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Stock Market & Financial Investment News

News Breaks
July 9, 2014
14:30 EDTPSXPhillips 66 approves increased CapEx plan, $2B share repurchase plan
News For PSX From The Last 14 Days
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August 31, 2015
17:24 EDTPSXPhillips 66 shares could jump, Barron's says
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16:23 EDTPSXOn The Fly: Top stock stories for Monday
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12:20 EDTPSXOn The Fly: Top stock stories at midday
Stocks on Wall Street were lower at midday, putting the averages on track to close out a down month with a down day. The weakness is being attributed to comments from several Fed officials on the likelihood of interest rates rising sometime this year. Also impacting the negative tone may be the media reports regarding China pulling back on its recent asset purchases to shore up its stock market. ECONOMIC EVENTS: In the U.S., the Chicago PMI dipped to 54.4 in August from 54.7 in July, versus expectations for it to have edged up to 54.5. The Dallas Fed manufacturing survey general activity index fell to -15.8, versus expectations for a reading of -4.0. In Asia, Chinese stocks fell once again, with the Shanghai composite index closing down 0.82% to finish the month of August with a 12% decline. Japan's Nikkei index finished the month with an even worse daily decline, falling about 1.3%, giving the Nikkei an 8% drop during August. In Europe, a flash estimate from Eurostat showed inflation in the euro area remained unchanged at 0.2% in August. COMPANY NEWS: Shares of Phillips 66 (PSX) advanced 3% after Warren Buffett's Berkshire Hathaway (BRK.A) disclosed late Friday a $4.5B stake in the oil and gas refining and marketing company. Berkshire owns of the oil refiner. Berkshire increased its stake in Phillips 66 to nearly 58M shares between August 26 and August 28, according to filings with the SEC... Intel (INTC) and Goldman Sachs (GS) were the top gainers on the Dow and among the only names in the green among the members of the bluechip index, as both stocks benefited from analyst upgrades. Research firm Northland Capital upgraded Intel to Outperform, saying that the PC market has bottomed and that the chipmaking giant should benefit from its pending acquisition of Altera (ALTR), while Evercore ISI upgraded Goldman Sachs to Buy, saying the recent pickup in volatility has led to higher trading volumes, which should give a boost to the typically slowest summer month of the year. MAJOR MOVERS: Among the notable gainers was Vital Therapies (VTL), which gained 14% after the company announced that additional data from its VTI-208 clinical trial were presented this weekend at an international symposium on dialysis in liver disease. Also higher were shares of The Medicines Company (MDCO), which rose 18% after several analyst said that a Phase I trial of the company's ALN-PCSsc cholesterol treatment yielded better than expected results. Shares of The Medicines Company's partner on the drug, Alnylam Pharmaceuticals (ALNY), slipped 4% following the data announcement. Also lower were shares of ConforMIS (CFMS), which fell 18% after the company initiated a voluntary recall of specific serial numbers of patient-specific instrumentation for its knee replacement product systems and lowered its fiscal year revenue guidance. INDEXES: Near midday, the Dow was down 61.37, or 0.37%, to 16,581.64, the Nasdaq was down 16.59, or 0.34%, to 4,811.74, and the S&P 500 was down 8.73, or 0.44%, to 1,980.14.
09:24 EDTPSXOn The Fly: Pre-market Movers
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06:59 EDTPSXPhillips 66 flat into Buffett's Berkshire reports $4.5B stake
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05:25 EDTPSXBuffett's Berkshire reports $4.5B stake in Phillips 66
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