Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. Tension between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potenti


Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. Tension between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potenti
Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, progress, pompeo, program, state, drops, production, negotiate, crude, session, oil, data, earlier, iran, missile, futures, ready, prices


Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast.

Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09.

West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day.

“What were tailwinds have become headwinds,” said Bob Yawger, director of energy futures at Mizuho in New York. He said the same tensions between the United States and Iran that had driven prices higher earlier in the session were putting a damper on the market after Trump’s comments.

Trump said on Tuesday a lot of progress had been made with Iran and that he was not looking for regime change in the country.

Trump, who made the remarks at a Cabinet meeting in the White House, did not give details about the progress, but U.S. Secretary of State Mike Pompeo said at the meeting Iran had said it was prepared to negotiate about its missile program.

Tension between the United States and Iran over Tehran’s nuclear program have previously lent support to oil futures, given the potential for a price spike should the situation deteriorate.

Uncertainty about China’s economic prospects also pressured prices lower after data on Monday showed that growth in the country slowed to 6.2% from a year earlier, the weakest pace in at least 27 years.

Additionally, U.S. oil companies on Monday began restoring some of the nearly 74% of production that was shut at platforms in the Gulf of Mexico because of Hurricane Barry.

Workers were returning to the more than 280 production platforms that had been evacuated. It can take several days for full production to resume.

The storm will probably result in a noticeable decline in U.S. crude oil stocks this week, analysts at Commerzbank said.

Inventory data will be published by the American Petroleum Institute on Tuesday evening, and by the U.S. Department of Energy on Wednesday.

However, some say the bullish inventory data is structural, and not attributable only to the storm.

“Beyond the storm we feel we’re in a tightening inventory mode through August,” said Phil Flynn, an analyst with Price Futures Group in Chicago.


Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, progress, pompeo, program, state, drops, production, negotiate, crude, session, oil, data, earlier, iran, missile, futures, ready, prices


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Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day. Trump said on Tuesday a lot of progress had been made with Iran and


Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast. Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09. West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day. Trump said on Tuesday a lot of progress had been made with Iran and
Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, futures, crude, program, session, progress, ready, state, iran, oil, prices, barrel, earlier, negotiate, pompeo, drops, tensions, missile, high


Oil drops more than 3% after State Secretary Pompeo says Iran is ready to negotiate about its missile program

Oil prices turned lower on Tuesday, falling by about $2 a barrel as U.S. President Donald Trump said progress has been made with Iran, signaling tensions could ease in the Mideast.

Brent crude futures were down $2.56 or 3.7% at $63.86 a barrel, after hitting a session high of $67.09.

West Texas Intermediate crude futures fell by $2.46 or 4.2% to $57.09 a barrel. The U.S. benchmark hit a session high of $60.06 earlier in the day.

“What were tailwinds have become headwinds,” said Bob Yawger, director of energy futures at Mizuho in New York. He said the same tensions between the United States and Iran that had driven prices higher earlier in the session were putting a damper on the market after Trump’s comments.

Trump said on Tuesday a lot of progress had been made with Iran and that he was not looking for regime change in the country.


Company: cnbc, Activity: cnbc, Date: 2019-07-16
Keywords: news, cnbc, companies, secretary, futures, crude, program, session, progress, ready, state, iran, oil, prices, barrel, earlier, negotiate, pompeo, drops, tensions, missile, high


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This is what super savers who plan to retire early are doing differently

If you want to retire early, just setting and forgetting when it comes to your savings strategy won’t cut it. Just ask a new crop of investors dubbed “super savers.” And their efforts are paying off, according to an online survey from TD Ameritrade. The results show that 57% of super savers plan to retire earlier than their parents did, versus 46% of non-savers. “Most are choosing this path because they’re looking at the freedom and flexibility it offers,” said Dara Luber, senior manager of reti


If you want to retire early, just setting and forgetting when it comes to your savings strategy won’t cut it. Just ask a new crop of investors dubbed “super savers.” And their efforts are paying off, according to an online survey from TD Ameritrade. The results show that 57% of super savers plan to retire earlier than their parents did, versus 46% of non-savers. “Most are choosing this path because they’re looking at the freedom and flexibility it offers,” said Dara Luber, senior manager of reti
This is what super savers who plan to retire early are doing differently Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: lorie konish
Keywords: news, cnbc, companies, ameritrade, super, savers, differently, freedom, early, retirement, td, doing, retire, looking, plan, theyre, earlier


This is what super savers who plan to retire early are doing differently

If you want to retire early, just setting and forgetting when it comes to your savings strategy won’t cut it.

