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MarketWatch 09/30/2020 17:03
Allstate Corp. will lay off employees and close offices in a restructuring plan expected to cost the company nearly $300 million, mostly incurred in the third quarter. The goal is to increase Allstate's share in the personal property and liability market "by expanding customer access, improving customer value and investing in marketing and technology," the company said in a statement. Esurance and Allstate brands have merged operations, and Allstate is trying to offer "competitive" prices in auto insurance, which requires cost reductions to maintain margins, it said. About 3,800 employees, mostly in claims, sales, service and support roles, will be affected, Allstate said. "Implementing this plan is difficult as we still deal with the impac.
MarketWatch 09/30/2020 16:40
Starbucks Corp. said Wednesday that its board has approved a 10% dividend increase to 45 cents a share. The dividend will be paid on Nov. 27 to shareholders of record on Nov. 12. The increase boosts the company's annual dividend rate to $1.80 a share. "The board's decision to raise our quarterly dividend demonstrates confidence in the strength of our recovery and the robustness of our long-term growth model," Chief Executive Kevin Johnson said in a statement. "Our cash flow generation is strong, and we remain committed to reducing our financial leverage while continuing to invest for future growth." Starbucks started paying dividend in 2010 and has increased it for the past decade. Shares of Starbucks fell 0.2% in the extended session after.
MarketWatch 09/30/2020 16:10
U.S. stocks finished the session higher Wednesday, shaking off an unsettling presidential debate, to focus on the prospects of a new round of economic stimulus to help Americans and businesses climb from out of the depths of the coronavirus crisis. The Dow Jones Industrial Average closed by about 330 points, or 1.2%, higher at 27,781, on a preliminary basis. The S&P 500 index finished up 0.8%, led by a 1.7% rally in health care , a 1.2% gain in financials and a 1.2% rise in consumer staples ; while the Nasdaq Composite Index ended the session up 0.7% on the session. House Speaker Nancy Pelosi failed to forge a deal with Treasury Secretary Steven Mnuchin on a coronavirus relief package but the pair vowed to continue discussions in an attempt.
MarketWatch 09/30/2020 14:57
U.S. oil futures rose on Wednesday after the U.S. government reported a third straight weekly decline in crude supplies. Prices, however, ended lower for the month and tallied a modest quarterly gain as COVID-19 continued to feed concerns over a slowdown in energy demand. "It is the same story with oil as rising coronavirus cases fuel concerns over slowing global growth and pace of demand recovery," said Lukman Otunuga, senior research analyst at FXTM. "As long as there is no working vaccine against the coronavirus menace, oil remains threatened by negative demand-side factors." November West Texas Intermediate crude rose 93 cents, or 2.4%, to settle at $40.22 a barrel on the New York Mercantile Exchange. Based on the front-month contracts,
MarketWatch 09/30/2020 13:57
Gold futures posted a loss for Wednesday’s session, contributing to a decline for the month, but the precious metal notched an eighth straight quarterly gain. "The stats show that it was a great quarter for the metals, but September was a lousy month," said Brien Lundin, editor of Gold Newsletter. A "small uptick in real interest rates" was the primary reason for the month's loss. "Considering the blistering move gold had made earlier in the quarter to over $2,000 an ounce, and the fact that it had failed to build upon that rally, the minor rise in real rates was all that was needed to shake the weak hands out of the gold market and start a sell off," he said. December gold fell $7.70, or 0.4%, to settle at $1,895.50 an ounce. Based on the
MarketWatch 09/30/2020 13:45
The remaining presidential debates will have "additional structure," the Commission on Presidential Debates said Wednesday, following Tuesday's first debate between President Donald Trump and Democratic nominee Joe Biden. The debate, held in Cleveland, was widely criticized as chaotic, with the two candidates frequently interrupting each other. "Last night's debate made clear that additional structure should be added to the format of the remaining debates to ensure a more orderly discussion of the issues," said a statement from the commission. The commission will consider changes and announce them "shortly," the statement said. Two more presidential debates are scheduled before the election, and one vice-presidential debate is planned. Mark.
MarketWatch 09/30/2020 13:00
The U.S. Department of Agriculture on Wednesday reported big declines in U.S. stocks of soybeans, corn and wheat from year-ago levels. The Grain Stocks report showed U.S. soybean stocks at 523 million bushels, down 42% from Sept. 1, 2019. Corn stocks were down 10% from a year ago at 2 billion bushels and all wheat stocks were down 8% at 2.16 billion bushels, the USDA data showed. The report revealed "unexpectedly large declines," leading to a rally in prices for the grains, said Sal Gilbertie, president and chief investment officer at Teucrium Trading. November soybeans traded at $10.26 a bushel, up 33 cents, or 3.4%. December corn added 16 cents, or 4.4%, to $3.80 3/4 a bushel and December wheat added 30 1/2 cents, or 5.5%, to $5.80 a bush.
