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Unknown election outcome is stocks' big fear
Senate races next week could hold the key to whether the stock market glides through the year-end in a typical post-midterm election rally or gets hit with a fresh bout of volatility. "If we have a really uncertain situation, where the Senate is divided and candidates are threatening recounts, that's really not good," said Robbert van Batenburg, director of market strategy at Newedge USA LLC in New York. Such an outcome, while considered unlikely, nevertheless rekindles uncomfortable memories for some of the 2000 presidential election, when George W. Bush's victory over Al Gore was not confirmed for more than a month after Election Day.
China's October official PMI edges down to 50.8
China's factory sector grew in October but at a pace that was slightly slower than expected, underlining the challenges facing the sector as manufacturers fight rising costs and softening demand in a cooling economy. The data followed warnings by China's industrial ministry on Friday that factories were under pressure from high borrowing costs, which were further exacerbating the sector's slowdown.
U.S. consumer spending falters; wage gains highest since...
"The fundamentals ... remain very solid," said Gus Faucher, a senior economist at PNC Financial Services in Pittsburgh. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S.
U.S. consumer sentiment at highest since July 2007
The Thomson Reuters/University of Michigan's final October reading on the overall index on consumer sentiment finished at 86.9, the highest level since July 2007, up from 84.6 at the end of September. "The gains in confidence over the past three months point toward improved holiday spending by consumers," survey director Richard Curtin said in a statement. The survey's gauge of consumer expectations rose to 79.6 from the preliminary 78.4 reading and the 75.4 at the end of September, topping the expected 78.2.
Exxon, Chevron results boosted by refining as oil prices...
A surge in refining profits boosted quarterly results at Exxon Mobil Corp and Chevron Corp , helping to offset declining oil and gas production and falling crude oil prices. Both companies reported better-than-expected ...
Dollar General extends tender offer for Family Dollar...
Dollar General had received offers for only about 4 million Family Dollar shares of a total 114 million outstanding shares as of Oct. 30, a day before the offer was to expire. Dollar General's perseverance to close a deal highlights its struggles in a weak economy where penny-pinching customers look for more discounts and deals. Dollar stores have been a popular choice for such customers, but rising competition from mass retailers such as Wal-Mart Stores Inc (WMT.N) and Target Corp (TGT.N) opening small-format stores has intensified pressure on them to merge.
J.P. Morgan found hackers through breach of corporate...
According to the report, the bank discovered that the intruders had used some of the same offshore servers to hack both the bank and the website of the J.P. Morgan Corporate Challenge. It was not clear when the bank might have discovered the problem had the hackers not used the same I.P. addresses to launch cyberattacks on both the bank and the Corporate Challenge race websites, WSJ reported, citing people briefed on the matter. According to the report, the website has been restored by the bank ahead of upcoming races in Shanghai and Singapore, but has moved the payments to a Chase website.
Herbalife to pay $15 million to settle class action lawsuit
The company would pay $15 million in cash, plus up to $2.5 million for product returns, according to the court filing that granted preliminary approval for the settlement on Friday. Under terms of the settlement, Herbalife would also make "numerous changes" to its business model for at least three years after the settlement receives final approval, the court filing said. Short-sellers and other critics have accused companies such as Herbalife, NU Skin Enterprises Inc (NUS.N) and USANA Health Sciences Inc (USNA.N) of running pyramid-type schemes, questioning their sales model under which distributors make money not only from their own sales but from people they recruit as distributors.
Exclusive: U.S. probing Standard Chartered over Dubai...
The latest investigation involving the bank is based, in part, from evidence that emerged during a separate probe of BNP Paribas, the French bank that pleaded guilty this summer to charges related to sanctions-busting and agreed to pay $8.9 billion in penalties, the people said. Investigators also learned that the company used to have an account with Standard Chartered, according to the source.
Takata must rev up air bag replacement effort: U.S....
On Thursday, Takata agreed to add two production lines to make more air bag parts. The pledge came at a meeting with the National Highway Traffic Safety Administration, which said on Friday that the effort might not be enough. "It's unclear yet whether that would be sufficient to meet demand," said NHTSA Deputy Administrator David Friedman in a statement released Friday evening. Friedman also said Takata had not yet heeded NHTSA's request to contact other air bag suppliers to help speed up production of replacement parts for Takata air bags "due to concern for quality issues."
