U.S. stocks set to open lower as Brexit update and Trump remarks jar investors
U.S. stocks set to open lower as Brexit update and Trump remarks jar investors
U.S. stocks set to open lower as Brexit update and Trump remarks jar investors
Exxon Mobil Corp. announced Tuesday to more than double its Permian Basin resource to six billion barrels of oil equivalent through the acquisition of companies owned by the Bass family. As part of the deal, Exxon Mobil will make an upfront payment of $5.6 billion worth of shares, and a series of contingent cash payments of up to $1 billion, starting in 2020. "This acquisition strengthens ExxonMobil's significant presence in the dominant U.S. growth area for onshore oil production," said Exxon Mobil Chief Executive Darren Woods. Читать дальше...
Fed's New York regional Empire State index steps back from long-term peak
Shares of NRG Energy Inc. surged 6.2% toward a six-month high in premarket trade Tuesday, after activist investor Elliott Associates disclosed in a filing that it has taken a 6.9% stake in the energy production and distribution company. Elliott also disclosed that it entered into an agreement with Bluescape Resources to form an investor group owning 9.4% of NRG's shares outstanding. Elliott said in an SEC filing that it believes NRG's stock was "deeply undervalued," and that there are "numerous... Читать дальше...
Rev Group, a vehicle manufacturer, priced its initial public offering Tuesday in a range that would raise up to $262 million. The company set a price range of $19 to $21 per share, and it plans to sell 12.5 million shares of stock. The shares have been approved to list on the New York Stock Exchange under the symbol "REVG." Goldman, Sachs & Co., Morgan Stanley and Baird are the lead underwriters on the offering.
Читать дальше...ExxonMobil to acquire companies doubling Permian Basic Resource to 6 bln barrels
Globus Maritime Ltd.'s stock plunged 24% in premarket trade Tuesday, after the dry bulk shipper said its previously-announced private placement will not occur as planned. The company said late Friday that deal had required multiple parties to close transactions simultaneously, but one party had not agreed to complete the transaction. The company first announced the private placement and the conversion of certain outstanding loans on Nov. 28, then said on Dec. 20 that the closing of the private placement would be delayed until Jan. Читать дальше...
Shares of Christopher & Banks Corp. tumbled 17% in premarket trade Tuesday after the company announced the departure of CEO LuAnn Via and said sales disappointed during the key holiday shopping period. The women's retailer anticipates fiscal fourth-quarter sales in the range of $85 million to $86 million, compared with $94.6 million in the year-earlier period. Analysts on average had been calling for sales of $95.2 million, according to FactSet. Christopher & Banks blamed the weaker-than-expected sales on lower traffic... Читать дальше...
Mattel Inc. said Tuesday morning that Margo Georgiadis would be its new chief executive officer, effective Feb. 8. Georgiadis, who will also join the company's board of directors, has been President, Americas at Google since 2011, and has also been chief operating officer of Groupon Inc. and an executive vice president of Discover Financial Services. Current Mattel CEO Christopher Sinclair, who has served since early 2015 and helped re-energize the company's sales and culture, will be executive chairman of the board, the company said. Читать дальше...
The uproar about ‘fake news’ is not about what the public sees, but who controls it, writes Satyajit Das.
Chipotle shares dip in premarket; tough road ahead, says J.P. Morgan
Shares of American Express Co. rallied 0.9% in premarket trade Tuesday, after the credit card and financial services company was upgraded at J.P. Morgan, which cited expectations continued consumer strength and the potential for lower tax rates. Analyst Richard Shane raised his rating to overweight from neutral, and lifted his stock price target to $90, which is 17% above Friday's closing price of $76.62, from $76. "We expect that personal tax rate reductions will disproportionately benefit [American Express's] higher income consumers... Читать дальше...
Alcobra Ltd. stock plummeted 42.6% in pre-market trade Tuesday after the company said its ADHD drug failed to meet its primary endpoint in a phase 3 trial. The company is "exceedingly disappointed" with the topline results, President and chief executive Dr. Yaron Daniely said. It plans to review the full data set and evaluate its options, he said. The drug, Metadoxine Extended Release, was intended to treat ADHD in adult patients. Alcobra shares have dropped 20.2% over the last three months... Читать дальше...