MarketWatch 09/30/2020 12:47
Shares of Yalla Group Ltd. , a social networking and entertainment platform active in the Middle East and North Africa, fell 3% in their trading debut Wednesday, after the deal priced at $7.50 per ADS, the lower end of its $7 to $9 price range. The company sold 18.6 million shares to raise about $139.5 million. The shares are trading on the New York Stock Exchange under the ticker "YALA." Morgan Stanley and Haitong International Securities Company Limited were joint bookrunners for the offering, with Tiger Brokers (NZ) Limited acting as co-manager. Proceeds will be used to finance product development, marketing and for general corporate purposes. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visi.
MarketWatch 09/30/2020 12:45
Shares of Boqii Holding Ltd. , a Chinese pet products online platform, fell 32% in their trading debut Wednesday, after the company priced its initial public offering at $10 per American Depositary Share, the lower end of its price range. The company sold 7 million ADS to raise $70 million. The stock is trading on the New York Stock Exchange, under the ticker "BQ." Roth Capital Partners, CMB International Capital Limited and Valuable Capital Limited were underwriters on the deal. Proceeds will be used to create content and attract members, for R&D, for marketing, to improve fulfilment and warehousing capabilities, for potential deals and other general corporate purposes. Market Pulse Stories are Rapid-fire, short news bursts on stocks and m.
MarketWatch 09/30/2020 11:21
Exchange-traded funds focused on the industrial sector rallied Wednesday amid a rebound for stocks as economic data surprised to the upside. The Industrial Select Sector SPDR Fund gained 1.5% at midday, making it one of the biggest sector-tracker winners of the day. The iShares U.S. Industrials ETF was 1.3% higher. In addition to shipping and heavy machinery companies that will benefit from an economic second wind, the sector includes shares of airline companies, which were sharply higher Wednesday. United Airlines Holding Inc. shares were up nearly 4%, and Delta Air Lines Inc. shares gained 2.3% as investors absorbed promising news about coronavirus treatments and continued to bank on Washington delivering an additional round of stimulus.
MarketWatch 09/30/2020 09:40
U.S. stocks rose Wednesday after trading initially lower in pre-market hours as analysts said the first presidential election debate didn't provide much of an outlook on the coming November election. The S&P 500 rose 0.4% to 3,348. The Dow Jones Industrial Average advanced 182 points, or 0.7%, to 27,635. The Nasdaq Composite rose 0.2% to 11,111. Investors say the debate was unlikely to affect the trajectory of the presidential race. And in U.S. economic data on Wednesday morning, Automatic Data Processing said 749,000 private-sector jobs had been created in September, ahead of estimates for a gain of 650,000. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information
MarketWatch 09/30/2020 09:12
Shares of Quest Diagnostics Inc. gained 3.1% in premarket trading on Wednesday after the company said it is now offering three panel tests that can detect COVID-19 as well as other respiratory infections, like the flu. Instead of ordering separate tests, a health care provider can now use a single specimen to test for different respiratory infections, "for potentially improved patient care," Quest said. Quest is selling a Roche Holding AG's panel test that can detect flu and COVID-19, as well as two of its own panel tests that test for coronavirus infections as well as other respiratory infections. Quest's stock is up 6.4% for the year, while the S&P 500 has gained 3.2%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and m.
MarketWatch 09/30/2020 08:41
ConocoPhillips said Wednesday it is planning to resume share buybacks in the fourth quarter with plans to repurchase $1 billion worth. The Houston-based oil and gas company made the announcement as it offered updated guidance for the third quarter. The company expects production volumes of 1,050 thousands barrels of oil equivalent per day, or MBoed, to 1,070. "This estimate reflects the impact of third-quarter curtailments and planned seasonal turnaround activity," the company said in a statement. It expects average realized prices of $30 to $32 per barrel of oil equivalent. ConocoPhillips expects adjusted operating costs to range from $1.180 billion to $1.250 billion, and capex excluding acquisitions of $750 million to $820 million. The co.
MarketWatch 09/30/2020 07:52
The New York Stock Exchange set a so-called reference price of $7.25 a share for data-mining-software company Palantir Technologies' direct listing Wednesday. In a statement, the exchange said the reference price is not the opening price, but rather a guide for investors. Asana , a work collaboration software company which is also going public via a direct listing on Wednesday, has a reference price of $21, according to the New York Stock 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.

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