Market reports

  • Stock gains increase after CFO discusses deferred revenue gains. Cisco Systems Inc. (CSCO.NaE) shares rose in the extended session Wednesday after the networking company's earnings and outlook topped Wall Street estimates. Cisco (CSCO.NaE) shares advanced more than 6% in after-hours trading, following a 0.3% decline to close at $43.86 in the regular session.
  • Cisco Systems may qualify as one of tech's senior citizens these days. But the networking giant showed Wednesday that it still some youthfulness left. The company's fiscal fourth-quarter results were encouraging on several fronts.
  • Scott Minerd advises us not to' be fooled by recent complacency'. Scott Minerd isn't bullish on U.S. stocks. And he can't emphasize that point enough.
  • 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.
  • The venture capitalist talks about managing wealth and parenting with his tennis-star wife. When he co-founded Reddit in 2005, Alexis Ohanian was sleeping on a futon he'd gotten for free and furnishing his office with desks and chairs found on the sidewalks of San Francisco. Less than two years later, he sold the company to CondA¬© Nast for more than $10 million.
  • Ether claws back some recent losses, rising as much as 15%. Prices of digital currencies climbed higher Wednesday, bucking the recent trend which saw as much as $20 billion wiped off the market cap of cryptocurrencies to begin the week. Bitcoin, the world's biggest digital currency, is trading back above $6,000 and was last changing hands at $6,352.14, up 4.5% since Tuesday at 5 p.m.
  • By Sue Chang and Mark DeCambre, MarketWatch. Dow drops by triple digits but reclaims key 25,000 mark. U.S. stocks came off intraday lows but still closed down Wednesday as worries surrounding Turkey's currency crisis and continued trade tensions weighed on investors' confidence.
  • Treasury prices rose, pulling yields lower, Wednesday after Turkey slapped levies on U.S. imports, bringing geopolitical tensions between the U.S and its trading partners back on investors' radars. Investors also saw a raft of data that gave the latest reading of the U.S. economy's health, suggesting the Federal Reserve remains on track to raise rates at least one additional time this year. The 10- year Treasury note yield was down 4.2 basis points to 2.852%, its lowest since July 19....
  • Analysts think online grocery will be a bright spot for Walmart in the second quarter, but the effort to ramp up in digital is pricey. Walmart Inc. is scheduled to announce fiscal second-quarter 2019 earnings before the bell on Thursday, and Credit Suisse analysts are concerned about earnings growth despite gains in various parts of the business. Analysts led by Seth Sigman say they've seen positive trends through the quarter, including share gains in grocery, growth from...
  • - Cisco Systems Inc (CSCO.NaE) reported quarterly revenue above Wall Street estimates on Wednesday, driven by growth in the network gear maker's newer businesses such as cyber security. The company's shares rose 2.2 percent to $44.85 after the bell. Revenue from its security business, which offers firewall protection and breach detection systems, rose 12 percent to $627 million.
  • By Mark DeCambre, MarketWatch, Rachel Koning Beals. Copper futures log worst daily drop of the year. Gold closed at a more-than-1-1/2-year low on Wednesday amid a widespread downdraft in the metals sector, fueled partly by the U.S. dollar extending its recent rally to a 14- month peak.
  • By Mark DeCambre, MarketWatch, Anneken Tappe. Turkey's embattled lira continued to rebound Wednesday for a second straight session, even as the animosity between Ankara and Washington appeared to escalate. Turkey sharply ramped up its tariffs on some U.S. imports such as cars, alcoholic drinks, rice and cosmetics, news reports said.
  • Oil futures ended sharply lower Wednesday after government data showed an unexpected jump in U.S. crude oil inventories. West Texas Intermediate crude for September delivery on the New York Mercantile Exchange fell $2.03, or 3%, to close at $65.01 a barrel after trading as low as $64.51. The Energy Information Administration reported that crude inventories rose 6.8 million barrels in the week ended Aug. 10. Analysts surveyed by The Wall Street Journal had forecast a fall of 2.4...
