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Boeing shares slip after first 'underperform' rating since 2009

02 Sep

The Boeing logo is seen at their headquarters in ChicagoBy Alwyn Scott NEW YORK (Reuters) – Boeing Co shares slipped 1.3 percent on Tuesday after a pair of downgrades from highly ranked analysts, including one who cut the stock outlook to “underperform.” The underperform rating by The Buckingham Research Group, a New York-based broker-dealer, marked the first such rating for Boeing’s stock since 2009, according to data by Thomson Reuters. In 2009, Boeing was suffering from delays in bringing its 787 Dreamliner to market. Buckingham also cut its price target for Boeing shares to $101, well below the current price of over $125. Analyst Richard Safran, ranked third among 23 Boeing analysts for estimate accuracy and recommendation performance, wasn’t immediately available for comment.

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Bullish U.S. manufacturing, construction data bolster growth outlook

02 Sep

An overall view of the assembly line where the BMW X4 is made at the BMW manufacturing plant in SpartanburgThe Institute for Supply Management (ISM) said on Tuesday its index of national factory activity rose to 59.0 last month, the highest reading since March 2011, from 57.1 in July. Separately, the Commerce Department said construction spending increased 1.8 percent to an annual rate of $981.31 billion, the highest level since December 2008. July’s percentage rise in construction spending was the largest since May 2012 and reflected gains across all categories, with the exception of federal government. Economists had forecast construction spending increasing 1.0 percent after a previously reported 1.8 percent drop in June.

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Factory activity in Europe, Asia cools; demand lull a concern

01 Sep

An employee works at a machine manufacturing factory in HuaibeiBy Sumanta Dey and Wayne Cole BANGALORE/SYDNEY (Reuters) – Factory activity in Europe and Asia cooled in August after a strong July, as new orders dwindled in the face of escalating tensions in Ukraine and a patchy recovery in China, purchasing managers indexes showed. Despite euro zone manufacturers barely raising their prices, growth in the region slowed slightly more than initially thought, and activity in China’s vast factory sector slackened on weak foreign and domestic demand, stoking speculation that further policy stimulus would be needed. “A concerted slowdown in the China, euro zone and UK manufacturing PMIs as the second quarter gets under way raises alarm bells about global demand conditions,” said Lena Komileva, chief economist at G+ Economics in London.

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Passive funds an active threat for Europe's fund managers

31 Aug

Warren Buffet leaves the first session of the annual Allen and Co. conference at the Sun ValleyBy Simon Jessop and Nishant Kumar LONDON (Reuters) – Warren Buffett built a fortune of nearly $60 billion from astute stock picking, but when the 83-year-old dies, the vast majority of the money he leaves his wife will be parked in a fund that simply moves in step with an index. The afterlife plans of the man nicknamed the Sage of Omaha, revealed in a letter to his investors earlier this year, underline a sea change afoot in the investment industry. Fed up with high fees and poor performance, investors are increasingly shunning active fund managers who promise to beat the stock market in favor of cheaper, passive funds, which simply track it. Such funds account for about a quarter of the money invested in the UK stock market, up from 15 percent a decade ago.

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Is Owning Overrated? The Rental Economy Rises

30 Aug

Entrepreneurs say the new way of consuming is part of a growing, post-recession movement to value experiences over possessions.

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Fiat-Chrysler sees New York stock market listing on October 13

30 Aug

Fiat Chrysler CEO Marchionne answers questions from the media during the FCA Investors Day in Auburn HillsBy Paolo Biondi RIMINI Italy (Reuters) – Fiat-Chrysler aims to list shares in the newly merged carmaker in New York on Oct. 13, Chief Executive Sergio Marchionne said on Saturday, adding that a decision on any capital increase would be made at the end of that month. He was speaking a day after the merger between Fiat and its U.S unit Chrysler cleared its last remaining hurdle. Fiat bought out Chrysler at the start of 2014 and both operate as one firm. Marchionne wants to incorporate the two into Dutch-registered entity Fiat Chrysler Automobiles (FCA), paving the way for the U.S.

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Wall Street edges down but on track for 4th week of gains

29 Aug

Traders work on the floor of the New York Stock ExchangeThe Britain threat level “doesn’t sound good, but unless there’s definite news that’s worse than things we’ve already seen recently, the market should be able to process it and move on,” Krosby said.

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U.S. second-quarter growth much stronger; jobless claims fall again

28 Aug

Gross domestic product expanded at a 4.2 percent annual rate instead of the previously reported 4.0 percent pace, the Commerce Department said on Thursday, reflecting upward revisions to business spending and exports. Third-quarter growth estimates range as high as a 3.6 percent rate.

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U.S. second-quarter growth strengthens

28 Aug

Gross domestic product expanded at a 4.2 percent annual rate instead of the previously reported 4.0 percent pace, the Commerce Department said on Thursday, reflecting upward revisions to business spending and exports. While trade was a drag for a second consecutive quarter, export growth was raised to a 10.1 percent pace from a 9.5 percent rate.

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Wall St. flat at record levels, valuations seen as reasonable

27 Aug

Sign is seen on Wall Street near the New York Stock ExchangeThe S&P 500 closed above 2,000 for the first time ever on Tuesday, while the Dow Jones industrial average also ended near a high. Both indexes have risen in 10 of the past 13 sessions, and the S&P has closed at a record 30 times this year, according to S&P Dow Jones Indices. The gains have come without any correction since 2012, prompting analysts to call for a pullback, especially such potential headwinds as a reduction in Federal Reserve stimulus and the conflict between Ukraine and Russia. “Earnings are good and rates are low, which creates the kind of environment that will keep pushing up markets gradually,” said David Kelly, chief global strategist for JPMorgan Funds in New York.

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