Tsunami advisory cancelled for West Coast after Gulf of Alaska earthquake
January 23, 2018

A magnitude 7.9 earthquake struck off the Gulf of Alaska early Tuesday, initially prompting tsunami watches for parts of the U.S. West Coast that were later cancelled or downgraded.


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Baidu stock drops after Jefferies downgrades to hold

Shares of Baidu Inc. are down 0.9% in premarket trading after analysts at Jefferies cut their rating to hold from buy. The analysts, led by Karen Chan, are upbeat about Baidu’s strong position in artificial intelligence but worry that investments in this area, as well as spending on channel marketing, could curb opportunities for margin expansion. She also warns that the company might start to face harder comparisons for its search business this year as well as stronger competitive pressures in key areas, such as e-commerce. “While we remain long-term positive on Baidu’s leading AI position, we would await for a better entry point post the strong share rebound of 60% from its low in May 2016,” Chan wrote. She lowered her price target on shares to $285 from $291. Baidu’s stock is up 45% over the past 12 months, while the S&P 500 has gained 25% 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.


Source: Market News

Claire's Stores hires Lazard to advise it on reducing debt

Troubled retailer Claire’s stores Inc. has hired Lazard as its investment banker to help it reduce debt. “Lazard’s engagement is not related to operations, which remain strong,” the company said in a statement. Same-store sales rose 2.7% in the first three quarters of 2017 and adjusted EBITDA — defined as earnings before income taxes, net interest expense, depreciation and amortization, loss (gain) on early debt extinguishments, and asset impairments — has grown 18.3%. “The steps we are taking now with Lazard will help to ensure Claire’s long-term success for years to come,” Chief Executive Ron Marshall said in the statement. “We believe this is the right time to undertake this initiative and we want to assure our vendors, employees and stakeholders that we believe we have ample liquidity to honor our commitments through the completion of this process.” Claire’s has $2.2 billion of long-term debt, according to FactSet, most of it taken on when the company was bought out by Apollo Global Management for $3.1 billion in a 2007 LBO.

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.


Source: Market News

Bond Report: Treasury yields pull back slightly as investors focus on economy

U.S. Treasurys see some cautious buying on Tuesday, pushing yields lower, a day after President Donald Trump signed legislation to temporarily end a multiday, partial shutdown of the government.


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The Tell: Stock market headed for ‘nasty surprise’ if this signal proves correct

Anticipating a cut in U.S. corporate tax rates, Wall Street analysts late last year ratcheted up their earnings estimates for 2018, forecasting an 18% increase in profits, but declining cash-flow growth remains problematic for markets, according to Société Générale’s Andrew Lapthorne.


Source: Finance

Apple's iPhone X was most shipped phone during holiday-season quarter: analyst

Apple’s iPhone X was most shipped phone during holiday-season quarter: analyst
Source: Top Story

Apple's iPhone X was most shipped phone during holiday quarter: analyst

Apple Inc. shipped 29 million of its flagship iPhone device during the holiday quarter, according to analysts at research firm Canalys, making it the most shipped model during the period. The device was in short supply for much of the quarter, but production ramped up toward the end of November and into December, Canalys said in a release. Chinese customers accounted for 7 million of the shipments, by the firm’s count. “While new technologies, such as Face ID and bezel-less displays, help to justify the US$999 price tag and maintain competitiveness with Samsung, Huawei and Google, having a larger portfolio allows Apple to meet its overall shipment targets, and protect its market leadership in the premium segment,” the release said. Apple reports earnings for the December quarter on Feb. 1 and analysts surveyed by FactSet expect that the company sold 79 million iPhones in total during the period. Apple shares have gained 47% over the past 12 months, compared with a 32% rise for 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.


Source: Market News

Global Markets: U.S. funding deal keep stocks bulls on the charge

LONDON (Reuters) – World stocks hit another all-time high on Tuesday, as relief at a temporary U.S. government funding deal boosted already sky-high confidence about global growth and corporate earnings.


Source: Business

Globalisation is losing its lustre, Modi tells Davos summit

DAVOS, Switzerland (Reuters) – Protectionism is gaining ground and globalisation is losing its appeal, but India is open for business, Prime Minister Narendra Modi told the World Economic Forum on Tuesday.


Source: Business

Whirlpool shares rise after Trump tariff on washing machine imports

Whirlpool Corp. shares rose 3.8% in Tuesday premarket trading after news Monday that President Donald Trump would hit imported solar panels and washing machines with a new tariff. The new tax is expected to hit Trump’s desk on Tuesday. The administration is imposing 20% tariffs on the first 1.2 million machines imported each year, and 50% on those after that. There will also be a 50% tariff on washing machine parts. After the news broke, Whirlpool put out a release saying it had added 200 full-time workers in Ohio in anticipation of increased demand. “The new hires are just the beginning of increased investments in innovation, manufacturing and additional manufacturing jobs for Whirlpool and its vendors,” the release said. However, whether the tariffs will give a boost to U.S. manufacturing and jobs is still to be determined, according to The Wall Street Journal. Whirlpool has been embroiled in litigation with Samsung Electronics Co. and LG Electronics Inc. over washing machine imports to the U.S. Whirlpool shares are down nearly 11% for the past year while the S&P 500 index is up 25% 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.


Source: Market News

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