  • EIA: Crude stockpiles rise 6.8 million barrels. Oil futures fell sharply Wednesday, leaving the U.S. benchmark with its lowest close in 10 weeks after data showed an unexpected and surge in U.S. crude inventories. West Texas Intermediate crude for September delivery on the New York Mercantile Exchange fell $2.03, or 3%, to settle at $65.01 a barrel, its lowest finish since June 6. The global benchmark, October Brent crude, dropped $1.70, or 2.4%, to $70.76 a barrel, the lowest close since...
  • Despite a surge in popularity, investors seeking to make a quick buck in the murky world of ICOs haven't all reaped hoped-for lofty returns--quite the opposite, in fact. According to data from Diar, a blockchain data and analytics firm, $96.8 million has been stolen by scammers over the past two years, who have been shopping initial coin offerings. "Unsurprisingly, the blatant exit scams continue to plague the largely unregulated ICO sector where the founders have no contractual...
  • French pilot unions hit out at the possible appointment of Air Canada's chief operating officer Benjamin Smith as Air France-KLM's new boss, after several newspapers reported that he was poised to be named to the job on Thursday. The appointment would fill a management void after a tumultuous stand-off with unions at French carrier Air France.
  • Gold futures on Wednesday finished at their lowest level in about 19 months amid a widespread downdraft in the metals market as the U.S. dollar extended its recent strengthening to a 14- month peak, weighing on assets priced in the currency. Gold futures for December delivery lost $15.70, or 1.3%, to $1,185 an ounce, marking its lowest settlement since early January, according to FactSet data. The decline comes as worries about deterioration in emerging-market economies, spurred...
  • BMW (BAMXF.NaE) s are built for speed, yet the car maker's stock trades like it is stuck in the slow lane. Between trade tensions, environmental concerns and technological change, car manufacturers have plenty to worry about. But if there's one company that takes problems in its stride, it's Munich-based Bayerische Motoren Werke.
  • Depending on how you date it, the bull market is set to become the longest in history. Barring a breathtaking plunge, the bull market in U.S. stocks will on Aug. 22 become the longest in history, and optimistic investors argue it has miles to go before it rests. The bull has thrived amid a decade of financial and political upheaval, thanks in part to the all-you-can-eat liquidity feast hosted by the Federal Reserve and other major central banks.
  • Royal Dutch Shell, BHP among day's biggest drags. The U.K.' s main stock index tumbled on Wednesday, posting its fifth straight daily drop as energy and commodity- related stocks declined and investors monitored the persistent turmoil in Turkey's currency and equity markets. The FTSE 100 ended down 1.5% to 7,497.87, shrugging off an early slight rise to turn decidedly lower.
  • Big losers include BHP, Rio Tinto. European stocks closed sharply lower on Wednesday, with losses accelerating throughout the session, with commodity- related stocks among the biggest decliners of the day. Major regional indexes opened slightly higher but soon turned negative.
  • Selling on the NYSE midday Wednesday reached panic-like proportions, based on the so-called Arms Index. The Arms is a volume-weighted measure of market breadth that tends to rise when the broader market falls, as the intensity of the selling in declining stocks is usually greater than the intensity of buying in rising stocks. Closing readings above 2.000 are considered panic-like.
  • Swiss authorities have halted registrations of some new Mercedes-Benz Vito and Porsche Macan and Cayenne vehicles which had diesel engines that disguised emissions levels, the Astra roads agency said on Wednesday. The move will affect vehicles imported from Aug. 17.
  • Qatar will invest $15 billion in Turkey, Turkish news site NTV reported Wednesday, citing Turkish officials. The news followed a meeting between Turkish President Recep Tayyip Erodgan and Qatar's Sheikh Tamim bin Hamad Al Thani earlier in the day. The Turkish lira spiked to a session high versus the U.S. dollar and the euro in response.
