Financial News
Software provider Solarwinds files for IPOExternal Link

Solarwinds Corp. has filed for an initial public offering, seeking to sell up to $500 million worth of shares, according to a filing. The Austin, Texas-based IT infrastructure software provider went public in 2009, and it was acquired and taken private by private-equity firms Silver Lake Partners and Thoma Bravo seven years later. "Today, we are a very different company than we were in early 2016," having added more products recently, the company said in its prospectus. The company listed revenue of $399 million in the six months ended June 30, compared with $341 million in the same period a year ago. It lost $229 million, or $2.25 a share, in the period, compared with a loss of $176 million, or $1.75 a share, a year ago. Goldman Sachs and Morgan Stanley are among the underwriters. Solarwinds plans to trade on the New York Stock Exchange under the symbol SWI.

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Fri, 21 Sep 2018 22:05:01 GMT
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Dow marks 2nd all-time high in a row but tech stocks weigh on broader marketExternal Link

The Dow Jones Industrial Average notched its second straight record close in succession, but declines in consumer-discretionary shares and technology weighed on the broader market. The Dow closed up 0.2% at 26,719 (on a preliminary basis). while the S&P 500 index fell by less than 0.1% to end at 2,929, and the technology-centric Nasdaq Composite Index ended down 0.5% at 7,986, contributing to a weekly decline for the index of 0.3%. Meanwhile, the Dow posted a weekly gain of 2.2%, representing its best weekly advance on a percentage basis since July, while the S&P 500 index logged a weekly climb of 0.8%. Investors have mostly ignored persistent evidence of escalating tensions between the U.S. and China-among other regions-on trade policy. President Donald Trump has announced nearly $500 billion in tariffs on Chinese goods this week; China retaliated with measures of its own and said it would introduce more if the U.S. tariffs take effect. Still, the week proved a banner one for the S&P 500 and Dow during a month that is meant to be traditionally weaker. Both the S&P 500 and Dow are set for sharp monthly gains, while the Nasdaq is on track for a 1.5% decline in September. In corporate news, shares of mega-capitalization companies Apple Inc. Facebook Inc. and Amazon.com Inc. ] and Google-parent Alphabet Inc. all finished sharply lower, weighing on the Nasdaq and S&P. Meanwhile, shares of Micron Technology Inc. sank a day after it reported strong quarterly results, though it gave an outlook that was below expectations.

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Fri, 21 Sep 2018 20:03:24 GMT
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PayPal ends 'business relationship' with Alex Jones' InfowarsExternal Link

PayPal Holdings Inc. said Friday that it was terminating its "business relationship with Infowars and its related websites." In a blog post, PayPal said that after reviewing the Infowars sites, it "found instances that promoted hate and discriminatory intolerance against certain communities and religions." The company said it is "working constantly to ensure that PayPal is not used by anyone as a platform for perpetuating hate and discriminatory intolerance" but understands that its decision will be seen as "controversial to some." PayPal shares are up 0.2% in Friday afternoon trading. The stock has gained 40% over the past 12 months, while the S&P 500 has gained 17%.

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Fri, 21 Sep 2018 19:12:40 GMT
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U.S. oil ends week at 2-month high, books second straight weekly advanceExternal Link

U.S. oil prices Friday afternoon finished firmly higher, after briefly paring gains intraday, as prices bounced around ahead of meeting of major oil producers in Algiers over the weekend. November West Texas crude , on its first full day as a front-month contract, closed the session up 46 cents, or 0.7%, higher at $70.78 a barrel. The settlement marked the highest close for a most-active contract since July 13, according to FactSet data. For the week, the U.S. benchmark contract gained 2.6%, marking its second straight weekly advance. A committee made up of representatives of the Organization of the Petroleum Exporting Countries and some of its outside allies plans to hold a meeting on Sept. 23 in Algiers, which will be closely watched as the group addresses plans to address expected supply disruptions due to U.S. sanctions against Iran, which set to take effect in early November.

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Fri, 21 Sep 2018 18:47:32 GMT
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Apple stock the only Dow loser this week while Caterpillar, Boeing the big winnersExternal Link

While the Dow Jones Industrial Average spikes to a record this week, with its biggest weekly point gain in 3 1/2 months, Apple Inc.'s stock is the only Dow component that has lost ground. Apple's stock has lost $5.32, or 2.4%, this week, to shave about 36 points off the Dow's price. The dow has run up 577 points this week, the best weekly point performance since it soared 681 points the week ending June 8. The biggest contributors to the Dow's gain this week have been shares of Caterillar Inc. , which have run up $12.06, or 8.3%, this week to add 82 points to the Dow, and Boeing Co. , which have hiked up $11.78, or 3.3%, provide an 80-point boost to the Dow. 3M Co.'s stock was the third-biggest contributor, rising $8.73, or 4.2%, to provide a 59-point lift.

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Fri, 21 Sep 2018 17:58:36 GMT
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