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Flooring company F5 Finishes files for IPOExternal Link

California-based flooring company F5 Finishes Inc. has filed for an initial public offering, seeking to sell $50.6 million worth of shares, according to a Friday filing. F5 said it expects the stock will price between $9 and $11 a share. The company was founded in 2007 and was inactive until 2017 when it was "repurposed" to acquire six companies providing commercial flooring, according to the prospectus. F5 plans to list on the Nasdaq under the symbol FLRZ. "Our goal is to become the leading commercial flooring solutions provider nationally by capitalizing on industry dynamics that we believe create an attractive consolidation opportunity for us," the company said. F5 listed revenue of $82.4 million in the nine months to September 2018 and $86.6 million in the same period this year. Per-share earnings in those nine-month periods were 12 cents in 2018 and 15 cents this year, F5 said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 06 Dec 2019 22:51:15 GMT
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White House tells Nadler it won't participate in impeachment hearingExternal Link

The White House on Friday slammed House Democrats' impeachment inquiry anew and made clear it won't participate in a Judiciary Committee hearing on Monday. "House Democrats have wasted enough of America's time with this charade," White House counsel Pat Cipollone told Judiciary Committee Chairman Jerrold Nadler in a two-paragraph letter. Cipollone called the inquiry "completely baseless," a day after President Donald Trump urged Democrats to speed up their process so the country can get "back to business."

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 06 Dec 2019 21:43:18 GMT
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Dow closes nearly 340-points higher after jobs report sparks stock-market rallyExternal Link

U.S. stocks closed solidly higher Friday, helping to wipe out or chip away at weekly losses, after an key employment report for November ignited bullish buying on Wall Street, adding to some modest progress toward a partial Sino-American trade agreement. The Dow Jones Industrial Average gained 337 points, or 1.2%, to reach 28,015, the S&P 500 index advanced 0.9% to 3,146, while the Nasdaq Composite Index climbed 1% to 8,656. The moves on Friday were in contrast to trading that started the week after President Donald Trump in London implied that he would wait until 2020 to cement a phase-one trade agreement. For the week, the Dow and the Nasdaq finished down 0.1%, while the S&P 500 notched a 0.2% gain for the 5-day trading stretch. The economy created 266,000 new jobs, the most since January, and the unemployment rote fell to 3.5%, a 50 year low, Labor Department data showed, signaling that the jobs market remains robust even though economic growth has slowed. The government also revised the increase in new jobs in October to 156,000 from 128,000 and September's gain was raised to 193,000 from 180,000. The increase in new jobs easily topped the 180,000 MarketWatch forecast, helped by the end of the General Motors auto-workers strike which added roughly 50,000 jobs to the payrolls number. The unemployment rate slipped to 3.5% from 3.6% and matched a 50-year low. The average wage paid to American workers rose 7 cents, or 0.2%, to $28.29 an hour. The 12-month rate of hourly wage gains slipped to 3.1% from 3.2%. Helping to lift stocks even before the jobs report was news that China's State Council had begun the process on Friday of exempting some soybeans and pork imported from the U.S. from import tariffs, the state-run Xinhua News Agency said, a move taken as a sign of progress on at least a partial trade pact. The action comes about nine days from a Dec. 15 deadline at which import duties on $156 billion in China goods will be raised to 15%. In corporate news, Shares of Apple Inc. surged above its record closing price. The day's gains put the main benchmarks just short of their record closes.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 06 Dec 2019 21:09:18 GMT
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U.S. oil futures post biggest weekly rise since JuneExternal Link

Oil futures settled higher on Friday, with U.S. prices up more than 7% for the week to mark their highest weekly percentage climb since June. Prices got a lift after the Organization of the Petroleum Exporting Countries and its allies announced an agreement to cut production by an additional 500,000 barrels a day starting in January. Including the 1.2 million barrels in reductions under the current pact, that will bring total output cuts to 1.7 million barrels a day from October 2018 levels. Even so, analysts said concerns surrounding a slowdown in oil demand remain. Meanwhile, Baker Hughes reported a seventh straight weekly decline in the number of active U.S. rigs drilling for oil. January West Texas Intermediate oil rose 77 cents, or 1.3%, to settle at $59.20 a barrel on the New York Mercantile Exchange. For the week, the U.S. benchmark rose 7.3%, the biggest such rise since the week ended June 21, according to FactSet data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 06 Dec 2019 20:07:44 GMT
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GE to keep its quarterly dividend at a penny a share External Link

General Electric Co. said Friday it will pay a quarterly dividend of a penny a share, which means the industrial conglomerate will be keeping it at that lowered rate for over a year. The dividend will be payable Jan. 27 to shareholders of record on Dec. 23. GE's stock was up 2.0% in afternoon trading. At current prices, the stock's dividend yield is 0.36%, compared with the yield for the SPDR Industrial Select Sector ETF of 1.94% and the implied yield for the S&P 500 of 1.89%, according to FactSet. GE had slashed its dividend to a penny per share from 12 cents last year in an effort to preserve cash. That first 1-cent dividend was paid out on Jan. 25, 2019 to shareholders of record Dec. 20, 2018. GE's stock has run up 55.8% over the past 12 months, while the industrial ETF has gained 16.1% and the S&P 500 has advanced 16.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 06 Dec 2019 19:08:35 GMT
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