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MarketWatch 08/14/2020 18:16
Hertz Global Holdings Inc. said late Friday that Chief Financial Officer Jamere Jackson has resigned "to pursue a new opportunity." Jackson will stay with Hertz until Sept. 11 to assist in the transition, the car-rental company said. Hertz said it promoted R. Eric Esper to CFO and executive VP of finance, and Kenny K. Cheung to chief operational finance and restructuring officer as well as executive VP of Finance, effective immediately. They will report directly to Chief Executive Paul Stone and the company's treasurer, Scott Massengill. Hertz filed for bankruptcy in May, hit by coronavirus-related travel and business restrictions, and in June floated a plan to sell potentially worthless stock.Hertz backed off after the proposal drew scruti.
MarketWatch 08/14/2020 17:24
Warren Buffett's Berkshire Hathaway Inc. unloaded more than a quarter of its stake in Wells Fargo & Co. and about 61% of its position in JPMorgan Chase , while acquiring a new position in Barrick Gold Corp. , according to 13F filings with the Securities and Exchange Commission for the period ended Jun 30, that were released Friday afternoon.
MarketWatch 08/14/2020 17:19
Billionaire George Soros showed interest in big banks and cloud-computing companies in the second quarter, according to a filing with the Securities and Exchange Commission. In the quarter ended June 30, Soros Fund Management added a new 1.2 million-share position in Bank of America Corp. , a new 515,000-share position in Citigroup Inc. , a new 258,000-share position in J.P. Morgan Chase , a new 582,000-share position in Morgan Stanley , a new 217,000-position in PNC Financial Services Group Inc. , and a new 762,000-share position in Wells Fargo & Co. . Soros also added a new 69,000-share position in CrowdStrike Holdings Inc. , and new positions of about half that size in DataDog Inc. , Palo Alto Networks Inc. , Zendesk Inc. , Splunk Inc. ,
MarketWatch 08/14/2020 16:41
Guess Inc. said late Friday that co-founder and non-executive Board Chairman Maurice Marciano was stepping down from board duties after recently being injured in a bicycle accident near his home in California. Paul Marciano, Guess' chief creative officer and brother of Maurice Marciano, said in a statement that Maurice Marciano will be in rehabilitation and therapy "for an extended period of time and, therefore, will no longer continue to serve as non-executive chairman of the board." The company named longtime board member Alex Yemenidjian as board chair, effective Friday. Shares of Guess were flat in the extended session Friday after ending the regular trading day up 1.6%. Market Pulse Stories are Rapid-fire, short news bursts on stocks a.
MarketWatch 08/14/2020 16:11
U.S. stocks closed lower Friday and booked weekly gains, but trading to end in mid August suggests that it may be tough sledding ahead for investors hoping to find further gains, with the S&P 500 within a striking distance of its record close, as stimulus talks are all but dead and data point to a slow and fitful economic recovery from the COVID-19 pandemic.
MarketWatch 08/14/2020 15:23
Facebook Inc. on Friday announced a new feature for paid online events for small businesses, creators, educators, and publishers via the social-networking giant's platform. Called Now Pages, it allows for the creation of an online event, setting prices, promoting the event, and collecting payment for hosts of the event. The feature is part of a company strategy to "support businesses and creators who are looking for ways to connect with their communities and bring their businesses online during COVID," Facebook said. Facebook will not collect any fees for paid online events for at least the next year. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this.
MarketWatch 08/14/2020 15:01
The U.S. and China have canceled plans for a virtual weekend meeting to assess their so-called phase one trade deal as it hits its six-month mark, Bloomberg reported Friday afternoon, citing people familiar with the matter. Chinese Vice Premier Liu He and U.S. Trade Representative Robert Lighthizer had planned to hold a video conference call over the weekend, but the meeting has been postponed indefinitely, the report said. The USTR's office didn't immediately respond to a request for comment on the report. Stocks appeared to take the delay in stride, with major U.S. benchmarks trading on either side of unchanged in late afternoon activity. The Dow Jones Industrial Average was up around 17 points, or 0.1% at 27,914, while the S&P 500 declin.
