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07/13/2018 10:58 PM
FDA recalls heart drugs made by Teva, others over carcinogen impurity

The Food and Drug Administration issued a voluntary recall late Friday of high-blood pressure and heart drugs containing the ingredient valsartan because of impurity issues. Affected companies include Teva Pharmaceuticals Industries Ltd. , Solco Healthcare, and Major Pharmaceuticals, the FDA said. The agency said valsartan used in the affected products contained N-nitrosodimethylamine, which is classified as a probable human carcinogen. "We have carefully assessed the valsartan-containing medications sold in the United States, and we've found that the valsartan sold by these specific companies does not meet our safety standards," said Janet Woodcock, director of the FDA's Center for Drug Evaluation and Research, in a statement.

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07/13/2018 10:42 PM
J. M. Smucker hikes dividend by 9%

J. M. Smucker Co. said late Friday it was hiking its dividend by 9%. The company said its board approved a quarterly dividend increase to 85 cents a share from 78 cents a share, to be paid Sept. 4 to shareholders of record as of Aug. 17. Shares of Smuckers rose 0.4% after hours, following a 1.2% rise to close at $111.06 in the regular session.

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07/13/2018 09:01 PM
Stocks close slightly higher, extending weekly advance

U.S. stocks closed slightly higher on Friday, with major indexes extending a recent rally and the Dow reclaiming the 25,000 mark for the first time in nearly a month. The Dow Jones Industrial Average rose 0.4%. The S&P 500 added 0.1%. The Nasdaq Composite Index rose less than 0.1%, but that was enough to give it its second straight record close. All three posted their sixth rise of the past seven sessions. For the week, the S&P rose 1.5%, the Nasdaq added 1.8% and the Dow advanced 2.3% in its biggest weekly percentage gain since early June. All three posted their second straight weekly climb. Among the most actively traded stocks were financials, which fell following a trio of major bank earnings. JPMorgan Chase & Co. fell 0.5% despite topping analyst expectations, while Citigroup Inc. was down 2.3% and Wells Fargo & Co. lost 1.2%. Separately, Cisco Systems Inc. sank 4.1% following a report that Amazon.com Inc. was considering selling its own network switches with built-in connections to its Amazon Web Services cloud-computing offerings. AT&T Inc. fell 1.8% a day after the Justice Department filed an appeal of a ruling allowing the telecoms major to acquire Time Warner Inc.

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07/13/2018 08:42 PM
U.S. and other countries weighing oil reserve release: WSJ

U.S. and Western officials are discussing an emergency release of stockpiled oil, The Wall Street Journal reported, citing people familiar with the matter. The report said the Trump administration is actively debating whether to dip into the country's emergency oil stocks in response to rising prices. Already, Trump has called on OPEC to pump more oil .

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07/13/2018 08:33 PM
SIGA Technologies shares rise 10% on approval of first-ever smallpox therapy

SIGA Technologies Inc. rose 9.6% in Friday afternoon trade on the Food and Drug Administration's approval of its TPOXX, the first-ever smallpox therapy. The contagious and often-deadly disease -- described as "one of the world's most devastating diseases known to humanity" by the World Health Organization -- has been considered eradicated since 1980 due to global immunization, but there have been fears that it could be used for bioterrorism, the FDA said. TPOXX was the first drug to receive a "Material Threat Medical Countermeasure priority review voucher," which comes with various incentives for the drugmaker; the drug also received other special designations intended to encourage development of important drugs. To establish the product's safety, it was tested in 359 healthy humans who did not have smallpox, while the efficacy findings that the approval was based on were in animals. These types of approvals are allowed under the FDA's Animal Rule, used in cases when "it is not feasible or ethical to conduct efficacy trials in humans," the FDA said. SIGA shares have surged 9.1% over the last three months, compared with a 5.5% rise in the S&P 500 and a 2.7% rise in the Dow Jones Industrial Average .

