Latest news for Prudential Jennison 20/20 Focus A(PTWAX) (See analysis on PTWAX)
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Saturday March 28th 2015: Latest financial news from the worldStocks likely to drift as investors await Fed, earnings
Wall Street investors may find little reason to make big moves next week as they await monthly U.S. jobs data and any news that could change expectations for the first interest rate hike in almost a decade. The Labor Department report is due on Friday, when the stock market will be closed for Good Friday, leaving investors unable to trade on the data until the following week. In the meantime, investors will continue adjusting to lowered earnings forecasts for the first quarter and the uncertain direction of the dollar. Stocks have trended downward since rallying on the Federal Reserve's March 18 statement, in which it suggested a less-aggressive approach to raising interest rates than investors had expected.
Best Buy warns of profit hit as it consolidates Canadian stores
By Nandita Bose CHICAGO (Reuters) - Best Buy Co Inc plans to close some stores and consolidate its operations in Canada, the U.S. electronics retailer's second-largest market, in a move that will hurt earnings this year, the company said on Saturday. The retailer said it will close 66 of its Future Shop brand stores in Canada and convert 65 of them to Best Buy brand stores. The move to a single brand will cut 500 full-time and 1,000 part-time jobs, and cost the company about US$200 million to US$280 million in restructuring charges, Best Buy said. Best Buy also said it plans to spend C$200 million (US$160 million) to improve its online operations in Canada, increase staffing at remaining stores, and launch a range of home appliances, among other initiatives.
President Xi says China should not focus on growth rate only
Chinese President Xi Jinping said on Saturday that the country should not focus on its economic growth rate only, reiterating China's push for a more sustainable, higher-quality expansion. Chinese leaders have announced an economic growth target of around 7 percent for this year, below the 7.5 percent goal in 2014 and the slowest rate in a quarter-century. Analysts anticipate further interest rate cuts in China this year.
Fed's Yellen sees gradual rate hikes starting this year
By Ann Saphir and Michael Flaherty SAN FRANCISCO/WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen signaled that the U.S. central bank will likely start raising borrowing costs later this year, even before inflation and wages have returned to health, but emphasized the return to normal interest rates will be gradual. A downturn in core inflation or wage growth could force the Fed to delay the first increase to borrowing costs since 2006, the central bank's chief said on Friday, but policymakers should not wait for inflation to near the Fed's 2-percent goal before tightening monetary policy. The Fed has held short-term borrowing costs near zero since December 2008. After the first rate increase, Yellen said, a further, gradual tightening in monetary policy will likely be warranted.
Intel in talks to buy Altera, shares of firms surge
(Reuters) - Intel Corp is in talks to buy fellow chipmaker Altera Corp in a deal likely to top $10 billion, according to a source familiar with the matter, making it Intel's biggest purchase ever and the latest merger in the quickly consolidating semiconductor sector. The acquisition of Altera, which makes programmable chips widely used in cellphone towers, the military and other industrial applications, would underscore Intel Chief Executive Officer Brian Krzanich's determination to expand into new markets as the personal computer industry loses steam. Earlier this month, Intel slashed nearly $1 billion from its first-quarter revenue forecast to $12.8 billion, plus or minus $300 million, as small businesses put off upgrading their personal computers. Shares of Altera shot up about 28 percent after the talks were first reported by the Wall Street Journal, closing at $44.39 per share on the Nasdaq.
Chevron exits Caltex Australia stake for $3.7 billion
By Morag MacKinnon PERTH (Reuters) - U.S. energy giant Chevron sold its entire stake in refiner Caltex Australia Ltd for A$4.7 billion ($3.7 billion) in Asia’s biggest block deal this year, as falling oil prices and high costs hurt margins. Offshore institutional investor demand for the 50 percent stake in Australia’s biggest refiner was strong, with bidding driving the final price to A$35 a share, a spokeswoman for Goldman Sachs, the sole underwriter for the deal, confirmed on Saturday. The $3.7 billion deal is Asia's largest block transaction this year, eclipsing the government of India’s $3.6 billion sale of its stake in Coal India Ltd in January. Australia has seen a rush of block trades in the past month as investors look to capitalise on strong valuations following a share market that is rising on hopes of more interest rate cuts.
Oil dives 5 percent as worries about Iran talks trump Yemen
Oil tumbled 5 percent on Friday, erasing the previous session's gains, as Yemen's conflict looked less likely to disrupt Middle East crude shipments and investors turned their focus to talks for a potential Iran nuclear deal that could put more supply on the market. Oil prices still notched their second straight weekly gain, boosted by the dollar's weakness in recent sessions. On Thursday, oil jumped 5 percent on fears that the conflict in Yemen could disrupt cargoes on the neighboring Bab el-Mandeb Strait, where 3.8 million bpd of crude and oil products flow. Yemen's Houthi rebels made broad gains in the country's south and east despite a second day of Saudi-led air strikes meant to check the Iranian-backed militia's efforts to overthrow President Abd-Rabbu Mansour Hadi.
U.S. economic growth slows in fourth quarter; corporate profits fall
By Lucia Mutikani WASHINGTON (Reuters) - U.S. economic growth cooled in the fourth quarter as previously reported and after-tax corporate profits took a hit from a strong dollar, which could undermine future business spending. Corporate profits from outside the United States fell at an 8.8 percent rate, the steepest decline since the 2007-2009 recession. "Slower profit growth could mean slower investment in the coming months," said Thomas Costerg, an economist at Standard Chartered in New York. For all of 2014, after-tax corporate profits fell 8.3 percent, the largest annual drop since 2008.
