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Baidu ADRs rally 7% after earnings beat

Thu, 27 Jul 2017 21:32:33 GMT

American depositary receipts of Baidu Inc. rose more than 7% late Thursday after the company reported second-quarter adjusted earnings and sales above Wall Street expectations. Baidu reported net income of $651 million, or $1.67 a share, in the quarter, compared with 95 cents a share in the year-ago period. Adjusted for one-time items, Baidu earned $2.36 a share, compared with $1.16 a year ago. Revenue rose 14% to $3.08 billion, the company said. Analysts polled by FactSet had expected adjusted earnings of $1.44 a share on sales of $3.06 billion. Baidu said it expects revenue of $3.4 billion to $3.5 billion for the third quarter. The analysts surveyed by FactSet peg sales at $3.4 billion in the quarter. The ADR ended the regular trading session down 0.1%.

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Senators demand House conference promise before voting on 'skinny' Obamacare repeal

Thu, 27 Jul 2017 21:30:03 GMT

Republican senators including John McCain and Lindsey Graham said Thursday they want assurances from the House that there will be a conference before voting for a so-called "skinny" bill to repeal Obamacare. The Senate is debating passing such a bill, which would repeal the employer and individual mandates. But McCain and Graham said they don't want the House to pass that bill, and instead hammer out a more-comprehensive version.

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Jonathan Golub leaves RBC to head equities strategy at Credit Suisse: report

Thu, 27 Jul 2017 21:27:11 GMT

Jonathan Golub has left RBC Capital markets to take up a similar position at Credit Suisse Group as chief U.S. equity strategist, according to a media report late Thursday. Reuters reported that Golub will begin at Credit Suisse in August, citing an internal memo. Back in June, Golub raised his year-end target for the S&P 500 index to 2,600 from 2,500.

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Amazon earnings forecast shows spending expected to continue

Thu, 27 Jul 2017 21:23:00 GMT

Amazon.com Inc. suffered in late trading Thursday after earnings showed higher spending than expected, but the company's forecast suggests that it expects to continue spending rapidly in the current quarter. Amazon predicted third-quarter revenue will be in a range of $39.25 billion to $41.75 billion, after posting sales of $32.7 billion in the third quarter last year. However, Amazon said it expects operating income to be in a range from a loss of $400 million to a gain of $300 million, after posting operating income of $575 million a year ago. The profit forecast was well lower than what analysts expected, even as the sales forecast was strong: Analysts on average expected third-quarter operating income of $931 million on sales of $39.98 billion. Amazon shares were down about 3% in late trading Thursday.

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NuVasive shares drop after announced COO, CFO departures

Thu, 27 Jul 2017 21:09:25 GMT

NuVasive Inc. shares fell in the extended session Thursday after the spine surgery products maker said its chief operating officer and chief financial officer were departing and reported quarterly results. NuVasive shares fell 13% to $66.75 after hours. The company said Jason Hannon, president and COO, was stepping down to pursue other interests, while CFO Quentin Blackford resigned, effective Aug. 25. The company reported second-quarter net income of $12.7 million, or 22 cents a share, compared to $30.2 million, or 57 cents a share, in the year-ago period. Adjusted earnings were 46 cents a share. Revenue rose to $260.6 million from $236.2 million in the year ago period. Analysts surveyed by FactSet had estimated 44 cents a share on revenue of $262.2 million. For the full year, NuVasive estimates adjusted earnings of $2 a share on revenue of $1.07 billion. Analysts expect $2.01 a share on $1.07 billion.

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Boston Beer jumps on stellar second-quarter earnings

Thu, 27 Jul 2017 21:06:32 GMT

Shares of Boston Beer Co. soared in Thursday's extended session after the maker of Sam Adams beer turned in quarterly earnings that handidly beat Wall Street's expectations. Boston Beer reported its second-quarter earnings rose to $29.1 million, or $2.35 a share, from $26.6 million, or $2.06 a share, a year earlier. The latest quarter result includes 2 cents a share in tax benefit. Revenue edged up to $264.7 million versus $261.2 million. Analysts surveyed by FactSet had forecast earnings of $1.41 a share and revenue of $223 million. For the full year, the brewer projected adjusted earnings per share of $5 to $6.20. Analysts are expecting EPS of $5.12 in 2017. Boston Beer shares jumped 13% after hours.

