Month: September 2015

The dollar strengthened against the euro Wednesday after payroll processor ADP estimated that the U.S. private sector added 200,000 new jobs in September. Economists were expecting an increase of about 190,000 vs. a revised 186,000 gain in August. The euro fell to $1.1180 from $.1.1220 shortly beforehand. The dollar edged lower to 120.16 yen from 120.24 yen. The British pound rose to $1.5170 from $1.5155.

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From:: Stock Market News

WASHINGTON (MarketWatch) — Companies in the U.S. private sector added 200,000 jobs in September, according to the large payroll processor ADP. Economists were expecting an increase of about 190,000 vs. a revised 186,000 gain in August. Economists use ADP’s data to get a sense of how many new jobs the government’s official employment report will show. The Labor Department issues its report on Friday. Economists polled by MarketWatch predict nonfarm employment rose by 200,000 jobs in September.

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From:: Stock Market News

EZchip Semiconductor Ltd. said on Wednesday it agreed to be acquired by Mellanox Technologies Ltd. in a deal valued at about $811 million. Mellanox will pay $25.50 a share in cash for all of EZchip’s shares outstanding, which is 16% above Tuesday’s closing price of $21.99. Mellanox expects deal to add to adjusted earnings per share as soon as it is completed, which is anticipated to be during the first quarter of 2016. EZchip’s stock was still halted in premarket trade for news dissemination. It had run up 38% over the past three months, while Mellanox shares dropped 18% and the S&P 500 lost 8.7%.

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From:: Stock Market News

Western Digital Corp.’s stock soared 15% in premarket trade Wednesday, after the digital storage company said it received a $3.78 billion equity investment from Chinese information technology company Unisplendour. Under terms of the deal, Unisplendour will pay $92.50 a share for newly-issued Western Digital shares, which is 34% above Tuesday’s closing price of $68.87. Unisplendour will own 15% of Western Digital’s shares outstanding after the purchase, and have the right to nominate one representative to Western’s board of directors. Unisplendour has agreed not to sell any of its Western Digital stock for at least five years. “The equity investment by Unis will help facilitate our growth as we look to capitalize on the many opportunities and changes within the global storage industry,” said Western Digital Chief Executive Steve Milligan. The stock had tumbled 38% year to date through Tuesday, while the S&P 500 had lost 8.5%.

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Tesla Motors Inc. handed out the first five all-electric Model X SUVs to customers at an event in Fremont, Calif., on Tuesday — not counting the one Chief Executive Elon Musk kept for himself. The second electric automobile to be fully designed, built and sold by the company after the Model S sedan, the Model X displayed Tuesday night has “falcon wing” rear doors with an array of sensors that allow them to open differently depending on conditions, as Musk displayed to applause Tuesday night. Musk played up the safety aspects of the car, showing crash test pictures and discussing the air-filtering ability, which includes a “bioweapon defense mode” meant to protect people inside the car during a chemical attack. Venture capitalist Steve Jurvetson, of Draper Fisher Jurvetson, got one of the first five Model X units, which can cost as much as $144,000.

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From:: Stock Market News

Evernote Corp., a Redwood City, Calif.-based startup that makes a popular note-taking app, announced late Tuesday its second round of layoffs this year. In a blog post, Evernote said it let go of 47 people and closed three global offices. In January, the company laid off 20 workers. Evernote was valued at $1 billion in its last round of funding in May 2012.

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From:: Stock Market News

The American Petroleum Institute late Tuesday reported that crude supplies rose 4.6 million barrels for the week ended Sept. 25, according to sources. Analysts polled by Platts expected supplies to be unchanged for the week. November crude was at $44.84 a barrel on Globex, down from the contract’s settlement of $45.23 on the New York Mercantile Exchange. The more closely watched Energy Information Administration report is due Wednesday.

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From:: Stock Market News

Shares of Barracuda Networks Inc. fell 19% in late trading Tuesday after the security and storage company reported sales slightly below Wall Street expectations and announced an acquisition. The Campbell, Calif., company said its revenue rose 14% to $78.4 million in the fiscal second quarter, up from $68.7 million a year ago. Barracuda lost $2.2 million, or 4 cents a share, in the quarter, reversing a gain of 1 cent a share a year ago. Adjusted for one-time items, the company earned $5.6 million, or 10 cents a share, compared to 8 cents a share a year ago. Analysts polled by FactSet had expected Barracuda to earn an adjusted 9 cents a share on sales of $78.7 million. In a separate statement, Barracuda said it has agreed to buy privately held Intronis, Inc., a data-protection company. Terms of the deal, expected to close in the fiscal third quarter, were not disclosed. Shares of Barracuda had ended the regular session Tuesday down 4.4%.

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From:: Stock Market News