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07/13/2018 07:59 PM
Anderson-Isner's epic, semifinal clash at Wimbledon was the second longest in the tournament's history

South Africa's Kevin Anderson defeated American John Isner in a marathon five-set match that ranks as the second longest in Wimbledon's storied history. The match ended 7-6, 6-7, 6-7, 6-4, 26-24, exceeding the previous record holder for second-longest match between Croatian Marin Čilić and American Sam Querrey, with that third-round encounter running 5 hours and 31 minutes in 2012. Of course, Isner is no stranger to marathon matches, he holds the record for the longest match in time and games, 11 hours and 5 minutes, with Isner defeating France's Nicolas Mahut in a three-day, first round classic also at Wimbledon. The semifinal marked Anderson's second straight five-set match, after he beat Roger Federer in a quarterfinal meeting. Anderson will play the winner of the semifinal match between Rafael Nadal and Novak Djokovic, which was relegated from Centre Court to a side court at the All England Club.

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07/13/2018 07:56 PM
U.S. oil futures gain for the session, drop 3.8% for the week

U.S. oil prices finished higher on Friday, trimming their loss for the week down to less than 4%, as traders weighed pressure from an expected rise in Libya exports against support from signs of tighter global supplies. August West Texas Intermediate crude added 68 cents, or 1%, to settle at $71.01 a barrel on the New York Mercantile Exchange. It lost about 3.8% for the week, according to FactSet data.

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07/13/2018 06:56 PM
Cisco and other networking stocks plunge amid Amazon competition fears

Large networking companies like Cisco Systems Inc. , Arista Networks Inc. and Juniper Networks Inc. were hit in Friday trading by a monster that has already rampaged through other sectors: Fear that Amazon.com Inc. will make a challenge. The Information reported Friday that Amazon is considering selling its own network switches with built-in connections to its Amazon Web Services cloud-computing offerings. The generic networking equipment would be based on open-source software and sourced from "white box" manufacturers, which would likely make the product much cheaper than offerings from the larger networking companies. Facebook Inc. has put out its own networking designs that utilize white-box switches, and the equipment is widely available directly from the manufacturers, but that has not stopped Cisco from dominating the industry while Arista offers high-performance gear and Juniper aims for telecoms and other specialty areas. All three networking companies were specifically mentioned in The Information's report. Cisco stock fell more than 5% after previously trading at a gain on the day, while Arista fell more than 5% and Juniper declined more than 3%. Amazon, which has hurt the retail sector with its ecommerce dominance and previously spooked the grocery sector before and during its acquisition of Whole Foods and the pharmacy and health care sectors while making plans to challenge there, gained slightly Friday while topping $1,800 for the first time. The S&P 500 index was trading about 0.1% higher Friday.

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07/13/2018 06:53 PM
Boeing to book $124 million after-tax charge in Q2 after court rules against it in Wichita sale case

The Boeing Co. said Friday it will recognize a $124 million after-tax charge in the second quarter, after a court ruled against it in a case involving the 2005 sale of its production facilities in Wichita, Kansas. The aerospace giant said the Delaware Supreme Court ruled that it is not entitled to recover certain costs associated with the sale of the facilities to Spirit Aerosystems. Boeing filed a suit against Spirit in 2014 seeking to enforce its right to indemnification and recover sums incurred to cover pension and retiree medical obligations. When it lost that case, it filed an appeal with the state's supreme court. The charge will not impact revenue or free cash flow. Boeing shares were up 1.1% on Friday, and have gained 18.6% in 2018, while the Dow Jones Industrial Average has gained 1.2% and the S&P 500 has gained 4.8%.

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07/13/2018 06:49 PM
Gold prices mark lowest settlement in almost a year

Gold futures on Friday posted declines for the session and the week, suffering from their lowest settlement in nearly a year. The yellow metal failed to find support from U.S.-China trade tensions amid overall strength in the U.S. dollar this week. August gold fell $5.40, or 0.4%, to settle at $1,241.20 an ounce, the lowest for a most-active contract since July 17, 2017, according to FactSet data.

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07/13/2018 06:11 PM
Baker Hughes data show weekly U.S. oil-rig count unchanged

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was flat at 863 this week. That climb followed a rise of five last week. The total active U.S. rig count, which includes oil and natural-gas rigs, increased by 2 to 1,054, according to Baker Hughes. August West Texas Intermediate crude was up 80 cents, or 1.1%, at $71.13 a barrel, little changed from before the rig numbers.

