European markets edge lower after Brexit talks fail to reach a breakthrough; Convatec shares fall 30%

The pan-European Stoxx 600 was down around 0.1 percent shortly after the opening bell, with most sectors and major bourses in negative territory. Many investors remained in a cautious mood on Monday, following an abrupt market shakeout in the previous trading week. Looking at individual stocks, Britain’s Convatec tumbled to the bottom of the European benchmark during early morning deals, shortly after CEO Paul Moraviec told the company’s board he wishes to retire. The global medical products and


The pan-European Stoxx 600 was down around 0.1 percent shortly after the opening bell, with most sectors and major bourses in negative territory. Many investors remained in a cautious mood on Monday, following an abrupt market shakeout in the previous trading week. Looking at individual stocks, Britain’s Convatec tumbled to the bottom of the European benchmark during early morning deals, shortly after CEO Paul Moraviec told the company’s board he wishes to retire. The global medical products and
European markets edge lower after Brexit talks fail to reach a breakthrough; Convatec shares fall 30% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: sam meredith
Keywords: news, cnbc, companies, uschina, trading, week, global, tumbled, wishes, war, lower, shares, talks, convatec, edge, fail, fall, earnings, european, shortly, markets, yields, reach


European markets edge lower after Brexit talks fail to reach a breakthrough; Convatec shares fall 30%

The pan-European Stoxx 600 was down around 0.1 percent shortly after the opening bell, with most sectors and major bourses in negative territory.

Many investors remained in a cautious mood on Monday, following an abrupt market shakeout in the previous trading week. The global sell-off was blamed on a series of factors, including the impact of a U.S.-China trade war, a spike in U.S. bond yields and nervousness ahead of earnings season.

Looking at individual stocks, Britain’s Convatec tumbled to the bottom of the European benchmark during early morning deals, shortly after CEO Paul Moraviec told the company’s board he wishes to retire. The global medical products and technologies firm also cut its full-year forecast on Monday, prompting shares to tank more than 30 percent.

Meanwhile, Chr. Hansen surged towards the top of the index amid earnings news. The Copenhagen-listed stock rose more than 4 percent after it reported slightly better-than-expected fourth-quarter results.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: sam meredith
Keywords: news, cnbc, companies, uschina, trading, week, global, tumbled, wishes, war, lower, shares, talks, convatec, edge, fail, fall, earnings, european, shortly, markets, yields, reach


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US futures point to a triple-digit fall amid Saudi Arabia tensions

U.S. stock index futures pulled back ahead of Monday’s open, as investors kept a close eye on a potential slowdown in the Chinese economy and monitored simmering tensions between Saudi Arabia and the West. ET, Dow futures were seen more than 134 points lower, indicating a negative open of 153 points. Futures on the S&P and Nasdaq were also seen relatively downbeat on Monday morning. As the new week kicks into action, many investors remained in a cautious mood following an abrupt market shakeout


U.S. stock index futures pulled back ahead of Monday’s open, as investors kept a close eye on a potential slowdown in the Chinese economy and monitored simmering tensions between Saudi Arabia and the West. ET, Dow futures were seen more than 134 points lower, indicating a negative open of 153 points. Futures on the S&P and Nasdaq were also seen relatively downbeat on Monday morning. As the new week kicks into action, many investors remained in a cautious mood following an abrupt market shakeout
US futures point to a triple-digit fall amid Saudi Arabia tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: sam meredith
Keywords: news, cnbc, companies, points, set, tensions, trading, previous, seen, open, futures, amid, investors, fall, point, saudi, tripledigit, arabia, sp, week


US futures point to a triple-digit fall amid Saudi Arabia tensions

U.S. stock index futures pulled back ahead of Monday’s open, as investors kept a close eye on a potential slowdown in the Chinese economy and monitored simmering tensions between Saudi Arabia and the West.

At around 4:30 a.m. ET, Dow futures were seen more than 134 points lower, indicating a negative open of 153 points. Futures on the S&P and Nasdaq were also seen relatively downbeat on Monday morning.

