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Sunovion to buy Cynapsus Therapeuticals for 120% premium

Sunovion Pharmaceuticals Inc. said late Wednesday it has agreed to buy Cynapsus Therapeuticals Inc. for $40.50 a share in an all-cash deal that values the Toronto-based Cynapsus at $624 million and represents a 120% premium over Cynapsus’ close of $18.36 on Wednesday. Both companies’ board of directors have approved the acquisition, expected to close this fall, the companies said in a statement. Cynapsus is testing medication to treat Parkinson’s disease and “pivotal” clinical trials are underway, the company said on its website. Shares of Cynapsus closed at 0.3% higher on Wednesday.

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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FHFA: Mortgage interest rates continued falling in July

As readers of HousingWire well know, mortgage interest rates trended lower over the last few months, especially in the wake of the United Kingdom’s vote to leave the European Union. A new report from the Federal Housing Finance Agency provides more evidence of the decline in mortgage interest rates, as several indices reviewed by the FHFA show that mortgage rates fell in July. …read more

From:: Real Estate Wire

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Infoblox soars after acquisition report, then beats earnings expectations

Infoblox Inc. spiked to a 52-week high Wednesday after a report that it was accepting acquisition bids, and the security-software company beat expectations with an earnings report after the market closed. Reuters reported Wednesday afternoon that Infoblox, under pressure from activist investor Starboard Value LP, had launched a sale process, and shares spiked nearly 10% before closing with a 6.6% gain at $21.46. Shares briefly ducked lower than $21 in late trading but bounced back to the closing price after the company released its quarterly earnings report, showing a net loss of $10.3 million, or 18 cents a share, on sales of $86.3 million. After adjustments for stock-based compensation and other factors, Infoblox claimed a profit of 8 cents a share. Analysts polled by FactSet on average expected Infoblox to report adjusted earnings of 7 cents a share on sales of $84.6 million. Infoblox has struggled to find solid footing this year, and launched a strategic review earlier this year that included laying off more than 100 employees.

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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Achieving Agent Buy-in to Be Featured Discussion at RISMedia’s CEO Exchange

By Susanne Dwyer

Todd_Hetherington_85x100

RISMedia’s Real Estate CEO Exchange, which takes place Sept. 13th and 14th, 2016 at the Harvard Club of New York City, will shine a light on “Seizing the Day, Winning the Future,” focusing on burgeoning opportunities in today’s real estate market.

An exclusive, intimate gathering of some of real estate’s most influential and dynamic leaders, RISMedia’s 2016 Real Estate CEO Exchange 2016 covers every aspect of modern real estate, from the promise of the millennial generation to the power of the diversity market.

Experts note that it’s a good time to be in real estate – but the future is also murky. Lingering economic uncertainty and impending change in Washington stand to stymie our momentum going forward. RISMedia’s 2016 CEO Exchange will uncover strategies for focusing on the present while planning for what lay ahead, so that brokers can maximize current market opportunities and build a strong business plan for the future.

Looking to learn more? Here’s a look at one of the panels scheduled for Wednesday, Sept. 14 from 9:45 – 10:45 a.m.:

Achieving Agent Buy-in: Communication Strategies for Uniting Your Sales Force
From products and services to culture and technology, getting independent contractors on the same page can be a tall order. In this session, learn communication and motivational strategies that facilitate agent adoption of your company culture, resources and technology to give your firm a consistent voice and success rate in the market.

Moderator: Joseph Rand is the general counsel and managing partner for Better Homes and Gardens Real Estate – Rand Realty, one of the largest companies in the New York region with 25 offices, 800 agents, and closing almost $2 billion in real estate transactions in 2015. Rand’s primary responsibility is managing the company’s career development and education programs, principally based on a concept he has pioneered called “Client-Oriented Real Estate,” or “CORE,” which is designed to raise the level of client service provided by the real estate industry.

Panelists

Todd A. Hetherington is the founder CEO and co-owner of NM Management, Inc., a Virginia-based real estate organization offering a full range of sales and services support to clients in Virginia, Maryland, and the District of Columbia. It is the parent company of CENTURY 21® New Millennium, ranked the number one CENTURY 21® firm in the world since 2012.

Helen Hanna Casey is the president and CEO of real estate brokerage for Howard Hanna Real Estate Services. With more than four decades in the real estate industry, Casey, her sister Annie, and brother Hoddy lead the fourth-largest real estate company in the United States, overseeing over 205 offices and 7,300 sales associates and employees in eight states.

