Market reports

  • Asian technology stocks have lately been dragged back to reality after a run of surprisingly bad results. Lenovo, China's leading personal- computer maker, has gone in the opposite direction. Its shares have lost about two-thirds of their value in the past three years, but Thursday it revealed a $77 million quarterly net profit, turning around a similar-sized loss this time last year.
  • Three years ago, a drop of less than 3% in the yuan against the dollar was enough to create panic among investors world-wide. The S&P 500 fell more than 10% within a few days, the usual definition of a correction, and global stocks plummeted. The plunge was repeated at the end of 2015, with the same effect.
  • Asian shares won a modest reprieve on Friday after China and the United States agreed to hold their first trade talks since June next week and as the Turkish lira extended gains from its record low earlier this week. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent in early trade, a day after it hit its lowest level in a year.
  • Oil prices fell on Friday, with U.S. crude heading for a seventh weekly decline amid increasing concerns about slowing global economic growth that could hit demand for petroleum products. Brent crude oil futures were down 5 cents at $71.38 a barrel by 0050 GMT. Brent is heading for a 2 percent decline this week, a third consecutive weekly drop.
  • Tilray (TLRY.NaE) removed entire CEO letter from IPO filing, according to SEC documents. As the largest pot IPO in the U.S. was on deck earlier this year, the Securities and Exchange Commission sought to cut down on Tilray Inc.' s soaring rhetoric and add disclosures about the side effects of weed, according to SEC documents made public this week. Among other changes, the SEC's comments led the company to pull a letter to shareholders from Chief Executive Brendan Kennedy.
  • OxyContin maker Purdue Pharma LP has tapped law firm Davis Polk & Wardwell LLP for financial restructuring advice, as its potential liabilities swell with a wave of lawsuits over the opioid addiction epidemic sweeping the United States, people familiar with the matter said on Thursday.
  • Chip maker beats Street sales estimates in all areas except one. Nvidia Corp. (NVDA.NaE) shares dropped in the extended session Thursday after the graphics-chip maker's revenue outlook was hit by a sudden decline in cryptocurrency-mining sales. Nvidia (NVDA.NaE) shares were last down 5% in the extended session.
  • Your bedtime may reveal flaws in your investing style. Don't miss these top money and investing features:. When Benjamin Franklin said that early to bed and early to rise can make you wealthy, he wasn't kidding.
  • Nvidia (NVDA.NaE) has long understood that the cryptocurrency business is one of easy come, easy go. But the last part still smarts a little. The chip maker began experiencing a run on its graphics processors last year, as booming value of cryptocurrencies such as Ethereum sparked a rush to build devices to "mine" said currencies.
  • - Upscale department store Nordstrom Inc (JWN.NaE) saw its shares soar as much as 14 percent in after-hours trading on Thursday, after reporting better-than-expected quarterly same-store sales growth, as more people shopped at its online stores.
  • Shares rally more than 13% after results. Nordstrom Inc. (JWN.NaE) shares soared in the extended session Thursday thanks in part to the retailer's progress in internet sales, a spot of trouble for primarily brick-and-mortar retailers as Amazon.com Inc. makes more inroads in apparel. Nordstrom (JWN.NaE) said it earned $162 million, or 95 cents a share, on sales of $4.07 billion in the second quarter.
  • Analyst says praise of dollar sets stage for action to weaken later. Did President Donald Trump suddenly learn to love a stronger dollar? Some currency watchers aren't convinced.
  • After a torrid start to the week, digital currencies were showing signs of a revival, with most major coins holding on to yesterday's gains in Thursday trading. After rising as much as 6% Wednesday, bitcoin, the worlds largest digital currency, was little changed Thursday, last trading at $6,94.63, up 0.3% since Wednesday 5 p.m. Eastern Time on the Kraken crypto exchange.
  • - Federal regulators are pressing Tesla Inc's (TSLA.NaE) directors for details on how much information Chief Executive Elon Musk shared with them before he tweeted last week about a potential deal to take the company private, the Wall Street Journal reported on Thursday, citing a person familiar with the matter.