Lender says will make 'significant' new bid for RadioShack
A lender to bankrupt RadioShack Corp told a U.S. judge on Friday it was prepared to present a new offer that was a "significant improvement" over a rival proposal that was selected as a winning bidder at an auction this week. Clark's announcement came at the end of two days of hearings to consider the sale of the company to Standard General, a hedge fund. RadioShack's advisers declared that Standard General had outbid Salus, RadioShack's largest creditor, at a four-day auction that concluded Thursday morning.
Yahoo, Microsoft extend search partnership talks for 30 days
Yahoo Inc and Microsoft Corp agreed to extend by 30 days the deadline to re-negotiate a ten year search deal, as the two Internet companies attempt to revamp a thorny partnership crafted by former chief executives. The search partnership, which took effect in 2010, allowed the companies to negotiate changes or to terminate the arrangement entirely after five years. According to a filing with the U.S. Securities and Exchange Commission on Friday, Yahoo and Microsoft mutually agreed to extend that deadline to a 60-day period following Feb. 23. "We value our partnership with Microsoft and continue discussions about plans for the future.
Hillary Clinton confirms she wiped her email server
Members of the US House of Representatives hoping to get a look at Hillary Clinton's personal email server just got a big disappointment. Clinton's attorney has confirmed to a House committee on Benghazi ...
The programs with the most security vulnerabilities in 2014 were not the ones you think
Google Chrome, Oracle Solaris and Gentoo Linux all beat Microsoft's Internet Explorer in having the most vulnerabilities last year, according to Secunia, while IBM software took 40 percent of the Top 20 places.
Emvio's smartwatch will tell you when you're stressing out
Smartwatches are growing ever more capable by the day. Sometimes, though, there's no harm in a little focus. Enter Emvio, a watch with one core goal: to help you manage stress. There are no message notifications ...
Best Buy is shutting down Canada's biggest tech store chain
Best Buy is a mainstay of tech shopping in the US, but it knows that it's small potatoes in Canada -- it kept the country's better-known Future Shop chain going for years after a takeover, even after opening ...
Jury decisively says Ellen Pao lost sexual-discrimination case against Kleiner Perkins
After a second round of deliberations, the jury gives a decisive victory to prominent venture capital firm Kleiner Perkins, which was being sued for gender discrimination by former junior partner Ellen Pao.
Ellen Pao waxes philosophical in post-trial tweet storm
Juror kerfuffle leads to high drama in Ellen Pao discrimination trial
Six surprising facts about who's winning the operating system and browser wars in the U.S.
The United States government has given the public access to its massive analytics database, and the results are fascinating. What share does the Mac really have? Is Windows 8.1 a hit or a miss? Who's winning the browser wars? I've dug deep to get the answers.
AMC's channels come to PlayStation Vue
Chrome OS beta is getting a new launcher with Google Now
'Back to the Future' hoverboard looks great, fails to hover (hands-on)
AirMask Colors for iPhone 6 hands-on: Add color and light protection in seconds
Top iOS news of the week: Prime music, Android switchers, Apple Watch apps
In a relatively quiet week in iOS, news surfaced that Android owners are switching to iOS in big numbers, Apple Watch apps are pouring into the app store, and Amazon Prime members can now stream music on iOS.
Microsoft, Yahoo extend their possible search-deal termination date
HTC One M9, law-abiding cars and other stories you might've missed!
Saturday is finally here and it's a great time to catch up this week's top stories. We review the HTC One M9, learn about Ford's new car that will force you to obey the speed limit and get all the details ...
Microsoft's next Windows 10 Mobile test build on track to support majority of Windows Phones
Low Latency 124: Whack-a-Meerkat
Top Android news of the week: Galaxy phones coming, Microsoft apps, Motorola guilty
Those amazing 'Furious 7' cars? This man built them
The seventh installment of the "Fast & Furious" franchise is nearly upon us. Dennis McCarthy, who has wrangled cars for the series since 2006's "Tokyo Drift," tells us how he pulled together the amazing rides for this latest film.
NASA is working with Russia on a new space station (update: not quite)
Russia is teaming up with the USA to build ISS 2.0 once the current one's funding runs out in 2024 -- at least according to Russia Today and state news agency TASS. The country's space agency, Roscosmos ...
Laser-activated nanoparticles are coming to clear your acne
Apple's Cook, other tech VIPs push back at Indiana 'anti-gay' law
The Windows 10 preview will work on more phones soon
Daily Roundup: The best cheap WiFi router, Tim Cook donations and more!
First 'Spectre' trailer hints at 007's deep, dark secrets
NASA video illustrates 'X-ray wind' blasting from a black hole
The 404 Show 1,607: Jill Schlesinger, a robotic future, 3D NAND, finance made easy (podcast)
Jill Schlesinger is back answering 404 listeners' financial questions and giving out great advice. Plus, we'll talk about the chances of a dystopian robotic future and new 3D NAND storage technology that might make 10TB solid state drives a reality.
See in the dark (for a little bit) with night vision eyedrops
Ellen Pao jury reaches verdict
Apparent iPhone thief reveals face to world with selfie-shooting streak
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