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Shares of HRG Group Inc. soared 13% and Spectrum Brands Holdings Inc. rallied 2.1% in premarket trade Monday, after the companies announced an agreement to merge in a deal valued at $10 billion. Spectrum Brands is a consumer products company with brands that include Black & Decker, George Foreman and Rayovac, while HRG is a holding company in which its principal holding is Spectrum Brands shares. Spectrum said the deal, which is expected to close by the end of June, will not have an impact on the previously announced pending sale of its global battery business to Energizer Holdings Inc. . After closing, Spectrum will will be an independent public company with no controlling shareholder, and will also have “certain favorable tax attributes of HRG.” Spectrum Brands’ stock has shed 8.7% over the past three months through Friday, while HRG shares have lost 5.8% and the S&P 500 has gained 5.6%.

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The U.S. Patent Trial and Appeal Board has denied a motion to terminate patent challenges against patents for Allergan’s [:s: AGN] dry eye medication Restasis. Allergan previously made a deal with the New York state American Indian tribe the St. Regis Mohawk Tribe to protect Restasis from competition using the tribe’s sovereign immunity as a shield against patent challenges, a deal that was widely criticized, including by lawmakers. Generic drugmaker Mylan made the patent challenge against Allergan’s Restasis, which targets six patents. Mylan Chief Executive Health Bresch called Allergan’s deal with the tribe “a sham.” The tribe had not established that its sovereign immunity applied to the specific patent challenge proceedings, the PTAB said, and that even if it did apply, the challenge could continue because Allergan was still involved as an owner of the patents. An oral hearing on the case is tentatively scheduled for April 3, and a final written decision is expected by June 6. A Texas district court judge also previously ruled against Allergan on similar issues last fall. Allergan shares have dropped 6.6% over the last three months and Mylan shares have surged 10.9%, compared with a 5.6% rise in the S&P 500 .

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Bank of America said it would ask its clients who manufacture assault rifles how they can help end mass shootings, according to media reports. “We are joining other companies in our industry to examine what we can do to help end the tragedy of mass shootings, and an immediate step we’re taking is to engage the limited number of clients we have that manufacture assault weapons for non-military use to understand what they can contribute to this shared responsibility,” the bank said in a statement released to several media outlets. That move comes as other companies, including airlines like United and Delta , are severing ties with the National Rifle Association in response to the recent shooting in Parkland, Florida. Bank of America’s stock has jumped 32% over the past 12 months, beating the S&P 500 .

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Dean Foods Co. shares slid 10% in premarket trade Monday, after the company missed earnings estimates for the fourth quarter and offered guidance that was below consensus. The company said it had net income of $52.3 million, or 54 cents a share, in the quarter, up from $32.8 million, or 36 cents a share, in the year-earlier period. Adjusted per-share earnings came to 25 cents, below the FactSet consensus of 26 cents. Sales fell to $1.49 billion from $1.52 billion, also below the FactSet consensus of $1.96 billion. The company unveiled plans for a cost cutting program that is targeting annual run-rate savings of $150 million by 2020. “We are making important choices in 2018 and taking aggressive but necessary steps to drive our strategic plan, reset our company to make Dean Foods more competitive, and enable us to deliver solid and consistent earnings and cash flow over the long term,” Chief Executive Ralph Scozzafava said in a statement. “We must dramatically reduce our cost structure to match our smart volume today, creating the right network and cost base with an eye toward the future.” Because of timing of some actions, first-quarter earnings are expected to be “disproportionately” lower than the fourth quarter, he said. For full-year 2018, it is expecting EPS to range from 55 cents to 80 cents, compared with a FactSet consensus of 86 cents. Shares have fallen 45% in the last 12 months, while the S&P 500 has gained 16%.

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CBS Corp. said on Monday that it’s launching a new 24-hour streaming service for sports news. The new direct-to-consumer service, called CBS Sports HQ, will offer news, highlights and analysis for free on connected devices, according to a news release. CBS Sports HQ is another step in CBS streaming distribution strategy. The company already has streaming services in CBS All Access and Showtime OTT. CBS Sports HQ will be available on CBSSports.com and the the CBS Sports app on Amazon Fire TV, Apple TV and Roku, as well as the mobile app and the CBS All Access subscription service. “As with CBSN, which continues to attract a growing audience of digital consumers, we also think there’s a tremendous advantage in being first to market with this type of service in a crown jewel category,” said CBS Chief Digital Officer Jim Lanzone. Shares of CBS have declined nearly 18% in the last 12 months, while the S&P 500 index is up 16% and the Dow Jones Industrial Average is up roughly 22%.

