Author: admin

Tessera Technologies Inc. said Tuesday it has agreed to acquire DTS Inc. in an all-cash deal valued at about $850 million. The deal will create an audio and imaging company with more than 450 engineers to develop, next-generation imaging, audio and semiconductor package technology, the companies said in a statement. The deal is expected to immediately boost Tessera’s per-share earnings and free cash flow and to generate pro forma 2016 revenue of abut $450 million. Tessera will pay $42.50 per DTS share, equal to a 28% premium on DTS’ 30-day volume weighted average price as of Sept. 19. The deal is expected to close late in the fourth quarter or early in 2017. DTS shares were halted premarket, while Tessera shares were not yet active. Tessera shares have gained 12% in the year to date, while the S&P 500 has gained 4.7%.

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.

…read more

From:: Stock Market News

J.P. Morgan Chase & Co. said Tuesday that it elected Todd Combs, an investment officer at Warren Buffett’s Berkshire Hathaway Inc. , to its board of directors, effective Sept. 19. Combs was named director of the bank’s subsidiaries, JPMorgan Chase Bank N.A. and of Chase Bank USA N.A. Prior to joining Berkshire Hathaway in 2010, Combs was chief executive officer at investment partnership Castle Point Capital, managing capital for endowments, family foundations and institutions. “Todd Combs is an extraordinary leader, investor and thinker, with a deep understanding of finance and business,” said JPMorgan Chief Executive Jamie Dimon. JPMorgan’s stock, which was still inactive in premarket trade, has edged up 0.2% year to date, while the Dow Jones Industrial Average has gained 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.

…read more

From:: Stock Market News

Police in Tulsa, Okla., on Monday released video footage of an officer shooting an unarmed black man who, according to news reports, had been dealing with his vehicle that stalled in the road. Terence Crutcher, 40, died Friday evening, and footage showed he had his arms in the air just before he was shot next to his SUV. A police spokesman told ABC News the video “raises a lot of questions” about the justification of the shooting. The Department of Justice is aiding Tulsa police with its investigation. Crutcher failed to follow commands given to him by the officers, a police spokesman told the AP. 42-year-old Betty Shelby has been identified as the police officer who fatally shot Crutcher.

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.

…read more

From:: Stock Market News

Homebuilder Lennar Corp. said on Tuesday fiscal third-quarter earnings jumped to $235.8 million, or $1.01 a share, up from $223.3 million, or 96 cents a share, in the year-ago period. Revenue rose to $2.8 billion, up 14% from the $2.5 billion reported a year ago. Analysts polled by FactSet expected earnings of 90 cents a share on revenue of $2.7 billion. Home deliveries rose 7% to 6,779 homes during the quarter, while new orders climbed 8%. “We have continued to focus our land spend on high quality, ‘A’ locations while also ramping up our first-time homebuyer land positions as that segment of the market continues to improve,” said Stuart Miller, Lennar CEO, in the earnings statement. Shares rose 2.8% premarket.

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.

…read more

From:: Stock Market News

Apple Inc.’s 12-month price target was lifted to $127 a share from $115 by UBS analysts Steven Milunovich and Benjamin Wilson, in a note to clients on Tuesday. The analysts based that increase partly on expectations for higher earnings per share in 2017 — to $9.30 from $9 previously. UBS said early signs of demand for the iPhone 7 are “encouraging,” but that they also wouldn’t get too carried away. “Verizon said it isn’t seeing unusual demand, and we don’t know what is happening in China, where there have not been aggressive promotions,” said the analysts. They added that Apple gains could fade in the next two weeks and then move up into earnings. Read: How Apple’s stock tends to trade around its September event

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.

…read more

From:: Stock Market News

Google sent invitations late Monday for a media event in San Francisco on Oct. 4, when a new smartphone is expected to be announced. In a cryptic video released on YouTube, a Google search bar slowly transforms into a phone-shaped object. Alphabet Inc’s Google also launched a new teaser website promising something “made by” Google. Google has been rumored to be launching a smartphone sometime this year, and multiple reports have suggested that the new smartphone will drop the Nexus brand name, possibly replacing it with “Pixel.”

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.

…read more

From:: Stock Market News

Steel Dynamics Inc. shares slipped in the extended session Monday after the steel producer and recycler’s outlook fell below Wall Street estimates. Steel Dynamic shares ticked down 1.2% to $24 after hours. The company said it expects third-quarter earnings of 63 cents to 67 cents a share. Analysts surveyed by FactSet are forecasting earnings of 70 cents a share.

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.

…read more

From:: Stock Market News