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  • Crude continues climbing after OPEC agrees to cut oil production.
  • Brent futures rose to a six-week high of $53.34.
  • The yield on the 10-year Treasury note climbed to 2.441% from 2.365% at Wednesday’s close.
  • Dollar General fell 6.4% after the discount retailer reported a surprise drop in third-quarter comparable sales.
  • Express fell 16%, while Guess dropped 13% after the two apparel and accessories retailers cut their full-year profit forecasts.


Oil Keeps Rising After OPEC Output Deal

  • The agreement will cut output by 1.2 million barrels, though questions over enforcement remain.
  • Brent crude, the global oil benchmark, rose 1.4% to $52.56 a barrel on London’s ICE Futures exchange.
  • On the New York Mercantile Exchange, West Texas Intermediate (WTI) futures were trading up 1.2% at $50.02 a barrel.
  • The cut, representing about 1% of global production, will help to reduce a supply glut that has depressed prices for more than two years.
  • Another wild card is the cooperation of nonOPEC producers, which are expected to decrease production by 600,000 barrels a day.
  • Russia said it would cut production by 300,000 barrels a day, though it isn’t clear how much of that will come from already-expected declines.

Auto Makers’ November Sales on Track for Record

  • Black Friday deals and steep incentives draw shoppers.
  • GM’s sales rose 10.2% to 252,644 new vehicles in November.
  • Ford’s sales rose 5.1% to 196,441 vehicles.
  • Toyota posted a 4.3% rise in sales to 197,645 vehicles.
  • Fiat Chrysler reported sales skidded 14% in the month to 160,827 vehicles.
  • Nissan beat expectations with a 7.5% rise sales to 115,136 vehicles.
  • For the industry, GM expects November sales at 17.9 million on a seasonally adjusted annualized sales rate, which would be short of an annualized rate of 18.25 million reported in November 2015.

Dollar General Reports Surprise Fall in Same-Store Sales

  • The company said same-store sales fell 0.1%.
  • Dollar General reported a third-quarter profit of $235.3 million.
  • In the year-ago period, the company earned $253.3 million.
  • Revenue rose 5% to $5.32 billion though analysts had hoped for $5.37 billion.

Kroger Cuts Outlook Again Amid Pricing Pressure

  • Kroger again lowered its guidance for the year as food-price deflation continues to weigh on the grocer’s top line.
  • Kroger now anticipates 2016 adjusted earnings of $2.10 to $2.15 a share, compared with its previous outlook for $2.10 to $2.20 a share.
  • Kroger reported a profit of $391 million, down from $428 million a year earlier.
  • Revenue rose 5.9% to $25.56 billion.

Guess Cuts Outlook, Posts Disappointing Results

  • Revenue rose just 2.9% to $536 million, well below the 5% to 8% growth, or roughly $554 million, the company had predicted.
  • Sales at stores open at least a year dropped 4.9%, worse than the 4.2% decline in the previous quarter.
  • Guess has logged same-store sales declines since the start of 2011.
  • The company posted a profit of $9.7 million, down from $13.1 million a year earlier.

Express Slashes Outlook Again, Anticipates Weak Holiday Season

  • Express posted a profit of $11.6 million, down from $26.3 million a year earlier.
  • Gross margin dropped 500 basis points to 30% from 35% in the year-ago period, hurt by promotional activity.
  • E-commerce sales — one bright spot for the quarter — increased 15% to $96.3 million.
  • Revenue fell 7.4% to $506.1 million, but not as low as the $497.1 million analysts anticipated.

Glencore to Resume Dividend with $1 Billion Payout Next Year

  • Mining and commodities giant sold off $6.3 billion in assets to pay down debt.
  • The company also said it has completed its divestment program, with total proceeds of at $4.7 billion, putting it on track for $16.5 billion to $17.5 billion in net debt by end of 2016.

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U.S. Manufacturing Activity Expanded Steadily in November

  • ISM purchasing managers index (PMI) rose to 53.2 in November from 51.9 a month earlier.

Jobless claims hit five-month high, but layoffs low

  • Initial claims for state unemployment benefits increased 17,000 to a seasonally adjusted 268,000 for the week ended Nov.
  • Despite the increase, claims remained below the 300,000 threshold, which is associated with a healthy labor market, for the 91st straight week. That is the longest run since 1970.

Delinquencies Rise on Growing Volume of Subprime Auto Loans

  • The number of subprime auto loans slipping into delinquency climbed to the highest level since 2010 in the third quarter, and is following a pattern much like the months heading into the 2007-09 recession.
  • New auto loans to borrowers with credit scores below 660 have nearly tripled since the end of 2009.
  • So far in 2016, about $50 billion of new auto loans per quarter have gone to those borrowers.
  • About $30 billion each quarter has gone to borrowers with scores below 620, which are considered bad.
  • Overall, total household debt grew to $12.35 trillion in the third quarter, an increase of $63 billion from the second quarter.
  • The increase was driven by a $32 billion rise in auto loans, as well as smaller increases in student loans and credit card balances.subprime-comback

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Airbnb to Enforce Limits on Rentals in London, Amsterdam

  • The deals may provide a template for Airbnb’s efforts to settle disputes with cities around the world.
  • Airbnb agreed for the first time to enforce legal limits on the number of nights a year a host can rent out a home, a major concession as the company is assailed by regulators in the U.S. and Europe.
  • The deal with Amsterdam has a 60-day-a-year limit for most short-term rentals.
  • Airbnb sent to hosts in London and said it will apply the city’s 90-day-a-year limit on rentals.

Citic-Carlyle near deal to buy McDonald’s China assets  

  • A consortium led by private-equity firm Carlyle and Chinese conglomerate Citic has neared a deal to buy McDonald’s stores in China and Hong Kong for up to $3 billion.
  • The deal is likely to be signed before Christmas, the source said.
  • The company hired Morgan Stanley to run the sale of about 2,400 restaurants in China and Hong Kong.

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Sir Arthur Conan Doyle’s Sherlock Holmes appeared for the first time in print in the story “A Study in Scarlet” (1887)

Twelve nations, including the United States, signed a treaty setting aside Antarctica as a scientific preserve free from military activity (1959)

Exxon and Mobil agreed to merge, creating the world’s largest corporation (1998)

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