Paul Wells_85x100Paul Wells is the broker/owner of RE/MAX of Barrington. The company has two offices and approximately 50 agents in the Chicago area, which have been recognized as some of the most successful offices in the entire RE/MAX system. Wells also leads The WELLS Group, one of the region’s top-producing teams for almost 20 years.

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From:: Finance and Economy

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Achieving Agent Buy-in to Be Featured Discussion at RISMedia’s CEO Exchange

By Susanne Dwyer

Todd_Hetherington_85x100

RISMedia’s Real Estate CEO Exchange, which takes place Sept. 13th and 14th, 2016 at the Harvard Club of New York City, will shine a light on “Seizing the Day, Winning the Future,” focusing on burgeoning opportunities in today’s real estate market.

An exclusive, intimate gathering of some of real estate’s most influential and dynamic leaders, RISMedia’s 2016 Real Estate CEO Exchange 2016 covers every aspect of modern real estate, from the promise of the millennial generation to the power of the diversity market.

Experts note that it’s a good time to be in real estate – but the future is also murky. Lingering economic uncertainty and impending change in Washington stand to stymie our momentum going forward. RISMedia’s 2016 CEO Exchange will uncover strategies for focusing on the present while planning for what lay ahead, so that brokers can maximize current market opportunities and build a strong business plan for the future.

Looking to learn more? Here’s a look at one of the panels scheduled for Wednesday, Sept. 14 from 9:45 – 10:45 a.m.:

Achieving Agent Buy-in: Communication Strategies for Uniting Your Sales Force
From products and services to culture and technology, getting independent contractors on the same page can be a tall order. In this session, learn communication and motivational strategies that facilitate agent adoption of your company culture, resources and technology to give your firm a consistent voice and success rate in the market.

Moderator: Joseph Rand is the general counsel and managing partner for Better Homes and Gardens Real Estate – Rand Realty, one of the largest companies in the New York region with 25 offices, 800 agents, and closing almost $2 billion in real estate transactions in 2015. Rand’s primary responsibility is managing the company’s career development and education programs, principally based on a concept he has pioneered called “Client-Oriented Real Estate,” or “CORE,” which is designed to raise the level of client service provided by the real estate industry.

Panelists

Todd A. Hetherington is the founder CEO and co-owner of NM Management, Inc., a Virginia-based real estate organization offering a full range of sales and services support to clients in Virginia, Maryland, and the District of Columbia. It is the parent company of CENTURY 21® New Millennium, ranked the number one CENTURY 21® firm in the world since 2012.

Helen Hanna Casey is the president and CEO of real estate brokerage for Howard Hanna Real Estate Services. With more than four decades in the real estate industry, Casey, her sister Annie, and brother Hoddy lead the fourth-largest real estate company in the United States, overseeing over 205 offices and 7,300 sales associates and employees in eight states.

Paul Wells_85x100Paul Wells is the broker/owner of RE/MAX of Barrington. The company has two offices and approximately 50 agents in the Chicago area, which have been recognized as some of the most successful offices in the entire RE/MAX system. Wells also leads The WELLS Group, one of the region’s top-producing teams for almost 20 years.

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NRT Acquires Climb Real Estate Boutique Brokerage

By Susanne Dwyer

NRT LLC, a subsidiary of Realogy Holdings Corp., has announced it has acquired Climb Real Estate in San Francisco. Climb Real Estate is known for its distinctively innovative brand and business model that reinvents the traditional homebuying and selling experiences, the company announced. Climb ranks among San Francisco’s top 10 residential real estate brokerages based on transaction sides and sales volume in 2015, according to the San Francisco Association of Realtors MLS. The company will retain its unique branding in the marketplace and continue to operate under the current leadership of Chris Lim, president.

What to Know about Climb Real Estate:

  • Over $3 billion in sales volume since its inception in 2010
  • 100 affiliated agents in a uniquely collaborative, open work environment
  • 5 offices in Potrero Hill, Noe Valley, Mission Bay, Mid-Market and Oakland’s Jack London Square
  • 1 Climb Airstream mobile real estate office that brings agents into Bay Area communities
  • 12 languages spoken by agents, reflecting the diversity of the Bay Area markets they serve

Climb Real Estate has reinvented the full-service residential real estate brokerage model through a complete digital experience for consumers, including an extensive mobile-friendly website, the power of social media, and an innovative mobile connection with agents that streamlines the buying and selling processes. Agents also connect face-to-face with clients in their neighborhoods via the Climb Airstream, a one-of-a-kind mobile real estate office that takes Climb agents into their communities in a sleek, stainless steel storefront trailer. The Climb Airstream is often seen at open houses, new development openings, community events and street fairs.

