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Feb 4, 2015

Investigators seek clues at deadly New York train crash site

By David Gaffen and Sebastien Malo

MOUNT PLEASANT, N.Y. (Reuters) – Investigators examining the circumstances of a New York commuter train accident that killed six people said on Wednesday they were collecting recording devices from the site where the train hit a vehicle stalled on the tracks in the railroad’s worst-ever accident.

New York Governor Andrew Cuomo said five passengers died in the Metro-North train crash near the suburb of White Plains on Tuesday evening, not six, as he had previously announced. The woman driving the Jeep Cherokee that the train struck while it was stuck on the tracks also died.

Feb 4, 2015

Death toll in New York rail crash reduced to six from seven

, Feb 4 (Reuters) – Six people were
killed and a dozen injured when a crowded New York commuter
train struck a car stalled on the tracks near suburban White
Plains during rush hour on Tuesday evening, in what officials
said was the railroad’s deadliest accident.

New York Governor Andrew Cuomo told CBS News on Wednesday
that a new review found that five people had died on the train,
not the six previously reported, when the train was hit during
the evening rush hour. The driver of the Jeep Cherokee that the
train struck while it was stuck on the tracks also died.

Feb 4, 2015

Seven dead as commuter train hits car near New York City

By Adrees Latif and David Gaffen

MOUNT PLEASANT, N.Y. (Reuters) – Seven people were killed and a dozen injured when a crowded New York commuter train struck a car stalled on the tracks near suburban White Plains during the rush hour on Tuesday evening, sparking an explosion and a fire, officials said.

Six people on the train died, as well as the driver of a Jeep Cherokee that got stuck on the tracks and was hit at about 6:30 pm, New York Governor Andrew Cuomo told a news conference after visiting what he said was a devastating scene.

Jan 30, 2015
via Morning Bid with David Gaffen

The Hamburglar

There’s an irony with Shake Shack readying its trading debut just a couple of days after McDonald’s replaces its CEO due to a series of missteps and failures and prepares for likely its biggest turnaround in decades, one that’s could mark the stock as an underperformer for some time to come.

Shake Shack managed to price its IPO at $21 a share and looks to follow in the footsteps of some other recent IPOs out of the “fast casual” space, where we’ve recently seen chains like Habit Restaurant and Zoe’s sell shares for the first time – to say nothing of the ongoing success of former McDonald’s subsidiary Chipotle Mexican Grill.

Jan 30, 2015
via Morning Bid with David Gaffen

The Hamburglar

There’s an irony with Shake Shack readying its trading debut just a couple of days after McDonald’s replaces its CEO due to a series of missteps and failures and prepares for likely its biggest turnaround in decades, one that’s could mark the stock as an underperformer for some time to come.

Shake Shack managed to price its IPO at $21 a share and looks to follow in the footsteps of some other recent IPOs out of the “fast casual” space, where we’ve recently seen chains like Habit Restaurant and Zoe’s sell shares for the first time – to say nothing of the ongoing success of former McDonald’s subsidiary Chipotle Mexican Grill.

Jan 29, 2015
via Morning Bid with David Gaffen

Better Fed than dead

The Federal Reserve’s policy announcement on Wednesday pretty much reinforced the status quo, which is that the Fed is the immovable object when it comes to markets.

And, given the Kremlinology that emerges after every Fed statement, this version was memorable in the way the bond market zoned in on the word “international,” where it was included as one of a number of factors that the Fed will keep in mind when determining the course of monetary policy going forward.

Jan 28, 2015
via Morning Bid with David Gaffen

The Fed and the damage done

The general sense from financial strategists and the commentators around them is to look at earnings reports like what was put out there from Caterpillar, Microsoft and a number of other big-name companies, see their disappointments (in part the result of the dollar’s strength, which seems to have surprised the hell out of a lot of people, judging by the Tuesday selloff) and wonder why the Fed might consider holding the line with its “coming soon!” approach to raising rates before long. Add to that all the recent moves by the various other worldwide central banks to lower rates – the Danes, the euro zone, the Canadians – and the Fed looks even more out on an island with the harder line that it is taking at this point.

Wednesday’s Federal Open Market Committee statement isn’t likely to change all that much in that regard. The Fed is more likely to nod to conditions worldwide, acknowledging that it cannot, however, conduct monetary policy for the globe, and try to continue toward its path to higher rates at a time when global commodities prices have slumped dramatically in the face of concerns about weak growth in China and Japan and the ongoing difficulties in Europe.

Jan 22, 2015
via Morning Bid with David Gaffen

Burger time

Among the struggling companies in the storied Dow Industrials Index sits McDonald’s, which faces a level of competition from myriad regional rivals that it hasn’t seen for some time. These rivals like Habit Restaurants, Five Guys and IPO candidate Shake Shack are offering fresher ingredients (albeit often at a higher cost).

It’s not for nothing that McDonald’s has seen several straight months of same-store sales declines, so investors are looking to revenue figures due Friday to see if the fast-food chain is able to arrest the trend or not.

Jan 21, 2015
via Morning Bid with David Gaffen

Like it or lump it

The equity market has maintained something of a weak trend of late. Stocks have been uninspiring on days when the market goes up and more impressive in their declines, and the ongoing pain being felt around the globe, manifested in the commodity complex’s weakness, is still too much to bear when thinking about the stock market.

Something like this happened a few months ago, too, when the initial shock of a sharp decline in oil prices took a toll on equity managers, particularly a number of hedge fund types who were long energy (and remain long energy, so they’ve been taking all kinds of pain lately). The difference, as Reuters wrote last week, was that earnings were a saving grace at the time, and they’re not anymore.

Jan 16, 2015
via Morning Bid with David Gaffen

The once in a 100,000-years event

The surprise move Thursday from the Swiss National Bank has had the effect of confusing a lot of people about a lot of things: the SNB’s intentions, the timing, the ancillary effects and who the losers are.

Yet, the move should, at least in the United States, take a back seat to the possibility of a correction in equity markets (judging by fund flow figures that show more money moving away from U.S. stocks), ongoing (and growing) concerns that earnings won’t be much of a salve this quarter, and uncertainty over the ongoing carnage in the commodities markets.

    • About David

      "David Gaffen oversees the U.S. markets team, having joined Reuters in May 2009. He spent four years at the Wall Street Journal, where he was the original writer of the web site's MarketBeat blog. He is a frequent guest on Reuters TV, and has appeared on CNN International, Fox Business, NPR, and assorted other media and is the author of the book "Never Buy Another Stock Again.""
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