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Electronic Arts shares fall after first-quarter results

Thu, 27 Jul 2017 20:45:19 GMT

Shares of Electronic Arts Inc. were falling 3% after hours Thursday after the company reported first-quarter earnings, but included a second-quarter forecast that disappointed. It reported net income of $644 million, or $2.06 per share, up from $440 million, or $1.40 per share, in the year-earlier period. The FactSet GAAP consensus was for earnings per share of $1.90. Net revenue was $1.45 million, up from $1.27 million in the year-earlier period. The FactSet consensus for total revenues was $1.43 million. For the second quarter, it expects net revenue of $955 million, with a net loss of $57 million and a loss per share of 18 cents. Analysts surveyed by FactSet had expected a GAAP loss per share of six cents and total revenue of $990 million. Shares of Electronic Arts have gained 25% in the past three months, outperforming the S&P 500 which has gained 4%.

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First Solar shares jump 14% on big earnings beat, strong outlook

Thu, 27 Jul 2017 20:44:18 GMT

First Solar Inc. shares rallied in the extended session Thursday after the solar-panel company soundly beat Wall Street estimates for both its quarterly results and outlook. First Solar shares surged 14% to $51.26 after hours. The company reported second-quarter net income of $52 million, or 50 cents a share, versus a loss of $11.4 million, or 11 cents a share, in the year-ago period. Adjusted earnings were 64 cents a share. Revenue fell to $623.3 million from $1.02 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 4 cents a share on revenue of $571.5 million. For the full year, First Solar estimates adjusted earnings of $2 to $2.50 a share on revenue of $3 billion to $3.1 billion. Analysts had previously forecast 57 cents a share on $2.9 billion.

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Starbucks adj. earnings above expectations; Teavana stores to close

Thu, 27 Jul 2017 20:32:00 GMT

Shares of Starbucks weaved in and out of the red late Thursday after the retailer reported rising global sales and adjusted fiscal third-quarter earnings above Wall Street expectations. Starbucks reported net income of $692 million, or 47 cents a share, in the quarter, compared with $754.1 million, or 51 cents a share, in the year-ago period. Adjusted for one-time items, Starbucks earned 55 cents a share, compared with 49 cents a share a year ago. Revenue rose 8% to $5.7 billion, a record for the company, from $5.2 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 55 cents a share on sales of $5.76 billion. Comparable-store sales rose 4% globally, including a rise of 5% for U.S. comparable-store sales, thanks to a 5% increase in the average ticket, the company said. In the statement accompanying results, Starbucks said it will close all 379 Teavana retail stores over the coming year, citing the stores' underperformance and little hope of improvement. The majority of the stores will close in the spring of 2018, the company said. Starbucks announced earlier Thursday plans to buy 50% of Shanghai Starbucks Coffee Corp. that it didn't already own from joint-venture partners. Shares ended the regular session up 2.7%.

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Boeing's stock surge helps Dow industrials log a record and avoid a tech-fueled drop

Thu, 27 Jul 2017 20:27:14 GMT

The Dow Jones Industrial Average closed at a record on Thursday, avoiding a technology-fueled downdraft that pummeled the broader market, as Boeing's shares rose for a fifth straight day. Boeing's stock added 51 points to the price-weighted, blue-chip gauge. The Dow closed up 85 points, near its highs of the session, up 0.4% at 21,796. The all-time peak for the Dow came even as technology shares pitched sharply lower--but finished off their worst levels of the session--yanking the tech-heavy Nasdaq Composite Index and the S&P 500 index, which is heavily influenced by the tech group. firmly lower. The Nasdaq closed off 40 points, or 0.6%, but was down by as much as 1.6%, before paring losses to end at 6,382. The S&P 500 index wrapped up off 0.1% at 2,475. All three main benchmarks touched all-time intraday records at the open. The downturn for the tech sector was attributed to investors selling some of their holdings following a brisk rally in the highflying tech sector , including Facebook Inc. , which reported better-than-expected results late Wednesday. For the Dow, Boeing has been a saving grace, powering its advance over past few sessions and over the past six months. Boeing's stock overtook Goldman Sachs Group Inc. on Wednesday as the priciest component in the Dow at $241 a share, compared with $221 for Goldman. That means Boeing shares will hold the most sway over the direction of the Dow. A dollar move in any of the Dow components translates to a 6.85 point swing in the gauge. Boeing's stock has returned 54% so far this year, representing the best year-to-date performance among the other 29 blue-chip components, with Apple Inc. the second-best performer at 29%, as of Thursday's close.

