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Six Flags Entertainment Corp. said Tuesday that it has expanded its share repurchase program by $500 million. The company has repurchased $1.3 billion in stock since the beginning of its buyback program in February 2011, and has about $10 million available under its current plan. Six Flags plans to raise $300 million in a private placement of senior notes, with half of the money to be used to pay a portion of the company’s outstanding senior secured term loan, which matures in 2022. The other half will be used for corporate purposes including share repurchases and refinancing fees. Six Flags shares are up 0.4% in premarket trading, and up 23.4% for the last 12 months. The S&P 500 is up 0.8% for the past year.

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From:: Stock Market News

Six Flags Entertainment Corp. said Tuesday that it plans to raise $300 million in a private placement of senior notes. Half of the money will be used to pay a portion of the company’s outstanding senior secured term loan, which matures in 2022. The other half will be used for corporate purposes including share repurchases and refinancing fees. Six Flags shares are up 0.4% in premarket trading, and up 23.4% for the last 12 months. The S&P 500 is up 0.8% 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.

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From:: Stock Market News

3D Systems Corp. disclosed in a filing Tuesday, that two senior executives–Chief Operating Officer Mark Wright and Chief Merchandising Officer Cathy Lewis–have resigned. Lewis’s resignation is effective June 10 and Wright’s is effective June 17. The three dimensional printing company said no new compensatory or severance arrangements have been entered into with Lewis or Wright. The resignations follow the appointment of Chief Executive Vyomesh Joshi on April 4. On Monday, the company said it prevailed in a lawsuit related to its purchase of certain website domains. The stock, which slipped 0.1% in premarket trade, has soared 60% year to date through Monday, while the S&P 500 has gained 3.2%.

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.

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Ralph Lauren Corp. shares tumbled 7% in premarket trade Tuesday, after the company unveiled a restructuring plan aimed at boosting profitability. The high-end clothing retailer said it will take a number of steps to reduce supply chain lead times, overhauling sourcing and improving its multi-channel distribution model. “We have assessed every value-creating component of the company and, with our Way Forward Plan, we will build on our strengths, refocusing on our core brands and instilling a financial discipline that is highly focused on return on investment,” Chief Executive Stefan Larsson said in a statement. The company is expecting to book charges of up to $400 million and an up to $150 million inventory charge related to the reduction of inventory out of current liquidation channels. The charges are expected to be mostly realized by the end of fiscal 2017. The company expects to generate $180 million to $220 million in annualized cost savings from the restructuring. It is now expecting first-quarter revenue to be down at a mid-single digit rate, and full-year revenue to decline at a low-single digit rate. Shares are down about 14% in the year so far, while the S&P 500 has lost 3.2%.

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.

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From:: Stock Market News

Shares of DryShips Inc. were the biggest decliners in premarket trade Tuesday, plummeting 39% toward a split-adjusted record low, after the ocean transportation company disclosed in a filing that it defaulted on three bank loans. The company said in the filing, released late Monday, that the lenders could require immediate repayment of the loans, which totaled $213.7 million. If its lenders demand repayment, DryShips said it doesn’t expect cash on hand and cash generated from operations and asset sales to be sufficient to repay its loans. The stock has tumbled 46% year to date through Monday. The stock was changing hands recently at $1.43. The selloff comes after a 1-for-25 reverse stock split when into effect on March 11. The stock closed at a split-adjusted $2.73 the day before the stock split, meaning its pre-split price was about 11 cents.

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Biogen Inc.’s stock tumbled 8.6% in premarket trade Tuesday, after the biotechnology company said a Phase 2 study of its treatment for relapsing forms of multiple sclerosis failed to meet its primary and secondary objectives. The primary endpoint for opicinumab was improvement of physical and cognitive function and disability, while the secondary endpoint was slowing of disability progression. Biogen said opicinumab showed evidence of clinical effect and was well tolerated. “Achieving repair of the human central nervous system through remyelination would be a substantial achievement, and while we missed the primary endpoint, the SYNERGY study results suggest evidence of a clinical effect of opicinumab,” said Chief Medical Officer Alfred Sandrock. “Due to the complex nature of the data set, we continue to analyze the results to inform the design of our next study.” The stock had lost 5.4% year to date through Monday, while the S&P 500 had gained 3.2%.

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Myriad Genetics Inc. on Tuesday said its board approved an additional $200 million for its share buyback program. As of the end of its fiscal third quarter, the personalized medicine company said it repurchased more than $1.1 billion in stock since it started its buyback program in 2010, according to a news release. Shares of Myriad are down 20% in the year so far, underperforming the S&P 500 Index, which is up 3%.

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