Faux pas: Microsoft bought the troubled phone business in 2014 from Nokia.
MarketWrap: The S&P 500 ended lower on Wednesday for a seventh straight session, its longest such streak in five years, as the Federal Reserve signalled it could hike interest rates in December and the uncertain US election continued to cloud the market's outlook. - Reuters
The DJIA fell 77.46 points, or 0.43%, to close at 17,959.64, the S&P 500 lost 13.78 points, or 0.65%, to finish at 2,097.94 and the Nasdaq dropped 48.01 points, or 0.93%, to end at 5,105.57.
Forex summary
*The ringgit gained 0.17% to 4.1797 per US$
*It was 0.15% higher at 4.6388 per euro
*Down 0.09% to 5.1468 per pound sterling
*Up 0.09% to 3.0195 per Singapore dollar
*0.03% higher to 3.2013 per Aussie
*Up 0.09% to 4.0501 per 100 yen
Energy
Oil prices tumbled 3% on Wednesday after a record weekly build in US crude inventories stoked investor worries about a global supply glut, days after analysts estimated higher monthly Opec crude output. Brent LCOc1 fell US$1.28, or 2.7%, to settle at US$46.86, after sliding to US$46.46, its lowest since Sept 28. - Reuters
Top foreign stories
Fed holds rates steady, sets stage for December hike: The Federal Reserve kept interest rates unchanged on Wednesday in its last policy decision before the US election, but signalled it could hike in December as the economy gathers momentum and inflation picks up. The US central bank said the economy had gained steam and job gains remained solid. Policymakers also expressed more optimism that inflation was moving toward their 2% target. - Reuters
Facebook warns growth will slow, shares dip: Facebook Inc shares tumbled 7% in after-hours trading on Wednesday as the world's largest online social media network warned that revenue growth would slow this quarter, offsetting strong earnings that handily beat Wall Street estimates. Facebook reported a greater-than-expected 56% rise in quarterly revenue, to US$7.01 billion, showing the company is claiming an ever-growing share of the online advertising pie. - Reuters
Female Viagra contender Palatin Technologies explores potential sale: Palatin Technologies Inc, which is looking to take the throne from Addyi as the primary drug treatment for low sex drive in women, has hired an investment bank to explore a sale or licensing deal, according to a source familiar with the matter. - Reuters
Microsoft launches messaging system for businesses, takes on Slack: Microsoft Corp launched a messaging system for businesses, Microsoft Teams, on Wednesday, putting it in direct competition with fast-growing startup Slack and Facebook Inc's Workplace product. The new software will be part of Microsoft's Office 365 services, a cloud-based software suite that has more than 85 million monthly active commercial users. - Reuters
Top local stories
Lay Hong eyes D’nonce: Integrated eggs and poultry player Lay Hong Bhd
is said to be looking to take up a controlling stake in D’nonce Technology Bhd, a supplier of packaging materials that is going into the frozen food segment. It is learnt that Lay Hong would build up a stake in D’nonce through a combination of a private placement exercise and the acquisition of an existing block from one of the exist- ing shareholders. - StarBiz
MISC earnings drop to RM134mil: MISC Bhd’s net profit in the third quarter fell 72.3% to RM134mil from RM483mil a year ago on weak shipping charter rates and higher depreciation charges. Revenue declined to RM2.3bil from RM2.5bil previously. - StarBiz
CLIQ to return 73.3 sen per share to shareholders: CLIQ Energy Bhd said it would give back 73.3 sen for every share held by entitled shareholders, amounting to RM355.5mil. This equals to 98% of the cash in its trust account of RM362.8mil. - StarBiz
PetGas posts Q3 net profit of RM423mil: Petronas Gas Bhd registered an increase of 38.6% in net profit to RM422.7mil for the third quarter, thanks to lower unrealised foreign exchange (forex) losses. Revenue rose 2.1% to RM1.16bil from RM1.13bil a year earlier. - StarBiz
Pesona Metro unit gets RM488mil project: Pesona Metro Holdings Bhd’s unit Pesona Metro Sdn Bhd has secured a RM488mil contract from Central Plaza I-City Real Estate Sdn Bhd. Pesona Metro said the contract was for the development of a six-floor shopping complex – Central Plaza@I-City – in Shah Alam. - StarBiz
Favelle Favco units bag RM70.6mil jobs: Favelle Favco Bhd’s wholly-owned subsidiaries have bagged four supply contracts with a combined value of RM70.6mil. - Bernama
Lim takes over at WCT’s helm: WCT Holdings Bhd announced that Tan Sri Desmond Lim Siew Choon, who bought the stakes of the founding shareholders of the construction and engineering, took over as its executive chairman. WCT also announced the resignation of managing director Peter Taing Kim Hwa, executive director Kenny Wong Yik Kae and independent non-executive director Choo Tak Woh. - StarBiz
Digi eyes Internet of as next growth area: Digi.Com Bhd is eyeing the Internet of Things (IoT) as part of its next growth area. Chief executive officer Albern Murty said Digi had “every intention” to go into IoT to tap growth from that area. - StarBiz
FGV set to export oil palm seeds to Indonesia: Felda Global Ventures Holdings Bhd (FGV) is poised to be the first local exporter of oil palm seeds to Indonesia next year. This is made possible via FGV’s latest partnership with Indonesia group PT Mitra Agro Servindo through a memoran- dum of understanding signed in Jakarta on Wednesday. - StarBiz
PetChem posts lower profit, revenue in Q3: Petronas Chemicals Group Bhd’s (PetChem) net profit for the third quarter was down at RM891mil, against RM916mil a year earlier due to a decline in revenue as a result of lower average product prices. Revenue slid to RM3.56bil from RM3.64bil in 2015. - StarBiz
Canada optimistic about Petronas LNG decision: The Canadian authorities are optimistic about a positive outcome for Petroliam Nasional Bhd (Petronas) huge liquefied natural gas (LNG) project in the British Columbia. Petronas is currently reviewing its investment decision on whether to pro- ceed with the C$36bil (RM112.76bil) project, amid a slump in energy prices worldwide. - StarBiz
CPO prices to average RM2,600 in next 6 months: Sime Darby Bhd expects crude palm oil (CPO) prices to average between RM2,500 and RM2,600 per tonne in the next six months. “The palm gurus were looking at between RM2,300 and RM3,000, but for Sime Darby, we are looking at RM2,500 to RM2,600 per tonne for the next six months — that’s the average,” said president and group chief executive Tan Sri Mohd Bakke Salleh. - Edge FD
Titijaya Land denies CREC buying stake in the company: Titijaya Land Bhd on Wednesday denied that China Railway Group Ltd (CREC) is acquiring shares in the property developer to build a strategic stake in the company. - Edge FD
Seacera aborts RM220m Semenyih land buy: Seacera Group Bhd has aborted a plan to acquire Duta Nilai Holdings Sdn Bhd for RM220 million. Duta Nilai owns a 250-acre (101.17ha) piece of land in Semenyih, Selangor. - Edge FD
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