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U.S. stocks opened higher Monday, on track to close at fresh 2016 highs, as the market continued to build on Friday’s gains after June’s official jobs report came in significantly above expectations. The S&P traded above its previous all-time closing high, set in May 2015. A rise in oil prices also helped boost risk appetite. The Dow Jones Industrial Average added 50 points, or 0.3%, to 18,200, the S&P 500 index gained 6 points, or 0.3%, to 2,137, while the Nasdaq Composite Index added 25 points, or 0.5%, to 4,983.

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From:: Stock Market News

Ontario-based Pet Valu and Florida-based Pet Supermarket announced Monday that they have merged, creating the third largest pet specialty retailer in North America. The new business is named Pet Retail Brands and has more than 930 stores and generate about $1 billion in retail sales across the U.S. and Canada, according to a statement. Details about the agreement weren’t disclosed. Pet Value was taken private by Roark Capital Group, whose other brands include Arby’s and Focus Brands, the owner of Cinnabon, Moe’s Southwest Grill, and Carvel Ice Cream, among other brands. Pet Supermarket was acquired by a Roark Capital affiliate in April 2015. Both companies will remain headquartered in their current locations. Thomas McNeely, chief executive of Pet Valu, will become president and chief executive of Pet Retail Brands. Diane Holtz, chief executive of Pet Supermarket, has announced her retirement. The top two pet retailers in North America are PetSmart and Petco, according to the publication Pet Business.

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From:: Stock Market News

Twitter Inc. and CBS News are teaming up to stream coverage of the Republican and Democratic National Conventions on Twitter, the companies announced Monday. Twitter will stream CBSN’s coverage. The two companies have previously partnered on the Democratic presidential debate in November 2015 and the Republican presidential debat in February 2016.

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From:: Stock Market News

Wal-Mart Stores Inc. said Monday that it will offer customers free shipping without a minimum purchase starting Monday, July 11 through Friday, July 15. The retailer has also announced thousands of price “rollbacks” and a free trial of its ShippingPass service, offering unlimited two-day shipping, over the past couple of weeks. The SippingPass service normally costs $49 per year. The latest announcement comes a day before Amazon.com Inc.’s annual Prime Day shopping event. Wal-Mart shares are nearly flat in premarket trading, but up 20.5% for the year so far. The S&P 500 is up 4.2% for the year to date.

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From:: Stock Market News

BioLife Solutions Inc.’s stock nearly doubled in premarket trade Monday, after the maker of biopreservation media products announced a 10-year agreement to supply Kite Pharma with its CryoStor clinical grade freeze media for cells and tissues. Financial terms of the deal were not disclosed. “We are honored that Kite has adopted CryoStor in their production process for truly remarkable and potentially life-saving cellular therapies,” said BioLife Chief Executive Mike Rice. The stock was trading up 99% at $3.14, a level that stock hasn’t closed at since April 25, 2014. The stock had plunged 76% year to date through Friday, while the S&P 500 had gained 4.2%.

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From:: Stock Market News

Healthy Choice, a ConAgra Foods Inc. brand, said Monday that it will introduce four meals that include organic ingredients this July. The new additions to the Healthy Choice Simple Café Steamers line have 270 calories or less and pricing will be consistent with the $3.29 cost for other dishes in the line. The meals are: the Unwrapped Burrito Bowl made with organic beans and brown rice; the Sweet and Spicy Asian-Style Noodle Bowl with organic edamame and carrots; Three Cheese Tortellini with organic cheese, spinach and mushrooms; and Creamy Spinach and Tomato Linguini with organic spinach and tomatoes. ConAgra shares are inactive in premarket trading, but up 14.6% for the year so far. The S&P 500 is up 4.2 % for the year to date.

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From:: Stock Market News

Shares of Sagent Pharmaceuticals Inc. soared 40% in premarket trade Monday, after the drug maker agreed to be acquired by Japan-based Nichi-Iko Pharmaceutical Co. Ltd. in a cash deal that would value Sagent at about $714.3 million. Under terms of the agreement, Nichi-Iko will pay $21.75 for each Sagent shares outstanding, which is 40% above Friday’s closing price of $15.50. The stock hasn’t closed as high as that price since Aug. 6, 2015. Sagent has 32.84 million shares outstanding, according to FactSet. “The combination will maintain Sagent’s current operations and valued employees while providing accelerated expansion of our product offerings and accessibility to a robust pipeline of biosimilar pharmaceuticals,” said Sagent Chief Executive Allan Oberman.

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Sports and entertainment talent representation company WME-IMG announced Monday an agreement to buy mixed martial arts company UFC for an undisclosed amount. Earlier reports said a deal would be valued at $4 billion. Private equity companies Silver Lake Partners and KKR & Co. will join WME-IMG as new strategic investors. When the deal is completed, UFC Chief Executive Lorenzo Fertitta will step down from day-to-day operations, while Fertitta and Frank Fertitta III will retain passive minority interests in the new company. “We’re now committed to pursuing new opportunities for UFC and its talented athletes to ensure the sport’s continued growth and success on a global scale,” said WME-IMG Co-CEOs Ariel Emanuel and Patrick Whitesell in a statement.

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From:: Stock Market News

Shares of Yahoo Inc. dropped 0.9% in premarket trade Monday, after the internet portal was downgraded at SunTrust Robinson Humphrey to neutral. Analyst Robert Peck cut the stock price target to $42, which is 11% above Friday’s closing price of $37.74, from $44. Peck gave four reasons for downgrading Yahoo: 1) Although he expects a positive result from its plan to sell its core business, which could be announced around July 18, the fact that it is so widely anticipated could result in a “sell the news” effect on the stock; 2) the process of selling off its investments in Yahoo Japan and Alibaba Group Holding Ltd. is “convoluted and complex;” 3) the “hook” nature of the Alibaba shares could lower the buyout premium; and 4) a buyout could take a long time–possibly 18 months–to be completed, if it is at all. The stock has climbed 13% year to date through Friday, while the S&P 500 has gained 4.2%.

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From:: Stock Market News

The steep depreciation in the British pound since the UK “Brexit” vote is unlikely to lead to near-term changes to corporate ratings, but another 10% decline for a sustained period would create pressure, Fitch Ratings said Monday. UK retailers and airlines are especially exposed, the ratings agency said in a statement. A 10% decline from pre-vote levels, which has already occurred, would lead to an average increase of 0.5 times unhedged leverage. A 20% depreciation to $1.18 or 1.06 euros would result in an average 2.7 times increase in leverage. “Under this stress case, ratings would be affected if companies were unable to rebalance capital structures or limit FX impacts on the cost of imported goods following the expiry of existing hedging arrangements,” said the statement. Retailers New Look and Tesco are most exposed to a weaker pound, as Tesco generates three quarters of its revenue in pounds, while nearly half its debt and costs are in other currencies. UK airlines face a similar currency mismatch, as they have costs and debt related to aircraft finance in dollars.

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From:: Stock Market News