MarketWatch 08/14/2020 14:44
Oil futures settled lower on Friday on the back of weaker global demand forecasts, but declines in U.S. crude supplies helped prices tally a gain for the week. Right now, "fundamentals are not looking favorable for crude," with pressure from both the supply and demand sides of the market," said James Hatzigiannis, chief market strategist Ploutus Capital Advisors. Prices will likely "be coiling around this area until we see a big catalyst...leading to risk on or risk off sentiment." September West Texas Intermediate oil fell by 23 cents, or 0.5%, to settle at $42.01 a barrel on the New York Mercantile Exchange. Front-month prices rose 1.9% for the week. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
MarketWatch 08/14/2020 14:39
Shares of iQiyi Inc. plunged 15% on heavy volume Friday, in the wake of the China-based streaming video service's disclosure of an investigation by the Securities and Exchange Commission related to certain acquisitions and investments. Trading volume was 38.5 million shares, enough to make the stock the 7th-most actively traded on major U.S. exchanges, and more than 7-times the full-day average. The SEC investigation follows a report issued by short seller Wolfpack Research in April. Analyst Rob Sanderson at Loop Capital Markets said said investors "should not be incrementally rattled by the announcement of the SEC investigation," as the lack of content and heavy post-COVID-19 attrition was already well known. The disclosure of the investig.
MarketWatch 08/14/2020 14:07
President Donald Trump said Friday that McKesson Corp. would partner with the U.S. government to distribute a coronavirus vaccine when one is approved. Speaking at a White House news conference, Trump said the joint effort was being taken under the federal government's Operation Warp Speed, which aims to deliver COVID-19 vaccine doses to the American public. Shares of McKesson were up nearly 3% in recent trading action. Just prior to Trump's mention of the company, the stock was up about 1.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch 08/14/2020 13:56
The U.S. Postal Service (USPS) said Friday that it is planning a temporary price increase on all commercial domestic competitive packages, starting Oct. 18. The price increase, which was approved by the Governors of the Postal Service last week, is in response to increased expenses and "heightened demand" for e-commerce package volume amid the COVID-19 pandemic, as well as expected holiday e-commerce. The price increase will go into effect at 1 a.m. Eastern on Oct. 18 and remain until 1 a.m on Dec. 27. The increases will apply to parcels shipped via Priority Mail Express, Priority Mail, First-Class Package Service, Parcel Select and Parcel Return Service. Among the planned increases, rates for Parcel Select Ground, which currently starts at.
MarketWatch 08/14/2020 13:37
Gold futures fell on Friday to suffer their first weekly loss in 10 weeks. Overall strength in U.S. Treasury note yields for the week dulled demand for gold, which offers no yield. December gold fell $20.60, or nearly 1.1%, to settle at $1,949.80 an ounce. For the week, prices for the most-active contract lost about 3.9%, the first weekly loss since the week ended June 5, according to FactSet data. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch 08/14/2020 13:16
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 4 to 172 this week. That marked a third weekly decline in a row. The total active U.S. rig count, meanwhile, was down 3 to 244, according to Baker Hughes. September West Texas Intermediate crude continued to trade lower following the data, losing 27 cents, or 0.6%, at $41.97 a barrel on the New York Mercantile Exchange. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
MarketWatch 08/14/2020 13:03
Videogame ETFs slumped Friday after the maker of the popular game Fortnite filed lawsuits against Apple Inc. and Alphabet Inc. , accusing them of monopolistic practices. The Invesco Dynamic Software exchange-traded fund slumped 0.7% midday, while the broader market was up 0.1%. The ETF has 5.1% of its holdings in Electronic Arts Inc. , which fell 0.6% Friday, and 5.1% of its holdings in Activision Blizzard Inc., which was down 0.9%, among others. Despite having bigger holdings in each of those companies, the VanEck Vectors Video Gaming was down about 0.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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