Another, bigger selloff could be on the horizon
U.S. stocks have logged an impressive rebound rally after selling off earlier this month. But one analyst sees a steeper drop coming.
Cramer's secret to getting rich
Your paycheck won't get you there, but Mad Money host Jim Cramer tells you what will.
Virgin Galactic crash: What did they overlook?
After Virgin Galactic's SpaceShipTwo crashed, James Oberg, NBC space analyst, says the first step of investigators should be to create a timeline of events.
No trick here: Investors treated to Halloween rally
A bout of global fears haunted Wall Street earlier this month -- but the markets have shot higher in recent days, lifting the Dow to a fresh record high.
1 dead after Virgin Galactic spaceship crashes during test
A passenger spaceship being developed by Richard Branson's Virgin Galactic company crashed during a test flight on Friday near the Mojave Air and Space Port in California, killing one pilot and seriously injuring the other, officials said. The crash of the suborbital vehicle, undergoing its first powered test flight since January over the Mojave Desert, 95 miles (150 km) north of Los Angeles, came days after another private space company, Orbital Sciences Corp, lost a rocket in an explosion moments after liftoff in Virginia.
Spacecraft for tourists explodes on test flight
A winged spaceship designed to take tourists on excursions beyond Earth's atmosphere exploded during a test flight Friday over the Mojave Desert, killing a pilot in the second fiery setback for commercial ...
4 ways Tuesday’s election could hit you in the wallet
In times of economic uncertainty Americans tend to vote their wallets.
Oil prices are dropping but the fracking revolution rolls on
$75 dollars a barrel – that’s the price crude oil would have to hit for frackers in North Dakota’s Bakken fields to feel pressure to slow new production.
Wal-Mart: Halloween is the new Thanksgiving
The world’s biggest retailer is now kicking off the holiday season before Halloween trick-or-treaters come down from their sugar rush. The company announced it is starting the shopping season Saturday, November 1st. Wal-Mart is offering more than 20,000 Rollbacks on products including brands such as Disney’s “Frozen,” Teenage Mutant Ninja Turtles, Samsung and Dell.
The former head of Fannie and Freddie predicts their demise
Ed DeMarco foresees a smaller federal role--and a return of private operators--in the mortgage market.
SEC subpoenas Ally Financial over subprime auto lending
Securities and Exchange Commission is investigating the subprime auto lending and securitization practices at No. 2 U.S. Since the start of the year, Ally has issued $2.75 billion in three deals of bonds backed by subprime auto loans, down from $4.06 billion across four deals last year, according to data from Thomson Reuters IFR.
US consumer sentiment index reaches 7-year high
WASHINGTON (AP) — U.S. consumers expect better economic growth and rising incomes in the coming months, pushing a measure of confidence to a seven-year high in October.
S&P 500 surges to end October: Lessons learned from a...
It may have gotten there the hard way but the market is positive for the month. What lessons can we take away from the roller coaster that was October?
These are the biggest winners in the October rally
Markets have rebounded sharply since touching correction territory on October 15, with two S&P sectors posting double-digit gains since.
Bulls set to win midterm election
Sam Stovall of S&P Capital IQ says investors are the winners no matter who comes away with a victory next Tuesday.
October not so scary; Dow, S&P close at record highs
Stocks rose Friday, with benchmarks at or near records, after the Bank of Japan unexpectedly expanded stimulus, sparking hopes for the global economy.
Wal-Mart bringing Black Friday to Halloween weekend
Wal-Mart joins the likes of Amazon, Office Depot and OfficeMax, which are also launching their first holiday deals over the weekend
Exxon posts surprise profit jump on refining
ExxonMobil Corp. profits rose 3 percent in the third quarter as strong refining performance offset lower revenues from falling oil prices and production. The company said Friday it earned $8.07 billion ...
U.S. third-quarter wage gains largest since 2008
The Employment Cost Index, the broadest measure of labor costs, increased 0.7 percent after advancing by the same margin Wages and salaries, which account for 70 percent of employment costs, rose 0.8 percent in the third quarter, the largest increase since the second quarter of 2008. Federal Reserve officials view the ECI as one of the better measures of labor market slack. In the 12 months through September, labor costs increased 2.2 percent, the largest increase since the second quarter of
Dow, S&P 500 end at record highs; BoJ move adds fuel to...
