Finance news

• SEC taps seasoned in-house lawyer to lead investment management unit

  03-02-2015 23:43
  
  WASHINGTON (Reuters) - The Securities and Exchange Commission said Tuesday that David Grim, a veteran SEC attorney, will serve as the new acting director for the agency's Division of Investment...
  
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• Chipotle shares slide after sales miss estimates

  03-02-2015 23:42 via news.yahoo.com
  
  Chipotle delivered again on the bottom line, topping estimates for already tremendous growth, but its sales were lighter than the latest Wall Street estimates.
  
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• US auto sales jump in January

  03-02-2015 23:41 via news.yahoo.com
  
  Automakers reported Tuesday large gains in January US sales as the improving economy and low fuel prices kept demand high for larger vehicles. General Motors, the largest US automaker, said its US sales jumped 18 percent in January from a year ago, with big gains in its Silverado pickup truck and GMC line of sports utility vehicles. "Consumers feel very good because more people are working, the US economy is expanding and fuel prices are low," said Kurt McNeil, GM's US vice presid
  
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• Fairfax to acquire QBE's Ukranian insurance operations

  03-02-2015 23:32
  TORONTO (Reuters) - Canadian financial services holding company Fairfax Financial Holdings Ltd said on Tuesday it has agreed to acquire the Ukranian insurance operations of Australia's QBE Insurance...
  
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• Investors pull $11.6 billion from Pimco Total Return Fund in January

  03-02-2015 23:28
  NEW YORK (Reuters) - The abrupt departure of Bill Gross continues to haunt Pimco as the giant bond management firm on Tuesday disclosed that investors in January yanked $11.6 billion from the...
  
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• Gabelli to adopt Eaton Vance's new breed of exchange-traded funds

  03-02-2015 23:20
  
  NEW YORK (Reuters) - Gamco Investors Inc, the asset manager headed by Mario Gabelli, said on Tuesday it plans to adopt Eaton Vance Corp's new breed of active exchange-traded funds that can keep their...
  
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• Disney profit boosted by theme park visitors, Frozen toys

  03-02-2015 23:18 via news.yahoo.com
  
  (Reuters) - Walt Disney Co reported quarterly revenue and profit ahead of Wall Street estimates as more people visited its theme parks and it sold more toys based on the hit movie "Frozen". Disney's shares rose 3.3 percent at $97.19 after the bell. Operating income at Disney's parks and resorts rose 20 percent to $805 million for the first quarter ended Dec. 27, when more people visited its parks in the United States. "Frozen" toys sold particularly well during the
  
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• Is S&P's $1.38B deal enough to keep credit raters in check?

  03-02-2015 22:58 via news.yahoo.com
  
  WASHINGTON (AP) — More than six years after the financial crisis struck, credit rating giant Standard & Poor's will be paying a hefty $1.38 billion penalty for its role in fueling the subprime mortgage meltdown. But that doesn't mean it can't happen again.
  
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• Wall Street posts second day of strong gains, led by energy

  03-02-2015 22:46 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks jumped more than 1 percent on Tuesday, led by energy shares as oil prices extended their recent rally, while higher-than-expected January car sales also bolstered the advance.
  
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• U.S. FDA approves Pfizer's high profile breast cancer drug

  03-02-2015 22:36 via news.yahoo.com
  
  (Reuters) - The U.S. Food and Drug Administration on Tuesday said it had approved Pfizer Inc's experimental breast cancer drug Ibrance, a regulatory decision that came more than two months earlier than expected. Wall Street has considered the drug, whose chemical name is palbociclib, to be one of the most promising medicines in Pfizer's development pipeline. Cowen and Co analyst Steve Scala has estimated the drug, whose chemical name is palbociclib, could generate annual sales of $3 bi
  
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• UPDATE 4-Petrobras shares surge 15 pct on report Rousseff to replace CEO

  03-02-2015 22:34
  RIO DE JANEIRO, Feb 3 (Reuters) - Petrobras shares jumped more than 15 percent on Tuesday, their biggest one-day jump in 16 years, after a local newspaper reported that Brazilian President Dilma...
  
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• BofA fails to overturn $1.27 billion Countrywide fraud verdict

  03-02-2015 22:30
  
  NEW YORK (Reuters) - A federal judge on Tuesday rejected Bank of America Corp's bid to throw out a jury verdict finding it liable for the sale of questionable loans to Fannie Mae and Freddie Mac...
  
