Wall Street ends little changed; Microsoft hits record
The S&P 500 and the Dow were little changed and the Nasdaq advanced on Friday as a record day for Microsoft and earnings from McDonald's helped offset a fall in energy and healthcare shares. General Electric , often seen as an economic bellwether, weighed on the market as the industrial conglomerate's posted results that topped expectations but cut its full-year revenue target to send shares down 0.9 percent after it touched an 8-month low of $28.33. "The dollar is getting stronger, that is going to have a negative impact energy prices, that is going to have a negative impact on corporate earnings, at least potentially," said Phil Orlando, chief equity market strategist at Federated Investors, in New York.
Fri, 21 Oct 2016 16:19:35 -0400
AT&T in advanced talks to buy Time Warner: sources
AT&T Inc is in advanced talks to acquire Time Warner Inc , sources said on Friday, a potential blockbuster deal analysts predicted could be worth almost $100 billion that would give the telecom company control of cable TV channels HBO and CNN, film studio Warner Bros and other coveted media assets. AT&T, which sells wireless phone and broadband services, has already made moves to turn itself into a media powerhouse, buying satellite TV provider DirecTV last year for $48.5 billion. Analysts predicted AT&T could pay as much as $125 a share for Time Warner, making the deal worth almost $100 billion overall.
Fri, 21 Oct 2016 17:16:25 -0400
New York governor approves new regulations on Airbnb
(Reuters) - New York Governor Andrew Cuomo approved legislation on Friday that would place new regulations on online home rental companies like Airbnb. Existing New York state law bars most urban apartment-dwellers from renting out their units for less than 30 days if they are not present. The law recently passed by the state legislature would bar even advertising a rental that violates that existing law, which could help regulators crack down on Airbnb itself in addition to the users of its service. Airbnb had previously said it would sue if Cuomo approved the bill. ...
Fri, 21 Oct 2016 15:27:00 -0400
Samsung placing product images in Youku videos, targeting Chinese viewers
By Malathi Nayak NEW YORK (Reuters) - Advertising technology company Mirriad says it is working with Samsung Electronics Co Ltd and China's video site Youku to market Samsung products to Chinese viewers who are gravitating toward streaming video content. For instance, in the show "Ode to Joy" on Youku, as two characters emerge from an underground escalator in an urban setting, a billboard at the landing bears an ad for Samsung's Galaxy C phone. After the episode was shot and produced, the ad was inserted by Mirriad's technology over a real billboard at the setting.
Fri, 21 Oct 2016 16:43:16 -0400
San Francisco lawsuit, NYC law highlight global risks for Airbnb
By Heather Somerville and Tina Bellon SAN FRANCISCO/BERLIN (Reuters) - Airbnb, the online lodging service that investors now believe is worth $30 billion, faces a reckoning. Other online marketplaces - such as Amazon, eBay, and Craigslist have cited the same law to shield themselves from liability for any improper transactions among users of their services.
Fri, 21 Oct 2016 16:44:52 -0400
BAT offers to buy U.S. tobacco firm Reynolds in $47 billion deal
By Martinne Geller, Paul Sandle and Pamela Barbaglia LONDON (Reuters) - British American Tobacco has offered to buy out U.S. cigarette maker Reynolds American Inc in a $47 billion takeover that would create the world's biggest listed tobacco company with brands including Newport, Lucky Strike and Pall Mall. The cash-and-stock deal would mark the return of BAT to the lucrative and highly regulated U.S. market after a 12-year absence, making it the only tobacco giant with a leading presence in American and international markets. BAT shares closed down almost 2.9 percent, while Reynolds was up almost 7 percent in afternoon trading in New York.
Fri, 21 Oct 2016 15:41:42 -0400
GE cuts year revenue target on oil, gas weakness, has third quarter profit beat
General Electric Co scaled back expectations for its full-year revenue and profit on Friday, overshadowing third-quarter profit that beat analyst forecasts and sending its shares lower. Weak global economies and low oil prices hit the industrial giant's sales of oil and gas infrastructure equipment especially hard. This limited GE's organic revenue growth, which excludes acquisitions, to just 1 percent in the quarter.
Fri, 21 Oct 2016 14:46:56 -0400
U.S. auto sales in October expected to drop 7 percent: J.D. Power-LMC
U.S. auto sales are forecast to drop more than 7 percent in October from the same period in 2015, the sixth monthly decline so far this year, as automakers offer steep discounts and adjust production to manage inventories, J.D. Power and LMC Automotive said on Friday. The two auto industry consultants said October U.S. new vehicle sales will number 1.347 million, down 7.3 percent from 1.453 million units a year earlier. This October has two fewer auto sales days than October of 2015.
Fri, 21 Oct 2016 14:05:07 -0400
Fund managers focus on Prime memberships to gauge Amazon rally
The strength of Amazon.com Inc's nearly 75 percent rally since February may depend on how many more brown cardboard boxes end up on the doorsteps of U.S. consumers this fall. The share price surge of the internet-based retailer and cloud services company since the market sell-off at the beginning of the year has far outpaced the other so-called FANG stocks of Facebook Inc, Netflix Inc, and Google-parent Alphabet Inc that led the broad U.S. market in 2015. "This stock is priced for perfection, and if they deliver merely perfection it will go down," in the short-term, said Michael Pachter, an analyst at Wedbush Securities in Los Angeles.
Fri, 21 Oct 2016 15:39:15 -0400
N.Y. Fed lowers U.S. third and fourth quarter GDP outlook
The New York Federal Reserve on Friday downgraded its forecasts on U.S. economic growth in the second half of 2016 following data on regional business activities in October and a steep drop in housing starts last month. The regional central bank said its "Nowcast" model projected gross domestic product in the third quarter growing at 2.22 percent versus 2.30 percent a week ago.
Fri, 21 Oct 2016 11:34:51 -0400
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