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Planet Fitness’s stock slumps after shareholders look to sell off stock

Shares of Planet Fitness Inc. slumped 4.3% in premarket trade Tuesday, after the fitness center operator announced a secondary public offering of 10 million shares. The company said it would not receive any proceeds from the offering, as all of the shares are being offered by selling shareholders. The offering represents 27% of the 36.6 million shares outstanding, according to FactSet. The selling shareholders will grant the underwriters of the offering options to buy up to an additional 1.5 million shares. On Monday, the stock closed at a record $19.49, which was 22% above its IPO price of $16; the company went public on Aug. 6, 2015. It has run up 25% over the past three months, while the S&P 500 has tacked on 1.5%.

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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Neustar plans to split into two companies in tax-free spin-off

Shares of Neustar Inc. , a technology analytics company, rose 2.4% in premarket trade Tuesday after it said it plans to split into two independent, publicly traded companies through a tax-free spin-off. One of the companies will focus on information services, and the other, which will keep the Neustar name and brand, on order management and numbering services. “The proposed spin-off will enable Neustar shareholders to own and value each business separately, allowing each company to attract the investor base most appropriate for its distinct investment profile,” James Cullen, chairman of the board of directors, said in the press release. The separation of the two companies will likely take 12 months, according to the company, and is subject to final approval by the board.

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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Impax to pay $586 million on generic drug products from Teva and Allergan

Impax Laboratories Inc. announced on Tuesday an agreement to buy a portfolio of generic drugs from Teva Pharmaceutical Industries Ltd. and affiliates of Allergan PLC for a total of $586 million. Impax said the deal, which includes currently marketed and pipeline products, will immediately add to earnings. As a result of the deal, Impax now expects 2016 adjusted earnings per share to grow 20% from 2015, compared with a previous forecast of 10% growth. Revenue is expected to increase 15%. The 2016 FactSet EPS consensus of $1.71 represents 18% growth from 2015, while the revenue consensus of $984.1 million implies 14% growth. The stock, which was still inactive in premarket trade, has tumbled 25% year to date, while the S&P 500 has gained 1.9%.

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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Softbank sells 72.2% stake in Supercell for about $7.8 billion in proceeds

Softbank Group Corp. said Tuesday it has agreed to sell its 72.2% stake in Finnish mobile game company Supercell Oy to China’s Tencent Holdings Ltd. for about $7.3 billion in cash, plus a special dividend of about $0.4 billion. The implied valuation of Supercell’s equity is about $10.2 billion, the Japanese software company said in a statement. Softbank said total returns on its investment in Supercell amount to about $8.4 billion, or 2.9 times capital invested and a 93% internal rate of return. The decision to sell the stake “is driven by (Softbank’s) continued focus on disciplined capital allocation, including further deleveraging, as part of its SoftBank 2.0 transformation strategy,” said the statement.

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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Report: Ohio foreclosures trending down

The rate of Ohio foreclosures continues to improve, according to a report from a property data company.

CoreLogic reported Ohio saw 23,000 foreclosures for the 12 months ending in April. That’s down from 30,000 foreclosures for the 12 months ending in April of 2015.

Plus, Ohio’s foreclosure inventory is down 16 percent year-over-year and its serious delinquency rate is down 20 percent.

Improving foreclosures and delinquencies mark a good sign for Ohio, as well as the Miami Valley, which felt… …read more

From:: biz journal foreclosures

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Arrested Brit wanted to kill Trump at Las Vegas rally: reports

A British man arrested over the weekend in Las Vegas said he wanted to kill Republican presidential candidate Donald Trump, court papers showed on Monday, according to media reports. Michael Steven Sandford had tried to grab a police officer’s gun during a Las Vegas rally in an attempt to shoot Trump. Sandford had said he was seeking an autograph from the candidate. “Sandford claimed he had been attempting to kill Trump for about a year but decided to act on this occasion because he finally felt confident about trying it,” the court papers said, according to CNBC. The arrested Brit has not entered a plea and will stay in custody until a hearing on July 5.

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