Yahoo Finance Stocks higher ahead of Fed decision
Wall Street applauded the Bank of Japan’s move to overhaul its stimulus program. All three major averages (^GPSC, ^DJI, ^IXIC) were firmly in the green following gains in Asia and Europe after the BOJ made changes to its policy ahead of the Federal Reserve’s interest rate decision at 2 p.m. ET.
Mylan CEO faces anger on Capitol Hill
The CEO of the company that makes the lifesaving Epipen allergy treatment will defend the more than 500% increase in the product’s cost at a House committee hearing. Mylan’s (MYL) Heather Bresch will express regret over the financial pain some patients suffered but say the company struck a balance between price and access. How will lawmakers react?
Trump boosts spending, still lags Clinton
Donald Trump’s campaign spent $30 million in August. That’s more than any month so far, but still much less than the nearly $50 million spent by Hillary Clinton. New financial disclosures also show that two-thirds of Trump’s individual campaign contributions were for $200 or less. But he’s not doing as well with big donors. Will money matter more as the election draws closer?
Google plays catch-up in messaging
Google (GOOGL) is launching a messaging app called Allo today to catch up to Facebook Messenger and WhatsApp. Allo uses artificial intelligence to answer questions and suggest responses to text and photo messages. Do consumers need another messaging app?
Share buybacks
Microsoft (MSFT) shares rose in early trading after the tech giant announced late yesterday that it’s boosting its dividend by 8% to $0.39 a share. Its board also approved a share buyback program of up to $40 billion.
Target (TGT) shares are also higher on buyback news this morning. The discount retail chain announced its will purchase $5 billion worth of its stock.
Earnings
FedEx (FDX) shares soared in early trading. The shipping giant delivered a beat on both its top and bottom lines for the fiscal first quarter as revenue soared nearly 20% from a year ago. FedEx also raised its outlook for the year and sees a record holiday shipping season.
Adobe Systems (ADBE) traded at a new 52-week high in early trading. The software firm behind Photoshop and Illustrator raised its guidance for the current quarter after reporting better-than-expected earnings and revenue for the fiscal third quarter. The results were driven largely by a big jump in subscription sales of cloud-based software tools