As the new week kicks into action, many investors remained in a cautious mood following an abrupt market shakeout in the previous trading week. The global sell-off was blamed on a series of factors, including the impact of a U.S.-China trade war, a spike in U.S. bond yields and nervousness ahead of earnings season.

U.S. stocks finished almost 300 points higher on Friday but still registered steep losses for the week as investors fretted over rising interest rates. The Dow and S&P 500 finished the previous trading week down more than 4 percent, while the Nasdaq posted a 3.7 percent weekly loss.

Retail sales figures for September are scheduled to be published at around 8:30 a.m. ET on Monday. Later in the session, Empire State Manufacturing Index data for October and business inventories data for August are both set to be released at around 10:00 a.m.

On the earnings front, Bank of America and Charles Schwab are both set to publish their latest figures before the opening bell.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: sam meredith
Keywords: news, cnbc, companies, points, set, tensions, trading, previous, seen, open, futures, amid, investors, fall, point, saudi, tripledigit, arabia, sp, week


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Goldman warns Apple’s earnings could fall short this year on ‘rapidly slowing’ demand in China

Apple earnings may disappoint investors because of a marked deterioration in Chinese demand for iPhones, Goldman Sachs says. “There are multiple signs of rapidly slowing consumer demand in China which we believe could easily affect Apple’s demand there this fall,” Goldman analyst Rod Hall said in an investor note Sunday. Hall’s current projections set Apple diluted earnings per share at $11.78 for the current fiscal year and $13.77 for 2019. “Much of Apple’s upside potential in our thinking was


Apple earnings may disappoint investors because of a marked deterioration in Chinese demand for iPhones, Goldman Sachs says. “There are multiple signs of rapidly slowing consumer demand in China which we believe could easily affect Apple’s demand there this fall,” Goldman analyst Rod Hall said in an investor note Sunday. Hall’s current projections set Apple diluted earnings per share at $11.78 for the current fiscal year and $13.77 for 2019. “Much of Apple’s upside potential in our thinking was
Goldman warns Apple’s earnings could fall short this year on ‘rapidly slowing’ demand in China Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: thomas franck, peter parks, afp, getty images
Keywords: news, cnbc, companies, analyst, slowing, earnings, consumer, short, demand, warns, rapidly, goldman, current, china, apple, hall, apples, fall


Goldman warns Apple's earnings could fall short this year on 'rapidly slowing' demand in China

Apple earnings may disappoint investors because of a marked deterioration in Chinese demand for iPhones, Goldman Sachs says.

“There are multiple signs of rapidly slowing consumer demand in China which we believe could easily affect Apple’s demand there this fall,” Goldman analyst Rod Hall said in an investor note Sunday.

Though Hall admitted that the smartphone market in China showed some signs of improvement in the second quarter, his forecast for third-quarter unit sales shows a decline of 15 percent year over year. While the analyst expects Apple’s latest phones — including the larger XR and XS Max — to counter some of the softening demand, the overall decline in phone demand could be costly to CEO Tim Cook’s bottom line.

Hall’s current projections set Apple diluted earnings per share at $11.78 for the current fiscal year and $13.77 for 2019. Shares of Apple fell 1.6 percent Monday morning following the Goldman note, but are up 29 percent in 2018.

Apple’s bigger smartphones “could at least partially offset negative macro indications though we doubt it completely solves the problem if Chinese consumer demand continues to be weak as we move through the critical holiday buying season,” Hall said.

In a worst-case scenario for Cupterino, California-based Apple, the calendar fourth-quarter earnings per share could end 4 percent below Goldman’s current estimate, the analyst said. Hall has a neutral rating on Apple shares and his 12-month price target of $240 implies 8 percent upside over the next year.

“Much of Apple’s upside potential in our thinking was centered on Chinese demand for larger screen sizes,” the analyst wrote. “Should weak consumer demand persist and impact the higher end of the market Apple’s potential to beat and raise in FQ4’18 earnings is likely reduced.”