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• Wall Street rallies tracking oil, car sales

  03-02-2015 22:18 via news.yahoo.com
  
  NEW YORK (Reuters) - U.S. stocks rose more than 1 percent on Tuesday, led by gains in energy shares as oil prices extended their recent rally, while higher-than-expected January car sales also bolstered the advance. The Dow Jones industrial average rose 304.98 points, or 1.76 percent, to 17,666.02, the S&P 500 gained 29.09 points, or 1.44 percent, to 2,049.94 and the Nasdaq Composite added 51.05 points, or 1.09 percent, to 4,727.74. (Reporting by Caroline Valetkevitch; Editing by Nick Ziemin
  
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• APB Financial rates OMNOVA a 'buy,' praises activist investor

  03-02-2015 22:13
  BOSTON (Reuters) - Broker dealer APB Financial Group put a "buy" rating on OMNOVA Solutions, saying the specialty chemical maker's share price could climb by 45 percent or more now that an activist...
  
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• Hopes for an end to oil price rout sends stocks higher

  03-02-2015 22:12 via news.yahoo.com
  
  NEW YORK (AP) — Hopeful signs that the long-running collapse in oil prices could be ending helped send the stock market sharply higher.
  
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• UPDATE 4-Isis Pharma's diabetes drug takes longer than expected to work

  03-02-2015 21:59
  * Could look at exploring drug as obesity medicine - executive
  
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• Cliffs Canada unit rail contract will be renegotiated - CEO

  03-02-2015 21:47
  (Reuters) - An onerous transportation contract entered by Cliffs Natural Resources' Bloom Lake iron ore operation in Canada will be renegotiated under Bloom's creditor protection filing, Cliffs'...
  
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• UPDATE 2-Cliffs Canada unit rail contract will be renegotiated - CEO

  03-02-2015 21:45
  Feb 3 (Reuters) - An onerous transportation contract entered
  by Cliffs Natural Resources' Bloom Lake iron ore
  operation in Canada will be renegotiated under Bloom's creditor
  protection filing,...
  
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• Activist hedge fund Marcato urges Lear to split up

  03-02-2015 21:31
  (Reuters) - Activist investor Mick McGuire said Tuesday Lear Corp's stock price could surge by nearly 50 percent if the auto supplier splits into two publicly traded companies, a proposal that Lear's...
  
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• LendingClub, Alibaba ink deal on financing

  03-02-2015 21:19 via news.yahoo.com
  
  US startup LendingClub, a leader in so-called peer-to-peer lending, announced a partnership Tuesday with China's Alibaba to be a source of credit for purchases at the online retailer. Under terms of the deal, LendingClub will be "the exclusive solution for point of sale business financing for up to $300,000" for Alibaba's US business buyers. "We share Alibaba.com's commitment to enabling frictionless global ecommerce by US small businesses," said Lending Club f
  
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• Wall St. jumps with energy shares as oil rallies

  03-02-2015 21:05 via news.yahoo.com
  
  U.S. stocks jumped on Tuesday, led by gains in energy shares as oil prices extended their recent rally, while higher-than-expected January car sales added to the upbeat tone. Merger activity also helped equities, with shares of Office Depot jumping 19.9 percent after the Wall Street Journal reported it was in advanced talks to merge with Staples Inc . U.S. crude oil prices rose 7 percent to settle at $53.05 . Brent and U.S. oil prices have risen roughly 19 percent since Wednesday's close.
  
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• Global stocks, oil rally on Greek plan; dollar falls

  03-02-2015 20:54 via news.yahoo.com
  
  By Ryan Vlastelica NEW YORK (Reuters) - Stock markets rallied around the world on Tuesday while the U.S. dollar fell after the new Greek government dropped calls for a write-down of its foreign debt, easing concerns about growing instability in the euro zone. The Greek government, led by the left-wing Syriza party that won elections just over a week ago, on Monday ditched its stance of calling for a reduction of foreign debt and proposed ending a standoff with its creditors by swapping the debt
  
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• 5 Tax Red Flags That Can Lead to an IRS Audit

  03-02-2015 20:45 via news.yahoo.com
  
  Many Americans will file their income tax return early before the April 15 deadline to receive their tax refund. Some IRS audits are randomly selected and based solely on a statistical formula, the IRS says, but other audits can happen when documents simply don't add up. Greg McBride, chief financial analyst, said, “Common red flags for tax audits are high income, outsized deductions relative to income and national norms, unreported income such as investment returns, and losses from an ac
  