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07/13/2018 05:30 PM
Dow retains grip on solid midday gains after 12 Russians indicted over hacking DNC servers

The Dow Jones Industrial Average midday Friday held on to solid gains after 12 Russian intelligence officers were indicted for hacking into the Democratic National Committee's server. The Dow was up 0.4% at 25,013, the S&P 500 index gained 0.1% at 2,802, while the Nasdaq Composite Index advanced 0.1% at 7,832, after hitting an intraday record earlier in the session. All three benchmarks are on pace to post solid weekly returns, on the back of trade fears receding--at least momentarily--for stock-market investors. Friday's indictment comes as Special Counsel Robert Mueller has been investigating interference by Russia into the 2016 presidential election won by Donald Trump.

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07/13/2018 05:11 PM
12 Russians indicted over hacking DNC servers

12 Russian intelligence officers were indicted Friday for hacking into the Democratic National Committee's server, as well as the Democratic Congressional Campaign Committee and the presidential campaign of Hillary Clinton. Special Counsel Robert Mueller is investigating alleged election interference by Russia into the 2016 presidential election. The indictment says that all 12 defendants are members of the GRU, one of Russia's intelligence agencies, according to the Justice Department.

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07/13/2018 04:59 PM
Amazon's stock jumps above $1,800 for the first time

Shares of Amazon.com Inc. jumped Friday above the $1,800 mark for the first time, putting it on track for a seventh-straight gain and third-straight record close. The rally comes after Cowen raised its stock price target to $2,100 from $2,000. The stock is on track to close above $1,800, exactly one month after it closed above $1,700 for the first time on June 13, which was five weeks after it first closes above $1,600. The stock rallied 0.9% in midday trade, pushing the e-commerce giant's market capitalization up to $879.98 billion, which second only to Apple Inc.'s $942.38 billion. Among other the other largest-cap tech stocks, Alphabet Inc. and Microsoft Corp. shares have both hit all-time intraday highs on Friday. Amazon shares have run up 27% over the past three months, while the S&P 500 has gained 5.5%.

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07/13/2018 04:14 PM
Financial sector pares losses as JPMorgan's stock turns positive

The financial sector traded significantly off its lows on Friday, paring an earlier drop as JPMorgan Chase & Co. shrugged off an early decline to trade higher in the wake of its better-than-expected results. The sector fell 0.3%, having previously dropped as much as 1.4%. JPMorgan gained 0.7% after its results, bucking the negative trend of other companies that reported. Citigroup Inc. fell 2.3% after its revenue missed forecasts. Wells Fargo & Co. sank 1.4% as both earnings and revenue failed to match consensus analyst expectations. Both were also off their lows of the trading day. The Dow Jones Industrial Average rose 0.3% while the S&P 500 was up 0.2% and the Nasdaq Composite Index was up 0.1%.

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07/13/2018 04:12 PM
Dow retakes 25,000 level for first time in about a month as stock market extends Friday climb

The Dow Jones Industrial Average late-morning Friday retouched a psychologically round-number level above 25,000 for the first time in about a month, as investors focused on corporate results and pushed some concerns about global trade disputes to the back burner. The Dow , most recently, was up 85 points, or 0.4%, at 25,009, a modest gain but enough to propel it above the psychological threshold which may underpin enthusiasm for assets perceived as risky, even as the market wrestles with worries over geopolitical clashes, notably over import duties, between the U.S. and its major developed partners in Asia, North America and Europe. The gains come after a round of second-quarter results from JPMorgan Chase & Co. , Wells Fargo & Co. and Citigroup Inc. , which came in mixed early Friday before the open. Meanwhile, the S&P 500 index rose 0.2% at 2,803, and the Nasdaq Composite Index edged up by 0.1% at 7,834, touching a fresh intraday peak for the technology-laden gauge at 7,838.13.

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07/13/2018 03:56 PM
Amazon price target lifted to $2,100 as e-commerce moves beyond 'core' retail

Amazon.com Inc.'s price target was raised to $2,100 from $2,000 at Cowen as the e-commerce giant moves more deeply into what analysts call "non-core" retail markets like apparel and food. These merchandise categories are key revenue drivers in the intermediate term. Cowen rates Amazon shares outperform. "Prime which averaged ~60 million U.S. households in 2Q18 per our proprietary data will continue to be the core driver of US and international e-commerce growth over time, in our view," analysts led by John Blackledge wrote. "Additionally, we anticipate sustained performance from AWS and meaningful growth in emerging segments, like Amazon's advertising business." Analysts think Amazon's ad business will increase to $36 billion in 2023 from $8.5 billion in 2018. Amazon shares have gained 54.5% for the year so far, outpacing the S&P 500 index , which is up 4.8% for the period.