  • Bitcoin does none of the things its promoters promise: Harris says. Not one to shy away from the never-ending crypto debate, the former chief executive of online payments giant has re- emerged from the shadows to pour more cold water on the divisive technology. Speaking on CNBC, Bill Harris, the former head of PayPal Holdings said bitcoin, the worlds largest digital currency, doesn't exhibit what many of its promoters claim, saying there are much better alternatives to digital...
  • Oil futures extended a slide Wednesday after government data showed a large rise in U.S. crude inventories last week. West Texas Intermediate crude for September delivery on the New York Mercantile Exchange was down $1.91, or 2.8%, at$ 65.13 a barrel after the Energy Information Administration said the amount of crude in storage rose 6.8 million barrels in the week ended Aug. 10. Analysts surveyed by The Wall Street Journal, on average, had forecast a 2.4 million barrel decline.
  • The Dow Jones Industrial Average and the Nasdaq on Wednesday fell below key lines in the sand that suggest that a bearish pattern is unfolding in the markets. The Dow was down 300 points, or 1.2%, at 24,999, sliding beneath its 50- day moving average at 25,000.93, according to FactSet data in intraday trade, while the Nasdaq Composite Index edged beneath its short-term average at 7,735.12. Market technicians use moving averages to determine bullish and bearish patterns in an asset.
  • The U.S. Securities and Exchange Commission has sent subpoenas to Tesla Inc (TSLA.NaE) regarding Chief Executive Elon Musk's plan to take the company private and his statement that funding was "secured," Fox Business Network reported on Wednesday, citing sources.
  • Tencent may have already had $170 billion wiped off its market value this year, but a surprise decline in the Chinese tech giant's second quarter earnings suggests investors still aren't pessimistic enough about its prospects--especially since the political risk that has long loomed over the stock now appears to be crystallizing. The world's largest videogame company said its net income last quarter fell 2% from a year ago--the first such year- over-year decline it has...
  • By Aishwarya Venugopal. - Coca-Cola Co (KO.NaE) is buying a minority stake in a sports drink brand backed by basketball star Kobe Bryant, it said on Tuesday, seeking to mount a stronger challenge to PepsiCo's Gatorade. Coca-Cola's investment in BodyArmor - which will make it the brand's second largest shareholder - comes as its Powerade drink competes for market share with Gatorade.
  • U.S. retail sales rose more than expected in July as households boosted purchases of motor vehicles and clothing, suggesting the economy remained strong early in the third quarter.
  • U.S. business inventories barely rose in June and the inventory-to-sales ratio fell to more than a 3-1/2-year low, suggesting businesses would need to ramp up the accumulation of stock, which would boost economic growth in the third quarter.
  • * Retail sales increase 0.5 percent in July. * Core retail sales up 0.5 percent; June revised down. * Productivity rises at 2.9 percent rate in second quarter. * Manufacturing production up 0.3 percent in July. By Lucia Mutikani.
  • Financial Times Chief Executive John Ridding is to pay back some of his 2.6 million pound salary after a group of the newspaper's reporters complained about his pay. Steve Bird, joint head of the National Union of Journalists at the newspaper, wrote to FT editors and journalists this month saying Ridding's pay was absurdly high and calling for him to give some back to help those on lower salaries.
  • U.S. entrepreneur and cryptocurrency investor Michael Terpin filed a $224 million lawsuit on Wednesday against telecommunications company AT&T (T.NaE) , accusing it of fraud and gross negligence in connection with the theft of digital currency tokens from his personal account.
  • Battered and bruised, the crypto market continues to tumble. The cryptocurrency market is in the midst of one of its biggest drawdowns ever, and even the staunchest crypto bulls have to be wondering when it's going to end. On Jan. 7, the total value of all cryptocurrencies reached an all-time high of $829 billion, according to data from CoinMarketCap.
  • - Macy's Inc (M.NaE) on Wednesday said its gross margins would shrink in the fall season as delivery expenses rise, overshadowing a quarterly sales and profit beat and sending shares down more than 13 percent. The department store operator reported a surprise rise in quarterly same-store sales and also upped its full-year sales and profit forecasts.
