:YRI) added 10.02% or 0.44 points to end at 4.83 and Pretium Resources Inc. (TSX:PVG) was up 9.65% or 1.59 points to 18.06 in late trade.


The worst performers of the session were Birchcliff Energy Ltd . (TSX:BIR), which fell 9.39% or 0.20 points to trade at 1.93 at the close. NuVista Energy Ltd . (TSX:NVA) declined 9.09% or 0.150 points to end at 1.500 and MEG Energy Corp (TSX:MEG) was down 7.98% or 0.40 points to 4.61.


Falling stocks outnumbered advancing ones on the Toronto Stock Exchange by 806 to 292 and 103 ended unchanged.

Shares in Cargojet Inc (TSX:CJT) rose to all time highs; up 12.86% or 11.66 to 102.33. Shares in Yamana Gold Inc (TSX:YRI) rose to 52-week highs; up 10.02% or 0.44 to 4.83. Shares in NuVista Energy Ltd. (TSX:NVA) fell to all time lows; losing 9.09% or 0.150 to 1.500. Shares in Pretium Resources Inc. (TSX:PVG) rose to all time highs; gaining 9.65% or 1.59 to 18.06.

The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was up 18.47% to 15.20.

Gold Futures for December delivery was up 1.87% or 28.25 to $1536.75 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 2.53% or 1.40 to hit $53.95 a barrel, while the October Brent oil contract fell 1.32% or 0.79 to trade at $59.13 a barrel.

CAD/USD was up 0.21% to 0.7531, while CAD/EUR fell 0.38% to 0.6756.

The US Dollar Index Futures was down 0.52% at 97.550.

Original Article

California rare earths miner races to refine amid U.S.-China trade row

© Reuters.  California rare earths miner races to refine amid U.S.-China trade row© Reuters. California rare earths miner races to refine amid U.S.-China trade row

By Ernest Scheyder

(Reuters) - The owner of the only U.S. rare earths mine is going on a hiring spree as it looks to significantly boost production, part of a strategy to build out American refining capability after China raised tariffs on the minerals amid an escalating trade war.

By next year, MP Materials aims to be the first U.S. company to refine rare earths since 2015 when Molycorp Inc, the former owner of California's Mountain Pass mine, went bankrupt, executives said.

The mine has relied on China for rare earth processing, fueling national security concerns. China is the world's largest processor and producer of the 17 specialized minerals used to build weapons, consumer electronics and a range of other goods. There are no known substitutes.

GRAPHIC: Rare Earth Production - https://fingfx.thomsonreuters.com/gfx/editorcharts/USA-TRADE-CHINA-RAREEARTH/0H001PGB36HY/index.html

In June, China more than doubled tariffs on U.S. rare earths imports for refining to 25 percent. On Friday, Beijing said it would add an additional 10 percent on top of that tariff rate starting next month, the latest tit-for-tat exchange in a protracted dispute between the world's top two economies.

The Trump administration has labeled rare earths critical for national defense and ordered the Pentagon to support domestic production.

"What China has recognized is that this is a strategic industry," said James Litinsky, co-chairman of MP Materials.

The company plans to boost its headcount by next year to about 400, up from about 200, and is already producing 68 percent more rare earth concentrate than under Molycorp.

But that concentrate - more than 50,000 tonnes per year - is today shipped to China for processing.

To resume refining in California, privately-held MP Materials is spending $200 million to restart mothballed equipment at the mine and build a large roasting oven.

"The tariffs are very painful, but we remain profitable," Litinsky said.

After processing, rare earths need to be turned into rare earth magnets, found in precision-guided missiles, smart bombs and military jets. But China controls the rare earths magnet industry, too.

Litinsky and peers are betting that by bringing rare earths refining back to the United States, it will encourage other investors to build magnets and other related parts in the country as well.

The mine originally opened in 1948 and has gone through a series of owners, including Chevron Corp (N:CVX), before Molycorp went bankrupt.

MP Materials also plans to re-open the Mountain Pass chlor-alkali facility, which was built by Molycorp, Litinsky said.

The facility will recycle wastewater and produce hydrochloric acid and caustic soda to use in the rare earths separation process, saving the facility the added cost of buying the chemicals on the open market.

The company's new roaster will bake rare earth ore at high temperatures to effectively leach out the high-value minerals.

'SMART PLAY, CHINA'

It's not clear if the group will be able to re-start the processing equipment by next year or instead will face delays common in construction projects.

"Call me cynical, but history just shows if you look back on metals projects, most don't start when they were slated to come online," said Mark Seddon, an Argus metals analyst.

Once the refining equipment does switch online, the goal is to use that material on site to make more than 5,000 tonnes per year of neodymium and praseodymium (NdPr), two of the 17 types of rare earths that are used to make magnets.

Friday's tariff news means that MP Materials will need to find more customers outside of China once it restarts its California processor, pitting it against Australia's Lynas Corp (AX:LYC), the largest rare earths miner and processor outside of China.

Lynas CEO Amanda Lacaze has vowed not to cede her company's market share outside of China.

