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Yum Brands Inc. said Friday it has entered an agreement with China-based private-equity firm Primavera Capital Group and online financial services provider Ant Financial Services Group, in which the two will invest $460 million in Yum China, which Yum is spinning off. The spinoff and investment are expected to be completed on Oct. 31. Yum China will begin trading on the New York Stock Exchange on Nov. 1 under the ticker symbol ‘YUMC,’ Yum Brands said in a statement. Primavera and Ant Financial will be granted two tranches of warrants with each tranches giving them the option to buy up to 2% of Yum China’s equity. The warrants can be exercised in the five-year period following their issuance, with strike prices equal to equity value of $12 billion and $15 billion. “Through this collaboration, we aim to help Yum China provide world-class mobile payment services for tens of millions of customers across its brands,” said Eric Jing, President of Ant Financial Services Group. “These services include hassle-free Alipay for customers to help shorten queues at the cashier as well as membership solutions for Yum China designed to help manage their customer relations and promotions.” Yum shares were not yet active in premarket trade, but are up 24% in the year so far, while the S&P 500 has gained 6%.

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From:: Stock Market News

Google is abandoning its efforts to build a modular smartphone, according to a report by Reuters on Thursday night. Alphabet Inc.’s Google had touted its ambitious Project Ara as recently as May at a developers conference, and had hoped to ship an early version this fall. While the concept of a customizable smartphone with a variety of plug-in features was appealing, the effort was apparently too expensive and complicated. “This was a science experiment that failed, and they are moving on,” TECHnalysis Research analyst Bob O’Donnell told Reuters.

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From:: Stock Market News

Samsung Electronic Co. Ltd. will recall its new Samsung Galaxy Note 7 smartphones, according to a report late Thursday. The Korean news agency Yonhap reported that the tech giant would recall the devices within a week after reports that some phones had exploded while being charged. The heralded smartphone debuted last month, but Samsung said on Wednesday that it would halt deliveries “as devices are undergoing additional quality inspection tests.” The Korean electronics company is the chief rival to Apple Inc. in the smartphone market: According to IDC, Samsung owned smartphone market share of 22.4% in the second quarter, while Apple had 11.8%. Samsung’s recall, which Yonhap said is expected to be officially announced this weekend or early next week, is not expected to affect the rest of the Galaxy line of smartphones.

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

Dean Foods Co. late Thursday said Ralph Scozzafava, the company’s executive vice president and chief operating officer, will replace Chief Executive Gregg A. Tanner effective Jan. 1. Tanner will remain advisor to the company through the stockholders meeting in May, Dean Foods said. Scozzafava joined the food and beverage company in October 2014 as chief commercial officer. Shares of Dean Foods were flat in late trading Thursday after ending the regular session down 0.9%.

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