Moody’s cuts Italy’s credit rating one notch; stable outlook

Moody’s cuts Italy’s credit rating one notch; stable outlook
Moody’s Investors Service downgraded Italy’s sovereign debt rating by one notch to Baa3 late on Friday, leaving it one rung above sub-investment grade, or junk. They cited Italy’s fiscal deterioration and the government’s decision to target higher budget deficits in the coming years. The ratings firm also added that the government’s policy proposals did not offer a set of reforms... Read More

CBS Corp’s Showtime Networks names new chief financial officer

CBS Corp’s Showtime Networks names new chief financial officer
CBS Corp’s CBS, +2.08% Showtime Networks, whose programs include “Shameless,” “Billions” and the upcoming comedy “Black Monday” about the Wall Street crash of 1987, announced Friday it has named Adam Townsend to the position of executive vice president and chief financial officer. Townsend will be replacing Christina Spade, who now serves as chief financial officer and executive vice president of... Read More

Homebuilder ETF falls for 23rd time in 25 sessions after disappointing housing starts data

Homebuilder ETF falls for 23rd time in 25 sessions after disappointing housing starts data
The homebuilder sector continued its long stretch of losses Friday, in the wake of another disappointing data point on the housing market. The SPDR S&P Homebuilders ETF XHB, -1.37% dropped 1.5% with 32 of 35 equity components trading lower, putting the ETF (XHB) on track for its lowest close since Dec. 2, 2016. The selloff comes data out early Friday... Read More

UPDATE: Clovis stock rises 8% on promising results in prostate cancer trial

UPDATE: Clovis stock rises 8% on promising results in prostate cancer trial
Clovis Oncology Inc. CLVS, -9.98% shares were down 12% in afternoon trade Friday, reversing gains made early in the day after the company released initial data from an ongoing prostate cancer trial showing that, in 25 patients, 44% showed a reduction in cancer tumor size. The phase 2 clinical trial tested Clovis’ Rubraca therapy in individuals with metastatic castration-resistant prostate... Read More