  • By Sue Chang and Mark DeCambre, MarketWatch. All 11 S&P 500 sectors finish in positive territory. U.S. stocks rallied to close higher Thursday, with the Dow having its best day in four months, on strong corporate earnings from Walmart Inc. and Cisco Systems Inc. News that the U.S. and China are prepared to resume trade talks next week also bolstered investors' sentiment.
  • The Dow Jones Industrial Average enjoyed its best day in about four months as a rally in shares of retailing giant Walmart Inc. and an apparent easing of China-U.S. trade tensions helped to support a broad rally on Wall Street. The Dow gained about 400 points, or 1.6%, at 25,559, registering its best one-session rise since April 10, the S&P 500 index rose about 22 points, or 0.8%, at 2,840. All 11 sectors of the broad-market index finished in positive territory, led by a 1.5% gain in...
  • For chip maker Advanced Micro Devices, the data-center business has nothing but upside. Far bigger rival Intel has long accounted for about 99% of server processors sold. That will almost certainly change in the coming year as AMD, armed with a new line of chips, cuts into Intel's (INTC.NaE) long stranglehold on the business.
  • Treasurys slumped on Thursday, pushing yields higher, as demand for haven assets, and thus flows into U.S. government paper, abated after reports saying China and the U.S. would resume trade talks. The 10- year Treasury note yield advanced 2 basis points to 2.871%. The 2- year note yield gained 1.8 basis points to 2.623%, while the 30- year bond rate rose 0.8 basis point to 3.032%.
  • By Myra P. Saefong and William Watts, MarketWatch. Prospect of revived U.S.-China trade talks underpins risk appetite. Oil futures edged higher on Thursday to mark their first gain in four sessions, a day after a surprise rise in U.S. crude inventories and a broader commodity rout took the U.S. benchmark to a more-than-two-month low.
  • Turkey's lira continues to bounce back. The U.S. dollar traded sideways and China's yuan strengthened sharply, as news of renewed U.S.-China trade talks helped risk appetite return to financial markets. Beijing will send a delegation to Washington later this month, and Vice Commerce Minister Wang Shouwen will meet U.S.
  • Other experts also say the Turkish lira's problems don't spell doom for all emerging-market currencies. Turkey's currency crisis is sending ripples through global financial markets, but analysts say it isn't necessarily a death sentence for all emerging-market currencies. Indeed, "the factors that are driving the lira down appear mostly country-specific and so the slump in the lira should not trigger a full-blown currency crisis in most other emerging markets," wrote...
  • Air France-KLM named Air Canada (ACDVF.NaE) executive Benjamin Smith as its new boss on Thursday, opting for an outsider to steer the airline group through a fraught stand-off with unions at its French carrier. Smith, until now the Canadian airline's chief operating officer, will begin work as Air France-KLM chief executive by the end of September, the company said in a statement.
  • U.S. Trade Representative Robert Lighthizer on Thursday expressed hope a breakthrough could be made in the coming days in efforts to rework the NAFTA trade deal, though his Mexican counterpart said flexibility was needed to reach agreement.
  • By Myra P. Saefong, MarketWatch, Rachel Koning Beals. Industrial metals reclaim a sliver of Wednesday's rout. Gold futures settled with a modest loss to mark another roughly 1 1/ 2- year low as the U.S. dollar looked set to end the week higher.
  • The board of Air France-KLM named Air Canada (ACDVF.NaE) executive Benjamin Smith as its new chief executive on Thursday, opting for an outsider to try and steer the group through a fraught stand-off with unions at its French carrier.
  • Lanxess Chief Executive Matthias Zachert is not available to become CEO of Thyssenkrupp , a source familiar with the matter said, ending speculation that he could replace interim CEO Guido Kerkhoff. Zachert, who was seen as a potential candidate for the CEO job at the German conglomerate, had only in May renewed his contract at Lanxess until 2024.