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07/13/2018 03:08 PM
Wells Fargo's stock paces S&P 500 losers, extends streak of post-earnings selloffs to six quarters

Wells Fargo & Co.'s stock tumbled 3.8% in morning trade Friday, enough to pace the S&P 500's decliners, as the bank extended its streak of earnings disappointments to six quarters. Including the current loss, the stock has now fallen on the day earnings were released after the past six reports, by an average of 2.5%. It is now on track to fall after 11 of the past 12 reports, and after 15 of the past 17 reports. Earlier, the bank reported earnings that missed expectations, for the third time in the past four quarters, while total revenue has now missed for six of the past seven quarters. The stock has now shed 3% over the past 12 months, while the SPDR Financial Select Sector ETF has gained 7% and the S&P 500 has climbed 14%.

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07/13/2018 02:56 PM
Financial sector drops after bank earnings largely disappoint

The S&P Financial sector tumbled on Friday, following a trio of major bank earnings that showed some signs of weakness. The sector fell 1.2%, by far the biggest percentage decliner of the 11 primary S&P 500 sectors. The declines came as bank earnings started the second-quarter reporting season on something of a sour note. JPMorgan Chase & Co. fell 1.4% after it reported results that came in above expectations, though its consumer and community banking division was a weak spot. Citigroup Inc. lost 2.9% after its revenue missed forecasts. Wells Fargo & Co. sank 4% as both earnings and revenue failed to match consensus analyst expectations. Of the 69 components of the sector, 67 were in negative territory in morning trading. The financial sector is down 4.4% thus far this year, underperforming the broader market by a wide margin. The Dow Jones Industrial Average fell 0.1% on Friday while the S&P 500 lost 0.2%, as did the Nasdaq Composite Index .

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07/13/2018 02:45 PM
AT&T failed to provide requested documents to Senate probe of payments made to Michael Cohen

AT&T Inc. failed to provide requested documents to a Senate investigation of payments made to President Donald Trump's former personal lawyer Michael Cohen via a shell company in the months after Trump's election in 2016, according to a report on the probe. AT&T, Swiss drug company Novartis , private-equity firm Columbus Nova, an investment company with ties to sanctioned Russian oligarch Viktor Vekselberga and Korea Aerospace Industries made payments totaling $4 million to Cohen, according to press reports and a memo released by Michael Avenatti, the lawyer representing Stephanie Clifford, a pornographic film actress known as "Stormy Daniels," who was paid $130,000 by the shell company to stay quiet about an alleged affair with Trump. "Novartis provided the Senators with documents reflecting the company's communication with Mr. Cohen, but declined to provide other documents requested by the Senators, including any documents reflecting internal communications regarding Mr. Cohen and his role with the company," said the report. "A similar letter was sent to AT&T, which did not provide all of the requested information. While AT&T made a number of assertions about their relationship with Mr. Cohen and why he was hired, the company failed to provide any of the requested documents." AT&T shares were down 2% in early trade, and have fallen 18.7% in 2018, while the S&P 500 has gained 4.6%.

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07/13/2018 02:38 PM
Dow trades slightly higher as JPMorgan, Citi, Wells Fargo kick off earnings season

U.S. stock-index benchmarks on Friday tipped slightly higher as second-quarter earnings unofficially kicked off with some of the nation's biggest banks, led by JPMorgan Chase & Co. , Wells Fargo & Co. and Citigroup Inc. The Dow Jones Industrial Average rose 36 points, or 0.2%, at 24,962, the S&P 500 index edged slightly higher, up less than 0.1%, at 2,797, while the Nasdaq Composite Index barely edged up 0.1% at 7,829. The subdued opening trade comes after JPMorgan Chase & Co. reported second-quarter results that were better than expected, while Citi reported revenue missed analysts estimates for revenue, Wells Fargo & Co. posted results that came in below expectations. For the week, the S&P 500 was on track for a 1.4% advance, the Nasdaq was eyeing a 1.8% weekly rally and the Dow was set for a 1.9% rise for the week. This is set to be the second straight weekly advance for all three, as well as the Dow's best week since early June.