Just ask a new crop of investors dubbed “super savers.” These Americans, ages 45 and up, are putting away at least 20% of their income. That’s $1 out of every $5.

And their efforts are paying off, according to an online survey from TD Ameritrade. The results show that 57% of super savers plan to retire earlier than their parents did, versus 46% of non-savers.

“Most are choosing this path because they’re looking at the freedom and flexibility it offers,” said Dara Luber, senior manager of retirement product at TD Ameritrade. “They are looking for financial security and peace of mind, and they’re thinking that their retirement will be like a second childhood.”

If you want the same freedom in your golden years (or earlier), here’s what you need to do.


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: lorie konish
Keywords: news, cnbc, companies, ameritrade, super, savers, differently, freedom, early, retirement, td, doing, retire, looking, plan, theyre, earlier


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Explosions on two oil tankers near Iran send oil prices 2% higher

Oil prices jumped as much as 4% on Thursday following attacks on tanker ships off the coast of Iran, renewing fears of conflict in the Middle East following a series of strikes last month. The attacks occurred in the Gulf of Oman, near the Strait of Hormuz, the world’s busiest sea lane for oil shipments. Brent crude, the international benchmark for oil prices, was up $1.22, or 2%, at $61.19 per barrel around 12:30 p.m. Oil prices earlier fell toward five-month lows on Thursday, continuing a stee


Oil prices jumped as much as 4% on Thursday following attacks on tanker ships off the coast of Iran, renewing fears of conflict in the Middle East following a series of strikes last month. The attacks occurred in the Gulf of Oman, near the Strait of Hormuz, the world’s busiest sea lane for oil shipments. Brent crude, the international benchmark for oil prices, was up $1.22, or 2%, at $61.19 per barrel around 12:30 p.m. Oil prices earlier fell toward five-month lows on Thursday, continuing a stee
Explosions on two oil tankers near Iran send oil prices 2% higher Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: natasha turak tom dichristopher, natasha turak, tom dichristopher
Keywords: news, cnbc, companies, higher, send, ships, attacks, iran, iranian, crude, incident, according, earlier, near, explosions, tankers, prices, oil


Explosions on two oil tankers near Iran send oil prices 2% higher

Oil prices jumped as much as 4% on Thursday following attacks on tanker ships off the coast of Iran, renewing fears of conflict in the Middle East following a series of strikes last month.

The vessels sustained significant damage and their crews have been evacuated, according to shipping agents and chartering sources. The attacks occurred in the Gulf of Oman, near the Strait of Hormuz, the world’s busiest sea lane for oil shipments.

It was not immediately clear who was responsible for the attacks, but the incident occurred against the backdrop of heightened tension within the Middle East and between the U.S. and Iran. The Iranian leadership has repeatedly threatened to block traffic in the Strait of Hormuz in retaliation for U.S. sanctions on the Islamic Republic.

Brent crude, the international benchmark for oil prices, was up $1.22, or 2%, at $61.19 per barrel around 12:30 p.m. ET (1630 GMT). Brent earlier rose more than 4% to $62.64.

U.S. West Texas Intermediate crude rose $1.09, or 2.1%, to $52.23, after topping out at $53.45 earlier in the session.

Oil prices earlier fell toward five-month lows on Thursday, continuing a steep slide fueled by concerns that the U.S.-China trade war will slow global growth and dent fuel demand. On Wednesday, crude futures fell 4% on the ongoing demand fears and another big jump in U.S. crude stockpiles.

OPEC on Thursday cut its forecast for oil demand growth in 2019 as the 14-nation producer group pumped at its lowest level in five years.

But the attacks in the Gulf of Oman renewed geopolitical concerns that have largely abated in recent weeks.

“This is the kind of nightmare headline that you don’t necessarily want to wake up to,” John Kilduff, founding partner at energy hedge fund Again Capital, told CNBC’s “Squawk Box.”