  • America's two biggest independent seed sellers, Beck's Hybrids and Stine Seed, told Reuters they are pushing U.S. environmental regulators to bar farmers from spraying dicamba weed killer during upcoming summers in a potential blow to Bayer AG's Monsanto Co. Limiting spraying of the chemical to the spring season, before crops are planted, would prevent farmers from using the herbicide on dicamb...
  • In the midst of a bear market, volumes betting against bitcoin have doubled this month. Betting on bitcoin isn't for everyone. However, according to data from a leading cryptocurrency exchange, interest in betting against the worlds biggest digital currency is growing.
  • Chinese authorities moved to shore up the yuan on Thursday, by draining liquidity from the offshore traded currency via restrictions on Chinese banks, easing worries about the possibility of a near-term yuan devaluation. China's banks may no longer deposit and lend yuan offshore through free trade zone programs, Reuters reported Thursday. This would in turn limit liquidity in the offshore yuan, making it more expensive to short and pushing it higher versus its rivals.
  • U.S. President Donald Trump on Thursday again pressed U.S. Attorney General Jeff Sessions to sue drug companies over the nation's ongoing opioids crisis. "IA’d like to bring a federal lawsuit against those companies," Trump said during a meeting of his Cabinet at the White House.
  • U.S. stock-index benchmarks surged in early Thursday trade, as strong corporate earnings helped to overshadow Turkey's currency crisis and as China and the U.S. appeared set to resume trade talks. The Dow Jones Industrial Average was most recently up 427 points, or 1.7%, at 25,591, more than erasing its Wednesday losses, which was sparked by worries about emerging markets in light of a currency crisis in Turkish lira. The rally puts the benchmark on pace for its best one- day gain...
  • The market turbulence in Turkey has "clearly weighed" on investor appetite for emerging market assets, with outflows of $1.4 billion since Aug. 9, the Institute of International Finance said Thursday. Most of the outflow has been in stocks, with a much smaller outflow of bonds. South Africa and China were hit hardest, the IIF said.
  • Rise in commodity prices support gains in energy stocks. European stocks closed solidly higher on Thursday, in a partial rebound from the previous session's sharp decline as Turkey's currency crisis continued to show signs of easing, and the prospect of new talks between the U.S. and China on trade gave some cause for optimism on that front. The Stoxx Europe 600 rose 0.5% to 381.43.
  • FTSE 100 is coming off longest losing streak since February. U.K. stocks on Thursday halted their longest string of daily losses in months as large-capitalization energy and commodity shares rebounded from a stretch of weakness. Positive sentiment was also lifted as Turkey's currency crisis showed signs of easing, and as the prospect of new talks between the U.S. and China on trade gave some cause for optimism on that front.
  • Citigroup agreed to pay $10.5 million to settle two separate complaints, one relating to bad loans made by its Mexican subsidiary, Banamex, between 2008 and 2014, U.S. regulators said on Thursday. The other concerned a trader mismarking illiquid positions and unauthorized proprietary trading by Citigroup Global Markets Inc from 2013 to 2016, the Securities and Exchange Commission said.
  • It's a good day in Bentonville. On Thursday, America's biggest retailer reported quarterly earnings that topped expectations, including 40% growth in its e-commerce sales. That is a welcome turnaround from February, when its e-commerce sales slowed to 23%, sending the stock toward its biggest one-day tumble since 1988. The question for investors: Is Walmart' s good fortune due to improvements in its online operations, or simply to a strong consumer economy?
  • - Tesla Inc (TSLA.NaE) is on its way to make 8,000 Model 3 cars per week even as it burns more cash, Evercore analysts wrote in a note on Thursday, following their visit to the electric-car maker's California facility.
  • Citigroup (C.NaE) has agreed to pay $10.5 million to settle charges related to bad loans made by its Mexican subsidiary, Banamex, between 2008 and 2014, and to trader mismarking and unauthorized proprietary trading by Citigroup Global Markets Inc. from 2013 to 2016, the Securities and Exchange Commission said on Thursday.
