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MuleSoft, Inc. priced its initial public offering at $17 a share late Thursday, above its $14 to $16 range. The company sold 13 million shares to raise $221 million. With the $17 price range, MuleSoft’s market capitalization would be $2.14 billion, compared with its latest private valuation of $1.5 billion. Shares are expected to start trading Friday on the New York Stock Exchange under the symbol “MULE.” Underwriters can buy an additional 1.95 million shares to cover over-allotments. Goldman, Sachs & Co and J.P. Morgan Securities are the lead underwriters on the offering.

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From:: Stock Market News

Shares of CorMedix Inc. plunged 22% in premarket trade Friday, after the biopharmaceutical company said it currently didn’t have enough cash to fund operations through 2017, given expected clinical trial expenses. The company had $20.2 million cash on hand at the end of 2016, down from $35.4 million a year ago. CorMedix said in a statement that it was “exploring various funding opportunities” while it aims to optimize its cash, as it proceeds with a phase 3 trail of Neutrolin in hemodialysis patients. Separately, CorMedix reported a 2016 loss of $24.6 million, or 65 cents a share, compared with a loss of $18.2 million, or 58 cents a share in 2015. Losses from operations were $24.8 million, resulting primarily from a significant increase in clinical trial expenses, and new product development expenses. “We are committed to unlocking significant long term value for our shareholders by successfully completing our Phase 3 studies and launching Neutrolin into a broad and sizable U.S. market upon potential approval.,” said Chief Executive Khoso Baluch. The stock has rallied 28% over the past three months through Thursday, but was still down 12% over the past year. The S&P 500 has run up 17% over the past 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

KKR & Co. and Canada’s Caisse de depot et placement du Quebec (CDPQ) announced Friday an agreement to jointly acquire U.S. insurance brokerage USI Insurance Services from Onex Corp. in a deal that would value USI at $4.3 billion. The acquisition will be made primarily through KKR and CDPQ’s private-equity partnership. The deal is expected to close by the end of June. KKR’s stock and Onex’s U.S.-listed shares were still inactive in premarket trade. Over the past three months, KKR’s stock has climbed 10%, Onex shares have tacked on 3.4% and the S&P 500 has gained 5.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Former British finance minister George Osborne will become the new editor of the London Evening Standard, the newspaper said Friday, confirming a BBC report. Osborne will remain a lawmaker in the British parliament. “I am proud to be a Conservative MP, but as editor and leader of a team of dedicated and independent journalists, our only interest will be to give a voice to all Londoners,” he said in a statement. Osborne was replaced as Britain’s Chancellor of the Exchequer in July in the wake of a government shakeup after the Brexit referendum in June 2016. In January, Osborne was named as a part-time adviser at fund manager BlackRock.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Shares of Tiffany & Co. surged 1.6% in premarket trade Friday, after the high-end jewelry retailer beat fiscal fourth-quarter profit expectations and provided an upbeat outlook. For the quarter to Jan. 31, net earnings fell to $157.8 million, or $1.26 a share, from $163.2 million, or $1.28 a share, in the same period a year ago. Excluding non-recurring items, such as impairment charges for loans to diamond mining companies, adjusted earnings per share came to $1.45, above the FactSet consensus of $1.39. Revenue rose 1% to $1.23 billion, compared with the FactSet consensus of $1.22 billion. Same-store sales were unchanged from a year ago, beating the FactSet consensus for a 1.4% decline, as a greater-than-expected increase in Japan helped offset a bigger-than-expected decline in Europe. For fiscal 2017, Tiffany expects adjusted EPS to increase in the mid-single-digit percentage range over 2016’s $3.75, while FactSet’s EPS consensus of $3.85 implies 2.7% growth. The stock has rallied 16% year to date through Thursday, while the SPDR S&P Retail ETF has lost 4% and the S&P 500 has gained 6.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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A federal judge on Thursday approved a $27 million settlement between Lyft Inc. and more than 200,000 current and former drivers, in a case over the terms of their employment status. The California-based drivers had sued Lyft for classifying them as independent contractors, when they argued they should have employee status so they could be reimbursed for their expenses. Last year, Judge Vince Chhabria rejected a $12.05 million settlement as too low. On Thursday, the San Francisco judge approved the revised settlement, which was agreed upon last May and maintains the drivers’ independent-contractor status. Most Lyft drivers will get about $130 from the settlement, though attorney Shannon-Liss Riordan said drivers who logged more than 30 hours a week will get payouts of up to several thousand dollars each. Rival ride-hailing service Uber Technologies Inc. faces a similar lawsuit, and a $100 million settlement in that case was rejected by a judge last summer as inadequate.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News