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Applied Materials’ weak forecast fans concerns over the end of the chip boom

“The weak forecast clouded yet another quarterly beat on revenue and profit by Santa Clara, California-based Applied Materials” writes David Paul Morris for cnbc.com. Applied Materials, the world’s largest supplier of equipment used to make chips, forecast current-quarter profit and revenue below Wall Street estimates, adding to fears that a two-year chip boom may be losing steam.Applied Materials’ also topped analysts’ estimates for revenue growth in its semiconductor and display businesses.Applied Materials expects fourth-quarter adjusted profit of between 92 cents and $1 per share and net sales of between $3.85…

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Fentanyl drove drug overdose deaths to a record high in 2017 — about 200 a day — CDC estimates

“Overdose deaths initially ballooned during the Obama administration, which was criticized by experts for being slow to respond to the problem” writes Christopher Ingraham for latimes.com. Last year the Trump administration declared the epidemic a “public health emergency” but allocated no new funding for states to address the issue. Patrick Kennedy, a member of the task force the administration convened to tackle the epidemic, criticized President Trump as “all talk and no follow-through” on opioids late last year. Source: latimes.com Share This:

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Walmart shares soar as earnings top expectations, boosted by 40% US e-commerce sales growth

“Walmart on Thursday reported quarterly earnings and sales that topped analysts’ expectations, as more shoppers flocked to its stores and spent more per trip, and e-commerce sales ticked higher than previous quarters” writes Lauren Thomas for cnbc.com. Walmart shares jumped more than 10 percent in early trading on the news, on pace for the most gains since Nov. 16, 2017, when the stock climbed 10.9 percent.Building on the momentum and anticipated retail sales growth in the U.S., Walmart raised its sales and earnings outlook for the full year, excluding any…

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Dutch insurer NN Group’s second-quarter profit jumps 25 percent, beats estimates

“Dutch insurer NN Group on Thursday said its second-quarter core profit jumped 25 percent to 508 million euros ($578.4 million), as it continued to benefit from the takeover of smaller rival Delta Lloyd” reports cnbc.com. Net income nearly doubled to 463 million euros, leading to a 6 percent rise in the insurer’s interim dividend, to 0.66 euros per share.The insurer said in May the takeover would lead to a total cost savings of 400 million euros by 2020.Analysts polled by Reuters on average had predicted operating result to rise 6…

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Cisco tops revenue estimates as newer bets pay off

“(Reuters) – Cisco Systems Inc reported quarterly revenue above Wall Street estimates on Wednesday, driven by growth in the network gear maker’s newer businesses such as cyber security” reports businessinsider.com. Eight analysts polled by Thomson Reuters I/B/E/S had expected revenue of $615.8 million. Analysts on average had expected a profit of 69 cents per share and revenue of $12.77 billion.Eight analysts polled by Thomson Reuters I/B/E/S had expected revenue of $7.32 billion.Revenue from its security business, which offers firewall protection and breach detection systems, rose 12 percent to $627 million. Source:…

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Stocks rise as Home Depot shares jump, Turkish lira rebounds

“Through Tuesday morning, 76.84 percent of S&P 500 companies that have topped analysts’ earnings estimates, according to FactSet” writes Alexandra Gibbs for cnbc.com. The Dow component is the latest company to report better-than-expected quarterly earnings in what has been a very strong reporting season.Home Depot shares rose 0.1 percent after its second-quarter earnings and revenue easily topped Wall Street estimates. Source: cnbc.com Share This:

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Futures News Stocks 

Futures rise as Turkish lira rebounds, tech stocks gain

“Advance Auto Parts jumped 5.9 percent after beating quarterly profit estimates and the auto parts retailer announced a share buyback program” reports businessinsider.com. Still the lira has shed more than two-fifths of its value so far in 2018, hitting U.S. and European stocks as investors fretted about banks’ exposure to Turkey.Shares of the big six U.S. lenders were trading between flat and up 0.6 percent in early premarket trading on Tuesday. Source: businessinsider.com Share This:

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News Oil 

Is Saudi Arabia—the world’s largest oil producer—accurately reporting its oil production?

“Saudi Arabia has pressed independent energy analysts to alter their estimates of its oil production, people familiar with the matter said, a move that could put it in conflict with other members of the fractious Organization of Petroleum Exporting Countries” writes Summer Said for marketwatch.com. The world’s largest oil CLU8, +0.25% LCOV8, +0.51%   exporter has told OPEC it cut output in July, according to delegates, but estimates from the U.S. government and independent agencies say it boosted production—amounting to a huge difference of as much as half a million…

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Viacom reports revenue below estimates on weak advertising sales

“Viacom, the owner of MTV, Comedy Central and Paramount Pictures, said domestic advertising revenue fell 3 percent to $922 million” writes Midwest Communications Inc for 95kqds.com. (Reuters) – Viacom Inc reported quarterly revenue below Wall Street estimates on Thursday, as domestic advertising sales fell and the media company collected lower fees from cable TV operators and online distributors.The company said worldwide affiliate revenue fell 3 percent to $1.15 billion, missing estimates of $1.16 billion, according to research and data analytics firm Factset. Analysts on average had expected a profit of…

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