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Mattel shares slip after results fall short of Street view

Thu, 27 Jul 2017 20:21:57 GMT

Mattel Inc. shares declined in the extended session Thursday after the toy maker's quarterly results fell short of Wall Street expectations. Mattel shares declined 2.1% to $20.85 after hours. The company reported a second-quarter loss of $56.1 million, or 16 cents a share, compared to a loss of $19.1 million, or 6 cents a share, in the year ago period. The adjusted loss for the second quarter was 14 cents a share. Revenue rose to $974.5 million from $957.3 million in the year ago period. Analysts surveyed by FactSet had estimated a loss of 9 cents a share on revenue of $981 million. While worldwide sales for Mattel Girls & Boys Brands were up 10%, sales of Barbie dolls were down 5%, Fischer-Price sales declined 3%, and American Girl doll sales fell 6%.

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Expedia shares climb after second-quarter revenue beat

Thu, 27 Jul 2017 20:18:11 GMT

Shares of Expedia Inc. were up 3% after hours Thursday after the company beat second-quarter revenue expectations. It reported net income of $56.7 million, or 36 cents per share, up from $31.6 milion, or 21 cents per share, in the year-earlier period. It reported adjusted earnings per share of 89 cents, below the FactSet consensus of 94 cents. Revenue was $2.59 billion, up from $2.2 billion in the year-earlier period and above the FactSet consensus of $2.55 billion. Alongside the earnings, Expedia announced a $350 million minority investment in Traveloka Holding Limited, a Southeast Asian online travel company. Shares of Expedia have gained 13% in the past three months, outperforming the S&P 500 which was gained 4%.

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Intel gains on robust quarterly earnings, upbeat outlook

Thu, 27 Jul 2017 20:16:18 GMT

Shares of Intel Corp. climbed in Thursday's extended session after the chip maker posted better-than-expected quarterly earnings and raised its full-year guidance. Intel reported its second-quarter earnings more than doubled to $2.8 billion, or 58 cents a share, from $1.3 billion, or 27 cents a share, a year earlier. On an adjusted basis, the tech company would have earned 72 cents a share. Revenue grew 9% to $14.8 billion. Analysts surveyed by FactSet had forecast earnings of 68 cents on revenue of $14.4 billion. Intel also raised its full-year revenue outlook by $1.3 billion to $61.3 billion and adjusted earnings per share by 15 cents to $3. Analysts are predicting revenue of $60.22 billion and EPS of $2.86. Intel shares jumped more than 4% after hours.

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Amazon earnings fall 77%, shares drop

Thu, 27 Jul 2017 20:16:18 GMT

Amazon.com Inc. reported much lower earnings than expected Thursday, and shares declined more than 2% in late trading. The e-commerce giant reported net income of $197 million, or 40 cents a share, on sales of $38 billion, a profit decline of 77% from the same quarter a year ago. Analysts on average expected Amazon to report earnings of $1.41 a share on sales of $37.2 billion. The company's spending cut into profit, as fulfillment costs -- the amount Amazon spends to fulfill customers' orders on its e-commerce platform -- rose about 33% from a year ago and spending on technology and content increased by about 43%. Amazon stock traded at all-time highs this week, making Amazon the fourth U.S. company with a market capitalization of $500 billion and briefly giving Chief Executive Jeff Bezos the title of richest man in the world, but shares declined about 2% in immediate after-hours action.

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Stocks end mixed; Nasdaq dragged lower by tech decline

Thu, 27 Jul 2017 20:02:02 GMT

U.S. stock indexes slipped from all-time highs, dragged lower by a poor showing from tech stocks. The Nasdaq Composite Index slipped by more than 0.6% after posting an intraday record of 6460.84. Facebook beat Wall Street expectations but couldn't keep the Nasdaq in positive territory. The S&P 500 fell 0.1%. While, the Dow Jones Industrial Average rose close to 0.4%, a record high after sharp gains from Boeing Co, even as the Dow Jones Transportation Average fell around 3%.