Papa Murphy's Holdings Inc. said Tuesday that it will be refranchising stores it owns in certain markets and using the cash raised to reduce its debt. The company said it would be retaining a royalty annuity in those sales, which along with other changes "positions us well to return the company to profitable growth," Jean Birch, board chair and interim CEO, said. Papa Murphy's shares have dropped 25.3% over the last three months, compared with a 7.0% rise in the S&P 500 .
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Shares of Chipotle Mexican Grill Inc. fell 1% in premarket trade Tuesday after the stock was downgraded to neutral from overweight at J.P. Morgan. The path ahead looks difficult for the fast-casual chain restaurant as supply growth continues to exceed that of demand, wrote analysts led by John Ivankoe. "We upgraded the stock on April 14 despite known turnaround risks as we thought sequentially improving fundamentals would drive excess stock returns. Since then, fundamentals have been much worse... Читать дальше...
Lowe's Companies Inc. said Tuesday it has named Marshall Croom chief financial officer, replacing Robert Hull, who is retiring. Croom is a 20-year veteran of the home-improvement store chain, and will take on his new role on March 3. The executive has been in charge of internal audit and enterprise risk management since 2009. Croom joined Lowe's after a stint at Ernst & Young. Lowe's shares have gained 4.6% in the last 12 months, underperforming the S&P 500 , which has gained 20%.
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The U.K. will not remain a member of the European Union's single market, but will seek the best possible access to it as the country negotiates its Brexit, Prime Minister Theresa May said Tuesday. Laying out plans for the U.K.'s exit from the EU, May said her government would pursue a free-trade agreement with the bloc. At the same time, it will dedicate its efforts to making Britain a great trading nation, by working to increase trade with growing export markets around the world, she said. Instead... Читать дальше...
Biogen Inc. said Tuesday morning that it had agreed to pay $1.25 billion in cash to license all of Forward Pharma's intellectual property, sending Forward Pharma shares skyrocketing 52.6% in pre-market trade. The two companies have been in a patent dispute over rival multiple sclerosis drugs, with a decision expected by the middle of this year. Biogen said it believed the agreement would "clarify and strengthen our intellectual property for Tecfidera," the multiple sclerosis drug that is its largest revenue generator. Читать дальше...
Shares of Nordstrom, Inc. fell 1% in premarket trade Tuesday after the stock was downgraded to hold from buy at Stifel. The analysts said they believe holiday sales will be weaker than anticipated, which would also mean a "challenging start" to 2017. They cut their target price to $40 from $62. Nordstrom's anticipated sales weakness was a result of poor sales across retail in general, the analysts wrote. "We believe that the highly competitive environment for retail is pressuring traffic, sales and margins... Читать дальше...
The pound rallied on Tuesday as U.K. Prime Minister Theresa May said said she'll put the terms of the country's exit from the EU to a parliamentary vote. In a closely watched speech on May's plans for exiting the European Union, the prime minister also confirmed the U.K. will leave the single market, but said she'll try to get an ambitious trade deal with the bloc. "We will continue to be reliable partners, willing allies and close friends. We want to buy your goods, sell you ours, trade with you as freely as possible... Читать дальше...
Limited Stores, LLC said Tuesday that it has filed for relief under chapter 11 of the U.S. Bankruptcy Code. Additionally, the apparel retailer said it has began a purchase agreement with an affiliate of Sycamore Partners, a private equity firm, to buy the company's intellectual property and related assets. This acquisition is subject to the approval of the Bankruptcy Court.
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Tiffany & Co. reported Monday holiday-period total sales of $966 million, up from $961 million a year ago, although total same-store sales fell 2%. By region, same-store sales fell 4% in the Americas, declined 4% in the Asia-Pacific region and dropped 11% in Europe, but rose 21% in Japan. "These overall holiday period sales results were somewhat lower than we had anticipated, but we continue to benefit from a favorable gross margin and prudent expense management," said Chief Executive Frederic Cumenal. Читать дальше...
Wal-Mart Stores Inc. said it plans to create about 10,000 U.S. jobs this year, a sign that even the country’s largest private employer feels the need to tout American job growth ahead of President-elect Donald Trump’s inauguration.
Wal-Mart Stores Inc. said it plans to create about 10,000 U.S. jobs this year, a sign that even the country’s largest private employer feels the need to tout American job growth ahead of President-elect Donald Trump’s inauguration.
Wal-Mart Stores Inc. said it plans to create about 10,000 U.S. jobs this year, a sign that even the country’s largest private employer feels the need to tout American job growth ahead of President-elect Donald Trump’s inauguration.
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