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Updated: 56 min 41 sec ago

Thirty years ago this week, Wall Street slid into the abyss

Thu, 10/19/2017 - 1:40am
NEW YORK (Reuters) - Thirty years ago, before heading to work at the New York Stock Exchange, Peter Kenny left his home in lower Manhattan and made a detour to the nearby Our Lady of Victory church to pray to St. Jude, the Roman Catholic patron saint of desperate and lost causes.

Could the 1987 stock market crash happen again?

Thu, 10/19/2017 - 1:40am
NEW YORK (Reuters) - On the 30th anniversary of the 1987 stock market crash, U.S. stocks are at a record high and investors are concerned that steep valuations may mean a correction is overdue, despite healthy corporate earnings and economic growth.

Nestle expects 2017 margin to decline on higher restructuring costs

Thu, 10/19/2017 - 1:35am
ZURICH (Reuters) - Food group Nestle said it expected its operating margin to slip by 40 to 60 basis points in 2017 due to higher restructuring costs and said full-year organic sales growth should be in line with the 2.6 percent seen in the first nine months. Its underlying margin was set to improve.

Asia stocks shed gains after data shows slower China growth

Thu, 10/19/2017 - 1:26am
TOKYO (Reuters) - Asian stocks shed early gains on Thursday, pulling back from decade highs, with Chinese equities leading the way lower after data showed growth in the world's second largest economy slowed slightly in the third quarter.

Toshiba probed by Japan securities watchdog over results filing: source

Thu, 10/19/2017 - 12:23am
TOKYO (Reuters) - Japan's securities watchdog is investigating Toshiba Corp's accounting in its latest earnings statement to see if it properly handled losses incurred by its U.S. nuclear unit, a source with knowledge of the matter said on Thursday.

Japan transport ministry considering checks of cars, trains using Kobe Steel products: Kyodo

Wed, 10/18/2017 - 11:30pm
TOKYO (Reuters) - Japan's transport ministry is considering convening a meeting to probe the safety of automobiles, trains and planes using products from scandal-hit Kobe Steel Ltd, Kyodo reported on Thursday.

Toshiba investigated by Japan's securities watchdog: source

Wed, 10/18/2017 - 10:46pm
TOKYO (Reuters) - Japan's securities watchdog is investigating Toshiba Corp's accounting practices for the last business year to see if it properly handled the losses incurred by its U.S. nuclear unit Westinghouse, a source familiar with the matter told Reuters.

Asia stocks approach 10-year peak, unfazed by China GDP, dollar rises

Wed, 10/18/2017 - 10:26pm
TOKYO (Reuters) - Asian stocks rose to near decade highs on Thursday, continuing to ride on a global equities rally, while the dollar resumed its rise on the back of a spike in U.S. yields.

Special Report: Backroom battle imperils $230 million cryptocurrency venture

Wed, 10/18/2017 - 9:56pm
ZUG, Switzerland/NEW YORK (Reuters) - Just three months ago, a tech project called Tezos raised $232 million online in a wildly successful "initial coin offering," in which new digital currency is parcelled out to buyers. At the time, it was the most money ever raised from the public in the white-hot cryptocurrency sector.

Asia stocks edge up, await China GDP, dollar rises as yields spike

Wed, 10/18/2017 - 9:05pm
TOKYO (Reuters) - Asian stocks inched up to near decade highs on Thursday, continuing to ride on a global equities rally, while the dollar resumed its rise on the back of a spike in U.S. yields.

U.S. diesel margins to drive refiner profits for third quarter and beyond

Wed, 10/18/2017 - 8:13pm
NEW YORK (Reuters) - U.S. refiners are set to blow past quarterly earnings expectations after margins surged to a two-year peak on the back of a crippling hurricane season that squeezed already tight gasoline and diesel supplies.

Dow ends above 23,000 for first time; IBM jumps

Wed, 10/18/2017 - 8:09pm
NEW YORK (Reuters) - The Dow Jones Industrial Average closed above 23,000 for the first time on Wednesday, driven by a jump in IBM after it hinted at a return to revenue growth.

ADP is already making changes Ackman wants: CEO

Wed, 10/18/2017 - 7:54pm
NEW YORK (Reuters) - Automatic Data Processing Inc is already making many of the changes activist shareholder William Ackman is advocating, but it will take time to see results, Chief Executive Officer Carlos Rodriguez said in an interview on Wednesday.

Exclusive: Baupost's Klarman resists calls to wipe out Puerto Rico debt

Wed, 10/18/2017 - 7:39pm
BOSTON (Reuters) - Billionaire investor Seth Klarman on Wednesday resisted calls for Puerto Rico's debt to be wiped out and said the island's residents will be better off in the long run if obligations are honored.

Kenneth Chenault to step down as AmEx CEO after nearly 17 years

Wed, 10/18/2017 - 7:12pm
(Reuters) - American Express Co said its chairman and chief executive Kenneth Chenault would step down early next year, ending a nearly 17-year tenure at the helm of the No. 1 U.S. card issuer by spending.

EBay's profit forecast disappoints, shares fall

Wed, 10/18/2017 - 6:19pm
(Reuters) - EBay Inc warned Wall Street on Wednesday that profit this quarter could fall below analysts' estimates as it invests in marketing and a revamped website to attract more shoppers, sending shares down more than 5 percent in after-hours trade.

Rail operator CSX reduces locomotives in maintenance program

Wed, 10/18/2017 - 6:06pm
(Reuters) - CSX Corp , the No. 3 U.S. railroad operator, will slash the number of locomotives served by a long-term maintenance agreement, a move that cuts service bills under the agreement by some $3.3 billion, company filings showed on Wednesday.

United Airlines profit falls, sees margin decline this quarter

Wed, 10/18/2017 - 5:36pm
(Reuters) - United Airlines on Wednesday said its third-quarter net income fell slightly less than investors had feared as the third-largest U.S. carrier was hit by $185 million in pre-tax losses caused by canceled flights during the Atlantic hurricane season.

Blue Apron cuts 6 percent of its workforce

Wed, 10/18/2017 - 5:30pm
(Reuters) - Meal-kit delivery company Blue Apron Holdings Inc said on Wednesday it had cut about 6 percent of its total workforce.

Kenneth Chenault to step down as AmEx CEO next year

Wed, 10/18/2017 - 5:28pm
(Reuters) - American Express Co said Kenneth Chenault will step down as chief executive early next year, ending a nearly 17-year tenure at the helm of the No.1 U.S. card issuer by spending.