  • Wall Street fell in a day of heavy trading on Wednesday with the S&P 500 posting its biggest percentage drop since late June as investors turned risk-averse on disappointing earnings and escalating global tariff worries. Chinese technology company Tencent Holdings Ltd reported its first profit decline in almost 13 years, putting pressure on the U.S. tech sector.
  • Politics and pride are getting in the way of recovery. As international investors punish Turkey's lira, the country has to consider its options to stop this currency crisis in its tracks. So far this year, the U.S. dollar has soared more than 60% against the lira, dealing a blow of 16% to the Turkish currency on Friday alone.
  • U.S. private equity firm Blackstone Group LP (BX.NaE) has signed a deal to invest $400 million in Hong Kong-listed YiChang HEC ChangJiang Pharmaceutical Co. via convertible bonds, HEC said Wednesday.
  • Indexes in China, Hong Kong down 1% or more; Nikkei pulls back as yen weakens. Asian stock markets started lowed Wednesday, even as worries eased over Turkey's currency crisis. Benchmarks in Taiwan, Hong Kong and China were down about 1%, with tech stocks continuing to sell off.
  • Ether is down 42% in August and onlookers are seeking answers. With the cryptocurrency market in the midst of a deep selloff, one of the most popular digital currencies is faring much worse than its counterparts. Ether, which runs on the ethereum network, is the second largest digital currency with a market cap of $26.1 billion and accounts for 13.9% of all digital assets, according to data from CoinMarketCap.
  • - Corona beer maker Constellation Brands (STZ.NaE) will infuse another $4 billion into Canada's top cannabis producer Canopy Growth (CGC.NaE) , the biggest investment in the industry, to capitalize on booming demand for marijuana.
  • Lira devaluation looks a lot like it did during the 2001 and 1994 Turkish crises: analyst. Although Turkey's lira rebounded somewhat on Tuesday, investors say the crisis is far from over, leading them to look to some of the country's previous crises to assess the outlook for both the economy and the currency. And the conclusion is grim.
  • Lira rout sours EM sentiment but distracts from idiosyncratic risks, economists say. Turkey's currency crisis sent 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 Agathe Demarais, principal...
  • HSN, once known as the Home Shopping Network, is getting an image makeover. A U.S. television network where shoppers can buy everything from electronics to kitchen gadgets, HSN is overhauling its lineup to offer more beauty products while adding streamed video content to win over shoppers without cable TV.
  • PwC should have flagged significant doubts over the future of BHS in an audit that was completed just days before the loss-making UK retailer was sold for a token one pound in 2015, ahead of its collapse a year later, a regulator said on Wednesday. BHS had 163 stores and employed 11,000 people when it collapsed in 2016, triggering a political firestorm.
  • German passenger rights company Flightright is taking Ryanair to court over whether it should pay financial compensation to passengers affected by strikes at Europe's largest low-cost carrier. Ryanair had to cancel around 1 in 6 flights last week due to a walk-out by pilots in five European countries, disrupting an estimated 55,000 travelers.
  • Turkey on Wednesday sharply ramped up its tariffs on some U.S. imports, including on cars, alcohol, rice and cosmetics, according to multiple published reports citing the country's Official Gazette. The move by President Recep Erdogan's government comes after U.S. President Donald Trump on Friday said he authorized the doubling of steel and aluminum tariffs on Ankara.
  • For ratings and data giant Nielsen Holdings (NLSN.NaE), life in the public markets has proven difficult. A return to private-equity ownership makes sense, but the company shouldn't be broken up. Activist hedge fund Elliott Management confirmed Monday it has taken an 8.4% stake in Nielsen, worth around $660 million, and will encourage the company to look at strategic options including a sale.
  • Elon Musk told investors this week that "obviously, the Saudi sovereign fund has more than enough capital needed" to finance taking Tesla private. The fund is estimated to have over $250 billion in assets. The Public Investment Fund has many claims on its resources, both financial and political.