Author: admin

After the weekend release ofa draft plan calling for the nationalization of the 5G network, Federal Communications Commission Chairman Ajit Pai said he’s against such a move. “I oppose any proposal for the federal government to build and operate a nationwide 5G network. The main lesson to draw from the wireless sector’s development over the past three decades — including American leadership in 4G — is that the market, not government, is best positioned to drive innovation and investment.”

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

Abeona Therapeutics Inc. shares rose 5% in premarket trade on Monday after the company’s cell therapy received a Regenerative Medicine Advanced Therapy designation from the Food and Drug Administration. The designation allows for accelerated approval, among other benefits. Abeona’s cell therapy, EB-101, is being developed for recessive dystrophic epidermolysis bullosa, a rare genetic condition with no cure that is marked by widespread blistering. The condition makes it difficult for patients to eat and can lead to vision loss, disfigurement and aggressive skin cancer, according to the National Institutes of Health. EB-101 aims to re-engineer a patient’s cells to produce collagen, helping reduce blistering and improve healing, Abeona said. The company plans to begin a phase 3 trial for the cell therapy later this year. Company shares have dropped 6% over the last three months, compared with a 11.3% rise in the S&P 500 and a 13.6% rise in the Dow Jones Industrial Average .

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

Shares of Apple suppliers including Finisar Corp. and Qorvo Inc. fell in premarket trading Monday following some incrementally downbeat notes from analysts as well as a report from the Nikkei Asian Report saying that Apple was halving its March-quarter iPhone X production. Piper Jaffray analyst Troy Jensen downgraded shares of Finisar to neutral from overweight and lowered his price target to $20 from $28, citing his projection for “challenged” demand trends going forward. The company makes lasers that help power 3D sensing technology in the iPhone X, and its shares are down 1.8% premarket. Shares of Qorvo are down 0.4% premarket after MKM Partners analyst Ruben Roy cut his price target to $78 from $83 on his belief that the company could deliver a lower than expected outlook for the March quarter when it reports earnings. He maintains his buy rating on shares. Other Apple suppliers have seen their stocks fall as well, including II-VI Inc. , Cirrus Logic Inc. , and Broadcom Ltd. . Apple shares have dropepd 0.9% premarket, though they’re up 41% over the past 12 months. The Dow Jones Industrial Average is up 30% over that time.

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

Shares of KapStone Paper & Packaging Corp. soared 32% toward a three-year high in very active premarket trade Monday, after the paper and containerboard producer announced an agreement to be acquired by WestRock Co. in a deal valued at $4.9 billion, including debt. Volume was 1.4 million shares about 45 minutes before the open, making the stock the most actively traded in the premarket. Under terms of the deal, KapStone shareholders will receive $35 for each KapStone share they own, which is 32% above Friday’s closing price of $26.54 and implies a market capitalization of about $3.4 billion. KapStone shareholder will have the option wto receive cash or 0.4981 of WestRock shares, with the equity consideration capped at 25% of the outstanding KapStone shares. WestRock said it will finance the cash portion of the deal with new debt. The deal, which is expected to close during the third quarter of 2018, is expected to create cost $200 million in cost synergies and performance improvements. WestRock’s stock rose 1% ahead of the open. KapStone’s stock has gained 8.5% over the past 12 months through Friday, while WestRock shares have run up 30.4% and the S&P 500 has climbed 25.2%.

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.

…read more

From:: Stock Market News

Ipsco Tubulars Inc. , a producer of welded oil country tubular goods and other pipe products, set terms for its planned initial public offering on Monday, saying it will offer 23.3 million shares priced at $20 to $23 each. The company has applied to list on the New York Stock Exchange, under the ticker symbol “IPSC.” The company will use the proceeds to deal to pay down debt and for general corporate purposes. BofA Merrill Lynch and Morgan Stanley & Co. LLC are acting as joint book-running managers with J.P. Morgan, UBS Investment Bank, Citigroup, Credit Suisse, Barclays and Evercore ISI acting as co-managers.