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Time Inc. sells live events company INVNT back to founders as part of streamlining strategy

Thu, 27 Jul 2017 19:31:23 GMT

Time Inc. said on Thursday it has sold live events company INVNT back to the company's founding partners. Time bought the INVNT back in 2015 with the hope that live events would help bring targeted audiences to Time's marketing partners. The sale closed on Thursday with no terms disclosed. Selling INVNT is part of Time's plans to condense its portfolio and focus on the core business. Shares of Time have declined 18% in the year to date, while the S&P 500 index has gained more than 10%.

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Sessions says he'll remain attorney general even after 'hurtful' Trump comments

Thu, 27 Jul 2017 19:29:29 GMT

Attorney General Jeff Sessions, under fire in recent days from President Donald Trump, told the Associated Press he will serve as long as Trump desires. "I serve at the pleasure of the president," he said. In a separate interview with Tucker Carlson of Fox News, Sessions said Trump's criticism was "kind of hurtful." Trump has berated Sessions publicly for not recusing himself from the investigation into possible ties between Russian officials and the Trump campaign.

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Neiman Marcus cutting jobs as part of reorganization

Thu, 27 Jul 2017 19:28:53 GMT

The Neiman Marcus Group is cutting and reorganizing about 225 positions, the company confirmed with MarketWatch. Employees impacted by the streamlining effort have been offered severance packages and will be considered for other jobs within the company. "To better align our operations and team with our business strategy, we regularly evaluate all aspects of our business to determine when and where changes make the most sense for our customers and our company," a Neiman Marcus spokesperson said in a statement. Last month, Neiman Marcus confirmed that talks with Saks Fifth Avenue parent Hudson's Bay Co. had stalled, and talks of a full or partial sale of the company had ended. The SPDR S&P Retail ETF is up 1.3% in Thursday trading, but down 6.2% for the year to date. The S&P 500 index is up 10.3% for 2017 so far.

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Nordstrom family members in talks with private equity partners including KKR to go private: Reuters

Thu, 27 Jul 2017 19:16:13 GMT

Nordstrom Inc. family members are in talks with private equity partners including KKR & Co., Apollo Global Management and Leonard Green & Partners to take the luxury department store private, according to a Reuters report. The Nordstrom family has agreed to offer preferential terms to these potential partners, Reuters wrote. Nordstrom has also approached sovereign wealth funds, public pension funds and others in an effort to raise about $1 billion. Nordstrom operates 354 stores, including 221 Nordstrom Rack off-price locations, and 122 full-line stores in the U.S., Puerto Rico and Canada. Nordstrom shares are up 3% in late Thursday trading and up nearly 3% for the year so far. The S&P 500 index is up 10.2% for 2017 to date, and the SPDR S&P Retail ETF is down 6.3% for the period.

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Dow transports tumble toward biggest selloff in over a year

Thu, 27 Jul 2017 19:00:36 GMT

The Dow Jones Transportation Average plunged Thursday toward its worst day in 13 months, with all 20 components contributing to losses. The index dropped 327 points, or 3.5%, the biggest point and percentage declines since it tumbled 351 points, or 4.6%, on June 24, 2016. The biggest decliner on Thursday was transport management company Landstar System Inc.'s stock which shed 7.9% after reporting a second-quarter profit that were in line with analyst expectations, but came as recent share strength suggested "heightened" investor expectations, according to KeyBanc Capital analyst Todd Fowler. Provider of marine transport products Kirby Corp. reported late Wednesday earnings that matched the FactSet consensus but revenue that missed, sending the stock down 5.6%. And United Parcel Service Inc. shares slid 4.3% after the company beat profit and sales expectations, but provided a somewhat downbeat earnings outlook. The Dow transports' selloff come in contrast to the rise in the Dow Jones Industrial Average , which tacked on 19 points.