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07/13/2018 02:25 PM
JPMorgan's Dimon says 'you're looking for potholes, there are not a lot of things out there'

JPMorgan Chase & Co.'s CEO Jamie Dimon said he sees few signs that strong domestic economic expansion in its ninth year will be buffeted by factors including Federal Reserve monetary policy and trade-war clashes. Speaking Friday morning during a conference call with analysts to discuss the behemoth bank's second-quarter results, Dimon said "you're looking for potholes, there are not a lot of things out there," responding to a question. Dimon said the prospect of rising rates and a narrowing spread between the 2-year Treasury note and the 10-year note --watched as a gauge of a weakening economic outlook by bond buyers and as an accurate recession indicator, when the shorter rate exceeds its longer-term counterpart--aren't creating a lot of consternation for the U.S.'s largest bank by market value. Dimon's comments come after JPMorgan reported a profit of $8.3 billion, or $2.29 a share, topping expectations of $2.22 a share among analysts polled by Thomson Reuters. Overall profit at the corporate and investment bank was $3.2 billion, an 18% increase from $2.71 billion in the same period last year. JPMorgan's trading revenue increased 13% to $5.4 billion from $4.8 billion a year earlier. Shares of the bank in the premarket were up 0.3% and they are on track to climb 2.7% for the week, as of Thursday's close. That compares with a 1.9% weekly increase for the Dow Jones Industrial Average , a weekly rise of 1.4% for the S&P 500 index and 1.8% 5-day rise for the Nasdaq Composite Index . Meanwhile, the exchange-traded Financial Select Sector SPDR ETF , which comprises some of the biggest U.S. financial institutions, was set to climb 1.6% so far this week. The results have come against the backdrop of an intensifying trade conflict between the U.S. and its trading partners across the globe and, notably China, and as the Fed has raised rates seven times since December of 2015, in an attempt to return rates to precrisis levels. That central-bank policy should contribute to improved profitability at banks but real rates haven't advanced as quickly as expected and the monetary strategies employed have contributed to a tightening gap between government paper that some fear could lead to an inversion of the yield curve, which has been an accurate predictor of recent recessions.

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07/13/2018 02:18 PM
Trump says a U.S.-U.K. trade deal will be possible after Brexit, after interview in which he said it wasn't

President Donald Trump on Friday appeared to backtrack from his criticism of U.K. Prime Minister Theresa May and her plans to exit the European Union. He said the story in The Sun in which he said a soft Brexit could "kill" the prospects of a U.S.-U.K. trade deal was "generally fine" but didn't include his views toward May. "The only thing I ask of Theresa is that we make sure we can trade," he said. "I believe after speaking with the prime minister's people and representatives and trade experts, it will absolutely be possible."

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07/13/2018 02:13 PM
Infosys's stock set to pull back sharply from from 18-year high after Q1 results

The U.S.-listed shares of Infosys Ltd. sank 4.4% in premarket trade Friday, to pull back from the previous session's 18-year closing high, after the India-based digital services and consulting company reported fiscal first-quarter earnings that just matched expectations. Net income for the quarter to June 30 was $60 million, or 25 cents a share, compared with $595 million, or 24 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 25 cents. Revenue rose to $2.83 billion from $2.65 billion, topping the FactSet consensus of $2.80 billion. Operating margins of 23.7% was at "the upper quartile of the guidance," while fiscal 2019 guidance was maintained at 22% to 24%. Separately, the company said it approved a bonus issue of one equity share for each equity share held, as well as a stock dividend of one American Depositary Share (ADS) for every ADS held. The stock had run up 20% in the past three months through Thursday, while the SPDR Technology Select Sector ETF has climbed 9.5% and the S&P 500 has gained 5.4%.

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07/13/2018 01:47 PM
ZTE expects to swing to a loss of up to $1.3 billion in first half of the year

China-based ZTE Corp. , which the U.S. Department of Commerce had earlier this year punished with a trade ban, after which President Trump stepped in to try to save the telecommunications giant, said it expects to lose 7 billion to 9 billion yuan during the first six months of the year, which is the equivalent of about $1.04 billion to $1.34 billion at current exchange rates. That's after a profit of 2.29 billion yuan, or the equivalent of $340.9 million in the same period a year ago. The company said the "substantial" decrease in results is mainly a result of "the suspension of the major operating activities of the company and the corresponding $1 billion penalty. The stock shed 1.4% in Hong Kong trading. It has tumbled 47% over the past three months, while the MSCI Hong Kong index has slipped 4.7% and the S&P 500 has gained 5.4%.