“The most strategic way to accelerate the expansion of our company is to be aligned with the nation’s leading residential real estate brokerage,” said Lim. “Its strong market presence inspired us to become part of the NRT family. Most importantly, NRT is willing to allow Climb to continue operating and growing in our own special way that works for affiliated agents, buyers, and sellers in urban markets on the West Coast.”

“Innovation is at the core of Climb’s approach to business, whether it is their open office concept, collaborative culture, mobile office, or their leveraging of the latest technology,” said Bruce Zipf, president and CEO of NRT LLC. “We are very drawn to their culture of innovation and eager to gain new insights from their approach to business. For NRT, this adds a unique boutique agency serving diverse consumer segments in the heart of the innovation mecca of San Francisco. We are excited by the broader application of this forward-thinking business model.”

For more information visit https://www.realogy.com/about/nrt.cfm.

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McDonald’s names new president of U.S. ops

McDonald’s Corp. said late Wednesday Mike Andres, its president of U.S. operations, will retire at the end of the year. The fast-food giant named Chris Kempczinski, who serves as vice president of strategy and business development, as a replacement. Andres and Kempczinski will work together to ensure a smooth transition, the company said. Kempczinski joined McDonald’s last year from Kraft Foods Group, now Kraft Heinz. Shares of McDonald’s were flat in late trading after ending the regular session up 0.3%.

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

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Box shares higher as file-sharing company posts narrower quarterly loss

Box Inc. shares rose late Wednesday after the online file-sharing company posted a narrower-than-expected second-quarter loss and growing sales. Box said it lost $38 million, or 30 cents a share, in the second quarter, compared with 42 cents a share in the year-ago period. Adjusting for one-time items, Box lost 14 cents a share in the quarter, compared with an adjusted loss of 28 cents a year ago. The Redwood City, Calif., company said sales hit $95.7 million in the quarter, a record for the company and up 30% from $73.5 million a year ago. Analysts polled by FactSet had expected Box to report a loss of 19 cents a share on sales of $95 million. Billings reached $106.5 million, up 34% from a year ago, Box said. The company also raised its expectations for next year, saying it expects full-year sales around $391 million to $395 million and a loss in the range of $1.30 to $1.28 a share from previous expectations of a loss between $1.43 and $1.40 a share. Shares of Box rose 1.7% in late trading after ending the regular session up 3.2%.

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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Salesforce beats earnings expectations, but shares fall on light guidance

Salesforce.com Inc. announced better-than-expected profit and revenue Wednesday, but shares still suffered in late trading as projections for the current quarter came in a bit light. The cloud-software company reported net income of $229.6 million, or 33 cents a share, on sales of $2.04 billion, with GAAP profit getting a boost from a one-time tax windfall from its acquisition of Demandware. After adjusting for stock-based compensation and other costs, Salesforce claimed a profit of 24 cents a share. Analysts on average projected adjusted earnings of 22 cents a share on sales of $2.02 billion, according to FactSet. Salesforce also raised its full-year revenue guidance, from a range of $8.16 billion to $8.20 billion to a range of $8.275 billion to $8.325 billion. However, the company’s guidance for the current quarter was slightly lower than Wall Street expectations, with Salesforce projecting adjusted earnings of 20 to 21 cents a share on sales of $2.11 billion to $2.12 billion; analysts on average expect earnings of 24 cents a share on sales of $2.124 billion, according to FactSet. Salesforce shares fell nearly 6% in immediate late trading, ducking lower than $75 after closing with a 0.5% decrease at $79.42.

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

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Oil futures settle with a gain of 7.5% for the month

Oil futures fell to their lowest settlement in nearly three weeks on Wednesday after weekly data showed that U.S. supplies of crude oil rose more than expected for the week ended Aug. 26. Prices, however, managed to hold onto a 7.5% gain for the month. October WTI crude dropped $1.65, or 3.6%, to settle at $44.70 a barrel for the session on the New York Mercantile Exchange, the lowest finish since Aug. 12, according to FactSet data.

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