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The Nasdaq closed in correction on Wednesday, with tech stocks sinking following disappointing results from Texas Instruments and AT&T.The index finished down about 4%. The Dow was down slopped about 600 points Wednesday afternoon.Microsoft (MSFT) will report its results after the closing bell Wednesday and analysts are estimating that the company will report an increase of nearly 15% for both sales and earnings per share, thanks largely to strength in its cloud business.Netflix already kicked off tech earnings season last week when it reported a healthy jump in subscribers. But the party was short-lived for it and fellow FANG stocks Facebook, Amazon and Google.Netflix (NFLX) rose more than 5% the day after its earnings report but has fallen 9% since then."You can't just say tech is going to do great or even that FANG is going to do great. You have to be more selective," said Daniel Morgan, senior portfolio manager with Synovus Trust Company. 974
The New York prosecutor who has been fighting to get President Donald Trump’s tax returns got a bank last year to turn over other Trump financial records. The New York Times reported Wednesday that Manhattan District Attorney Cyrus R. Vance sent a subpoena last year to Deutsche Bank as part of his investigation into Trump’s business dealings. The Times cited four people familiar with the inquiry. Vance’s office declined to comment. Attorneys for Trump and Deutsche Bank didn’t immediately respond to requests for comment. Vance is a Democrat. Trump has called his investigation “a continuation of the witch hunt.” 625

The jittery stock market is once again heading south.The Dow dropped 327 points, or 1.3%, on Thursday, with selling accelerating after Treasury Secretary Steven Mnuchin backed out of a conferencein Saudi Arabia. The index had been down 471 points at one point.Tech stocks fell sharply, sending the Nasdaq tumbling 2.1%. Netflix declined 5%, while Facebook and Amazon lost about 3% apiece.Stock market volatility is back on Wall Street. Fears about rising bond yields and the US-China trade war sparked heavy selling last week, the worst for all three major indexes since March. Stocks rebounded sharply on Tuesday, before another wobbly session on Wednesday. The CNN Business Fear & Greed Index of market sentiment is flashing "extreme fear."The market slide gathered steam on Thursday after Mnuchin announced on Twitter that he will not participate in the Saudi summit. Mnuchin said it was a joint decision with President Donald Trump and Secretary of State Mike Pompeo. An administration official told CNN that no other government officials will attend the event in Mnuchin's place.The news adds to rising global uncertainties, including concerns about Italy's budget and a plunge in China's stock market.David Kotok, chief investment of Cumberland Advisers, said he believes Thursday's market slide was driven more by concerns about Italy and China."But Mnuchin doesn't help things," said Kotok.Mnuchin's announcement points to elevated tensions between the United States and Saudi Arabia over the disappearance of Washington Post journalist Jamal Khashoggi.Saudi Arabia has threatened to retaliate against potential US sanctions. The kingdom is the world's largest oil exporter, giving it great sway over global energy prices. US oil prices briefly bounced on the Mnuchin news but closed lower on the day.Saudi Arabia has also played a huge role financing the rise of Silicon Valley, serving as the tech industry's unofficial banker.But the market has also been pressured by other international developments. Even before Mnuchin's tweet, analysts pointed out that Italian bond yields spiked due to concerns about Italy's budget proposal. The European Union plans to send a formal warning letter to Rome to signal displeasure over plans to increase Italy's budget deficit, Reuters reported.Chinese markets were also under pressure. The Shanghai Composite plunged nearly 3% overnight, falling deeper into a bear market as the US-China trade war continues to linger.US investors continue to move money out of the riskiest parts of the market and into defensive areas. While tech stocks fell sharply, defensive areas such as utilities and telecom rose slightly."There is a rotation away from the tech and momentum names," Kotok said. "One has to ask: Has FANG been defanged?" 2868
The number of people still unaccounted for after the devastating Camp Fire in Northern California has dropped to 11, the Butte County Sheriff's Office said.The latest count is down from a one-time high of more than 1,000 people.The death toll dropped from 88 to 85 after DNA testing revealed the remains of three victims were accidentally separated into different bags during the process of recovery, Butte County Sheriff and Coroner Kory Honea said Monday night.The Camp Fire burned through more than 153,000 acres in Butte County after it broke out November 8. It was contained November 25 after becoming the deadliest and most destructive wildfire in California history.The blaze decimated much of the town of Paradise and destroyed nearly 14,000 homes and more than 4,800 other buildings. 810
The iconic couch potato characters of Beavis and Butt-head are returning with new episodes, in a deal with creator Mike Judge and Comedy Central. Joining another 90s spin-off on the cable channel.Originally launched in 1993 on MTV, “Beavis and Butt-head” rose to popularity with its satire and stream-of-consciousness dialogue. The show tackled social issues at the time including teen obesity, workers’ rights and media trends.Comedy Central has ordered two seasons of the reimagined series, which will be, according to them, “relatable to both new and old fans – Gen X parents and their Gen Z kids.”“It seemed like the time was right to get stupid again,” said Judge in a statement from Comedy Central.Judge will write, produce and provide voice over for both characters. It’s a return to animated series for Judge, who created “King of the Hill”, “Silicon Valley”, and movies “Office Space” and “Idiocracy”.“We are thrilled to be working with Mike Judge and the great team at 3 Arts again as we double down on Adult Animation at Comedy Central” says Chris McCarthy, President of Entertainment & Youth Group. “Beavis and Butt-Head were a defining voice of a generation, and we can’t wait to watch as they navigate the treacherous waters of a world light-years from their own.”The new “Beavis and Butt-head” joins another reimagined 90s series, “Jodie”, a spin-off of MTV’s “Daria”.Creator and head writer Grace Edwards will be back on the new series, focused on Jodie Landon, one of Daria’s friends from high school. Tracee Ellis Ross will voice the character that will satirize workplace culture.“With themes of empowerment along gender and racial lines, explorations of privilege, and a wicked sense of humor, “Jodie” will shine a light on the personal and professional issues young Black women face today,” said a statement from Comedy Central.No launch dates have been named for either series at this time. 1924
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