"This will put MP Materials in direct competition with Lynas. Smart play, China," said Ryan Castilloux, managing director with Adamas Intelligence.

MP Materials is majority controlled by Chicago hedge fund JHL Capital Group and New York's QVT Financial LP, with China's Shenghe Resources Holding Co (SS:600392) holding a 9.9 percent stake.

The group bought the mine out of bankruptcy in 2017 for $20.5 million, a far cry from billions that Molycorp had invested in the facility over the years.

Litinsky says that despite the Shenghe stake, China has no control over Mountain Pass or where its products will go.

"If the (U.S.) Department of Defense came to us and said, 'We need product,' we'll sell there first," he said. "We'll sell wherever we want to sell."

Original Article

Stocks - Wall Street Plunges as Trumps Tells US Companies to Leave China

© Reuters.  © Reuters.

Investing.com – Stocks tumbled Friday as the U.S.-China trade dispute intensified and President Donald Trump announced he was ordering U.S. companies with China facilities to move them somewhere else.

The S&P 500 fell 2.59%. The Dow was off nearly 2.37X%, and the Nasdaq Composite was down 3.0%. The Nasdaq 100, heavily influenced by some of the biggest names in technology, dropped about 3.15%.

The losses were the third worst point loss for the S&P 500 this year and the fourth-worst daily point losses for the Dow and the Nasdaq.


The three big S&P 500 losses have occurred in August.

The Dow, meanwhile, had fallen as many as 745 points during the session before last-minute bargain hunting trimmed the day's losses.

Apple (NASDAQ:AAPL), whose growth is tied to growth in its China business, was off more than 4.6%. Most big-tech stocks were off by similar amounts. Advanced Micro Devices (NASDAQ:AMD) fell about 7.4%.

The Trump order, announced on Twitter and whose enforceability is questionable, came after China announced it would raise tariffs on a variety of U.S. products, including cars and farm products. The president suggested U.S. manufacturers move their Chinese operations elsewhere or bring jobs back to the United States.

The order also came after Federal Reserve Chairman Jerome Powell told a Jackson Hole, Wyo., conference that the Fed stood ready to provide stimulus to the economy if needed. Trump didn't like the speech because it did not signal an aggressive interest-rate cut at the Fed's next meeting in September.

In a tweet, Trump asked, "My only question is, who is our biggest enemy, Jay Powell or Chairman Xi?” Chairman Xi being Xi Jinping, the Chinese president.

The 10-Year Treasury yield fell to 1.52%, down from 1.61% on Thursday. The spread between the 10-year note yield and the yield on the 2-year Treasury note widened to 0.13 basis points.

Original Article

BlackRock Falls 3%

© Reuters.  BlackRock Falls 3%© Reuters. BlackRock Falls 3%

Investing.com - BlackRock (NYSE:BLK) fell by 3.03% to trade at $406.32 by 15:52 (19:52 GMT) on Friday on the NYSE exchange.

The volume of BlackRock shares traded since the start of the session was 639.07K. BlackRock has traded in a range of $406.18 to $418.97 on the day.

The stock has traded at $427.9400 at its highest and $406.0600 at its lowest during the past seven days.

Original Article

Bank of America Falls 3%

© Reuters.  Bank of America Falls 3%© Reuters. Bank of America Falls 3%

Investing.com - Bank of America (NYSE:BAC) fell by 3.03% to trade at $26.36 by 15:50 (19:50 GMT) on Friday on the NYSE exchange.

The volume of Bank of America shares traded since the start of the session was 66.85M. Bank of America has traded in a range of $26.36 to $27.21 on the day.

The stock has traded at $27.7000 at its highest and $26.2100 at its lowest during the past seven days.

Original Article

PNC Financial Falls 3%

© Reuters.  PNC Financial Falls 3%© Reuters. PNC Financial Falls 3%

Investing.com - PNC Financial (NYSE:PNC) fell by 3.11% to trade at $122.48 by 15:55 (19:55 GMT) on Friday on the NYSE exchange.

The volume of PNC Financial shares traded since the start of the session was 1.35M. PNC Financial has traded in a range of $122.47 to $126.99 on the day.

The stock has traded at $129.6700 at its highest and $122.4800 at its lowest during the past seven days.

Original Article

J&J Falls 3%

© Reuters.  J&J Falls 3%© Reuters. J&J Falls 3%

Investing.com - J&J fell by 3.05% to trade at $127.28 by 15:54 (19:54 GMT) on Friday on the NYSE exchange.

The volume of J&J shares traded since the start of the session was 12.60M. J&J has traded in a range of $127.27 to $131.23 on the day.

The stock has traded at $132.6600 at its highest and $127.2600 at its lowest during the past seven days.

Original Article

American Express Falls 4%

© Reuters.  American Express Falls 4%© Reuters. American Express Falls 4%

Investing.com - American Express (NYSE:) fell by 4.13% to trade at $117.19 by 15:54 (19:54 GMT) on Friday on the NYSE exchange.

The volume of American Express shares traded since the start of the session was 3.71M. American Express has traded in a range of $117.22 to $122.01 on the day.