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• Greece cheers market with debt restructuring plan

  03-02-2015 20:38 via news.yahoo.com
  
  Greece on Tuesday floated proposals to ease the economic pressure generated by its massive foreign debt, boosting stock markets as hopes rose for a deal with its European Union partners. Italian Prime Minister Matteo Renzi said he believed an accord on the debt terms was possible, and promised Greek counterpart Alexis Tsipras, whom he met in Rome, of Italy's support in trying to achieve it. "There has to be change in Europe," Tsipras said. "The world is calling on Europe to i
  
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• UPDATE 1-Little sign of progress after contact to end U.S. refinery strike resumes

  03-02-2015 20:14
  HOUSTON, Feb 3 (Reuters) - A strike by U.S. refinery workers entered a third day on Tuesday as contact resumed between the lead industry negotiator, Royal Dutch Shell Plc, and union leaders over a...
  
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• Report: Silicon Valley tech economy booming

  03-02-2015 20:10 via news.yahoo.com
  
  SAN JOSE, Calif. (AP) — A study released Tuesday shows Silicon Valley's tech economy is continuing to boom, with 58,000 new jobs and 42,000 new residents last year and all indications the record growth will continue.
  
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• MOVES-U.S. Bank hires new MD for Seattle wealth management unit

  03-02-2015 20:09
  Feb 3 (Reuters) - U.S. Bancorp's wealth management arm appointed Jan Hendrickson as regional managing director of its private wealth management division, Ascent Private Capital Management, in Seattle.
  
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• BRIEF-Bank of America loses bid to void "Hustle" mortgage fraud verdict

  03-02-2015 20:09
  Feb 3 (Reuters) - * U.S. judge rejects Bank of America Corp bid to overturn jury verdict
  
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• Credit Suisse exits U.S. retail market making business

  03-02-2015 20:08
  NEW YORK, Feb 3 (Reuters) - Credit Suisse Group is getting out of the U.S. equity retail market making business by the end of the first quarter after failing to gain enough scale to make a go of it,...
  
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• Swiss watchmakers clock record exports in 2014

  03-02-2015 20:08 via news.yahoo.com
  
  Swiss watch exports swelled to a record high in 2014, customs data showed Tuesday, but the data doesn't augur well for the future as they slowed in December, in particular in the key Chinese market. Swiss watch exports last year ticked in at a historic 22.2 billion Swiss francs ($23.9 billion, 21.1 billion euros), the Customs Administration said. After a sharp slowdown in 2009, Swiss watch exports have hit new heights year after year, with the sector long seeming immune to the economic and
  
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• UPDATE 8-Oil jumps as dollar plunges, up nearly 20 pct in 4 days

  03-02-2015 20:04
  * BP announces spending cuts, joining other oil firms (New throughout, updates prices and market activity)
  
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• Fed's Kocherlakota expects massive, national search for successor

  03-02-2015 20:03
  ST. PAUL, Minn., Feb 3 (Reuters) - Minneapolis Fed President Narayana Kocherlakota said he expects the six members of his board of directors who are not picked by banks to conduct a 'massive,...
  
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• Twitter stock jumps on ad partnership with mobile apps, websites

  03-02-2015 20:03
  SAN FRANCISCO, Feb 3 (Reuters) - Twitter Inc's stock jumped more than 6 percent on Tuesday after the social media company said its promoted tweets will appear on third-party mobile apps and websites...
  
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• HCA sees demand for hospital services leveling off

  03-02-2015 19:59 via news.yahoo.com
  
  (Reuters) - HCA Holdings Inc, the largest operator of U.S. for-profit hospitals, said on Tuesday demand for healthcare services had increased as the economy strengthened and more patients obtained insurance, but it was leveling off. Patient volumes at the company's hospitals grew in the second half of 2014 as people who gained access to health insurance under President Barack Obama's reform law sought medical services. The use of healthcare services has been under a microscope for the past six m
  
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• UPDATE 2-Lower fuel costs help Canada's WestJet post higher profit

  03-02-2015 19:58
  * Company raises 2015 capex to C$920 mln- C$940 mln from C$820 mln- C$840 mln
  
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• UPDATE 2-Oil's price plunge could raise Keystone carbon footprint - EPA

  03-02-2015 19:57
  WASHINGTON, Feb 3 (Reuters) - Oil prices have dropped so low that the Keystone XL pipeline could play a bigger role in the development of Canada's oil sands and raise greenhouse gas emissions, Obama...
  
