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Valeant Pharmaceuticals International Inc. said Wednesday its board has appointed Thomas Ross as lead independent director. Ross has been a board member since March 8, sits on the company’s nominating and corporate governance committee and is chairman of its conduct and compliance committee. Three new independent directors were voted to Valeant’s board at its annual shareholder meeting on Tuesday. Dr. Argeris N. Karabelas, Russel C. Robertson and Dr. Amy B. Wechsler will join the eight directors who were re-elected. Valeant shares have fallen 76% in the year so far, after a scandal surrounding the company’s drug pricing policies and accounting practices.

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From:: Stock Market News

Celgene Corp. authorized an additional $3 billion stock buyback program on Wednesday, in an open-ended program effective immediately. This brings the value of the company’s total outstanding shares available for repurchase to $5.3 billion. Since 2009, Celgene has repurchased roughly $15.2 billion worth of shares in similar programs. Shares of Celgene rose 1.2% to $102.21 in premarket trade. They are up more than 3% over the last three months, slightly outperforming the S&P 500.

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Ebix Inc. said Wednesday it is offering to buy insurance technology software company Patriot National Inc. for $9.50 a share. Ebix, which provides on-demand software and e-commerce services to the insurance, financial and healthcare industries, said the offer is equal to a 37% premium over Patriot’s closing price on Tuesday. Ebix plans to finance the deal with a mixture of cash and stock and expects it to immediately boost earnings per share. “The merged entity would become the world’s largest provider of straight through processing in the insurance services industry, offering on-demand based front end systems, back end systems, exchanges, strategic consulting and risk compliance services all under one roof,” the company said in a statement. Ebix has postponed a planned 3-for-1 stock split and related special shareholder meetings until further notice. Patriot shares surged 30% in premarket trade on the news.

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

Ebix Inc. said Wednesday it is offering to buy insurance technology software company Patriot National Inc. for $9.50 a share. Ebix, which provides on-demand software and e-commerce services to the insurance, financial and healthcare industries, said the offer is equal to a 37% premium over Patriot’s closing price on Tuesday. Ebix plans to finance the deal with a mixture of cash and stock and expects it to immediately boost earnings per share. “The merged entity would become the world’s largest provider of straight through processing in the insurance services industry, offering on-demand based front end systems, back end systems, exchanges, strategic consulting and risk compliance services all under one roof,” the company said in a statement. Ebix has postponed a planned 3-for-1 stock split and related special shareholder meetings until further notice. Patriot shares surged 30% in premarket trade on the news.

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

Hillary Clinton cruised to victory in the Washington D.C. Democratic presidential primary Tuesday, closing out her primary campaign on a high note. With 17% of the vote counted, the Associated Press declared Clinton the winner, with 78.3% support. Clinton clinched the delegates needed for the Democratic nomination last week, putting her on track to become the first female presidential candidate of a major party in U.S. history. Neither Clinton nor rival Bernie Sanders spent much effort campaigning in the district, which had 20 delegates at stake. Headed into the Tuesday’s vote, Clinton led Sanders in delegates, 2,784 to 1,877.

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From:: Stock Market News

Bob Evans Farms Inc. shares declined in the extended session Tuesday after the restaurant operator and food distributor’s earnings outlook for the year fell short of Wall Street estimates. Bob Evans shares slumped 6% to $42.08 after hours. The company forecast adjusted 2017 earnings of $2 to $2.15 a share on revenue of $1.28 billion to $1.33 billion. Analysts surveyed by FactSet had estimated $2.19 a share on revenue of $1.32 billion. Bob Evans also forecast “negative low-single digit to flat same-store sales for fiscal year 2017.” For the fiscal fourth quarter, the company reported adjusted earnings of 48 cents a share on revenue of $345.6 million. Analysts had expected 43 cents a share on revenue of $345.3 million.

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From:: Stock Market News