The Trump administration believes it knows who is responsible for the incident and will make its conclusions public on Thursday, according to Bloomberg News. Separately, a spokesperson for the Saudi-led military coalition waging war in Yemen said he can connect Thursday’s attack to a previous tanker strike by Yemen’s Iran-backed Houthi rebels, Reuters reported.

Iran has been hosting Japanese Prime Minister Shinzo Abe for a two-day visit aimed at easing tensions between Tehran and Washington. Iranian Foreign Minister Javad Zarif addressed Thursday’s incident on Twitter, writing, “Suspicious doesn’t begin to describe what likely transpired this morning.”

The Iranian navy is investigating the incidents, according to state-owned news agency IRNA. The crew aboard the ships were initially picked up by nearby ships, but have been transferred to Iranian rescue vessels and brought to a port in southern Iran, according to IRNA.

A spokesman for the U.S. Navy’s Fifth Fleet in Bahrain told The Associated Press that his command was “aware” of the incident and was seeking further details. U.S. naval ships are in the area and are “rendering assistance” after forces in the region received two separate distress calls, the Fifth Fleet said.


Company: cnbc, Activity: cnbc, Date: 2019-06-13  Authors: natasha turak tom dichristopher, natasha turak, tom dichristopher
Keywords: news, cnbc, companies, higher, send, ships, attacks, iran, iranian, crude, incident, according, earlier, near, explosions, tankers, prices, oil


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Syria, Israel exchange fire amid regional tension

Israel, in a rare statement acknowledging firing into Syria, said it was responding to an anti-aircraft fire from Syria against one of its combat planes. The back-to-back statements come amid heightened regional tension over Iran’s role in Syria and other parts of the Middle East. They also follow a number of reported Israeli strikes on Syria in the past ten days, according to state run media. Israel said it was responding after an anti-aircraft fire from Syria targeted one of its combat planes


Israel, in a rare statement acknowledging firing into Syria, said it was responding to an anti-aircraft fire from Syria against one of its combat planes. The back-to-back statements come amid heightened regional tension over Iran’s role in Syria and other parts of the Middle East. They also follow a number of reported Israeli strikes on Syria in the past ten days, according to state run media. Israel said it was responding after an anti-aircraft fire from Syria targeted one of its combat planes
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Company: cnbc, Activity: cnbc, Date: 2019-05-27
Keywords: news, cnbc, companies, antiaircraft, exchange, syria, statement, tension, military, syrian, targeted, state, amid, strikes, earlier, israeli, israel, regional


Syria, Israel exchange fire amid regional tension

Israeli Merkava tanks participate in a drill near the border with Syria at the Israeli-annexed Golan Heights on May 6, 2013.

Syria said an Israeli attack against a military post in the country’s south on Monday killed a soldier and injured another. Israel, in a rare statement acknowledging firing into Syria, said it was responding to an anti-aircraft fire from Syria against one of its combat planes.

The back-to-back statements come amid heightened regional tension over Iran’s role in Syria and other parts of the Middle East. They also follow a number of reported Israeli strikes on Syria in the past ten days, according to state run media.

Israel does not usually comment on reports concerning its strikes in neighboring Syria, though it has recently acknowledged striking Iranian targets there.

Syrian state TV al-Ikhbariya quoted a military official saying that the Israeli attack came shortly after 21:00 local time (18:00 GMT) and targeted a military outpost east of Khan Arnabeh, a town in Quneitra on the edge of the Israeli-occupied Golan Heights. An earlier statement on state media said one military vehicle was also damaged when a rocket landed in Tal al-Shaar in Quneitra.

Israel said it was responding after an anti-aircraft fire from Syria targeted one of its combat planes in Israeli airspace.

A statement from the Israeli army said that earlier Monday a Syrian anti-aircraft system fired at one of its aircraft “as it was carrying out a routine flight in Israel. The projectile landed in Syrian territory. In response, we targeted the Syrian launcher that was responsible for firing it.”

The Israeli military “sees any threat against its aircraft with great severity and takes measures to defend them.”

Israel’s prime minister said in statement shortly afterward that the Syrian army “tried to harm an Israeli plane, it didn’t succeed.”