The analyst said his current December-quarter iPhone unit estimate of 80 million units includes 13 million from China, or 16 percent of total iPhone units. That’s down from 19 percent from China in the December 2017 quarter and 18 percent in December 2016.


Company: cnbc, Activity: cnbc, Date: 2018-10-15  Authors: thomas franck, peter parks, afp, getty images
Keywords: news, cnbc, companies, analyst, slowing, earnings, consumer, short, demand, warns, rapidly, goldman, current, china, apple, hall, apples, fall


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Timeline: The rise and fall of Sears

Sears Holdings is on the verge of filing for bankruptcy after 125 years in business, closing a chapter in the company’s long-and-storied history. Founded in 1893 as Sears, Roebuck and Co., it’s been a long and slow fall for the department store chain over the last few decades. Sears, which merged with Kmart in 2004, had a combined 355,000 employees and more than 3,500 stores in 2006. Its workforce totaled less than 90,000 across fewer than 900 shops at the beginning of 2018. Click through the ti


Sears Holdings is on the verge of filing for bankruptcy after 125 years in business, closing a chapter in the company’s long-and-storied history. Founded in 1893 as Sears, Roebuck and Co., it’s been a long and slow fall for the department store chain over the last few decades. Sears, which merged with Kmart in 2004, had a combined 355,000 employees and more than 3,500 stores in 2006. Its workforce totaled less than 90,000 across fewer than 900 shops at the beginning of 2018. Click through the ti
Timeline: The rise and fall of Sears Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: lauren thomas, dawn kopecki, john w schoen
Keywords: news, cnbc, companies, rise, share, fall, sears, workforce, verge, stock, timeline, slow, totaled, store, stores


Timeline: The rise and fall of Sears

Sears Holdings is on the verge of filing for bankruptcy after 125 years in business, closing a chapter in the company’s long-and-storied history. Founded in 1893 as Sears, Roebuck and Co., it’s been a long and slow fall for the department store chain over the last few decades.

Sears, which merged with Kmart in 2004, had a combined 355,000 employees and more than 3,500 stores in 2006. Its workforce totaled less than 90,000 across fewer than 900 shops at the beginning of 2018. Its stock, once close to $200 a share in April 2007, fell below $1 a share last month.

Click through the timeline to see how Sears became one of America’s most recognizable brands and what forces pushed it into decline.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: lauren thomas, dawn kopecki, john w schoen
Keywords: news, cnbc, companies, rise, share, fall, sears, workforce, verge, stock, timeline, slow, totaled, store, stores


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Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due


Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due
Oil extends losses as other markets fall, inventories rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT. They earlier touched their lowest since Sept. 28 at $81.61, after closing 2.2 percent lower on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down by $1, or 1.4 percent, at $72.17, having also fallen to their lowest since Sept. 28. They dropped 2.4 percent in the previous session.

Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.

Technology shares tumbled on fears of slowing demand and concerns about U.S.-China tensions. Japan’s Nikkei 225 was down nearly 4 percent on Thursday.

“Ugly, very very ugly,” Greg McKenna an independent market strategist based near Sydney said in a morning note, referring to declines in global markets including oil.

U.S. crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday.

Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said. [API/S]

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. The cuts represent 718,877 barrels per day of oil production.

