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Copyright: Copyright 2016, MarketWatch, Inc.
 



Zendesk shares fall after exec resignations announced

Fri, 02 Dec 2016 22:22:59 GMT

Shares of Zendesk Inc. fell in the extended session Friday after the cloud-based software company announced the departure of a pair of its executives. Zendesk shares declined 5.5% to $20 after hours. In a Securities and Exchange Commission filing, the company said that Amanda Kleha, senior vice president of Go to Market Strategy was resigning as of Dec. 30, and Marcus Bragg, senior vice president of worldwide sales, would leave Dec. 7 to pursue another position.

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S&P raises Prologis's rating to 'A-' on solid performance

Fri, 02 Dec 2016 22:05:23 GMT

S&P Global Ratings on Friday raised Prologis Inc.'s rating to A- from BBB+, citing its diversified real estate portfolio and potential for rent growth. "Prologis' financial policies have supported debt reduction, and we think this approach will continue," said S&P Global in a statement. The outlook on the rating is stable. Prologis is a real estate investment trust headquartered in San Francisco.

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Trump risks dispute with China after call with Taiwan president: report

Fri, 02 Dec 2016 21:51:45 GMT

President-elect Donald Trump is risking a major diplomatic dispute with China after speaking on the phone Friday with the president of Taiwan, the Financial Times reported. The telephone call between Trump and Tsai Ying-wen is believed to be the first between a U.S. president and a Taiwanese leader since the two cut diplomatic ties in 1979. China regards the island as a renegade province. The FT said the Trump transition team did not respond to its requests for comment. Read more: Donald Trump spoke with Taiwan President Tsai Ing-wen

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Ford CEO says company still moving production to Mexico: WSJ

Fri, 02 Dec 2016 21:30:58 GMT

Ford Motor Co. Chief Executive Mark Fields said the car maker still plans to move production of Focus sedans to Mexico despite criticism from President-elect Donald Trump, according to an interview with The Wall Street Journal Friday. Such move will mean no loss of U.S. jobs and is expected for 2018, Fields told the newspaper. The Michigan plant would produce more profitable, larger vehicles. Fields said in September the move was aimed at "reinventing" Ford's small-vehicle business and at cutting costs. Trump said earlier Friday companies moving jobs abroad would face "consequences." Shares of Ford were up 0.1% in the extended session after ending the regular trading day down 1.5%.

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S&P 500, Nasdaq finish higher but snap 3-week winning streak

Fri, 02 Dec 2016 21:05:07 GMT

U.S. stocks finished mostly higher on Friday but weekly losses for the S&P 500 and Nasdaq Composite Index suggested that an aggressive postelection rally might be running out of steam. Both indexes snapped three-week winning streaks. The S&P 500 index gained 0.9 point, or less than 0.1%, to 2,192.00, as investors favored safety plays like real estate, up 1.2%, utilities, up 0.9% and consumer staples, up 0.7%. The broad-market index ended the week 1% lower. The Dow Jones Industrial Average shed 21.30 points, or 0.1%, to 19,170.63, as Goldman Sachs Group Inc. and Caterpillar Inc. led the benchmark lower, though it ended the week up 0.1%, its fourth consecutive weekly rise. The Nasdaq Composite Index gained 4.55 points, or 0.1%, to 5,255.65, but finished down 2.7% on the week. Earlier, the Labor Department reported sanguine jobs growth numbers for November, which helped support stocks. U.S. stocks' momentum faded this week as a blistering rally that sent benchmarks to a series of record highs cooled. Treasury yields moved lower on Friday, with the 10-year [s:TMUBMUSD10Y] down 5.6 basis points at 2.395%, but finished higher for a fourth straight week.

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Gundlach's DoubleLine sees worst outflows since 2014 'taper tantrum'

Fri, 02 Dec 2016 20:07:53 GMT

DoubleLine Capital on Friday said its funds had collectively posted a net outflow of $990.5 million in November, the first month that share redemptions exceeded subscriptions since January 2014, during the Federal Reserve's so-called "taper tantrum." Tracking the trend of the overall market, the fund's bond portfolios saw particular outflows, with the DoubleLine Total Return Bond Fund - the firm's largest fund by assets, with $59.2 billion - seeing $1.4 billion in outflows over the month, the third largest monthly outflows in the fund's history. Bonds saw heavy selling in November, especially after the election of Donald Trump, with investors expecting the President-elect's proposals to lead to higher interest rates and inflation. November was the worst month for Treasurys since December 2009, with yields on the 10-year rising more than 50 basis points in the month. The $1.7 billion DoubleLine Shiller Enhanced CAPE fund, DoubleLine's biggest equities fund, saw $171.7 million in inflows over November. Stocks rallied following the election, with investors betting that Trump's policies would lead to accelerated levels of growth. The Dow Jones Industrial Average is up 4.5% since the election while the S&P 500 is up 2.4%.

