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Fed decision looms; Cablevision goes euro; the China effect

It's one of the most important days in the financial world in years.  This afternoon Federal Reserve policymakers will announce whether they will raise interest rates for the first time since 2006..and lift them up from the basically zero level the Fed put them at in December, 2008 in an effort to head off a potential global market collapse because of the financial crisis.  

Kathy Boyle, President of Chapin Hill Advisors, tells Yahoo Finance she doesn't believe Janet Yellen and company will move today.

"If the Fed raises it a quarter point, it's so low and has been so low it's not going to make a difference," she argues. "But what's more important is what they're going to do going forward."

Boyle feels stocks (^GSPC) will be affected much more by the statement and Yellen's post-annoucement news conference.

"If they say they are going to continue to raise, I think we're in for a negative reaction in the market," she says. "If they're in the dovish camp, we may just get a party again."

And you can watch Yellen's news conference live here on Yahoo Finance, with coverage starting at 2:25 PM ET.

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Cablevision deal

Here are some the stocks the Yahoo Finance team will be watching for you today.

Cablevision Systems (CVC) The New York-area cable provider is being bought by the Netherlands-based cable firm Altice for $17.7 billion. Altice is making a strong bid to be a player in the U.S. market.  Back in May, it purchased regional cable system Suddenlink...and failed in an effort to gobble up Time Warner Cable (TWC).

Oracle (ORCL) The computer technology provider is reporting a fiscal first quarter profit that beat estimates by a penny...but revenue came in light. As we've heard from many other companies this year, Oracle blames the strong dollar for the shortfall.  However, the company says it got a boost from a 29% increase in sales of its cloud-based products.

Herman Miller (MLHR) The furniture retailer handily beat quarterly estimates on both its top and bottom lines. Herman Miller says its profit rose despite being hurt by unfavorable exchange rates, thanks to strong demand in North America.

Rite Aid (RAD) The third-largest U.S. pharmacy chain had second quarter earnings that were half of what analysts expected...but revenue came in above estimates. Rite Aid is also cutting its full-year sales forecast and narrowing the range for its full year earnings.

Manchester United (MANU). The famous British soccer team had a smaller than expected loss in the quarter...and revenue also topped estimates.  Man-U says sponsorship revenue rose 14.1%...and its social media following increased by a whopping 50% to more than 100 million followers.

REGENEXBIO (RGNX) Today is its first day of trading at the Nasdaq. In the initial public offering last night, the biotech firm priced 6.3 million shares at $22 each-- well above the estimated $17 to $19 range.  REGENEXBIO is a Maryland-based company that develops gene therapies to treat serious diseases.

China remains on the radar

While the market is focusing on the Fed, China is still looming. And with a big White House visit by President Xi planned for next week, Donald Trump and others made sure to mention the China effect at last night’s debate. Trump saying China hurts us economically, while Wisconsin Governor Scott Walker again called on President Obama to cancel the visit.  However, Kentucky Senator Rand Paul said we need to keep the lines of communication with Beijing open. 

Boyle says Wall Street is certainly watching China very closely.

"China is weighing on the market," she explains. "There is a risk of global contageon--  China falls apart, the U.S. market falls apart."

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