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Guess co-founder, board chair Marciano steps down after bike accidentExternal Link

Guess Inc. said late Friday that co-founder and non-executive Board Chairman Maurice Marciano was stepping down from board duties after recently being injured in a bicycle accident near his home in California. Paul Marciano, Guess' chief creative officer and brother of Maurice Marciano, said in a statement that Maurice Marciano will be in rehabilitation and therapy "for an extended period of time and, therefore, will no longer continue to serve as non-executive chairman of the board." The company named longtime board member Alex Yemenidjian as board chair, effective Friday. Shares of Guess were flat in the extended session Friday after ending the regular trading day up 1.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 14 Aug 2020 20:41:43 GMT
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Buffett's Berkshire buys gold miner Barrick, slashes Wells Fargo and JPMorgan stakes amid coronavirus External Link

Warren Buffett's Berkshire Hathaway Inc. unloaded a more than a quarter of its stake in Wells Fargo & Co. and about 61% of its position in JPMorgan Chase , while acquiring a new position in Barrick Gold Corp. , according to 13F filings with the Securities and Exchange Commission for the period ended Jun 30, that were released Friday afternoon. Berkshire's moves appeared to reflect a broad lightening of the conglomerates exposure to large-capitalization banks during the worst public health crisis in generations. Berkshire sold 85.6 million shares of Wells Fargo, representing about 26% of its stake and putting its ownership to about 3% from 5.3%. The insurance conglomerate also shed 35.5 million shares of JPMorgan, 61% of its position, which now represents 1% of Berkshire's overall portfolio from 3% in the prior period. Meanwhile, the investment firm acquired nearly 21 million shares of Barrick Gold worth $563 million, representing 0.3% of Berkshire's holding. Berkshire also reduced its holding in PNC Financial Services , selling 3.85 million shares to cut its position to 0.3% from 0.5%. Berkshire didn't change its holdings in Apple Inc. , where the firm owns at 245.156 million shares. Large investors must disclose long stock positions held at the end of a quarter 45 days later in a 13F filing with the SEC, which means such filings are merely a snapshot of an investor holdings at a given point. Berkshire Class A and B shares are down by about 0.6% and 0.5% at Friday's close. Meanwhile, shares of Wells Fargo were down 0.8% in after-hours trade on Friday, JPMorgan shares edged 0.1% lower, while Barrick's stock was up 3.9% after Friday's closing bell. The Dow Jones Industrial Average booked a meager gain on the day, while the S&P 500 index and technology-laden Nasdaq Composite Index closed in negative territory. However, all three benchmarks booked weekly gains.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 14 Aug 2020 20:39:48 GMT
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S&P 500 ends week and day higher but fails to book record close as market succumbs to lack of fresh catalystExternal Link

U.S. stocks closed lower Friday and booked weekly gains, but trading to end in mid August suggests that it may be tough sledding ahead for investors hoping to find further gains, with the S&P 500 within a striking distance of its record close, as stimulus talks are all but dead and data point to a slow and fitful economic recovery from the COVID-19 pandemic. Economic reports, including unemployment claims and retail spending, continue to suggest the economy is recovering, but at an unsteady pace as the virus fails to submit efforts to quash it throughout the country. A report on retail sales in July rose 1.2%, and increased by 1.9% once stripping out for auto and gas. Meanwhile, second-quarter productivity jumped 7.3%, while second-quarter unit labor costs surged by 12.2%. Separately, a reading on industrial production rose 3% in July for the third straight monthly gain after sharp declines in March and April, the Federal Reserve reported Friday. Investors continued to wait for developments on a coronavirus relief package from Congress but lawmakers have broken for recess until Labor Day. The Dow Jones Industrial Average closed up 34 points, or 0.1%, at 27,931 and booked a weekly gain of 1.8%, while the S&P 500 index finished the day nearly unchanged at 3,372 but notched a weekly gain of 0.6%, ending Friday's trade about 14 points from a record close. Meanwhile, the Nasdaq Composite Index closed 0.2% lower at 11,019 and logged a weekly gain of less than 0.1%. Tech stocks have been at the vanguard of the current recovery for stocks but have seen gains peter out in recent trade. Meanwhile, on U.S.-China trade talks, both sides have canceled plans for a virtual weekend meeting to assess their so-called phase one trade deal as it hits its six-month mark.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 14 Aug 2020 20:11:48 GMT
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Facebook announces paid online events for small businessesExternal Link

Facebook Inc. on Friday announced a new feature in 20 countries for paid online events like a yoga class or seminar for small businesses, creators, educators, and publishers via the social-networking giant's platform. Called Now Pages, it allows for the creation of an online event, setting prices, promoting the event, and collecting payment for hosts of the event. The feature is part of a company strategy to "support businesses and creators who are looking for ways to connect with their communities and bring their businesses online during COVID," Facebook said. Facebook will not collect any fees for paid online events for at least the next year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 14 Aug 2020 20:09:10 GMT
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Federal probe looks into contacts between Boeing, NASA executives on lunar contracts: WSJExternal Link

Federal prosecutors have started a criminal investigation into whether a senior NASA official improperly shared information about a lunar-lander project with a senior executive at Boeing Co. , which then acted on his guidance, The Wall Street Journal reported Friday, citing people familiar with the investigation. A grand-jury investigation, led by the U.S. attorney's office for the District of Columbia, is focusing on communication early this year outside official contracting business, the newspaper reported. The contacts involve Doug Loverro, before he resigned as head of NASA's human-exploration programs in May, and Jim Chilton, senior vice president of Boeing's space and launch division, the newspaper reported. According to Boeing's website, Chilton began his career at Boeing in 1984 as an engineer and assumed the role of senior VP of the space and launch division in April 2018. Shares of Boeing rose 1.6% on Friday, and have lost 47% this year, contrasting with gains around 4% for the S&P 500 index in the same period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 14 Aug 2020 19:45:12 GMT
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