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07/13/2018 01:33 PM
Raymond James downgrades AT&T's rating, citing DOJ appeal

Raymond James analysts downgraded AT&T Inc.'s rating on Friday to market perform from outperform, saying the Department of Justice appeal of the acquisition of Time Warner, now WarnerMedia is a "negative catalyst" for the stock. On Thursday, the Department of Justice announced it would be appealing the June 12th court ruling approving AT&T's purchase of Time Warner. In his opinion at the time, U.S. District Judge Richard Leon rejected the Justice Department's original argument that the deal would suppress competition in the pay-TV industry. Although Raymond James says it is confident the merger will be unaffected, "investors will likely be unenthusiastic in holding the shares during the process, as they did during the last trial." AT&T is still "attractively valued," analysts wrote, but "an appeal de-railing the positive benefits of the merger gives us pause." AT&T shares have dropped 17% so far this year, while the S&P 500 has risen 4.7%.

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07/13/2018 01:27 PM
Wells Fargo profit and revenue fall below expectations, but salaries and commissions rise

Wells Fargo & Co.'s second-quarter earnings and revenue fell below expectations, but that didn't stop the bank from boosting employee salaries and commissions. The stock dropped 3% in premarket trade. Total noninterest income fell 8% to $9.01 billion, but total noninterest expense rose 3% to $13.98 billion, as salaries rose 3% to $4.47 billion and commission and incentive compensation jumped 6% to $2.64 billion. However, employee benefits fell 5% to $1.25 billion. Overall net income fell 12% to $4.79 billion, or 98 cents a share, below the FactSet consensus of $1.12 a share, while total revenue slipped 2% to $21.55 billion, missing expectations of $12.68 billion. The stock has shed 7.7% year to date through Thursday, while the SPDR Financial Select Sector ETF has lost 2.9% and the S&P 500 has gained 4.7%.

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07/13/2018 01:21 PM
CDC links outbreak of salmonella in 33 states to Kellogg's Honey Smacks cereal

The Centers for Disease Control and Prevention is recommending on Friday that people take Kellogg Co.'s Honey Smacks cereal off the breakfast menu as it has been tied to a multistate outbreak of salmonella. Kellogg voluntarily recalled the cereal on June 14 "due to possible health risk" after it was contacted by the CDC and the Food & Drug Administration about reported illnesses, according to a release on the company's website. "Do not eat any Kellogg's Honey Smacks cereal, regardless of package size or best-by date," reads the CDC advisory. "Check your home for it and throw it away, or return it to the place of purchase for a refund." The CDC reports 100 people in 33 states have been infected with the outbreak strain, and there have been 30 hospitalizations. There haven't been any deaths reported. The group also recommends that a container where Honey Smacks were stored without packaging should be washed thoroughly with warm soapy water before using it again. Kellogg shares are up 4% for 2018 to date while the S&P 500 index is up 4.7% for the period.

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07/13/2018 01:18 PM
Advaxis shares rise 68% after FDA lifts clinical hold on its drug trial

Shares of the biotech company Advaxis Inc. surged 68% in premarket trade on Friday after the Food and Drug Administration lifted a clinical hold on the company's phase 1/2 study for a cancer drug combination. The clinical hold was put in place in March after a patient death following "acute respiratory failure after nine months of combination therapy," the company said; it will now implement new measures to detect these types of events early. The trial is testing a combination of Advaxis' axalimogene filolisbac, a listeria-based immunotherapy, and Astrazeneca's durvalumab for patients with advanced, recurrent or refractory cervical cancer and HPV-associated head and neck cancer. Company shares have dropped 29.5% over the last three months, compared with a 5.4% rise in the S&P 500 and a 2.3% rise in the Dow Jones Industrial Average .

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07/13/2018 01:12 PM
Citigroup trading results mixed as weak fixed income weighs against strong equity trading

Citigroup Inc. posted mixed results from trading Friday, with its markets and securities revenue falling 1% to $4.5 billion in the second quarter as strong growth in equity markets and securities services was more than offset by a decline in fixed income markets. The bank said fixed income revenue fell 6% to $3.1 billion, driven by "a more challenging market environment" and a difficult comparison with the year-earlier period in G10 rates and securitized products. Equity markets revenue rose 19% to 4864 million, reflecting market volatility. Securities services revenue rose 12% to $665 million. Shares were down 0.4% premarket.

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