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Randstad agrees to buy Monster in merger worth $429 million

Staffing provider Randstad Holding NV has agreed to acquire Monster Worldwide Inc. in a deal worth about $429 million, the Dutch company said Tuesday in a statement. Under the agreement, Randstad will pay $3.40 a share in cash for the Weston, Mass.-based online job search and recruitment service. That represents a 22.7% premium on Monster’s closing price of $2.77 a share on Monday. The boards of directors of both Randstad and Monster have unanimously approved the terms of the merger agreement. Monster will keep its name and continue to operate as an independent entity under the deal, which is expected to be completed in the fourth quarter. Separately on Tuesday, Monster reported a net loss in the second quarter of $124.2 million, or $1.40 a share, including a pretax goodwill impairment charge. Adjusted net loss was $2.1 million, or $0.02 a share. The U.S. company has cancelled its conference call scheduled for later Tuesday.

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Alaska USA FCU’s Mortgage Business Up

Alaska USA Federal Credit Union reported an increase in quarterly residential lending, growth in its mortgage servicing portfolio and an increase in mortgage staffing.

As of mid-2016, Alaska USA serviced 27,662 home loans totaling $5.220 billion. The servicing portfolio grew from 27,647 loans for $5.190 billion as of March 31.

Those details, along with other operational metrics, were presented by the credit union as part of the Mortgage Daily Second Quarter 2016 Mortgage Origination Survey.

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Mortgage Closures Include Wholesale, Correspondent

A correspondent investor, wholesale lender and bank were among recent mortgage-related entities to meet their end. A failed credit union is back, though.

Back in May, the Pennsylvania Department of Banking and Securities seized and shut down First CornerStone Bank in King of Prussia, Pennsylvania.

As of March 31 of this year, the failed financial institution had $103 million in total assets — which were not much more than its total deposits of $101 million.

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Proposed Guidance for 3rd-Party Lending at Banks

Stakeholders will now have more time to comment on proposed guidance for third-party lending at the nation’s financial institutions.

On July 29, proposed third-party lending guidance was published indicating that comments would be accepted until around Sept. 12.

But interested parties subsequently submitted requests in response to the guidance asking for additional time to consider the proposal.

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Valeant shares tick higher as ear infection drug relaunched

Valeant Pharmaceuticals International Inc. shares ticked higher in the extended session Monday after the drug maker relaunched a bacterial ear infection treatment that had been discontinued last year. Valeant shares rose 0.7% to $22.60 after hours. The company said it was relaunching generic ofloxacin otic solution, after discontinuing the drug in April 2015 because of supplier problems.

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TubeMogul plunges more than 20% after earnings, forecast disappoint

TubeMogul Inc. plummeted more than 20% in late trading Monday after the advertising-technology company’s financial performance and forecast came in much lower than Wall Street expectations. In the second quarter, TubeMogul reported a loss of $3.8 million, or 11 cents a share, on sales of $55.4 million, with total advertising spend on its platform reaching $139.3 million. All of those figures were lower than expected: analysts on average forecast a loss of 8 cents a share on revenue of $58.2 million and total spend of $146.2 million, according to FactSet. All three metrics also came in lower than the FactSet consensus for the third-quarter forecast, and TubeMogul reduced its annual forecast to sales of $217 million to $221 million and total spend of $558 million to $562 million. Analysts on average were projecting annual revenue of $229 million and total spend of $579.4 million, according to FactSet. TubeMogul shares fell lower than $10 in late trading after closing with a 6.5% gain at $12.64.

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Sina, Weibo top Wall Street estimates for quarter

U.S. shares of Sina Corp. rose in the extended session Monday while shares of Weibo Corp. struggled to hold onto slight gains after the Chinese online media companies topped Wall Street estimates. Sina shares advanced 4% to $60.65, while U.S. shares of Weibo ticked 0.1% higher to $37.20 after hours. Sina reported adjusted second-quarter earnings of 27 cents a share on revenue of $244 million. Analysts surveyed by FactSet had expected earnings of 15 cents a share on revenue of $229.2 million. Sina raised its full-year revenue to a range of $950 million and $1 billion, while analysts expect $951.1 billion. Weibo, which is majority owned by Sina, reported adjusted earnings of 16 cents a share on revenue of $146.9 million. Analysts had estimated adjusted earnings of 11 cents a share on revenue of $146.7 million. Weibo expects third-quarter revenue of $168 million to $173 million, while analysts estimate $164.6 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.

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From:: Stock Market News