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Gold futures gain for the session, slip lower for the week

Fri, 02 Dec 2016 19:21:43 GMT

Gold futures settled higher Friday, with a retreat in the U.S. dollar and weakness in Treasury yields boosting the metal's investment appeal. February gold rose $8.40, or 0.7%, to settle at $1,177.80 an ounce for the session. For the week, prices lost less than 0.1% from the $1,178.40 settlement of the most-active December contract a week ago.

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Oil trades near session highs as U.S. extends sanctions on Iran

Fri, 02 Dec 2016 19:09:52 GMT

Oil futures climbed toward the session’s highest levels Friday, buoyed by news that the U.S. Senate has approved a bill that will extend sanctions against Iran's missile development and weapons program that was not part of last year's nuclear pact. President Barack Obama is expected to sign the bill. "It is clear that this will not help positive developments in U.S. and Iranian relations," said Troy Vincent, oil analyst at ClipperData. And "the potential for deterioration in U.S.-Iran relations puts the future of Iranian crude exports in question once again," he said. January West Texas Intermediate crude rose 54 cents, or 1.1%, to $51.60 a barrel on the New York Mercantile Exchange, near the day's high of $51.66.

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Baker Hughes reports increase in weekly U.S. oil-rig count

Fri, 02 Dec 2016 18:26:48 GMT

Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil climbed by 3 to 477 rigs this week. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose 4 to 597, according to Baker Hughes. January crude was up 25 cents, or 0.5%, to trade at $51.31 a barrel on the New York Mercantile Exchange. It was trading at around $51.36 before the rig data.

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Ford's stock reverses lower after recall of 681,000 cars

Fri, 02 Dec 2016 18:08:38 GMT

Ford Motor Co.'s stock slumped 1.5% in midday trade Friday, reversing an earlier 1.2% intraday gain, after the auto maker issued two safety recalls involving more than 650,000 Ford Fusion and Lincoln MKZ model cars. "In the affected vehicles, increased temperatures generated during deployment of the seat belt anchor pretensioner could cause pretensioner cables to separate, which may inadequately restrain an occupant in a crash, increasing risk of injury," Ford said in a statement. The recall is for Fusions built from 2013 to 2016 and for Lincolns built from 2013 to 2015. Ford said 680,872 vehicles are affected, including 602,739 in the U.S., 35,614 in Canada and 8,665 in Mexico. Ford shares had closed Thursday at a two-month high after Ford's November sales report. They have now shed 13% year to date, while General Motors Co.'s stock has gained 4.5% and the S&P 500 has climbed 7.2%.

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Tesla analysts: 'We continue to have reservations' on company

Fri, 02 Dec 2016 16:43:49 GMT

Analysts at Cowen & Co. have cut their price target on Tesla Motors Inc. stock to $155, from $160, on concerns about the integration with SolarCity Corp. , which Tesla recently bought, and ongoing worries around Tesla's production targets, the launch of its mass-market Model 3, and competition in the electric-vehicle arena from other car makers. Cowen's new price target represents about 14% downside for Tesla's current share prices. The shares are off 24% so far this year, versus gains of more than 7% for the S&P 500 index in the same period.

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Pandora shares soar after report that the company is open to a sale

Fri, 02 Dec 2016 15:13:34 GMT

Shares of Pandora Media jumped 12% Friday after a CNBC report that the company was open to selling itself. Citing people familiar with the matter, the CNBC report said that Pandora was willing to talk with SiriusXM, which has tried to buy Pandora in the past. A Pandora spokesperson said the company does not "comment on rumors or speculation." Shares of Pandora have gained 23% in the past month, compared to the S&P 500's gain of 4.5%.

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U.S. stocks open lower after jobs report

Fri, 02 Dec 2016 14:33:01 GMT

U.S. stocks opened lower on Friday as a robust November jobs number apparently wasn't enough to revive a postelection rally. The S&P 500 index opened flat at 2,191. The Dow Jones Industrial Average was off 19 points, or 0.1%, at 19,175. The Nasdaq Composite Index shed 6 points, or 0.1%, to 5,242. Starbucks Corp. shares dropped after CEO Howard Schultz said he would step down. Shares of tech giants Apple Inc. and Google-parent Alphabet Inc. also fell as a rout in tech stocks continued.