“Our policy is clear — we are not prepared to tolerate any aggression against us, we will retaliate against it forcefully and decisively,” the statement said.

Syrian media had reported earlier this month two incidents in which Israeli strikes hit inside southern Syria.


Company: cnbc, Activity: cnbc, Date: 2019-05-27
Keywords: news, cnbc, companies, antiaircraft, exchange, syria, statement, tension, military, syrian, targeted, state, amid, strikes, earlier, israeli, israel, regional


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Fading fears of a ‘hard landing’ for China’s economy could push stocks higher, strategist predicts

Hofer cautioned that more data is needed to confirm whether a “soft landing” will be achieved. And if it is, stocks will likely push higher, he predicted, while pointing out that it will not be at the pace seen so far this year. “But at least we can hold on to what we have, which is already quite important, and so profit-taking should actually be quite minimal,” Hofer said. Speaking earlier on CNBC’s “Street Signs,” Hofer described such a deal as one that contains methods for enforcement and mon


Hofer cautioned that more data is needed to confirm whether a “soft landing” will be achieved. And if it is, stocks will likely push higher, he predicted, while pointing out that it will not be at the pace seen so far this year. “But at least we can hold on to what we have, which is already quite important, and so profit-taking should actually be quite minimal,” Hofer said. Speaking earlier on CNBC’s “Street Signs,” Hofer described such a deal as one that contains methods for enforcement and mon
Fading fears of a ‘hard landing’ for China’s economy could push stocks higher, strategist predicts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: kelly olsen
Keywords: news, cnbc, companies, strategist, quite, visible, landing, stocks, push, fears, economy, hofer, earlier, yearbut, hard, predicts, likely, china, higher, fading, deal, quarter


Fading fears of a 'hard landing' for China's economy could push stocks higher, strategist predicts

Hofer cautioned that more data is needed to confirm whether a “soft landing” will be achieved. And if it is, stocks will likely push higher, he predicted, while pointing out that it will not be at the pace seen so far this year.

“But at least we can hold on to what we have, which is already quite important, and so profit-taking should actually be quite minimal,” Hofer said.

The strategist said that a further “gentle 5, 10, 15 percent” in gains is possible the rest of the year, adding that “green shoots of recovery” are visible and will likely increase.

“And if you do have that U.S.-China trade deal that we’re expecting, which is a higher quality one, then investor sentiment in China is going to go through the roof and it should be relatively clear sailing,” he said.

Speaking earlier on CNBC’s “Street Signs,” Hofer described such a deal as one that contains methods for enforcement and monitoring.

“If all we get is an agreement from China to buy more U.S. agricultural product, I think the market will be very disappointed with that,” he said.

China is scheduled to release economic growth numbers for the first quarter of 2019 on Wednesday and economists polled by Reuters expect GDP to increase 6.3 percent from the same period last year. China’s economy grew 6.4 percent in the last quarter of 2018 from a year earlier.


Company: cnbc, Activity: cnbc, Date: 2019-04-15  Authors: kelly olsen
Keywords: news, cnbc, companies, strategist, quite, visible, landing, stocks, push, fears, economy, hofer, earlier, yearbut, hard, predicts, likely, china, higher, fading, deal, quarter


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People often claim their Social Security earlier than they need to

Many people who wind up with a smaller Social Security check because they claim their benefit early could have waited longer to file, thanks to funds in their individual retirement account. More than a third of beneficiaries who claim their Social Security before 66 — the current full retirement age for most people — have enough money in an IRA to finance the equivalent of at least two years of Social Security benefits, the researchers found. Delaying your Social Security is one of the best ways


Many people who wind up with a smaller Social Security check because they claim their benefit early could have waited longer to file, thanks to funds in their individual retirement account. More than a third of beneficiaries who claim their Social Security before 66 — the current full retirement age for most people — have enough money in an IRA to finance the equivalent of at least two years of Social Security benefits, the researchers found. Delaying your Social Security is one of the best ways
People often claim their Social Security earlier than they need to Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: annie nova, getty images
Keywords: news, cnbc, companies, ira, shah, monthly, claim, social, security, need, earlier, retirement, finance, study, researchers


People often claim their Social Security earlier than they need to

Many people who wind up with a smaller Social Security check because they claim their benefit early could have waited longer to file, thanks to funds in their individual retirement account.

