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Articles related to "business-news"


Path is clear for a year-end rally with key hurdles like the trade war removed

  • Stocks surged to record highs in the past week, as the U.S. and China moved to announce a phase one trade deal that halts tariffs that were set to go into effect Sunday.
  • Stocks gave up some of their best gains Friday, in a sell-the-news move after U.S. and Chinese officials announced the agreement.
  • Liz Ann Sonders, Charles Schwab chief investment strategist, said a trade deal would be a slight positive as it had been largely priced into the market, but if talks had unraveled without an agreement, a new wave of tariffs would have been very negative for stocks.
  • Sonders said she remains focused on U.S. large caps over small caps, and expects the market to have a positive year in 2020.
  • Clearly, traders will be watching the jobless claims Thursday to see if it remains elevated after a two-year high reported in the past week.

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Adobe's stock jumps to record close as investors cheer cloud transition

  • Adobe's six-year transition from packaged software to the cloud has turned it into one of the hottest names in technology and lifted the stock to a record.
  • Shares of the software maker, known for products like Photoshop and Acrobat, climbed almost 4% on Friday to $317.94, the highest close in the company's 23 years on the public market.
  • Like Microsoft, Adobe has transitioned from the old world of desktop and licensed software to cloud and subscriptions, where consumers can access products from a multitude of devices, paying by the month.
  • With a market capitalization of over $150 billion, Adobe is the third most valuable U.S. business software company, behind Microsoft and Oracle.
  • Adobe said in its earnings report that it's projecting fiscal 2020 revenue of $13.15 billion, which would represent 18% growth from $11.17 billion in 2019.
  • Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

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In surprise decision, US approves muscular dystrophy drug

  • U.S. health regulators approved a second drug for a debilitating form of muscular dystrophy, a surprise decision after the medication was rejected for safety concerns just four months ago.
  • The ruling marks the second time the Food and Drug Administration has granted preliminary approval for the disease based on early results and is likely to stoke questions about its standards for clearing largely unproven medications.
  • The FDA said late Thursday it approved Sarepta Therapeutics' Vyondys 53 for patients with a form of Duchenne's muscular dystrophy.
  • In 2016, FDA leaders cleared the company's first muscular dystrophy drug, overruling agency reviewers who said there was little evidence it worked.
  • Analysts said the unexpected decision could bode well for other experimental drugs with questionable study results, including a closely watched drug Alzheimer's drug that will soon come before the agency.

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Goldman is disappointed in trade deal: Tariff rollback 'smaller than expected'

  • As part of the limited deal, the U.S. said it will maintain 25% tariffs on approximately $250 billion of Chinese imports while reducing tariffs on $120 billion in products to 7.5%.
  • The rollback in duties is "smaller than expected," according to Goldman's chief economist Jan Hatzius.
  • U.S. Trade Representative Robert Lighthizer said the two sides hope to sign the deal in the first week of January in Washington.
  • Chinese officials said Beijing will increase agricultural purchases significantly without specifying by how much.
  • Meanwhile, Lighthizer said China pledged to buy a total of $40 billion in agricultural products.
  • While still short on details, many analysts said the deal is positive for stocks as it could boost business confidence and that should spill over to more investment spending and higher corporate profits.

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All the 2020 Democrats in next week's debate threaten to skip event, refuse to cross picket line

  • All of the 2020 Democratic presidential candidates threatened Friday to skip next week's debate as they pledged support for workers in a contract dispute at the university where it will take place.
  • The seven contenders who qualified said they will not cross a picket line at Loyola Marymount University, where the Democratic National Committee will hold Thursday's debate.
  • UNITE HERE 11, a culinary union that represents 150 workers at the university, said it will boycott the event after negotiations with food services company Sodexo fell apart.
  • The other six candidates in the debate followed in saying they would not cross the picket line at Loyola Marymount.
  • UNITE HERE 11, which represents about 32,000 hospitality workers in southern California and Arizona, said workers started picketing at Loyola Marymount last month.
  • Sodexo canceled scheduled negotiations last week, the union said.