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• Catamaran backs Gilead's hepatitis C treatment over AbbVie competitor

  03-02-2015 19:52
  Feb 3 (Reuters) - Pharmacy benefit manager Catamaran Corp said on Tuesday that it will back Gilead Sciences Inc's Harvoni and Sovaldi as exclusive hepatitis C treatments on its drug coverage lists.
  
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• UPDATE 1-Canadian police say have arrested suspect on terrorism charges

  03-02-2015 19:52
  OTTAWA, Feb 3 (Reuters) - Canadian police said on Tuesday they had arrested a suspect on terrorism charges and would reveal more details at 3 p.m. ET (2000 GMT).
  
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• BRIEF-Former adviser to Banco Santander CEO indicted in U.S. for insider trading

  03-02-2015 19:51
  Feb 3 (Reuters) - * U.S. says cedric cañas maillard, a former bank adviser, has been indicted for
  
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• Most brokerages and advisers have had cyberattacks: SEC

  03-02-2015 19:46
  (Reuters) - U.S. brokerage firms and financial advisers are a routine target of cyber criminals and some have lost money as a result of fraudulent emails requesting transfers of client funds, the...
  
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• UPDATE 3-Eaton shares jump as higher margins help profit top views

  03-02-2015 19:30
  Feb 3 (Reuters) - U.S. diversified manufacturer Eaton Corp Plc posted higher-than-expected quarterly profit on Tuesday helped by higher margins, sending its shares up more than 8 percent.
  
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• Brazil's Embraer expects to get delayed gov't payments in early 2015

  03-02-2015 19:28
  SAO PAULO, Feb 3 (Reuters) - Brazilian planemaker Embraer SA expects to collect delayed payments from the government "in the first months of this year," said the company's defense chief Jackson...
  
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• How the Actavis deal upended Allergan No. 2's CEO ambitions

  03-02-2015 19:26
  NEW YORK, Feb 3 (Reuters) - For two decades, Allergan Inc president Doug Ingram labored to transform the Botox-maker from a sleepy eye care upstart to a global aesthetics giant. He was just a few...
  
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• Chrysler Canada posts higher January sales

  03-02-2015 19:25
  TORONTO, Feb 3 (Reuters) - Chrysler Canada on Tuesday reported higher auto sales and said it set January sales records for its Ram and Jeep brands.
  
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• UPDATE 1-Merkel, waiting to see Greek debt proposals, insists on troika role

  03-02-2015 19:23
  * Chancellor declines to comment on debt swap proposal (Recasts with Merkel speaking to lawmakers, adds Kauder quote)
  
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• UPDATE 3-S&P reaches $1.5 bln deal with U.S., states over crisis-era ratings

  03-02-2015 19:22
  Feb 3 (Reuters) - Credit rating firm Standard & Poor's will pay $1.5 billion to resolve a collection of lawsuits over its ratings on mortgage securities that soured in the run-up to the 2008...
  
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• Greek PM Tsipras says Europe has nothing to fear from Athens

  03-02-2015 19:22
  ROME, Feb 3 (Reuters) - Greek Prime Minister Alexis Tsipras sought to reassure international partners on Tuesday that Athens did not want to create division in Europe with its call for a new debt...
  
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• Italy PM Renzi says wants to help Greece within EU framework

  03-02-2015 19:18
  ROME, Feb 3 (Reuters) - Italian Prime Minister Matteo Renzi said on Tuesday that he wanted to help Greece, but said this didn't mean he would always agree with the new Greek government led by Alexis...
  
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• Panasonic says FY profit target unchanged despite earnings drop

  03-02-2015 19:08 via news.yahoo.com
  
  Japanese electronics giant Panasonic said Tuesday it was still on track to book a $1.19 billion annual profit, despite a drop in nine-month earnings due to one-time gains a year earlier. "Sales of solar panels for homes continued to be stable in Japan, and demand (in the) automotive-related business steadily increased in its global market," the firm said in a statement. "Yen depreciation also contributed to the overseas sales increase." After posting record losses, Panasonic
  
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• Italy chooses BofA Merrill Lynch as adviser for railway privatisation

  03-02-2015 19:05
  
  MILAN (Reuters) - Italy said on Tuesday it had chosen Bank of America Merrill Lynch as adviser in its plans to privatise state railway operator Ferrovie dello Stato (FS).
  
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