That’s the finding from a recently published study in the Journal of Pension Economics & Finance.

“It seems like there is a significant portion of the population claiming early even though they have the potential to finance a delay,” said Gopi Shah Goda, a co-author of the study and deputy director and senior fellow at the Stanford Institute for Economic Policy Research.

More than a third of beneficiaries who claim their Social Security before 66 — the current full retirement age for most people — have enough money in an IRA to finance the equivalent of at least two years of Social Security benefits, the researchers found. A quarter of them had enough to finance at least four years.

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An IRA is a tax-advantaged investment account in which you can contribute up to $6,000 a year (older savers can put away more). You can start withdrawing from the account at 59½, without penalties, although you will owe income taxes on the amount taken out.

The researchers studied tax data on individuals between the ages of 59 and 71 from the 1940 birth cohort. They also found that other available liquid assets, including stocks, bonds and certificates of deposit, could help people postpone their claiming date further still.

Delaying your Social Security is one of the best ways to expand your retirement income. Your monthly check from the government will often be three-quarters larger if you claim at 70 instead of at 62, said Laurence Kotlikoff, an economics professor at Boston University and the author of “Get What’s Yours: The Secrets to Maxing Out Your Social Security.”

Some people might not want to drain their IRA, fearing they’ll be slapped with a large medical bill at some point, Shah Goda said. You can withdraw a lump sum from your IRA, of course, whereas your Social Security is paid in monthly installments.


Company: cnbc, Activity: cnbc, Date: 2019-04-12  Authors: annie nova, getty images
Keywords: news, cnbc, companies, ira, shah, monthly, claim, social, security, need, earlier, retirement, finance, study, researchers


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Campbell nears deal to sell Bolthouse Farms to its former executive

Campbell Soup is nearing a deal to sell Bolthouse Farms to its former CEO for roughly half of what it paid for the carrot and juice company seven years ago, a person familiar tells CNBC. The soup company is in advanced talks to sell Bolthouse Farms to an investor group led by former CEO, Jeffrey Dunn, for roughly $500 million, the person said. Campbell paid $1.55 billion for Bolthouse Farms in 2012, when the brand had more than $100 million in earnings before interest, taxes, depreciation and am


Campbell Soup is nearing a deal to sell Bolthouse Farms to its former CEO for roughly half of what it paid for the carrot and juice company seven years ago, a person familiar tells CNBC. The soup company is in advanced talks to sell Bolthouse Farms to an investor group led by former CEO, Jeffrey Dunn, for roughly $500 million, the person said. Campbell paid $1.55 billion for Bolthouse Farms in 2012, when the brand had more than $100 million in earnings before interest, taxes, depreciation and am
Campbell nears deal to sell Bolthouse Farms to its former executive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: lauren hirsch, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, farms, soup, earlier, food, person, executive, nears, business, million, bolthouse, campbell, company, sell, deal, fresh


Campbell nears deal to sell Bolthouse Farms to its former executive

Campbell Soup is nearing a deal to sell Bolthouse Farms to its former CEO for roughly half of what it paid for the carrot and juice company seven years ago, a person familiar tells CNBC.

The soup company is in advanced talks to sell Bolthouse Farms to an investor group led by former CEO, Jeffrey Dunn, for roughly $500 million, the person said. The deal is pending board approval, which could come as soon as this week, the person added.

Campbell paid $1.55 billion for Bolthouse Farms in 2012, when the brand had more than $100 million in earnings before interest, taxes, depreciation and amortization. It is now losing money, CNBC has reported.

Should the deal be consummated, it would mark the end to a strategy heralded by former CEO Denise Morrison. Morrison, who resigned abruptly last year, had pushed the soup company to take cash flow from its profitable but slowing soup business and invest it into more on-trend areas of the grocery store like fresh food.

The fresh food industry, though, proved to be a poor fit for Campbell. The industry requires expertise in agriculture that Campbell lacked. It is difficult as a public company to manage a fresh food business, which is subject to the whims of the weather, contrary to the predictability public investors demand. An ill-timed California drought further exacerbated Campbell’s challenges with Bolthouse.