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Qualcomm Inc. shares are up 2.6% in premarket trading Monday after the company said that it held a second meeting with Broadcom Ltd. regarding its merger proposal on Feb. 23. “The Qualcomm Board believes the meeting led to further progress toward a possible negotiated transaction on key issues other than price,” the company said in a statement. Qualcomm also said that it had gotten board approval to send Broadcom a markup of the “previously released draft merger agreement that, if agreed to by Broadcom, would resolve all issues between the two companies other than price.” Broadcom lowered its bid for Qualcomm to $79 per share last week, in response to Qualcomm’s raised offer for NXP Semiconductors NV , though Broadcom said it would revert back to the original $82/share offer if the NXP deal were not to go through. Qualcomm said its board believes both Broadcom offers undervalue the company and said that Broadcom noted at the Feb. 23 meeting that the $79/share offer was its final proposal. Qualcomm shares are up 11% over the past 12 months, while Broadcom shares have gained 21% and the S&P 500 Index is up 16%.

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Hibbett Sports Inc. shares rose 2.2% in Monday premarket trading after the retailer revised upward its fourth-quarter guidance. Earnings for the fourth quarter are expected to be in the range of 47 cents to 51 cents. The FactSet consensus was 30 cents per share. Sales are expected to be $266.7 million, up from $246.9 million last year and ahead of the $260.4 million FactSet consensus. Same-store sales are expected to increase 1.6% for the quarter, ahead of the FactSet estimate for a 0.9% decline. “Results exceeded expectations for the quarter, driven by strength in branded apparel and footwear and continued acceleration in our e-commerce business,” said Chief Executive Jeff Rosenthal in a statement. Hibbett Sports will report fourth-quarter earnings on March 16. Hibbett Sports shares are up 41% for the last three months, but down 15.6% for the past year. The S&P 500 index is up 5.6% for the past three months.

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General Electric Co. named Monday the new slate of candidates for its board of directors for the 2018 annual shareholder meeting, as the size of the board is reduced to 12 directors from 17. The slate includes three new candidates: Danaher Corp. Chief Executive H. Lawrence Culp; American Airlines CEO Thomas Horton; and the Financial Accounting Standards Board (FASB) Chairman Leslie Seidman. The nine incumbent directors standing for reelection are: Sébastien M. Bazin, W. Geoffrey Beattie, John J. Brennan, Francisco D’Souza, John L. Flannery, Edward P. Garden, Risa Lavizzo-Mourey, James J. Mulva and James S. Tisch. Current Lead Director Brennan will not stand for reelection in 2019. “The 2018 board slate aligns the board with the future of the company,” Brennan said. “We are adding proven world-class expertise in capital allocation, aviation, accounting and financial reporting.” The stock, which gained 0.4% in premarket trade, has tumbled 20.3% over the past three months while the Dow Jones Industrial Average has advanced 5.6%.

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At least three people were killed early Monday by a 7.5-magnitude earthquake in Papua New Guinea, according to a Radio New Zealand report citing local authorities, who said they had received reports of other deaths from the quake as well. The Pacific nation’s government said it had dispatched disaster assessment teams and military personnel to the affected regions, which were parts of the Southern Highlands and Hela provinces. Exxon Mobil was putting plans in place to evacuate non-essential personnel in Papua New Guinea’s energy-rich interior, after the quake caused landslides, damaged buildings and closed oil and gas operations, a Reuters report said.

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From:: Stock Market News

At least three people were killed early Monday by a 7.5-magnitude earthquake in Papua New Guinea, according to a Radio New Zealand report citing local authorities, who said they had received reports of other deaths from the quake as well. The Pacific nation’s government said it had dispatched disaster assessment teams and military personnel to the affected regions, which were parts of the Southern Highlands and Hela provinces. Exxon Mobil was putting plans in place to evacuate non-essential personnel in Papua New Guinea’s energy-rich interior, after the quake caused landslides, damaged buildings and closed oil and gas operations, a Reuters report said.

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From:: Stock Market News