While production has been cut because of the hurricane, “down time is expected to be brief and Gulf of Mexico output now accounts for a comparatively small portion of total U.S. production,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

U.S. oil output is expected to rise 1.39 million bpd to a record 10.74 million bpd, the EIA said in its monthly forecast on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


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Venture capitalist Gene Munster predicts tech stocks will fall another 5%

Brace yourself for another step down in large-cap tech, says Gene Munster 6 Hours Ago | 01:30″Brace yourself” for more selling in technology stocks, warns Gene Munster, top tech analyst turned venture capitalist. In Wednesday’s market rout, tech stocks led the way lower. Tech giants, including Netflix, Amazon and Facebook, could see another big “step down” of 5 percent,” Munster told CNBC’s “Squawk Box,” before the market opened Thursday, a day after the market plunge. Munster argued in July tha


Brace yourself for another step down in large-cap tech, says Gene Munster 6 Hours Ago | 01:30″Brace yourself” for more selling in technology stocks, warns Gene Munster, top tech analyst turned venture capitalist. In Wednesday’s market rout, tech stocks led the way lower. Tech giants, including Netflix, Amazon and Facebook, could see another big “step down” of 5 percent,” Munster told CNBC’s “Squawk Box,” before the market opened Thursday, a day after the market plunge. Munster argued in July tha
Venture capitalist Gene Munster predicts tech stocks will fall another 5% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: berkeley lovelace jr, damien meyer, afp, getty images
Keywords: news, cnbc, companies, stocks, venture, way, capitalist, step, gene, predicts, selling, largecap, tech, fall, market, munster, told, netflix


Venture capitalist Gene Munster predicts tech stocks will fall another 5%

Brace yourself for another step down in large-cap tech, says Gene Munster 6 Hours Ago | 01:30

“Brace yourself” for more selling in technology stocks, warns Gene Munster, top tech analyst turned venture capitalist.

In Wednesday’s market rout, tech stocks led the way lower. The Nasdaq lost 4 percent, while the Dow Jones Industrial Average and S&P 500 tanked more than 3 percent.

Tech giants, including Netflix, Amazon and Facebook, could see another big “step down” of 5 percent,” Munster told CNBC’s “Squawk Box,” before the market opened Thursday, a day after the market plunge. Munster didn’t elaborate on the timeline.

Munster, the founder of Loup Ventures, predicted the notable exception will be Apple, with Wall Street analysts expecting to see the average selling price of iPhones continuing to rise.

“I’m still bullish on the sector more broadly for other reasons,” Munster said. “But the near term psychology has a way of playing itself out in historical patterns.”

Munster argued in July that large-cap tech stocks as a whole are not a safe bet for investors anymore, saying at the time he expected a “divergence” in the next six to 12 months.

“Apple and Google are probably in the best camp,” Munster told CNBC Thursday, with underpeformance from Netflix and Facebook.

WATCH:


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: berkeley lovelace jr, damien meyer, afp, getty images
Keywords: news, cnbc, companies, stocks, venture, way, capitalist, step, gene, predicts, selling, largecap, tech, fall, market, munster, told, netflix


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Walgreens Boots Alliance shares fall as sales growth disappoints

Walgreens Boots Alliance shares fell Thursday after the retailer’s earnings report showed that fourth-quarter revenue had fallen short, despite a boost from newly acquired stores. Walgreens’ U.S. retail pharmacy sales increased to $25.5 billion in the quarter, a 14.4 percent increase from last year. It attributed the increase to prescriptions filled from its acquisition of Rite Aid stores and gains from mail-order pharmacy sales for specialty drugs. General merchandise and personal care led the


Walgreens Boots Alliance shares fell Thursday after the retailer’s earnings report showed that fourth-quarter revenue had fallen short, despite a boost from newly acquired stores. Walgreens’ U.S. retail pharmacy sales increased to $25.5 billion in the quarter, a 14.4 percent increase from last year. It attributed the increase to prescriptions filled from its acquisition of Rite Aid stores and gains from mail-order pharmacy sales for specialty drugs. General merchandise and personal care led the
Walgreens Boots Alliance shares fall as sales growth disappoints Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: angelica lavito, christopher dilts, bloomberg, getty images
Keywords: news, cnbc, companies, health, boots, stores, shares, analysts, growth, pharmacy, share, disappoints, sales, plans, billion, fall, alliance, walgreens, beauty


Walgreens Boots Alliance shares fall as sales growth disappoints

Walgreens Boots Alliance shares fell Thursday after the retailer’s earnings report showed that fourth-quarter revenue had fallen short, despite a boost from newly acquired stores.