Campbell earlier this year sold its Garden Fresh Gourmet salsa business to an affiliate of hummus and dip company Fountain of Health USA for an undisclosed amount. It bought the brand for $231 million in 2015.

Campbell is selling its fresh food business, along with its international snack brands, to help pay down debt. The company more than tripled its debt load to help finance its $6.1 billion acquisition of snack business Snyder’s-Lance earlier this year.

The Wall Street Journal first reported earlier Thursday the advanced talks. The person requested anonymity because the information is confidential. A spokesperson for Campbell said the company does not comment on rumor or speculation. Dunn didn’t immediately respond to a request for comment.

WATCH: How Campbell Soup fell off its perch


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: lauren hirsch, andrew harrer, bloomberg, getty images
Keywords: news, cnbc, companies, farms, soup, earlier, food, person, executive, nears, business, million, bolthouse, campbell, company, sell, deal, fresh


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Southwest cuts revenue outlook on Boeing 737 Max groundings

Southwest Airlines trimmed its revenue forecast Wednesday, citing the grounding of its Boeing 737 Max planes. The Federal Aviation Administration grounded Boeing 737 Max planes earlier this month following two fatal crashes. Investigators have noted “clear similarities” between an Ethiopian Airlines crash of a 737 Max on March 10 and another deadly crash of that model of plane in Indonesia in October. Southwest operates an all-Boeing 737 fleet, and has 34 737 Max 8 planes in its fleet of about 7


Southwest Airlines trimmed its revenue forecast Wednesday, citing the grounding of its Boeing 737 Max planes. The Federal Aviation Administration grounded Boeing 737 Max planes earlier this month following two fatal crashes. Investigators have noted “clear similarities” between an Ethiopian Airlines crash of a 737 Max on March 10 and another deadly crash of that model of plane in Indonesia in October. Southwest operates an all-Boeing 737 fleet, and has 34 737 Max 8 planes in its fleet of about 7
Southwest cuts revenue outlook on Boeing 737 Max groundings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: leslie josephs, mike blake
Keywords: news, cnbc, companies, 737, earlier, revenue, quarter, expects, planes, crash, cuts, forecast, outlook, southwest, groundings, boeing, max


Southwest cuts revenue outlook on Boeing 737 Max groundings

Southwest Airlines trimmed its revenue forecast Wednesday, citing the grounding of its Boeing 737 Max planes.

The Dallas-based airline expects its revenue per available seat mile, a key industry metric of how much an airline generates for each seat it flies a mile, to grow 2 to 3 percent compared with an earlier forecast of as much as 4 percent.

Southwest shares were up 1.5 percent in late-morning trading.

The Federal Aviation Administration grounded Boeing 737 Max planes earlier this month following two fatal crashes. Investigators have noted “clear similarities” between an Ethiopian Airlines crash of a 737 Max on March 10 and another deadly crash of that model of plane in Indonesia in October.

Southwest operates an all-Boeing 737 fleet, and has 34 737 Max 8 planes in its fleet of about 750 aircraft. The carrier said it expects to have canceled 9,400 flights in the first quarter, 2,800 of them because of the grounded Max planes.

Southwest said its operating costs, excluding fuel, in the quarter will likely rise 10 percent from a year ago, up from a previous forecast of a 6 percent year-over-year increase.

The airline said it expects to lose $150 million in revenue in the first quarter of 2019, up from a February estimate of $60 million, due to weather-related cancellations, maintenance issues, weak leisure-travel demand and the Max groundings.

It’s a small amount compared with the $5.3 billion in revenue analysts expect Southwest to generate in the first three months of 2019, but investors are focused on how the suspension of the 737 Max planes will financially impact airlines.

American Airlines earlier this week said it planned to cancel about 90 flights a day through April 24 due to the Max grounding. That period encompasses the busy Easter and Passover travel period.

Boeing is scheduled on Wednesday morning to outline the changes to a piece of software that Indonesian investigators have indicated played a role in the Lion Air crash in October.