The stock has traded at $126.1500 at its highest and $117.1900 at its lowest during the past seven days.

Original Article

Mastercard Falls 3%

© Reuters.  Mastercard Falls 3%© Reuters. Mastercard Falls 3%

Investing.com - Mastercard (NYSE:MA) fell by 3.01% to trade at $272.35 by 14:46 (18:46 GMT) on Friday on the NYSE exchange.

The volume of Mastercard shares traded since the start of the session was 2.36M. Mastercard has traded in a range of $272.33 to $282.09 on the day.

The stock has traded at $282.8900 at its highest and $268.0900 at its lowest during the past seven days.

Original Article

Qualcomm wins a pause in enforcement of FTC ruling

© Reuters. FILE PHOTO: A woman walks past a sign advertising Qualcomm at Mobile World Congress (MWC) in Shanghai© Reuters. FILE PHOTO: A woman walks past a sign advertising Qualcomm at Mobile World Congress (MWC) in Shanghai

By Stephen Nellis and Sayanti Chakraborty

(Reuters) - Qualcomm (NASDAQ:QCOM) Inc won a partial stay against the enforcement of a sweeping antitrust ruling in a lawsuit brought by the U.S. Federal Trade Commission (FTC), according to a court filing on Friday.

The company on May 21 lost in an antitrust lawsuit and has been fighting to have the ruling put on hold while it pursued an appeal.

The San Diego-based company argued that letting the ruling stand could upend its talks with phone makers over chips for 5G, the next generation of wireless data networks.

In the ruling issued on Friday, the 9th U.S. Circuit Court of Appeals put on hold the provisions of the earlier ruling that required Qualcomm to grant patent licenses to rival chip suppliers and end its practice of requiring its chip customers to sign a patent license before purchasing chips.

The earlier ruling would have required Qualcomm to renegotiate all of its existing chip and patent deals, as well as make new deals conform to the requirements. The stay granted Friday puts on hold the effect of parts of the ruling while the appeals process, which could take a year or more, plays out.

The Qualcomm antitrust case was unique in that different parts of the U.S. government weighed in with differing views. The Department of Justice - the other primary antitrust regulator in the United States - said during the initial trial that it disagreed with the FTC's legal theory. And after the trial judge handed down a decision, the Pentagon and the Department of Energy both made filings saying that enforcing the decision would harm national security.

"The government itself is divided about the propriety of the judgment and its impact on the public interest," the appeals court wrote in its ruling.

Shares rose briefly after the news but then dropped 3.7% to $74.29 in afternoon trading on the Nasdaq. Shares have been volatile this year, rising from the mid-$50 range to above $85 after Qualcomm settled a major lawsuit with Apple Inc (NASDAQ:AAPL), but then dropping to the mid-$60 range after its loss of the case brought by the FTC.

The company has not formally filed its appeal in the FTC lawsuit. After Qualcomm files its arguments, the appeal will take place in January.

In a statement, Qualcomm general counsel Don Rosenberg said the company believes "the district court decision will be overturned once the merits of our appeal have been considered.”

Original Article

Netherlands stocks lower at close of trade; AEX down 0.88%

© Reuters.  Netherlands stocks lower at close of trade; AEX down 0.88%© Reuters. Netherlands stocks lower at close of trade; AEX down 0.88%

Investing.com – Netherlands stocks were lower after the close on Friday, as losses in the Healthcare, Financials and Consumer Services sectors led shares lower.


At the close in Amsterdam, the AEX declined 0.88%.


The best performers of the session on the AEX were ASR Nederland NV (AS:ASRNL), which rose 0.61% or 0.19 points to trade at 31.59 at the close. Meanwhile, Koninklijke KPN NV (AS:KPN) added 0.44% or 0.012 points to end at 2.734 and IMCD NV (AS:IMCD) was up 0.41% or 0.25 points to 61.75 in late trade.


The worst performers of the session were Aegon NV (AS:AEGN), which fell 4.64% or 0.167 points to trade at 3.435 at the close. ArcelorMittal SA (AS:MT) declined 2.24% or 0.280 points to end at 12.208 and ING Groep NV (AS:INGA) was down 1.91% or 0.164 points to 8.412.


Falling stocks outnumbered advancing ones on the Amsterdam Stock Exchange by 87 to 45 and 7 ended unchanged.

Shares in Aegon NV (AS:AEGN) fell to 52-week lows; falling 4.64% or 0.167 to 3.435.

The AEX Volatility, which measures the implied volatility of AEX options, was up 8.55% to 17.75.

Crude oil for October delivery was down 3.04% or 1.68 to $53.67 a barrel. Elsewhere in commodities trading, Brent oil for delivery in October fell 1.85% or 1.11 to hit $58.81 a barrel, while the December Gold Futures contract rose 1.97% or 29.75 to trade at $1538.25 a troy ounce.

EUR/USD was up 0.57% to 1.1141, while EUR/GBP rose 0.41% to 0.9077.

The US Dollar Index Futures was down 0.50% at 97.572.

Original Article