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Treasury yields slide after November jobs report

Fri, 02 Dec 2016 13:36:42 GMT

Treasury yields declined on Friday after the November jobs report showed the U.S. economy added 178,000 jobs last month, slightly below expectations. The 10-year yield fell five basis points to 2.399%, while the two-year yield shed 3.5 basis points to 1.116%. The 30-year yield lost 5.2 basis points to 3.057%. Despite the strong headline number, a lackluster reading on average hourly earnings, which slumped 0.1% in November, helped weigh on Treasury yields by dampening inflation expectations.

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Xerox CFO to retire after 14 months in the role

Fri, 02 Dec 2016 13:16:40 GMT

Xerox Corp. said Friday Chief Financial Officer Leslie Varon will retire after about 14 months in the role, and 36 years with the company. Varon will retire following the completion of Xerox's separation into two publicly-traded companies, Xerox and Conduent, on Dec. 31. The company named William Osbourn as CFO of Xerox when the separation is completed. Osbourn, who will join the company on Dec. 5, was previously co-CFO of Time Warner Cable Inc., and played a role in Time Warner Inc. spinning off its cable business. Xerox stock was still inactive in premarket trade. It has lost 11% year to date, while the S&P 500 has gained 7.2%.

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Owens Corning raises quarterly dividend 11% to 20 cents a share

Fri, 02 Dec 2016 12:35:16 GMT

Owens Corning said Friday it's board has approved an 11% increase to its quarterly dividend to 20 cents a share. The new dividend is payable Jan. 18 to shareholders of record as of Jan. 3. Shares were not yet active in premarket trade, but have gained 10.4% in the year to date, while the S&P 500 has gained 7.2%.

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Allergan settles patent litigation with Zydus Pharma and Cadila regarding ulcerative colitis treatment

Fri, 02 Dec 2016 12:20:38 GMT

Allergan plc. said Friday it has settled patent litigation with Zydus Pharmaceuticals (USA) Inc. and Cadila Healthcare Ltd, regarding its Delzicol (mesalamine) product, a treatment for ulcerative colitis. If the Food and Drugs Administration approves it, Zydus and Cadila may be able to sell their generic version of Delzicol from March 1, 2020, or earlier under certain circumstances, Allergan said in a statement. In the third quarter, Allergan said revenue from Delzicol and Asacol, another ulcerative colitis treatment, came to $72.2 million. Allergan shares were down 0.9% premarket, and are down 30% in the year so far, while the S&P 500 has gained 7.2%.

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Vascular to be bought by Teleflex in a $1 billion deal

Fri, 02 Dec 2016 12:19:55 GMT

Vascular Solutions Inc. announced Friday a deal to be acquired by Teleflex Inc. in a deal valued at $1 billion. Under terms of the deal, Teleflex will pay $56 in cash for each Vascular share outstanding, a 1.6% premium to Thursday's closing price of $55.10, which matched Wednesday's record close. The acquisition, which is expected to close in the first half of 2017, will be funded through the proceeds from one or more debt financings. Vascular's stock, which was still inactive in premarket trade, has run up 60% year to date, while Teleflex shares have rallied 11% and the S&P 500 has gained 7.2%.

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Gap says impact of New York distribution center fire felt most in November

Thu, 01 Dec 2016 23:03:03 GMT

Gap Inc. shares fell 1% in late Thursday trading after the retail company reported a decline in revenue and same-store sales for the month of November. Gap said sales for the four weeks ending Nov. 28 totaled $1.53 billion, down from $1.57 billion last year. Same-store sales for the month fell 1%. Gap said an August fire in its Fishkill, NY distribution center hurt November's results the most of its fiscal fourth quarter, with same-store sales negatively impacted by three percentage points. Analysts say not all of the impacts from the fire have been negative. Same-store sales for the namesake Gap brand fell 3%, and same-store sales at Old Navy fell 2%. Banana Republic, which has been plagued by declining same-store sales results, reported a same-store sales increase of 5% for the month. Gap shares are up 1.4% for the year so far while the S&P 500 index is up 7.2% for the same period.

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Twitter lands former Google exec as head of product through acquisition

Thu, 01 Dec 2016 22:56:32 GMT

Twitter Inc. announced a new head of product Thursday after acquiring the executive's social-networking-app startup for an undisclosed amount. Keith Coleman, who was director of product management for Google Inc. for a decade before leaving in 2014, was named the permanent replacement for Kevin Weil as vice president of product at Twitter. Weil left in a January exodus of top Twitter executives, and was the fifth person to lead the product team at Twitter in six years, according to Bloomberg News. Coleman founded Yes Inc. after leaving Google, now known as Alphabet Inc., in 2014; Twitter acquired Yes and its team, according to a post on the Yes site.