Shares declined nearly 2 percent on the day.

Walgreens reported net income of $1.5 billion, or $1.55 per share, up from from $802 million, or 76 cents per share, a year earlier. Excluding items, Walgreens earned $1.48 per share, above the $1.45 per share expected by analysts surveyed by Refinitiv.

The drugstore chain said revenue rose nearly 11 percent to $33.44 billion, boosted by Walgreens’ acquisition of 1,932 Rite Aid stores. But sales were shy of the $33.78 billion analysts had expected.

Walgreens’ U.S. retail pharmacy sales increased to $25.5 billion in the quarter, a 14.4 percent increase from last year. It attributed the increase to prescriptions filled from its acquisition of Rite Aid stores and gains from mail-order pharmacy sales for specialty drugs. The closely followed same-store sales metric rose just 0.3 percent from the previous year.

In the front of the store, where Walgreens sells items like over-the-counter medications and greeting cards, same-store sales fell 1.9 percent in the quarter. General merchandise and personal care led the decline, with growth in health and wellness and beauty sales partially offsetting it.

For next fiscal year, Walgreens forecast adjusted earnings per share to range from $6.40 to $6.70. Wall Street expects $6.45 per share.

Shares of the company have been essentially flat this year.

“We have continued to improve the operational performance of our core businesses and at the same time, we have done a great deal to advance the overall transformation of our company,” CEO Stefano Pessina said on a call with analysts Thursday.

Drugstores are rethinking their businesses as Amazon and other e-commerce business have pressured front-of-store sales of everyday items like greeting cards and cleaning supplies. Amazon further pressured pharmacies this summer when announcing plans to acquire online pharmacy PillPack.

Pharmacy chains are adding more health services to try to keep consumers coming into their stores.

CVS Health is betting on a roughly $69 billion acquisition of health insurer Aetna, a deal the Justice Department on Wednesday gave preliminary approval. Walgreens is counting on a slew of smaller partnerships, including with health insurers Humana and UnitedHealth Group’s urgent care business, MedExpress.

Also Wednesday, Walgreens and LabCorp announced plans to expand their existing partnership and bring specimen collection sites to at least 600 Walgreens stores. They have already opened 17 locations since June 2017.

Walgreens last week announced plans to partnerwith digital beauty subscription company Birchbox to test a concept in a handful of Walgreens stores where shoppers can fill a kit with makeup, hair and skincare samples. Walgreens sees an opportunity to become a specialist in the beauty category and protect its business from competitors like Amazon.

The drugstore chain also said it would test grocery pickups at Walgreens locations through a partnership with Kroger.

Pessina said Walgreens believes in two partnerships: those with skills and expertise that can either accelerate the company’s own work and those that bring Walgreens capabilities it could not easily develop itself.

“We think we’ve done a good job on the front end in terms of shifting the emphasis to become more of a health, beauty, wellness expert, and there’s a lot more to go,” co-chief operating officer Alex Gourlay told analysts. “And it’s maybe taking us longer than we had first anticipated, but the signs are very clear where we’re heading to and the transition is well under way.”


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: angelica lavito, christopher dilts, bloomberg, getty images
Keywords: news, cnbc, companies, health, boots, stores, shares, analysts, growth, pharmacy, share, disappoints, sales, plans, billion, fall, alliance, walgreens, beauty


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Tech shares recover some premarket losses as interest rates fall

Technology stocks regained ground lost earlier in premarket trading Thursday, after getting clobbered by the worst day in over seven years on Wednesday. Rising rates make high stock multiples of growth technology stocks less attractive because investors use U.S. government bond yields as their “risk-free” discount rate in financial models to value equities. Shares of Netflix closed down 1.5 percent, moving off a decline of 2.7 percent in premarket trading. Technology Select SPDR Fund, which trac