“Due to the current uncertainty regarding the duration of the Max groundings and any requirements for reinstatement of the aircraft into service, it is difficult for the company to forecast the impact of the MAX groundings beyond first quarter 2019,” Southwest said.

As of March 13, Southwest said it had 41 deliveries of Max planes scheduled for this year.

Southwest reports first-quarter earnings in late April.


Company: cnbc, Activity: cnbc, Date: 2019-03-27  Authors: leslie josephs, mike blake
Keywords: news, cnbc, companies, 737, earlier, revenue, quarter, expects, planes, crash, cuts, forecast, outlook, southwest, groundings, boeing, max


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Stocks in Japan rebound following earlier tumble amid global growth worries

Stocks in Japan bounced back partially on Tuesday after the previous day’s heavy losses as concerns over the global economy weighed on investor sentiment. Following its Monday tumble, the Nikkei 225 rose 2.15 percent to close at 21,428.39, with shares of robot maker and index heavyweight Fanuc gaining 1.70 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was fractionally higher at 522.41 as of 3:17 p.m. HK/SIN. In Hong Kong, the Hang Seng index slipped 0.19 percent in its fina


Stocks in Japan bounced back partially on Tuesday after the previous day’s heavy losses as concerns over the global economy weighed on investor sentiment. Following its Monday tumble, the Nikkei 225 rose 2.15 percent to close at 21,428.39, with shares of robot maker and index heavyweight Fanuc gaining 1.70 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan was fractionally higher at 522.41 as of 3:17 p.m. HK/SIN. In Hong Kong, the Hang Seng index slipped 0.19 percent in its fina
Stocks in Japan rebound following earlier tumble amid global growth worries Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-26  Authors: eustance huang
Keywords: news, cnbc, companies, trading, tumble, worries, shares, stock, rebound, lows, index, day, slipped, following, earlier, amid, rose, lynas, stocks, global, japan, shenzhen, growth


Stocks in Japan rebound following earlier tumble amid global growth worries

Stocks in Japan bounced back partially on Tuesday after the previous day’s heavy losses as concerns over the global economy weighed on investor sentiment.

Following its Monday tumble, the Nikkei 225 rose 2.15 percent to close at 21,428.39, with shares of robot maker and index heavyweight Fanuc gaining 1.70 percent. The Topix index also added 2.57 percent to end its trading day at 1,617.94..

Nintendo saw its stock surge 4.76 percent on the day following a Monday report by the Wall Street Journal that it is set to launch new models of its Switch video game console later this year.

MSCI’s broadest index of Asia-Pacific shares outside Japan was fractionally higher at 522.41 as of 3:17 p.m. HK/SIN.

Mainland Chinese shares closed lower, with the Shanghai composite slipping 1.51 percent to 2,997.10 and the Shenzhen component declining 1.94 percent to 9,513.00. The Shenzhen composite declined 2.176 percent to 1,639.94.

In Hong Kong, the Hang Seng index slipped 0.19 percent in its final hour of trading.

Over in South Korea, the Kospi closed 0.18 percent higher at 2,148.80. Shares of Samsung Electronics slipped 0.55 percent after the company issued a warning on its first-quarter earnings.

Meanwhile, shares in Australia rose as the ASX 200 rose fractionally to close at 6,130.60.

Stocks of Australian conglomerate Wesfarmers dropped 3.51 percent after the company announced a bid for embattled rare earths miner Lynas, whose own stock was earlier placed on a trading halt. For its part, Lynas shares skyrocketed 35.05 percent on the day following its return to trade.

The developments came as Lynas’ shares have dragged along near 18-month lows as it faces hurdles over environmental license in Malaysia where its chemicals plant is located, according to Reuters.

“Share markets are due a correction or pullback after rallying strongly since their December lows and worries about inverted yields curves and the growth outlook could provide the trigger,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, said in a note.

Oliver did add, however, that “US and global recession still looks to be a fair way off and we continue to see this being a reasonably good year for shares.”


Company: cnbc, Activity: cnbc, Date: 2019-03-26  Authors: eustance huang
Keywords: news, cnbc, companies, trading, tumble, worries, shares, stock, rebound, lows, index, day, slipped, following, earlier, amid, rose, lynas, stocks, global, japan, shenzhen, growth


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