MarketPulse
04:53PMMoody's strips Finland of its triple-A rating by Sue Chang
Moody's Investors Service on Friday downgraded Finland's sovereign rating to Aa1 from Aaa, citing slower economic growth and a vulnerable fiscal position as a result. "Growth over the next five years will remain weak, with planned reforms insufficiently certain and far-reaching to address the economy's significant structural constraints," said Moody's in a statement. However, the outlook on the rating remains stable as the ratings agency believes a further deterioration in Finland's credit profile is limited.
04:35PMPriceline.com's CEO Paul Hennessy resigns ( PCLN ) by Sue Chang
Chief Executive Paul Hennessy of Priceline.com, the flagship of the Priceline Group (PCLN) , has resigned to pursue other opportunities outside of the travel industry, the online travel company said late Friday. Chief Operating Officer Brett Keller has been named interim CEO effective immediately. Shares of Priceline Group were flat in after hours after rising 0.9% to close at $1,301.71.
04:21PMTony Fadell steps down from head of Alphabet's Nest division ( GOOG GOOGL ) by Jeremy C. Owens
After a rocky few months filled with reports of dissatisfaction among his employees, Tony Fadell announced Friday afternoon he is stepping down as head of Alphabet Inc.'s (GOOG) (GOOGL) Nest division. Fadell, a former Apple Inc. (AAPL) executive who led the connected home-device company to a 2014 acquisition by Google and has been at the helm of the division since, said in A BLOG POST the decision has been in the works for months. "Although this news may feel sudden to some, this transition has been in progress since late last year and while I won't be present day to day at Nest, I'll remain involved in my new capacity as an adviser to Alphabet and Larry Page," Fadell wrote. Fadell has been under fire since a founder of Dropcam, another Alphabet acquisition that Fadell was put in charge of, PUBLICLY TOOK HIM TO TASK following reports that more than half the Dropcam team had left. Earlier this week, A COMPLAINT FROM A FORMER EMPLOYEE to the National Labor Relations Board became public, reigniting the controversy. Fadell will be replaced by Marwan Fawaz, who led the Motorola business when it was owned by Google.
04:07PMU.S. stocks retreat as jobs data suggest uncertain economic recovery ( SPX DJIA COMP ) by Sue Chang
U.S. stocks retreated on Friday after economic data indicated that the U.S. economy may not be as robust as thought, dampening expectations of a Federal Reserve interest-rate hike in June. The Labor Department said U.S. companies created just 38,000 new jobs last month, significantly below the 155,000 forecast by economists in a MarketWatch survey. The news comes at a time when investors have come to accept a summer rate increase as a sure bet on steady economic recovery but the weak jobs data are likely to contribute to more volatility in the market. The S&P 500 (SPX) fell 6 points, or 0.3%, to close at 2,099 to finish the week flat. The Dow Jones Industrial Average (DJIA) dropped 31 points, or 0.2%, to end at 17,807 for a weekly loss of 0.4%. The Nasdaq (COMP) shed 29 points, or 0.6%, to close at 4,942 but finished 0.2% higher for the week.
03:24PMLion Biotechnologies' stock rockets in active trade after receipt of $100 million investment ( LBIO ) by Tomi Kilgore
Shares of Lion Biotechnologies Inc. (LBIO) rocketed 38% to a 10-month high Friday, on more than 50 times the daily average volume, after the biotechnology company said it raised $100 million in a private placement of shares. Volume was 9.1 million shares in afternoon trade, compared with the full-day average of about 180,000 shares over the past 30 days, according to FactSet. The company said early Friday it entered into agreements with institutional and other accredited investors to sell a total of 9.7 million common shares at $4.75 each, and 11.4 million Series B preferred non-voting shares, also at $4.75 each. The Series B shares will become convertible to one share of common stock. Separately, Lion said it named Maria Fardis as its Chief Executive, replacing Elma Hawkins, how had been CEO since January 2015. The stock was now up 8.3% year to date, while the S&P 500 has gained 2.8%.
02:48PMOil settles lower, loses 1.4% on week ( CLN6 ) by Myra P. Saefong
Oil futures finished the week with a loss as weak monthly U.S. jobs data and an increase in the number of active U.S. drilling rigs helped send prices down by more than 1% on Friday. July WTI crude (CLN6) settled at $48.62 a barrel on the New York Mercantile Exchange, down 55 cents, or 1.1%. Prices had scored gains over the previous three weeks.
01:56PMGold books best daily gain in 11 weeks after jobs report ( GCQ6 ) by Mark DeCambre
Gold futures, and the broader metals complex, rallied Friday after May employment data showed the U.S. economy created the fewest number of jobs in nearly six years. The yellow metal benefited from weakness in the dollar, which tumbled sharply on mounting prospects of a rate-hike delay by the Federal Reserve. Weakness in the dollar can lift the allure of precious metals priced in the currency. Concerns about shakiness in the U.S. labor market also boosted the haven appeal of gold. August gold gained $30.30, or 2.5%, to settle at $1,242.90 an ounce, marking its best one-day gain since March 17, according to FactSet data.
01:10PMOil futures fall further after Baker Hughes reports rise in U.S. rig counts ( CLN6 BHI ) by Myra P. Saefong
Oil futures lost more ground Friday after Baker Hughes (BHI) showed that THE WEEKLY NUMBER OF ACTIVE U.S. RIGS drilling for crude rose by 9 to 325 as of Friday. The total U.S. rig count climbed by 4 to 408. July crude (CLN6) was at $48.35 a barrel on the New York Mercantile Exchange, down 82 cents, or 1.7%, from Thursday's settlement. It was trading at $48.70 before the data. |