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

Shares of Seagate Technology are up 2.6% in premarket trading Monday after the company beat earnings estimates by a wide margin. The company delivered adjusted earnings per share of $1.48, above the FactSet consensus estimate of $1.36. Adjusted net income of $431 million came in ahead of expectations for $382.5 million. Seagate pre-announced revenue of $2.9 billion earlier in January. “Achieving year-over-year revenue and profitability growth and significant cash flow generation in the December quarter reflects Seagate’s solid execution and competitiveness of our storage solutions portfolio, particularly in the cloud-based environments,” CEO Dave Mosley said in a release. The company plans to hold its earnings conference call at 9 a.m. ET. Seagate shares are up 23% over the past 12 months, while the S&P 500 Index has gained 25%.

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

Dollar General Corp. said Monday that it will host the inaugural Innovation and Supplier Diversity Summit in April 2018, seeking suppliers in the following categories: beauty, personal care, wellness, grocery and general merchandise. Eligible suppliers haven’t sold items to Dollar General within the last 18 months. Suppliers must apply to participate between Jan. 30 through Feb. 20. Dollar General shares are up 0.2% in Monday premarket trading, and up nearly 50% for the past year. The S&% 500 index is up 25.2% for the past year.

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

Mondelez International Inc. said Monday that it does not plan to invest new capital in Keurig Dr. Pepper, which would before after the proposed merger of Keurig Green Mountain Inc. and Dr. Pepper Snapple Group Inc. is completed. Mondelez said in a filing with the Securities and Exchange Commission that it currently owns a 24.24% stake in Keurig Green Mountain, and expects to own a 13% to 14% stake in the new Keurig Dr. Pepper. Mondelez said that it has entered into an agreement, in which it will not be allowed to sell any of its shares in the newly formed Keurig Dr. Pepper (KDP) for six months, and will have the right to nominate two directors to the new company’s board of directors. If Mondelez’s stake in KDP falls below 8%, it will have the right to nominate one board member, and if the stake falls below 5%, it would not have the right to nominate any board members. Mondelez’s stock rose 0.5% in premarket trade, while Dr. Pepper Snapple shares soared 34%. Mondelez’s stock has edged up 0.5% over the past 12 months through Friday, while the S&P 500 has gained 25%.

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

Shares of Wynn Resorts Ltd. slid another 3.5% in premarket trade Monday, as investors continued to digest a Wall Street Journal report from Friday alleging yearslong sexual misconduct by Chief Executive Steve Wynn. The move sent Wynn shares down about 10% Friday and shaved about $2 billion off Wynn Resorts market capitalization. Wynn, who stepped down from his rolse finance chairman for the Republican National Convention over the weekend, denied the allegations, telling the paper: “The idea that I ever assaulted any woman is preposterous.” “We think the news reports alleging sexual harassment by Steve Wynn creates a sizable overhang in the shares and see value that compensates investors for risk related to these allegations at the ~$150 level, versus the ~$180 level it last traded on Friday,” J.P. Morgan analysts wrote in a note. Analysts noted that the gaming industry is highly regulated and licenses include character clauses. Nevada and Massachusetts gaming commissions have already launched reviews. “A scenario where WYNN doesn’t have Steve as a CEO is not good for the company,” said the note. “We have always held the belief that WYNN possesses the single largest individual CEO dependency versus any of the other 30 gaming and lodging companies our coverage universe (well, maybe LVS with CEO Sheldon Adelson is tie with WYNN).” Shares have gained 75% in the last 12 months, while the S&P 500 has gained 25%.

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

Dr. Pepper Snapple Group Inc. and Keurig Green Mountain announced plans to merge on Monday, creating Keurig Dr. Pepper. Dr. Pepper Snapper shareholders will receive $103.75 per share as a special cash dividend and hold on to 13% of the newly-merged company. Keurig shareholders will hold the other 87%. Dr. Pepper Snapple shares shot up 39% in premarket trading after the announcement. The combined company will have pro forma revenue of about $11 billion. Keurig Dr. Pepper brands will include the namesake Dr. Pepper beverage, 7Up, Sunkist and Green Mountain Coffee Roasters, which includes the Keurig’s single-serve coffee business. Global investment firm JAB Holding Company will make a $9 billion equity investment as a part of the transaction financing, and will be the controlling shareholder when the transaction closes. Mondelez International Inc. , JAB’s partner in Keurig, will have about a 13% to 14% stake in the merged company. Mondelez shares are up 0.7% in premarket trading. Keurig Dr. Pepper will target $600 million in synergies on an annualized basis by 2021. Keurig went private in 2016. Dr. Pepper Snapple shares are up 6.2% for the past year, while the S&P 500 index is up 25.2% for the period.

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