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Shares of Power Solutions International Inc. rocketed 52% in premarket trade Tuesday, after the maker of alternative-fuel power systems announced a $60 million equity investment by Weichai America Corp. As part of the deal, Weichai, which is a subsidiary of China-based diesel-engine maker Weichai Power Co. Ltd., will buy 2.7 million newly issued shares at $8 a share, representing a 25% premium to Monday’s closing price of $6.40. Weichai will also buy 2.4 million shares of preferred stock, which will be convertible into 4.8 million shares of common stock. “Through this alliance, we will dramatically expand adoption of our engines and technologies for transportation, power generation, and industrial applications within our current markets, including China, the world’s largest market opportunity,” said Power Solutions Chief Executive Gary Winemaster. The stock has tumbled 15% year to date through Monday, while the S&P 500 has gained 4.6%.

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From:: Stock Market News

Shares of Square Inc. were up 2% in premarket trade Tuesday after the company announced a launch in the United Kingdom. With Square in the United Kingdom, business owners can use Square’s readers for transactions. The is the fifth country for Square, alongside Canada, Japan, Australia and the U.S. Shares of Square have gained 24% in the past three months, compared to the S&P 500’s gain of 4%.

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From:: Stock Market News

Rent-A-Center Inc. said Tuesday that it adopted a shareholder rights plan, also known as a “poison pill,” to reduce the likelihood that an investor would gain unsolicited control of the company. The rent-to-own operator declared on March 25 a dividend of one preferred stock purchase right for each outstanding common stock, payable on April 14 to shareholders of record on April 7. The right allows shareholders to buy one-thousandth of a share of newly created Class D preferred stock for $25, which can be exercised if an investor acquires a stake of 15% or more of outstanding common stock. If exercised, the right entitles its holder to buy a number of common shares. The rights plan comes after Engaged Capital Holdings LLC disclosed in a filing on March 23 that it now owns about 9 million shares, or 16.9% of the shares outstanding. Rent-A-Center’s stock, which edged up 0.9% in premarket trade, has tumbled 19% year to date through Monday, while the S&P 500 has gained 4.6%.

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From:: Stock Market News

Tencent Holdings Ltd. amassed a 5% stake in electric carmaker Tesla Inc. in March, according to a filing with the Securities and Exchange Commission on Tuesday. The Hong Kong-based Internet company said it bought about 8.2 million shares in an offering and on the open market for about $1.8 billion. Tesla shares jumped 3% premarket after the filing was published, and are up 26% in the year so far, while the S&P 500 has gained 4.6%.

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From:: Stock Market News

Shares of Amazon.com Inc. edged up 0.3% in premarket trade Tuesday, after Stifel Nicolaus boosted its price target by 12%, saying the company is in position to be the prime beneficiary of the carnage it has created in ecommerce. Analyst Scott Devitt raised his stock price target to $1,025, which is 21% above Monday’s closing price of $846.82, from $912. Of the 44 analysts surveyed by FactSet, Devitt now has the fourth highest price target, behind the $1,250 at Susquehanna and the $1,050 at both Cowen & Co. and Deutsche Bank. Devitt also raised his long-term revenue outlook given his belief that the momentum in ecommerce will accelerate in the U.S., that Prime membership will continue to grow, that Amazon Web Services business will keep growing and because of the emergence of non-retail lines of business. Devitt said that while continued investment in areas including logistics, cloud services, video and Alexa could weigh on margin growth, he supports Amazon’s investment strategies as he believes there is a “strong likelihood for successful outcomes.” Separately, Amazon said Tuesday it was buying Dubai-based ecommerce company Souq.com for about $700 million. The stock has rallied 13% year to date through Monday, while the S&P 500 has gained 4.6%.

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From:: Stock Market News

Cara Therapeutics Inc. shares surged 16% in premarket trade Tuesday, after the biotech reported positive results in a trial of a treatment for uremic pruritus, or UP. UP is a debilitating systemic itch condition that affects patients with chronic kidney disease, the company said in a statement. There are currently no approved therapies for the condition in the U.S. The results from Part A of a phase 2 to 3 trial of I.V. CR845 met primary and secondary endpoints for efficacy, said Cara. The company is planning to meet with the U.S. Food and Drug Administration to finalize the design of Part B of the study and to start recruiting patients later this year. CR845 is being developed for the treatment of acute and chronic pain as well as UP. Cara shares have gained 95% in the year so far, while the S&P 500 has gained 4.6%.

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From:: Stock Market News

Ride-hailing company Uber Technologies is planning to pull out of Denmark on April 18, because of a taxi law that includes the requirement that drivers use mandatory fare meters, according to media reports Tuesday. The company has been active in Denmark since 2014 but has faced opposition from local taxi driver unions, companies and politicians, who have argued that if offers unfair competition. “For us to operate in Denmark again the proposed regulations need to change. We will continue to work with the government in the hope that they will update their proposed regulations and enable Danes to enjoy the benefits of modern technologies like Uber,” Uber said in a statement quoted by Reuters.

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From:: Stock Market News

Yext disclosed Tuesday that it expects its initial public offering of 10.5 million shares to price between $8 and $10 a share. The company would raise up to $105 million before fees. The location-synching company granted the underwriters of the IPO options to buy up to and additional 1.585 million shares to cover overallotments. Yext has applied to have its shares listed on the NYSE and to trade under the symbol “YEXT.” Morgan Stanley, J.P. Morgan and RBC Capital Markets are the lead underwriters of the IPO. The company reported revenue for the fiscal year ended Jan. 31, 2017 of $124.3 million, up from $89.7 million the previous year, while reporting net losses that widened to $43.1 million from $26.6 million.

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From:: Stock Market News

Royal Bank of Scotland Group PLC has proposed a 43.5 pence-per-share settlement with the RBoS Shareholder Action Group over the lender’s cash call in 2008, said a Sky News report on Tuesday. That is up slightly from a 41.5p-per-share settlement reached by the U.K. bank with four other claimant groups, Sky noted. The RBoS Shareholder Action Group is the last remaining claimant seeking redress over the £12 billion ($15 billion) cash call that came before RBS collapsed into government control.

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From:: Stock Market News

Tesco PLC has agreed to pay a fine of £129 million ($162 million) for overstating its expected profits in a trading statement in August 2014. The supermarket operator must also fulfill other requirements under the deferred prosecution agreement with the Serious Fraud Office announced Tuesday. In addition, Tesco has agreed to a finding of market abuse by the U.K.’s Financial Conduct Authority, the company said in a statement. As part of the deal with the FCA, Tesco has set up a compensation scheme for certain investors who bought stocks or bonds between 29 August and 19 September, 2014. The scheme will provide compensation of 24.5 pence per share purchased, plus interest of 1.25% per year for institutional investors or 4% a year for retail investors.

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From:: Stock Market News