U.S. stock index futures rallied on Friday after the Bank of Japan significantly ramped up its stimulus program just days after the U.S. Federal Reserve wound down its own package of economic incentives.
Hackers Probing Financial System’s Defenses Show Why...
Hackers are testing the financial system's cyber defenses, and they can boast of some alarming success. JPMorgan Chase & Co. (JPM) says a breach of its computer systems exposed the personal information of 76 million households and 7 million small businesses. They accessed names, addresses, phone numbers and e-mail addresses, although the bank says there's no evidence they compromised account information, passwords or Social Security numbers, Bloomberg Markets magazine will report in its December issue.
Citigroup Cuts Profit by $600 Million Amid Criminal...
Citigroup Inc. (C) revealed that it's facing a U.S. The lender is cooperating with criminal and antitrust investigations by the Justice Department as well as inquiries by the Commodity Futures Trading Commission and regulators in the U.K. and Switzerland, New York-based Citigroup said today in a regulatory filing. The increase in third-quarter legal costs, on top of the $951 million disclosed earlier this month, "resulted from rapidly evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously disclosed matters," the company said in a separate statement. Citigroup, led by Chief Executive Officer Michael Corbat, is among banks facing investigations by authorities on three continents over alleged rigging of currency markets, people with knowledge of the situation have said.
What's got Alan Greenspan talking up gold
Alan Greenspan says gold is now a good investment, according to the Wall Street Journal. CNBC's Patti Domm explains why the former Fed Chair might be interested in the precious metal.
Japan shares soar, yen skids after BOJ stuns with new...
Japanese stocks soared 4.8 percent to their highest close since November 2007 and the yen skidded to near seven-year lows against the dollar on Friday, after the Bank of Japan surprised markets with fresh easing steps it called a pre-emptive move to stoke inflation. The Nikkei stock average marked its biggest one-day gain since June 2013 after Japan's central bank said it would purchase more shares of exchange-traded funds and real estate investment trusts, extend the duration of its portfolio of Japanese government bonds, and increase the pace at which it expands base money to "pre-empt manifestation" of risks. The dollar was buying 111.06, up about 1.7 percent on the day after rising as high as 111.18 yen, its highest since January 2008. "It was a total surprise that the BOJ eased further at this time given that BOJ executives have not voiced such pessimistic views lately.
Online stores fight Amazon for piece of retail pie
Amazon.com's low prices, and apparent disregard for profits, make the site a steal for consumers ... but it's made competing very difficult for many online stores.
Citi revises Q3 net lower by $600M amid legal woes
The third-biggest U.S. bank by assets downwardly revised its third-quarter earnings, citing 'rapidly-evolving regulatory inquiries and investigations.'
Starbucks Americas sales disappoint on softer traffic
The U.S.-dominated Americas region contributes the majority of Starbucks revenue. "We grew traffic, but it was at a bit of slower clip," Troy Alstead, Starbucks' chief operating officer, told Reuters. Free coffee giveaways and other battles for breakfast customers were not to blame for Starbucks' traffic deceleration, Chief Executive Officer Howard Schultz said on a call with analysts. "This is not a Starbucks issue.
LinkedIn shares swing as Q4 outlook misses estimates
LinkedIn reported earnings that were ahead...
GoPro sees strong holiday quarter sales; shares jump
GoPro's shares, which went public in June, shot up 14 percent in extended trading on Thursday after the company also reported strong third-quarter results. YouTube videos such as "Run Walter, RUN!!", "Waltz On The Walls of City Hall" and "Golf Trick Shot" have gone viral, helping GoPro's cameras gain popularity beyond sports and outdoor enthusiasts. "The social media side of the business had great metrics, with YouTube content up 92 percent year-over-year (in the third quarter) and YouTube views up 99 percent," Wedbush Securities analyst Michael Pachter told Reuters. "We anticipate particular strength in our direct channel both with our big box and midmarket customers," Chief Financial Officer Jack Lazar said on a conference call.
Would Disney spin off Disneyland? Corporate breakup talk...
The suggestion that Disney spin off its theme parks says more about the lengths investment pros are now going to promote financial engineering feats than about any shortcoming of Disney itself.