Day: February 2, 2017

Merck’s 4Q Revenue Falls Short

Merck’s quarterly revenue narrowly missed Wall Street expectations, hurt by lower-than-expected sales of its key immuno-oncology drug, Keytruda, and its diabetes medicines. The company also forecast 2017 adjusted earnings in the range of $3.72 to $3.87 per share on revenue of $38.6 billion-$40.1 billion.

Do You Know Who Gets Your Assets When You Die?

When most people hear the phrase “estate planning,” they immediately think of a will. However, while a will is often the cornerstone of an estate plan, there are certain types of assets it does not control, including insurance policies, individual retirement accounts, 401 s, and similar retirement accounts.

ConocoPhillips Reports Smaller Quarterly Loss

ConocoPhillips, the largest U.S. independent oil producer, posted a much smaller quarterly loss from a year earlier, when it recorded a $2.7 billion charge. The company’s net loss narrowed to $35 million, or 3 cents per share, in the fourth quarter, from $3.45 billion, or $2.78 per share.

Cigna’s Profit Beats Estimates

Cigna, which is awaiting a ruling on the U.S. government’s lawsuit to block its acquisition by Anthem, reported a better-than-expected quarterly profit, helped by strength in its commercial business. Cigna’s results come a day after Anthem said it expected to break even or make a small profit in the Obamacare individual market in 2017 even as it considers pulling out of that business next year.

Bank of England Upbeat on Growth, Worried About Inflation

The Bank of England boosted its forecast for British growth in 2017 and some rate-setters were more nervous about rising inflation, but the Bank overall seemed in no rush to raise interest rates as the economy adjusts to the prospect of Brexit. In a sign of a developing split, the BoE said some of its rate-setters had “moved a little closer” to their limits for tolerating an overshoot of the Bank’s 2 percent inflation target, caused by sterling’s slide since June’s Brexit vote.

Trumpa s early moves spark alarm, resistance within the government

At the U.S. State Department, the dissent began building soon after President Donald Trump signed an executive order late on Friday to limit immigration from seven Muslim-majority countries. Opposition mounted through the weekend as a draft memo criticizing Trump’s policy was written up in Washington and circulated by email to U.S. diplomatic posts around the world, according to multiple officials involved in the effort.

Trumpa s early moves spark alarm, resistance within the government

At the U.S. State Department, the dissent began building soon after President Donald Trump signed an executive order late on Friday to limit immigration from seven Muslim-majority countries. Opposition mounted through the weekend as a draft memo criticizing Trump’s policy was written up in Washington and circulated by email to U.S. diplomatic posts around the world, according to multiple officials involved in the effort.

Bank of England sharply raises 2017 growth outlook

It expects the economy grow 2% in 2017, up from a November forecast of 1.4%, which was itself an upgrade from the 0.8% forecast made in August. The Bank said the latest upgrade was partly the result of higher spending and investment contained in Chancellor Philip Hammond’s Autumn Statement.

Side effect kills cancer patient in Stemline drug trial — Feuerstein

Stemline’s SL-401 has demonstrated robust overall tumor response rates in its clinical trial but the drug is also now tied to three patient deaths from capillary leak syndrome. Investors who bought into a $45 million Stemline Therapeutics stock offering on Jan. 19 were not told that one day prior to the financing, a cancer patient in a clinical trial died from a severe side effect, a type of low blood pressure, tied to the company’s drug SL-401.

Trader’s Daily Notebook: Early Peak Disappears Quickly

Wednesday’s E-Mini S&P 500 futures auction, along with the auctions in all the major equity indices, was fairly inconsequential. While the Es did manage to open the regular session well above our 2277.25 area of interest, the high of the session occurred during the first six minutes of trading.

Oil Prices Fall After Sharp Rise in U.S. Stockpiles

Oil prices fell on Thursday after official data showed U.S. crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts are helping support prices. Brent crude futures fell 28 cents, or 0.5 percent, to $56.52 a barrel as of 0410 GMT after settling up $1.22 in the previous session.

Judge Orders Trump Administration to Allow Entry to Immigrant Visa Holders

A federal judge in Los Angeles has ruled President Donald Trump’s administration must allow immigrants with initial clearance for legal residency to enter the United States from seven Muslim-majority nations, despite an executive order ban. Tuesday’s ruling by U.S. District Judge Andre Birotte Jr follows decisions by federal judges in at least four other states that also limited the executive order Trump issued on Friday.

Hong Kong Shares Fall on U.S. Policy Concerns

Hong Kong stocks fell on Thursday as investors continued to lock in gains after the Federal Reserve stuck to its mildly upbeat view of the U.S. economy but gave no hints of the timing of its next rate move. The benchmark Hang Seng index slid 0.63 percent by the lunch break to 23,170.70 points, while the China Enterprises Index fell 0.64 percent, to 9,694.03 points.

Raucous crowd shuts down LA gas leak meeting

A raucous crowd calling for the permanent closure of the Aliso Canyon natural gas storage field after a months-long well leak that prompted mass evacuations cut short a public meeting on Wednesday, refusing to allow more comment from speakers who favor reopening the field. As the heads of two state agencies sat stolidly on stage, the facilitator of the scheduled public meeting in the San Fernando Valley declared that the atmosphere was just too heated and ended the gathering less than two hours after it began.

H&R Block adds IBM’s Watson to its tax team

The company said Wednesday that its employees will work with Watson to identify credits and deductions and find other solutions for customers. It’s the first time Watson, which has been used in health care, retail and other settings, will be applied to tax preparation.

Trump’s New FCC Chairman Ajit Pai May Drain the TCPA Swamp

In one of his first official actions, newly elected President Donald Trump tapped Ajit Pai as the new chairman of the Federal Communications Commission , replacing outgoing chairman Tom Wheeler. Pai is a sharp critic of the Telephone Consumer Protection Act as it is currently being applied, meaning the FCC’s regulatory approach to the TCPA is likely to shift under his leadership.

Marketers express hope for a more pro-business FCC under Ajit Pai

Marketers are welcoming the appointment of new Federal Communications Commission chairman Ajit Pai, who took over from Tom Wheeler last week. The Association of National Advertisers and the American Association of Advertising Agencies expressed hope that Pai will overturn many of the sweeping privacy rules that were enacted by the agency under his predecessor Tom Wheeler, which limited data gathering, use and sharing by internet service providers like Verizon and Comcast.