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Pimco to pay $20 million to settle SEC charges it misled investors about ETF performance

Thu, 01 Dec 2016 21:49:52 GMT

The Securities and Exchange Commission said Thursday that Pimco would pay $20 million to settle charges that it misled investors about the performance of the Pimco Total Return Active ETF . The SEC said that for the first four months that the exchange-traded fund traded, it outperformed its flagship mutual fund through an "odd lot" strategy, where the company bought smaller-sized bonds to boost performance. This strategy resulted in the ETF overvaluing its portfolio, while the SEC also said that Pimco didn't disclose this practice as unsustainable as the fund grew in size. "PIMCO misled investors about the true long-term impact of its odd lot strategy and denied them the opportunity to make fully informed investment decisions about the Total Return ETF," Andrew J. Ceresney, director of the SEC's enforcement division, said in a statement. Under terms of the settlement, Pimco agreed to censure under the SEC's order without admitting to or denying the findings.

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Five Below shares up 9% on company's earnings beat

Thu, 01 Dec 2016 21:37:08 GMT

Shares of Five Below Inc. jumped more than 9% late Thursday after the discount retailer reported fiscal third-quarter earnings above Wall Street expectations and sales slightly under forecast. Five Below said sales rose by 18% to $199.5 million in the quarter, from the $169.7 million in year-ago period. It earned $5.4 million, or 10 cents a share, in the quarter, compared with $4.3 million, or 8 cents a share, in the third quarter of fiscal 2015. Analysts polled by FactSet had expected earnings of 9 cents a share on sales of $201 million. Shares had ended the regular trading day up 1.3%.

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Smith & Wesson shares fall after fiscal Q2 earnings

Thu, 01 Dec 2016 21:27:58 GMT

Shares of Smith & Wesson Holding Corp. fell more than 6% late Thursday after the gun maker reported fiscal second-quarter earnings and sales above Wall Street expectations. Smith & Wesson said it earned $32.5 million, or 57 cents a share, in the quarter, compared with $14.2 million, or 22 cents a share, in the year-ago quarter. Adjusted for one-time items, the gun maker reported a net income of $39.1 million, or 68 cents a share, compared with $14.2 million, or 25 cents a share, a year ago. Net sales reached $233.5 million, from $143.2 million a year ago, Smith & Wesson said. Analysts polled by FactSet had expected adjusted earnings of 57 cents a share on sales of $228 million. The company tweaked higher its sales expectations to a range of $230 million and $240 million for the three months to end Jan. 31; in September, the company had predicted sales in a range of $220 million to $230 million for the quarter. The shares ended the regular trading day up 2.8%.

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Ulta shares rally on earnings beat, raised outlook

Thu, 01 Dec 2016 21:18:52 GMT

Ulta Salon Cosmetics & Fragrance Inc. shares rallied in the extended session Thursday after the cosmetics retailer topped Wall Street estimates for the quarter and raised its outlook. Ulta shares surged 4.7% to $269.50 after hours. The company reported third-quarter earnings of $1.40 a share on revenue of $1.13 billion. Analysts surveyed by FactSet had forecast $1.37 a share on revenue of $1.11 billion. For the fourth-quarter, Ulta said it expects earnings of $2.08 to $2.13 a share on revenue of $1.52 billion to $1.54 billion. Analysts estimate $2.05 a share on revenue of $1.51 billion.

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Workday gains after earnings beat

Thu, 01 Dec 2016 21:11:52 GMT

Workday Inc. [s:wday] announced slightly better-than-expected quarterly financial results Thursday, and the cloud-software company's stock rose higher in late trading. Workday announced a net loss of $114.1 million, or 57 cents a share, on sales of $409.6 million for the fiscal third quarter. After adjustments for stock-based compensation and other factors, the company claimed a loss of 3 cents a share. Analysts polled by FactSet expected Workday to report an adjusted loss of 4 cents a share on sales of $400 million. Workday shares jumped 5% immediately after the results were announced, but the gains calmed down to slightly more than 1.5%, with shares trading near $83 after ending the day's session down 3.2% at $81.60.

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Starbucks shares fall on announced CEO departure

Thu, 01 Dec 2016 21:09:42 GMT

Starbucks Corp, shares fell in the extended session Thursday after the coffee chain announced that Howard Schultz would be stepping down as chief executive in April. Starbucks shares fell 4% to $56.18 after hours. President and Chief Operating Officer Kevin Johnson will be appointed CEO. Schultz will remain as executive chairman and will focus on "retail innovation and accelerating growth of Starbucks ultra-premium retail formats," the company said in a statement.