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AT&T set to unfurl largest corporate bond sale this year for Time Warner purchase

Thu, 27 Jul 2017 19:00:19 GMT

AT&T Inc. plans to sell $22.5 billion of corporate debt in seven tranches on Thursday to finance its $85 billion blockbuster deal to acquire Time Warner, according to the Financial Times. But the touted figure could change as the deal is finalized. The merger between Time Warner and AT&T has yet to be completed and is undergoing regulatory scrutiny from the Justice Department. AT&T shares soared after reporting earnings above Wall Street expectations on Wednesday. Analysts say the offering should receive plenty of bids as demand for high-grade corporate credits has been hot, with spreads tightening to record lows.

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Whirlpool shares slide 7% after profit miss, soft guidance

Thu, 27 Jul 2017 18:52:53 GMT

Appliance maker Whirlpool Corp. shares fell 7% Thursday, after second-quarter earnings fell short of expectations and the company offered guidance that was below consensus. The company said it had net income of $179 million, or $2.52 a share, in the quarter, down from $320 million, or $4.15 a share, in the year-earlier period. Excluding higher income tax expenses, per-share earnings came to $3.50, below the FactSet consensus of $3.54. Sales rose to $5.3 billion from $5.2 billion, matching the FactSet consensus. The company said it now expects full-year EPS of $12.40 to $12.90 and adjusted EPS of $14.50 to $15.00. The FactSet consensus is for full-year EPS of $15.10. "This quarter appears similar to last quarter, with North America strong but weakness in other regions leading to an EPS miss and guide-down," MKM analysts wrote in a note. The company expects to generate free cash flow of about $1 billion. The board has approved an additional $2.0 billion share buyback, bringing the total authorization to $2.35 billion. Shares have fallen 2.6% in 2017, while the S&P 500 has gained about 11%.

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Nasdaq Composite pivots sharply lower in afternoon trade

Thu, 27 Jul 2017 18:47:45 GMT

The Nasdaq on Thursday afternoon turned sharply lower. The Nasdaq Composite Index was most recently down 72 points, or 1.1%, as the index was jolted suddenly lower, with some investors and traders citing a combination of concerns about valuations and market participants taking some money off the table following a brisk run for the high-flying sector. The abrupt retreat for the tech-centric gauge came as the other main equity benchmarks pared an earlier advance. All three equity gauges notched all-time intraday trading highs at the open, but the S&P 500 index was most recently down 0.5% at 2,464 and the Dow Jones Industrial Average traded flat at 21,710, buoyed by gains in Verizon Communication , while Dow component and tech-giant Apple Inc. , sold off by 2.7%, cutting about 30 points from the blue-chip gauge. The popular tech-focused exchange-traded fund, the Technology Select Sector SPDR ETF , was trading down 1% in recent trade.

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Oil prices up a fourth session in a row

Thu, 27 Jul 2017 18:40:43 GMT

Oil prices climbed for a fourth session Thursday to notch another settlement at a two-month high. Four-consecutive weeks of declines in U.S. crude supplies and pledged cutbacks in exports from some members of the Organization of the Petroleum Exporting Countries have helped support prices, setting them up for a gain of roughly 7% for the week. September WTI crude rose 29 cents, or 0.6%, to settle $49.04 a barrel on the New York Mercantile Exchange.

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Stock market internals suggest investors remain calm despite spike in volatility

Thu, 27 Jul 2017 18:25:10 GMT

Despite the sharp intraday selloff in the major indexes from record highs Thursday, which has sent the CBOE Volatility Index up 12% in afternoon trade, the Arms Index, which many use to measure buying or selling intensity, suggests investors remain relatively calm. On down days, the Arms tends to rise above 1.000, as the ratio of down volume to up volume rises relative to the ratio of declining stocks to rising stocks. But the NYSE Arms has slipped to 0.867 and the Nasdaq Arms has declined to 0.883, a sign that buyers on the dip have been slightly more aggressive than sellers. The Dow Jones Industrial Average , the S&P 500 and the Nasdaq Composite were all up in record territory around noon ET before taking an afternoon dive. After paring some of the weakness, the Dow as up 30 points, the S&P 500 was down 0.3% and the Nasdaq was down 0.8% in recent trade.