  • Aretha Franklin, the Queen of Soul, has died, according to an Associated Press report, citing her publicist. The 76- year-old singer and songwriter was under hospice care for an undisclosed illness. Franklin began her career as a child singing gospel at the New Bethel Baptist Church in Detroit and is known for with an incredible four-octave vocal range, and iconic hits songs, including "Respect."
  • Chinese authorities moved to shore up the yuan by banning Chinese banks from certain offshore lending activities, according to Reuters, citing sources with direct knowledge of the matter. Banks may no longer deposit and lend yuan offshore through free trade zone schemes, the report said, which would in turn limit liquidity in the offshore yuan, making it more expensive to short it and pushing it higher. The move compares to action by the Hong Kong Monetary Authority in April, in...
  • Finance Minister Berat Albayrak assured international investors on Thursday that Turkey would emerge stronger from its currency crisis, insisting its banks were healthy and signaling it could ride out a dispute with the United States.
  • * Smith becomes first foreign Air France boss in 85 yrs. * French state backed Smith's appointment. * Unions say to discuss strike action Aug. 27. By Laurence Frost and Richard Lough. Air France-KLM named Air Canada (ACDVF.NaE) executive Benjamin Smith as its new boss on Thursday, opting for an outsider to steer the airline group through a fraught stand-off with unions at its French carrier.
  • Critical information for the U.S. trading day. China and earnings to the rescue? The S&P 500 could bounce back from yesterday's Turkey-inspired tumble, and some credit is going to Beijing's decision to send a delegation to the U.S. for trade talks, as well as to Cisco and Walmart's upbeat results.
  • Bayer can begin folding Monsanto into its organization as the antitrust-related sale of assets has been completed, fulfilling final requirements by the U.S. Department of Justice, the German drugmaker said on Thursday.
  • Walmart Inc posted its best quarterly U.S. sales growth in a decade and upped full-year sales and profit outlooks on Thursday, sending shares surging as a jump in online and grocery purchases showed it can hold its own against Amazon.com Inc . The world's largest retailer is known for its sprawling stores, a factor that could have worked against it as shoppers migrate online.
  • - J.C. Penney Co Inc (JCP.NaE) shares sank below $2 for the first time on Thursday after it said it had alienated core middle-aged customers while chasing millennial buyers, and the venerable brand forecast an unexpectedly large loss.
  • Walmart Inc posted its best quarterly U.S. sales growth in a decade and upped full-year sales and profit outlooks on Thursday, sending shares surging as a jump in online and grocery purchases showed it can hold its own against Amazon.com Inc. The world's largest retailer is known for its sprawling stores, a factor that could have worked against it as shoppers migrate online.
  • U.S. stocks rebounded on Thursday with the Dow posting its biggest percentage gain in over four months, as positive earnings and waning trade jitters buoyed investor confidence. A broad rally pulled all three major U.S. indexes higher following Wednesday's sell-off.
  • Stock gains increase after CFO discusses deferred revenue gains. Cisco Systems Inc. (CSCO.NaE) shares rose in premarket trade Thursday, after the networking company's earnings and outlook topped Wall Street estimates. Cisco (CSCO.NaE) shares advanced more than 6% in premarket trading, matching its after-hours gains, following a 0.3% decline to close at $43.86 in the regular session.
  • Macy's (M.NaE), the once-doomed department store, posted its third consecutive quarter of same-store sales growth. Revenue and earnings for the second quarter topped analysts' estimates, and the company raised its outlook for the year. The numbers couldn't be rosier, but the stock plunged by 16% Wednesday for its largest percentage decrease since last May, when investors believed department stores were headed toward extinction.
  • Tencent continues to slump; Nikkei bounces back into positive territory. Asian stock markets mostly slipped Thursday, though did claw off their worst levels amid reports that China has agreed to take part in trade negotiations with the U.S. later this month, easing fears of an outright trade war. Chinese stocks improved from early lows, though overall sentiment for equities-- especially the mainland's-- remains soft.