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Dow limps to record close, buoyed by Goldman as broader stock rally sputters

Thu, 01 Dec 2016 21:08:47 GMT

The Dow Jones Industrial Average on Thursday finished at a record to kick of December trade, following upbeat manufacturing data and a continuation of oil's sharp gains, in the wake of a surprise agreement on Wednesday to curb crude-oil production. But the tech-laden Nasdaq Composite Index ended with its worst daily drop since Oct. 11, according to FactSet data. Some market strategist said tech has been weighed down by a U.S. dollar that has been hovering around its highest levels since 2003, though it pulled back on Thursday, in the aftermath of the Nov. 8 presidential election. A stronger dollar can make goods sold abroad more expensive to buyers using other currencies. The Nasdaq ended off 72 points, or 1.4%, at 5,251, while the S&P 500 index gave up about 7 points, or 0.4%, to close at 2,191. The S&P 500's tech sector, off 2.3%, real-estate, down 1.6%, and utilities, 0.9% lower, were the worst performers among the broad-stock benchmark's 11 sectors. Meanwhile, Goldman Sachs Group Inc. contributed about 50 points to the Dow's rise, supporting the blue-chip gauge in an otherwise downbeat day of trade. Goldman is trading at its highest level since before the 2008 financial crisis, as bank shares enjoy a lift from the prospect of looser regulations under new leadership in the White House and an interest-rate hike by the Federal Reserve in two weeks. The Dow finished up 68 points, or 0.4%, at 19,191, marking a new all-time closing high. On the energy front, crude futures settled at their best level in six-weeks, at $51.06 a barrel, after the OPEC-fueled rally entered a second day. Traders will look ahead to Friday's employment report, which could have some impact on market sentiment, with investors already making big bets that Trump will offer fresh stimulus and tax cuts to the U.S. economy.

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Olive Garden parent Darden's stock soars toward record high after Guggenheim turns bullish

Thu, 01 Dec 2016 20:39:35 GMT

Shares of Darden Restaurants Inc. , which owns the Olive Garden and Longhorn Steakhouse restaurant chains, surged 3.3% toward a record close Thursday, after Guggenheim Securities turned bullish, citing expectations of growing consumers will start favoring casual dining over fast-food restaurants. Analyst Matthew DiFrisco upgraded Darden to buy from neutral. "Our bias is to increase exposure to the more discretionary casual dining segment, as opposed to the more staple in nature quick service, given the outlook for consumer stimulus and already improving consumer confidence," DiFrisco wrote in a note to clients. As a result, he also downgraded both McDonald's Corp. and Wendy's Co. to neutral from buy. Darden's stock has run up 19% year to date, while McDonald's shares were little changed, Wendy's stock has rallied 17% and the S&P 500 has gained 7.1%.

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Wells Fargo now requires chairman and CEO to be two different people

Thu, 01 Dec 2016 20:01:14 GMT

Wells Fargo & Co. said Thursday that it has amended its by-laws to require the separation of the roles of chairman and chief executive officer. The bank will also require the chairman and vice chairman of the board to be independent directors. The changes were effective Nov. 29. Currently, Stephen Sanger is Wells Fargo's chairman of the board, while Tim Sloan is CEO. That compares with J.P. Morgan Chase & Co. , in which Jamie Dimon is both chairman and CEO. Wells Fargo's move follows a sales practices scandal that led to the resignation of former CEO John Stumpf. "The Board previously acted to elect an independent Chairman to lead the Board and we believe formalizing this structure is the right decision at this time for the Company and its investors, customers, and team members," Sanger said. "Efforts to restore the trust of our customers and team members are well underway and will continue until we have fully addressed the issues surrounding retail banking sales practices." The stock, which climbed 2.4% in afternoon trade, has lost 0.2% year to date, while the SPDR Financial Select Sector ETF has run up 18% and the S&P 500 has gained 7.2%.

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Oil futures settle at a six-week high

Thu, 01 Dec 2016 19:49:51 GMT

Oil futures rallied Thursday to settle at their highest level in about six weeks as prices extended their gains into a second straight session on the heels of the Organization of the Petroleum Exporting Countries’ deal to ease back output. January West Texas Intermediate crude rose $1.62, or 3.3%, to settle at $51.06 a barrel on the New York Mercantile Exchange. Prices, which gained 9.3% Wednesday, logged their highest settlement since Oct. 19, according to FactSet data.

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