Technology stocks regained ground lost earlier in premarket trading Thursday, after getting clobbered by the worst day in over seven years on Wednesday. Rising rates make high stock multiples of growth technology stocks less attractive because investors use U.S. government bond yields as their “risk-free” discount rate in financial models to value equities. Shares of Netflix closed down 1.5 percent, moving off a decline of 2.7 percent in premarket trading. Technology Select SPDR Fund, which trac
Tech shares recover some premarket losses as interest rates fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: michael sheetz
Keywords: news, cnbc, companies, shares, losses, fall, spdr, trading, recover, stock, sp, premarket, investors, interest, sector, technology, market, tech, rates, stocks


Tech shares recover some premarket losses as interest rates fall

Technology stocks regained ground lost earlier in premarket trading Thursday, after getting clobbered by the worst day in over seven years on Wednesday.

U.S. consumer prices rose less than expected in September. The index, a key economic indicator released at 8:30 a.m. ET, showed underlying inflation appeared to slow down. Rising rates make high stock multiples of growth technology stocks less attractive because investors use U.S. government bond yields as their “risk-free” discount rate in financial models to value equities.

Shares of Netflix closed down 1.5 percent, moving off a decline of 2.7 percent in premarket trading. Amazon and Nvidia also both sunk, down 2 percent and 4.3 percent, respectively. Stock of Twitter and Facebook rose slightly, while Apple slid 1.9 percent.

Technology Select SPDR Fund, which tracks the S&P 500 technology sector, closed down 0.7 percent, recovering after being down as much as 1.4 percent in premarket. The SPDR Fund is down about 4.6 percent this week.

The S&P 500 Information Technology Index fell 4.8 percent on Wednesday, closing at $1,220.62, marking the biggest decline since August 18, 2011 when it dropped 5.3 percent.

The largest U.S. companies by market capitalization are among those falling in the tech sector. These stocks have also been the biggest contributors to the extended market rally. Apple and Amazon are both up sharply this year, as investors have bet the companies will continue to deliver earnings growth and gain greater market share.

Amazon and Netflix technically fall in different sectors but investors were selling anything tech-related in the current market rout.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: michael sheetz
Keywords: news, cnbc, companies, shares, losses, fall, spdr, trading, recover, stock, sp, premarket, investors, interest, sector, technology, market, tech, rates, stocks


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Here are 5 things Sears got wrong that sped its fall

Sears was the Amazon of the 1930s. Here’s where the retailer is today 4:00 PM ET Fri, 18 May 2018 | 03:17Sears Holdings, once the biggest retailer in the country, is on the verge of filing for bankruptcy after 125 years in business. The decline of one of America’s most recognizable home brands has been decades in the making and marked by a series of missteps that could have changed the course of the company had they been averted. The department store chain, led by hedge fund manager and CEO Eddi


Sears was the Amazon of the 1930s. Here’s where the retailer is today 4:00 PM ET Fri, 18 May 2018 | 03:17Sears Holdings, once the biggest retailer in the country, is on the verge of filing for bankruptcy after 125 years in business. The decline of one of America’s most recognizable home brands has been decades in the making and marked by a series of missteps that could have changed the course of the company had they been averted. The department store chain, led by hedge fund manager and CEO Eddi
Here are 5 things Sears got wrong that sped its fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: lauren thomas, lauren hirsch
Keywords: news, cnbc, companies, verge, walmart, sped, things, retailer, steadily, target, amazon, wrong, fall, store, sears, today


Here are 5 things Sears got wrong that sped its fall

Sears was the Amazon of the 1930s. Here’s where the retailer is today 4:00 PM ET Fri, 18 May 2018 | 03:17

Sears Holdings, once the biggest retailer in the country, is on the verge of filing for bankruptcy after 125 years in business.

The decline of one of America’s most recognizable home brands has been decades in the making and marked by a series of missteps that could have changed the course of the company had they been averted.

