Author: admin

Univision has reportedly won a bidding war to buy beleaguered online news outlet Gawker Media for $135 million. In a report from Recode citing a person familiar with the deal, Univision topped Ziff Davis LLC in the bid for Gawker. Soon after, The Wall Street Journal confirmed the report through a source, adding that Ziff Davis withdrew from the auction after the price exceeded its threshold. Gawker filed for bankruptcy back in June after losing an invasion-of-privacy lawsuit against pro wrestler Hulk Hogan. The deal would need to be approved by a bankruptcy court judge before it’s finalized.

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

Cree Inc. shares dropped in the extended session Tuesday after fiscal fourth-quarter earnings and outlook fell short of Wall Street targets. Cree shares fell 6% to $25.85 after hours. The LED light maker reported adjusted earnings of 19 cents a share on revenue of $388.4 million. Analysts surveyed by FactSet had forecast earnings of 20 cents a share on revenue of $385.8 million. Cree forecast adjusted first-quarter earnings of 10 cents to 16 cents a share on revenue of $310 million to $330 million. Analysts expect 20 cents a share on revenue of $390.5 million.

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

Oil futures fell in electronic trading Tuesday after the American Petroleum Institute reported a bigger-than-expected 1 million-barrel decline in U.S. crude supplies, but also revealed an unexpected climb of 2.2 million barrels in gasoline stockpiles for the week ended Aug. 12, according to sources. Analysts polled by S&P Global Platts forecast a drawdown of 200,000 barrels for crude and a fall of 1.8 million barrels for gasoline inventories. The closely watched Energy Information Administration report will be released Wednesday. September crude was at $46.48 a barrel in electronic trading, down from the contract’s settlement of $46.58 on the New York Mercantile Exchange.

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

Barnes & Noble Inc. said Chief Executive Ronald D. Boire is leaving the company, adding Boire was “not a good fit” for the bookseller and that his departure was “in the best interest of all parties.” Barnes & Noble will start a search for a new CEO immediately and executive chairman Leonard Riggio, alongside other executives, will assume CEO duties. Riggio was scheduled to retire in September but will postpone his retirement, the company said in a statement. Shares of Barnes & Noble were flat in late trading after ending the regular session down 1%.

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

Urban Outfitters Inc. shares rose more than 10% Tuesday after the retailer reported second-quarter sales and per-share earnings that were above expectations. The parent company of Anthropologie and Vetri Family said it earned $77 million, or 66 cents a share, in the second quarter, compared with $67 million, or 52 cents a share, in the year-ago period. Sales rose 3% to $891 million, from $867 million a year ago. Analysts polled by FactSet had expected Urban Outfitters to report earnings of 55 cents a share on sales of $886 million. “Substantial” improvements in margins led to the results, the company said in a statement. Urban Outfitters shares had ended the regular trading day flat.

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

The Nasdaq Composite on Tuesday ended a streak of three straight sessions of all-time closing highs and the other stock benchmarks pulled back from Monday’s records as investors fretted about hawkish statements from Federal Reserve officials. William Dudley, president of the New York Federal Reserve Bank, made comments that put the possibility of a rate increase by the U.S. central bank on the table. Dudley’s comments came as the dollar had been falling throughout the session, with the yen strengthening sharply against the buck. The Dow Jones Industrial Average closed down 83.03 points, or 0.5%, at 18,552.02, while the S&P 500 index dropped 12 points, or 0.6%, to 2,178.15, and the Nasdaq Composite Index finished off 34.90 points, or 0.7%, at 5,227.11, ending three straight days of all-time closing highs for the tech-heavy index. Moves for equities came as investors weighed consumer-price index data that showed U.S. inflation remains tepid.

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