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Trade deal reaction, manufacturing gauge, housing data: 3 things to watch for in the markets on Monday

  • Monday will be the first full day of trading after phase one of the U.S.-China trade deal was unveiled.
  • China and the U.S. announced Friday they have reached a phase one trade deal that includes some tariff relief, increased agricultural purchases and structural changes to intellectual property and technology issues.
  • We'll get a read on the health of the manufacturing sector in the New York area on Monday when the New York Federal Reserve releases its Empire State manufacturing survey.
  • Economist polled by Dow Jones are expecting a read of 52.6 for December, the same as November's read.
  • We'll get data on the strength of home building in the U.S. on Monday with the the National Association of Home Builders/Wells Fargo Housing Market Index set to release at 10:00 a.m. Economist polled by Dow Jones are expecting a read of 70 in December, the same as November's read.

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US and China aim to sign phase one deal in January, top Trump trade official says

  • The United States and China hope to sign a phase one trade deal in the first week of January, nearly two years after President Donald Trump launched his trade war, his top trade advisor said Friday.
  • U.S. Trade Representative Robert Lighthizer, one of the lead negotiators in talks with Chinese officials, also told reporters it would still be wise to be skeptical of whether China would deliver on certain agreements.
  • The Trump administration has not promised a future rollback of tariffs, Lighthizer said, adding it would be wise to be skeptical on whether China would deliver on certain agreements.
  • Earlier Friday, Trump and Chinese officials announced that the U.S. and China had agreed to the phase one agreement.
  • China agreed to billions of dollars in agricultural purchases from the U.S., while Trump said he would not move ahead with a new round of tariffs on Sunday, among other items.

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Here's what the new trade deal means for the markets

  • The trade deal agreed to by the U.S. and China diffuses tensions between the world's two largest economies, and could help boost corporate profits and the global economy next year, analysts say.
  • The U.S., in a statement, did say the deal requires structural reforms and other changes by China in the areas of intellectual property, technology transfer, agriculture, financial services, and currency and foreign exchange.
  • But the market was not pricing in any new tariffs, and stocks would have reacted violently had the next round of tariffs on $156 billion in Chinese goods been imposed on Sunday, as threatened.
  • Analysts say the market had anticipated the truce in trade, and will be looking for signs that a deeper agreement will ultimately be reached on the thornier issues intellectual property and technology.

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Larry Kudlow: 'We will see if the Chinese stay with their word'

  • National Economic Council Director Larry Kudlow maintained a cautious optimism around the trade agreement struck by China and the U.S. China and the U.S. agreed on a phase one trade deal on Friday.
  • The agreement — which both sides are aiming to sign in January — includes some tariff relief and a commitment from China to increase its purchases of U.S. agricultural products.
  • However, Kudlow noted that discussions over forced technology transfers — a major sticking point of the trade war since it began — may not be over along with talks about intellectual property protections.
  • Stocks posted small moves on Friday after investors learned the details of the phase one trade agreement.
  • As part of the deal, China will purchase $40 billion in U.S. agricultural products.
  • However, Kudlow said those purchases will be made over a two-year period.
  • Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

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Facebook lost some hard drives in a car break-in, but former employees probably shouldn't worry — here's why

  • In fact the announcement is possibly a testament to Facebook's improved transparency on data protection issues, and the heightened regulatory obligations for telling affected people when there data could possibly be viewed by an outside party.
  • It follows that the Facebook equipment will probably have had the same fate, it's contents wiped, any identifying stickers removed and then propped up for sale on eBay. They may have simply ended up in a massive Bay Area warehouse, like in this case from 2018, where hundreds of laptops and other equipment that had been stolen in cars were recovered, according to the San Jose Mercury News.
  • This has meant that Facebook in particular -- under the microscope as it is -- will probably continue to report every, single arcane and non-impactful security and privacy incident that it experiences as a company.

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