NY Fed accepts $77.58 bln in overnight repo bids
Nov 4 (Reuters) – The New York Federal Reserve on Monday accepted all $77.58 billion in bids from primary dealers at a repurchase agreement (repo) operation, a move intended to help maintain the federal funds rate within the target range.
Monday’s amount was slightly higher than the $73.13 billion in repos awarded on Friday.
The U.S. overnight repo rate was last at 1.67%. (Reporting By Karen Brettell; Editing by Catherine Evans)
UK terror threat level lowered from ‘severe’ to ‘substantial’ for first time in five years
Britain’s terror threat level has been lowered from “severe” to “substantial” for the first time in five years.
Substantial means a terrorist attack is now likely instead of highly likely.
Iran announces more violations of nuclear deal
The head of Iran's nuclear program says that Tehran is working on a prototype centrifuge that's 50 times faster than those allowed under the nuclear deal with world powers.
The comments by Ali Akbar Salehi on Monday came as Iranians mark the 40th anniversary of the 1979 U.S. Embassy takeover and start of the 444-day hostage crisis.
Salehi says the prototype is called an IR-9 and that it would be as 50-times faster than the first-generation IR-1s allowed under the accord.
The nuclear deal limited Iran to using only 5,060 first-generation IR-1 centrifuges to enrich uranium by rapidly spinning uranium hexafluoride gas.
Salehi earlier in the same state TV interview said that Tehran is now operating 60 IR-6 advanced centrifuges in violation of its atomic deal with world powers. That's double the amount previously known.
Sysco Q1 Adj. Profit Beats View, But Revenues Miss – Quick Facts
Sysco Corp. (SYY), a foodservice distribution company, reported first-quarter net earnings of $453.78 million or $0.87 per share, up from $431.04 million or $0.81 per share in the year-ago period.
Excluding items, adjusted earnings for the quarter were $0.98 per share, compared to $0.91 per share last year.
Net sales for the quarter rose 0.6 percent to $15.30 billion from $15.22 billion in the year-ago period.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.97 per share for the quarter on revenues of $15.51 billion. Analysts’ estimates typically exclude special items.
“We saw improved financial results in the first quarter with adjusted operating income growth that was in line with our expectations, as we remain focused on accelerating local case growth and maintaining our strong track record of expense management,” said Tom Bené, Sysco’s chairman, president and chief executive officer.
Jordan says two citizens held in Israel to return 'before end of week': Twitter
AMMAN (Reuters) – Jordan’s Foreign Minister Ayman Safadi said on Monday two of its citizens detained by Israel would return to Jordan “before the end of the week”.
Jordan recalled its ambassador on Tuesday over the refusal of the Israeli government to release Hiba Labadi and Abdul Rahman Miri, who it said had been illegally arrested without charge a few months ago.
Verizon stock drops after Instinet downgrade
Shares of Verizon Communications Inc. VZ, -0.17% were down 0.4% in premarket trading Monday after Instinet’s Jeffrey Kvaal downgraded the stock to neutral from buy, writing that he now has less confidence in the company’s ability to raise prices around the broader 5G launch. "Verizon atypically reduced unlimited pricing in August," Kvaal wrote. "While the reduction no doubt spurred subs to migrate from metered to unlimited plans, we also would have expected that at the initial, higher price." Going forward, he expects that pricing action from AT&T Inc. T, +1.20% will "erode" the recent strength Verizon has been seeing with net additions. "A flaring price skirmish leaves us leery of both upward estimate revisions and multiple expansion," he concluded, while lowering his price target to $65 from $67. Verizon shares have gained 7.4% so far this year, as the Dow Jones Industrial Average DJIA, +1.11% has risen 17%.
Sprint swings to wider-than-expected loss and revenue misses, but stock gains ground
Sprint Corp. S, +1.45% reported Monday it swung to a wider-than-expected loss and revenue that fell more than forecast, and the communications company lost about 400,000 wireless subscribers, but the stock tacked on 1.6% in premarket trading. The company is in the process of merging with T-Mobile U.S. Inc. TMUS, -0.23%. Sprint reported for the quarter to Sept. 30 a net loss of $274 million, or 7 cents a share, after a profit of $196 million, or 5 cents a share, in the year-ago period. The FactSet consensus was for a loss of 2 cents a share. Revenue fell 7.6% to $7.80 billion, below the FactSet consensus of $8.16 billion, as a beat in service revenue was offset by a miss in equipment sales. In wireless, net subscriber losses totaled 396,000, after a net loss of 20,000 a year ago, as net additions in postpaid was offset by losses in wholesale and prepaid. Churn increased to 1.87% from 1.78% in postpaid and rose to 4.94% from 4.74% in prepaid. The stock has shed 6.8% over the past three months, while T-Mobile U.S. shares have gained 6.1% and the S&P 500 SPX, +0.97% has tacked on 4.6%.
Donald Trump revives the mystery of his strange, new word ‘covfefe’
President Donald Trump (Photo: Drew Angerer)
WASHINGTON – President Donald Trump on Monday revived the mystery – or weirdness – of one of his most famous tweets: “Covfefe.”
Re-tweeting a post reporting that a horse named “Covfefe” won a race over the weekend – and noting that the winner was in fact named for the president’s “famous mistweet” – Trump replied: “Great! But how do you know it was a ‘mistweet?’ May be something with deep meaning!”
Of course, Trump has never explained the “deep meaning” of the “word” he dropped on the night of May 31, 2017, when he tweeted a partial sentence that said only: “Despite the negative press covfefe.”
Trump deleted that post, but hours later sought to promote his word: “Who can figure out the true meaning of ‘covfefe’ ??? Enjoy!”
More than two years later, it still looks like just a mistweet.
Great! But how do you know it was a “mistweet?” May be something with deep meaning! https://t.co/00EXMCgQLp