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FTD top execs leave amid restructuring; board pondering sale

“FTD, +1.35% announced the departure of its chief executive, chief operating officer and chief marketing officer Thursday afternoon, and said the board was reviewing strategic alternatives while immediately restructuring the company” writes Jeremy C for marketwatch.com. The company also said it would eliminate the COO position, previously held by Simha Kumar, and that CMO Jeffrey Severts would leave the company.The company also reduced its forecast for annual 2018 profit and revenue. Source: marketwatch.com Share This:

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Nucor profit doubles as Trump’s steel tariffs drive demand higher

“Nucor posted the highest second-quarter profit in its history as the steelmaker ramped up output to meet demand from President Trump’s 25 percent tariffs on imports from overseas competitors” writes Martin Meissner Associated for washingtonexaminer.com. The Charlotte, N.C.-based company has benefited as Trump’s duties reduced so-called dumping of illegally subsidized metals in the U.S. from foreign producers, said Chief Executive Officer John Ferriola.”The primary driver of the improved performance was our steel mills segment, which experienced higher average selling prices and increased profitability across all steel mill product groups, with…

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Unilever’s profit dips amid Brazilian truck strike and currency fluctuations

“The Anglo-Dutch maker of Ben & Jerry’s ice cream, Dove soap and Hellmann’s mayonnaise said underlying sales rose 1.9 percent, excluding the recently divested spreads business” writes Marco De Swart for cnbc.com. On that basis, analysts on average were expecting growth of 2.3 percent. “What you see behind these results is actually a strengthening again of the volume component which for us is the most important,” Unilever CEO Paul Polman told CNBC’s Willem Marx on Thursday. “When we had a lot of pricing (power), analysts were worried about us not…

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United’s shares surge after second-quarter profit tops Wall Street estimates

“United Continental Holdings shares surged more than 8 percent Wednesday morning after the third-largest U.S. airline raised its 2018 profit outlook and said higher fares are helping to recover most of the surge in fuel costs over the past year” writes Leslie Josephs for cnbc.com. Munoz has also struggled to convince investors that the airline’s aggressive growth plan wouldn’t spark a fare war among airlines. Source: cnbc.com Share This:

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Markets News 

Dow edges higher, but energy sector is a drag on the broader market

“U.S. stocks traded mixed, with the Dow Jones Industrial Average inching up, but the broader market edged lower as a slump in the energy sector weighed” writes Anora M for marketwatch.com. Wall Street moves has been influenced by economic reports and earnings reports.Gains in the financials and industrials sectors, up 0.9% and 0.6%, respectively, were overshadowed by sharp losses in energy shares, down more than 1.2%.UAL, +5.92%  were up 5.8% after the airline reported better-than-expected second-quarter earnings late Tuesday and lifted its profit projections.Abbott Laboratories ABT, +3.07%  shares rose 2.8%…

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Morgan Stanley Profit Surges 38% on Trading Revenue, Tax Cuts

“Fixed-income trading revenue rose by 12% to $1.4 billion, while stock-trading revenue rose 15% to $2.5 billion, “reflecting strong performance across all products, particularly in our financing business.”” writes Bradley Keoun for thestreet.com. Overall, trading revenue rose by 18% from a year earlier, slightly more than at Morgan Stanley’s chief Wall Street rival, Goldman Sachs Group Inc. (GS) .Morgan Stanley (MS) said second-quarter profit jumped 38% from a year earlier as the Wall Street firm posted the fastest growth in trading revenue among the largest U.S. banks, while President Donald Trump’s tax…

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Futures Markets News Stocks 

U.S. stock futures fight for direction with Powell, Morgan Stanley earnings ahead

“Check out: IBM earnings: Security is growing fast, but is it enough money to matter?” writes Markets Reporter for marketwatch.com. Futures for the Dow Jones Industrial Average YMU8, +0.07%  was up 5 points at 25,111, while those for the S&P 500 index ESU8, +0.04%  fell 0.30 point to 2,811.Meanwhile, the corporate earnings season was set to continue at full speed, with results from Morgan Stanley and Abbott Laboratories on deck ahead of the market’s open.U.S. stock futures struggled for direction on Wednesday, setting the major indexes up for rangebound action,…

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Novartis says on track for 2018 growth despite Sandoz weakness

“Swiss drugmaker Novartis said on Wednesday sales and profit rose in the second quarter, as demand for its psoriasis-and-arthritis medicine and heart-failure drug offset weakness at the Sandoz generics unit” writes Arnd Wiegmann for cnbc.com. The company’s core operating profit rose 7 percent to $3.541 billion, compared with average forecast of $3.46 billion in a Reuters poll.However, Novartis lowered forecast for Sandoz as pricing pressure on its U.S. pills business takes a toll.Sales climbed 5 percent to $13.158 billion compared with forecast of $12.92 billion. Source: cnbc.com Share This:

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Swedbank second-quarter net profit beats forecast

“Swedish banking group Swedbank reported a bigger than expected rise in second-quarter net earnings on Wednesday on the back of higher income from trading and a reversal of credit impairments” writes Peter Kollanyi for cnbc.com. Swedbank said in a statement net profit rose to 6.01 billion Swedish crowns ($678.9 million) from a year-ago 4.75 billion to come in above a mean forecast for 5.35 billion in a poll of analysts. Previously announced one-off items, where a capital gain from the sale of a stake in credit information provider UC more…

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