Sounds like gas prices gonna go up - better gas up now...
OPEC closer to deal to cut oil output, sparking price rally
Nov 30,`16 -- In an all-out effort to restore OPEC's faded clout, the 14-nation cartel moved Wednesday to end infighting and agree to cut output for the first time in eight years. Crude prices surged as a result.
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S&P, Dow hit record highs as oil, bank stocks gain
November 30, 2016 - The Dow and the S&P 500 hit record intraday highs on Wednesday, fueled by gains in energy and bank stocks.
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GoPro to cut 15 percent of workforce amid sales slump
November 30, 2016 - Wearable action-camera maker GoPro Inc said on Wednesday it would cut about 15 percent of its workforce and shutter its entertainment business, as the one-time Wall Street favorite cuts costs to help it return to profitability.
OPEC closer to deal to cut oil output, sparking price rally
Nov 30,`16 -- In an all-out effort to restore OPEC's faded clout, the 14-nation cartel moved Wednesday to end infighting and agree to cut output for the first time in eight years. Crude prices surged as a result.
The international benchmark for oil soared $3.56, or 7.7 percent, to $49.97 a barrel amid signs that oil ministers were now focusing less on whether there would be a cut and more on how it would be shared among members. "There will be a cut, yeah, definitely," Iraqi oil minister Jabbar Ali Hussein Al-Luiebi, told reporters. A cut could have a lasting impact on consumers as oil price increases feed into the cost of car fuel, heating and electricity. It could also restore some authority to OPEC as an arbiter of prices and supplies after years of inconclusive meetings undermined by infighting.
Underlining the significance of the meeting, Saudi oil minister Khalid Al-Falih spoke of a "critical day for us in OPEC." An agreement appeared distant as late as the eve of the cartel's meeting due to a rivalry between Saudi Arabia, OPEC's top producer, and Iran, whose struggle for dominance in the Mideast is also playing out in the Organization of the Petroleum Exporting Countries. The Saudis have long been hesitant to shoulder the lion's share of a cut, while Iran has resisted reducing its own production. It argues it has yet to recover its output levels hit by years of sanctions.
Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks to journalists prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria
But as ministers headed into their closed decision-making session, comments from both sides suggested a compromise could be reached. "We have agreed to a waiver from a cut to Iran in recognition of the impact of the sanctions on their economy and their industry," said Khalid Al-Falih, the Saudi oil minister. Iran's oil minister, Bijan Zanganeh, confirmed that "for Iran, no reduction, no freeze."
OPEC in September laid out the contours of a cutback the ministers needed to sign off on Wednesday. That agreement aims to pare over 1 million barrels a day off total OPEC production, which is now over 33 million barrels a day. If implemented, it would send a signal that the cartel, which accounts for about a third of the world crude output, is once again focused on regulating supplies and prices after years of inaction that dented its image. Any lasting effect on oil prices is unclear, even if cuts are agreed on. Russia, a major non-OPEC oil producer also must join in, and with the world economy feeble and oversupplied with oil, a bounce may be only temporary.
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S&P, Dow hit record highs as oil, bank stocks gain
November 30, 2016 - The Dow and the S&P 500 hit record intraday highs on Wednesday, fueled by gains in energy and bank stocks.
Oil prices soared 7.4 percent as some of the world's largest producers agreed to curb oil output for the first time since 2008. Shares of oil majors Exxon and Chevron rose more than 2 percent and were the top stocks on the S&P and the Dow. The S&P 500 energy index rose 3.65 percent as oil prices were on track for their best day since February. November is set to be Wall Street's best month since March, with the markets rallying on Donald Trump's victory in the U.S. presidential election. Investors expect the market to benefit from Trump's policies, including higher spending on infrastructure and simpler regulations in the healthcare and banking industries.
U.S. private employers stepped up hiring in November and consumer spending increased last month, the latest signs of economic strength that could further cement the case for an interest rate hike. Traders have currently priced in an 89 percent chance of the Fed raising rates at its meeting next month, according to Thomson Reuters data. A crucial monthly hiring report on Friday is likely to play a big role in the central bank's deliberations. The financial index rose 1.42 percent, while seven of the 11 major S&P sectors fell.
A specialist trader works at his post on the floor of the NYSE
At 9:43 a.m. ET the Dow Jones industrial average was up 94.4 points, or 0.49 percent, at 19,216, after hitting an all-time high of 19,225.29. The S&P 500 was up 9.08 points, or 0.41 percent, at 2,213.74. The index hit a high of 2,214.10. The Nasdaq Composite was up 11.68 points, or 0.22 percent, at 5,391.60. Fed Board Governor Jerome Powell and Cleveland Fed president Loretta Mester are due to speak at separate events later in the day.
Splunk rose 7 percent to $61.40 after the data analytics provider forecast full-year revenue above analysts' expectations. GoPro rose 3.3 percent after the wearable camera maker said it would cut 15 percent of its workforce and shut its entertainment business. Teen apparel retailer American Eagle Outfitters dropped 10.6 percent to $16.88 after providing a disappointing profit forecast for the crucial holiday quarter. [L4N1DV3YU] Advancing issues outnumbered decliners on the NYSE by 1,592 to 1,152. On the Nasdaq, 1,443 issues rose and 913 fell. The S&P 500 index showed 41 new 52-week highs and no new lows, while the Nasdaq recorded 82 new highs and 12 new lows.
S&P, Dow hit record highs as oil, bank stocks gain
See also:
GoPro to cut 15 percent of workforce amid sales slump
November 30, 2016 - Wearable action-camera maker GoPro Inc said on Wednesday it would cut about 15 percent of its workforce and shutter its entertainment business, as the one-time Wall Street favorite cuts costs to help it return to profitability.
Shares of the company, which had about 1,500 employees at the end of 2015, rose 4.7 percent in early trading. The company has been struggling with slowing sales of its helmet- and body-mounted cameras as cheaper rivals emerge and smartphones feature increasingly advanced cameras. A recall of about 2,500 of its recently launched Karma drones could also hit revenue.
The company said on Wednesday it would cut about 200 full-time positions, cancel open positions and close its entertainment division, which makes original content. GoPro said the cost-cutting would help it achieve its goal of returning to profitability on an adjusted basis next year. The latest job cuts are in addition to a 7 percent workforce reduction announced at the beginning of the year.
GoPro went public in 2014 amid investor enthusiasm that the California company's focus on social media would make it stand out among other makers of consumer electronics. The company's shares, which closed at $9.83 on Tuesday, have fallen about 60 percent since its market debut, including a 45 percent drop this year. GoPro's sales have been in decline for the last four quarters, but it has said it expects to return to double-digit revenue growth in the coming year.
Earlier this month, the company forecast revenue for the holiday shopping quarter below market expectations, citing production issues with its Hero 5 camera. GoPro also said on Wednesday that President Tony Bates would step down at the end of the year. The company said it expected to take a charge of $24 million to $33 million, related to the cost-cutting, mostly in the quarter ending December. However, GoPro said sales of its cameras in the week of Black Friday increased more than 35 percent from a year earlier at major U.S. retailers.
GoPro to cut 15 percent of workforce amid sales slump
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