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Popular biotech ETF on pace for steepest daily drop in a month

Thu, 27 Jul 2017 18:19:00 GMT

A popular way to bet on the the biotech sector was trading sharply lower on Thursday and on track to register its worst one-day in a month. The iShares Nasdaq Biotechnology ETF was down 1.8%, led by an about 11% decline in Arrowhead Pharmaceuticals Corp. and Novavax Inc. , with its shares off 6.4% on the session. The drop for the biotech group came amid a broad and sudden selloff in the overall technology sector that put the Nasdaq Composite Index on pace to log it sharpest daily fall since June 9, when the tech sector underwent a similar retreat, fueled on concerns about valuations among some of the group's biggest companies, including Apple Inc. , Amazon.com Inc., and Facebook Inc., which reported better-than-expected earnings late Wednesday. More broadly, the overall market was under pressure but off its worst levels of the day. The S&P 500 index was down 0.3% at 2,469, the Nasdaq Composite was down 0.8%, while the Dow Jones Industrial Average was trading modestly higher, fueled by gains in Verizon Communications Inc. , which saw its shares up nearly 8%, more than offsetting a 2.3% decline in Apple's stock.

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White House, lawmakers drop border adjustment tax from reform plan

Thu, 27 Jul 2017 18:10:57 GMT

The Trump administration and top lawmakers working on a tax overhaul said Thursday their goal is to reduce tax rates "as much as possible" and create a system that encourages U.S. companies to bring back profits "trapped overseas." In a short joint statement, Treasury Secretary Steven Mnuchin, House Speaker Paul Ryan and other officials also said they had decided to set aside the so-called border adjustment tax. They said they expect legislation to move through relevant congressional committees "this fall."

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Semiconductor stocks tumble, weighing on the tech sector

Thu, 27 Jul 2017 18:06:03 GMT

Shares of semiconductor stocks plunged on heavy volume on Thursday, weighing on the technology sector, which in turn pressured the broader market lower. The iShares PHLX Semiconductor ETF fell 2.1%, a drop that was more than twice as severe as the 0.8% decline in the Technology Select Sector SPDR ETF . Among the biggest decliners in the group, Advanced Micro Devices Inc. fell 5% on the day while Nvidia Corp. was off 4%. Applied Materials Inc. sank 3.6%. Teradyne Inc. was the biggest loser of the group, dropping 9.9% on the day on volume of more than 6.5 million shares, more than twice its 30-day average. Bucking the trend was Intel Corp , one of the bellwethers of the sector, which was flat on the day. The Dow component is scheduled to report its quarterly results after the market closes. Semiconductors have been strong performers throughout the year, having gained more than 20% thus far in 2017, eclipsing the 18.3% rise of the overall tech sector.

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Gold prices mark a six-week high

Thu, 27 Jul 2017 18:03:57 GMT

Gold prices scored their first gain in four sessions Thursday. A Federal Reserve policy update was read as mostly dovish by investors, lifting prices to their highest finish since mid-June, even as a key gauge for the U.S. dollar rebounded from a drop to its lowest level in over a year. August gold rose $10.60, or 0.9%, to settle at $1,260 an ounce. That was the highest settlement since June 14, according to FactSet data.

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Tech shares fall 1%, weighing on broader market; Apple and Alphabet both tumble

Thu, 27 Jul 2017 17:39:00 GMT

The largest exchange-traded fund to track the technology sector fell on Thursday, erasing an earlier gain and leading the broader market lower. The Technology Select Sector SPDR ETF fell 1.1% in afternoon trading, dropping to $57.10. Earlier, it had risen as high as $58.20, largely on the back of positive results out of Facebook Inc. . While the social media giant was still positive on the day, up 2.3% to $169, it was well off its highs of the session, having previously gained as high as $175.49, a level that represented a record. Among the most notable names, Apple Inc. sank 2.9% while Google parent Alphabet was off 2.3%. Microsoft Corp. shed 1.4% on the day. Separately, Netflix Inc. , a consumer discretionary stock that often moves on trends in the internet sector, fell 4.4%. Amazon.com , another internet name classified in the consumer discretionary sector, fell 0.5%. The online retailer is scheduled to report its quarterly results after the market closes. While the tech sector is one of the strongest-performing of the year, investors have become increasingly concerned about the group's valuations, leading to multiple sessions this year when it abruptly turned lower. The weakness in tech spread to the broader market, with the S&P 500 down 0.6% while the Nasdaq , which is heavily weighted towards technology stocks, lost 1.5%.

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