The department store chain, led by hedge fund manager and CEO Eddie Lampert, has steadily been shrinking its assets over the years as its lost sales to Walmart, Target, Home Depot, Amazon and other competitors for its signature appliances and “Softer Side of Sears” apparel.

CNBC looks at five things that caused Sears to fail in recent years.


Company: cnbc, Activity: cnbc, Date: 2018-10-11  Authors: lauren thomas, lauren hirsch
Keywords: news, cnbc, companies, verge, walmart, sped, things, retailer, steadily, target, amazon, wrong, fall, store, sears, today


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Weekly mortgage applications fall 1.7% as interest rates move above 5%

Other than watching reports of rising interest rates, mortgage lenders and brokers probably weren’t very busy last week. Mortgage application volume fell 1.7 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Since so much of the demand today is at the entry level, where buyers often have less wiggle room in their wallets, higher mortgage rates will cut into home sales. They usually carry significantly lower interest rates for a short, fixed term bu


Other than watching reports of rising interest rates, mortgage lenders and brokers probably weren’t very busy last week. Mortgage application volume fell 1.7 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Since so much of the demand today is at the entry level, where buyers often have less wiggle room in their wallets, higher mortgage rates will cut into home sales. They usually carry significantly lower interest rates for a short, fixed term bu
Weekly mortgage applications fall 1.7% as interest rates move above 5% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: diana olick
Keywords: news, cnbc, companies, volume, lower, loan, weekly, week, mortgage, rates, fall, higher, interest, share, 17, refinance, applications


Weekly mortgage applications fall 1.7% as interest rates move above 5%

Other than watching reports of rising interest rates, mortgage lenders and brokers probably weren’t very busy last week. Mortgage application volume fell 1.7 percent for the week, according to the Mortgage Bankers Association’s seasonally adjusted report. Volume was 15 percent lower compared with a year ago.

Extremely weak demand for mortgage refinances has been driving the overall drain on mortgage lending. Refinance volume fell 3 percent last week and was 32 percent lower than a year ago. The refinance share of total applications dropped to 39 percent. To get an idea of just how weak that is, the refinance share of total mortgage applications was 62 percent two years ago.

Refinance volume is highly rate-sensitive, and interest rates are now about a full percentage point higher than they were one year ago. Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since February 2011, 5.05 percent, from 4.96 percent, with points increasing to 0.51 from 0.49 (including the origination fee) for loans with a 20 percent down payment.

“Rates moved higher last week, driven by strong data on the job market, indicating that the Fed will continue to raise rates,” said Joel Kan, an MBA economist.

Mortgage applications to purchase a home, while less rate-sensitive week to week, also fell, down 1 percent for the week but 2 percent higher than the same week one year ago. Since so much of the demand today is at the entry level, where buyers often have less wiggle room in their wallets, higher mortgage rates will cut into home sales. On a $300,000 home, today’s rates will cost homebuyers about $200 more per month in payments.

In order to afford more home, more homebuyers are turning to riskier, adjustable-rate mortgages. They usually carry significantly lower interest rates for a short, fixed term but can then adjust higher.

“Since the end of August, the ARM share has increased to 7.3 percent from 6.1 percent, while the 30-year fixed rate has increased 25 basis points,” Kan said.

One bright note for potential buyers who have been faced with higher prices and hotter bidding wars this year, higher interest rates could mean less competition from cash-heavy investors.

“It might cause investors to reconsider buying an investment property,” Matthew Graham, chief operating officer of Mortgage News Daily, said Tuesday on CNBC’s “Power Lunch.” “Even those all-cash investors that would buy with cash and then refinance into an actual mortgage loan might not see as much cash flow from that, and that could open the door for first-time homebuyers to get a loan, assuming they can find a house.”


Company: cnbc, Activity: cnbc, Date: 2018-10-10  Authors: diana olick
Keywords: news, cnbc, companies, volume, lower, loan, weekly, week, mortgage, rates, fall, higher, interest, share, 17, refinance, applications


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