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Dow finishes down 550 points as stocks erase 2018 gains

“The S&P 500 index SPX, -1.82% was down 48.84 points, or 1.8%, at 2,641.9, while the Nasdaq Composite Index NQZ8, -2.23% was off by 119.65 points to 6,908.82, a drop of 1.7%” writes Markets Reporter for marketwatch.com. CPB, +5.46% shares rose 5.7% Tuesday, after a third-quarter earnings report that showed the firm beating earnings estimates, while the company affirmed its upbeat guidance for 2019. Source: marketwatch.com Share This:

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Goldman Sachs cuts Apple iPhone estimates on negative supplier outlook

“Goldman Sachs estimates Apple will produce 6 percent fewer iPhones next year than previously expected, after key supplier Lumentum reduced its shipment outlook, according to a report Tuesday” writes Michael Sheetz for cnbc.com. “We are concerned that end demand for new iPhone models is deteriorating,” Goldman said in the note.”We note this could easily right itself given the bulk of demand comes in late December but we feel more prudent sell through forecasts are warranted due to the timing and magnitude of this warning.”. WATCH:Apple’s stock is plunging — Here’s…

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Goldman’s Stock Seen Falling 33% Off High

“The RSI failed to make a new high in early 2018 despite the stock reaching an all-time high in March” writes Michael J for investopedia.com. Making matters worse, analysts have slashed their fourth quarter earnings and revenue estimates over the past month.Analysts are now looking for earnings growth of less than 1% down from 5%.Meanwhile, revenue estimates have also dropped to less than 1% from 2% previously.Slowing earnings growth in 2019 is not only a problem at Goldman Sachs, but many of the other big banks are also facing similar slowdowns. Source:…

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Apple’s stock falls after Goldman cuts price target, iPhone unit estimates

“AAPL, +0.23% dropped 1.4% in premarket trade Tuesday, after Goldman Sachs slashed its price target by 13% and cut iPhone unit estimates in the wake of a profit and sales warning from supplier Lumentum Holdings Inc” writes Reporter Editor for marketwatch.com. LITE, +4.03% Analyst Rod Hall lowered his price target to $209 from $240, and reiterated the neutral rating he’s had on Apple since Feb. 6.Apple’s stock has shed 16% since its Oct. 3 record close of $232.07 through Monday, while the Dow Jones Industrial Average DJIA, +0.26% has lost…

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Threat of a looming ban on menthol cigarettes weighs on tobacco stocks

“He estimates menthol cigarettes are about 18 percent to 20 percent of BAT’s cigarette volumes and about 15 percent to 17 percent of profits” writes Joe Raedle for cnbc.com. However, they noted menthol cigarettes make up a sizable chunk of profits at British American Tobacco, Altria and Imperial Brands.Tobacco stocks slid Monday as investors feared the consequences of a possible ban on menthol cigarettes, which the U.S. Food and Drug Administration is expected to propose this week. Source: cnbc.com Share This:

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Norwegian Cruise shares surge 4% after earnings top estimates

“Norwegian Cruise Line Holdings Ltd.’s shares NCLH, +3.40% surged 4% in early trade Thursday, after the company reported stronger-than-expected earnings for the third quarter” writes Ciara Linnane for marketwatch.com. Adjusted per-share earnings came to $2.27, ahead of the FactSet consensus of $2.21. revenue rose 12.5% to $1.9 billion to top the FactSet consensus of $1.8 billion.The company raised its full-year adjusted EPS guidance to $4.85. Source: marketwatch.com Share This:

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Wells Fargo finds another 145 customers who lost homes after glitch

“New York (CNN Business) Wells Fargo has identified 145 more customers whose homes were foreclosed on because of an apparent computer glitch” writes Cnn Business for cnn.com. Wells Fargo now estimates that about 545 homeowners lost their homes after they were “incorrectly denied” a loan modification or deemed ineligible to apply.All told, Wells Fargo said about 870 customers were incorrectly denied a loan modification or were not offered a loan modification for which they would have qualified.Wells Fargo said that it has contacted most customers who were impacted to fix…

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Match Group’s shares plummets 18% after weak revenue guidance

“Match Group shares plunged 18 percent on Wednesday after the company gave fourth-quarter revenue guidance that missed estimates, and spooked investors” writes Andrew Harrer for cnbc.com. However, the company’s third-quarter earnings and revenue results beat estimates.Match reported earnings of 39 cents per share on $443.9 million in revenue, while Wall Street expected earnings of 36 cents per share on $438.1 million in revenue, according to data from Refinitiv. Source: cnbc.com Share This:

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Tinder-owner Match profit forecast disappoints, shares slide

“Match Group said it now expects full-year revenue to approach the top end of its prior forecast of $1.68 billion to $1.72 billion” writes Min Read for reuters.com. (Reuters) – Match Group Inc forecast current-quarter adjusted earnings below analyst estimates on Tuesday, hit by higher spending for Tinder and its other dating apps, sending its shares down 10 percent in after-market trade.On an adjusted basis, the company earned 39 cents per share, above analysts’ estimates of 36 cents. Source: reuters.com Share This:

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Netflix Stock Seen Rebounding 10% Short-Term

“But it had little effect on lifting the stock, as the stock market was hit a by a wave of increasing levels of volatility” writes Michael J for investopedia.com. With the calls trading at roughly $12.50 per contract, a buyer of the calls would need the stock to rise to approximately $347.50, or 10%, from the current stock price.It would seem that at least some traders are betting Netflix leads a broader stock market recovery.But now some options traders are betting the stock rebounds in the coming weeks by 10% from its current price of…

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