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U.S. stocks opened lower on Monday, the first trading day of the fourth quarter, as investors awaited more news surrounding the U.S. Department of Justice’s probe into Deutsche Bank AG. The S&P 500 slipped 5 points, or 0.2%, to 2,162. The Dow industrials fell 55 points, or 0.3%, to 18,252. The Nasdaq Composite was off 13 points, or 0.3%, to 5,298. The Wall Street Journal reported on Monday that no settlement deal has been presented to senior decision makers on either side.

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From:: Stock Market News

Shares of Cabela’s Inc. soared 15% in premarket trade Monday, after the sporting goods retailer announced a deal to be acquired by Bass Pro Shops in a deal valued at $5.5 billion. Under terms of the deal, Bass Pro Shops will pay $65.50 for each Cabela’s share outstanding, which represents a 19% premium to Friday’s closing price of $54.93. Upon closing of the deal, Bass Pro Shops will enter into a multiyear partnership with Capital One Financial Corp. to originate and service Cabela’s co-branded credit card, with all Cabela’s CLUB points being unaffected. Cabela’s stock had climbed 18% year to date through Friday, while the SPDR S&P Retail ETF had inched up 0.7% and the S&P 500 had gained 6.1%.

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From:: Stock Market News

Winnebago Industries Inc. said it will buy towable recreation vehicle maker Grand Design Recreational Vehicles for $500 million in cash and stock. The RV maker expects stock portion to be funded with $105 million in newly-issued shares. Based on Friday’s closing price of $23.57 for the stock, that would increase the shares outstanding by 4.45 million shares, or nearly 17%. The stock, which rallied 5.1% in light premarket trade, has run up 18% year to date through Friday, while the S&P 500 has gained 6.1%. Winnebago expects the deal to added to profit margins and earnings per share, and generate significant cash flow to facilitate a reduction in debt. “The addition of Grand Design will accelerate our expansion in the towables business, creating a broader and more balanced portfolio well-positioned to capitalize on the opportunities across the RV market and to drive improved profitability and long-term value for stakeholders,” said Winnebago Chief Executive Michael Happe.

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From:: Stock Market News

Microsoft Corp. said Monday it has more than doubled its cloud capacity in Europe in the past year, and has so far invested $3 billion across the region. The software giant said it plans to offer Microsoft Azure, Office 365 and Dynamics 365 from multiple datacenter locations in France, with initial availability expected in 2017. The company said that will add to datacenters already in the region, such as in the U.K., the Netherlands, Ireland, Austria and Finland. Microsoft’s stock tacked on 0.2% in premarket trade. It has climbed 3.8% year to date through Friday, while the Dow Jones Industrial Average has gained 5.1%.

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From:: Stock Market News

Merrimack Pharmaceuticals Inc. said early Monday it’s Chief Executive Officer Robert Mulroy has resigned as the company also moves to cut 22% of its workforce in a major restructuring effort. The reduction in personnel–expected to be completed by Dec. 3–is an effort to prioritize Merrimack’s research and development of products and strengthen its financial runway. Merrimack also plans to cut $200 million in expected costs over the next two years.. As of Jan. 31 Merrimack had 426 employees and the company said in a news release the cuts will not impact the commercial team. Merrimack board Chairman, Gary Crocker will serve as interim CEO as the company looks for a replacement. Merrimack shares are down nearly 20% in the year to date, underperforming the S&P 500 Index which is up 6%.

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From:: Stock Market News

PTC Inc. said Monday that it expects fiscal fourth-quarter earnings and revenue to be at the low end of its previously-provided guidance, as a higher-than-expected subscription mix came with increasing commission expense. The internet of things technology platform company raised its outlook for bookings to a range of $139 million to $142 million for the quarter ending Sept. 30 from its previous guidance of $111 million to $121 million. The company now expects its bookings subscription mix for the quarter to be about 70%, above its previously-provided estimate of 46%. PTC expects to report quarterly results after the Oct. 26 close. The stock, which is still inactive in premarket trade, has soared 28% year to date while the S&P 500 has gained 6.1%.

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From:: Stock Market News

Revenue from new U.S. vehicle sales fell to $47 billion in the month of September, down 0.3% from a year ago, according to TrueCar Inc. The decline comes as higher incentives, amid expectations of lower sales, offset a 2% increase in average transaction prices. The average price for a new light vehicle was $33,090 in September, while average incentive spending by car makers rose $245 to $3,387 per vehicle, which raised the ratio of incentive spending to average transaction price (ATP) 0.5 percentage points to 10.2%. “Going forward TrueCar is keeping a close eye on incentive spending as a percent of ATP which exceeded the 10% level for the second straight month,” said TrueCar analyst Eric Lyman. “We expect this figure to drop as the sell down of 2016 model year vehicles is completed in Q4.” Shares of General Motors Co. hve lost 6.6% year to date and Ford Motor Co.’s stock has shed 14%, while the S&P 500 has gained 6.1%.

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From:: Stock Market News

Gannett Co.’s longtime efforts to buy publisher Tronc Inc. could pay off with a confirmed deal as soon as Monday morning, Politico reported Sunday night, citing unnamed sources familiar with the talks. The report said asset purchase agreement drafts have been exchanged by Gannett, the country’s second-largest newspaper chain and publisher of USA Today, and Tronc, formerly known as Tribune Publishing and the publisher of the Los Angeles Times, the Chicago Tribune and the Baltimore Sun. The sources stressed that further delays could be possible, or the deal may never materialize. Shares for both publishers were so far seeing limited premarket action.

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From:: Stock Market News