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Monsanto Co. said Tuesday its board of directors have rejected Bayer AG’s buyout bid, calling it “incomplete and financially inadequate.” The maker of agrochemicals, seeds and genetically modified crops said that it was open to continued talks with its German rival to assess whether a deal would be favorable to its shareholders. “We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business,” said Monsanto Chief Executive Hugh Grant. “However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition.” On Monday, Bayer said it would pay $62 billion in cash to buy Monsanto. The stock was up 1.6% prior to a trading halt for news. It has run up 9.3% year to date, while the S&P 500 has gained 1.6%.

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From:: Stock Market News

Gett, a ride-hailing startup, said Tuesday that it received a $300 million strategic investment from automotive company Volkswagen Group . Volkswagen is the latest car manufacturer, after General Motors , to team up with a ride-hailing company. “The partnership with Gett marks the first milestone for the Volkswagen Group on the road to providing integrated mobility solutions that spotlight our customers and their mobility needs.” said Matthias Müller, Chairman of the Board of Management of Volkswagen, in the press release. The recent investment brings Gett’s total funding to more than $520 million, the company said. Gett is available in Russia, Great Britain, Israel and New York City.

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From:: Stock Market News

Under Armour Inc. has signed a 15-year, $280 million contract with UCLA, the Los Angeles Times reported, citing university officials. UCLA will receive $15 million up front, then receive about $11 million each year in rights and marketing fees, the report says. The deal is expected to be announced at noon Tuesday. UCLA has a contract with Adidas that’s set to expire next year. The brand has a 10-year, $90 million deal with Notre Dame, signed in 2014. Under Armour shares are up 2.5% in Tuesday trading, but down 8.2% for the year so far. The S&P 500 is up 1.5% for the year to date.

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 Twitter Inc. tumbled 3.9% in active morning trade Tuesday, putting them on track for a record-low close, in the wake of some downbeat comments by analysts. Volume topped 9.1 million shares within the first half-hour of trade, compared with the full-day average of 22.5 million shares. Analyst James Cakmak at Monness Crespi Hardt slashed his stock price target by 18% to $18, saying consensus earnings estimates are still too high given the lack of potential near-term catalysts. “Twitter has been frustrating to cover, not only because of its declining share value, but more so because of its vast potential that’s eroding by the day,” Cakmak wrote in a note to clients. “Admittedly, as an avid user we’ve seen only incremental improvements to the experience when steep changes are needed. There is still time for a turnaround, but that window is closing.” Separately, independent research firm MoffettNathanson downgraded Twitter to sell, in a note entitled, “Hope is Not a Strategy.” The stock has now plunged 40% year to date, while the S&P 500 has gained 1.1%.

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From:: Stock Market News

Shares of Microsoft Corp. were upgraded to outperform from market perform at Cowen on Tuesday. The bank attributed the upgrade to improvements in its Microsoft Office business, as well as growth within its cloud-based service Azure. Both businesses are positioned for growth, with Office revenue growth expected to accelerate through fiscal 2018, said Cowen analyst Gregg Mosowitz, who has a $58 12-month price target on the stock. In the company’s last earnings report, investors “largely overlooked” Microsoft’s transition of Office to a subscription service, he said. Shares of Microsoft rose 0.8% to $50.44 in early trade. They are down nearly 2% from three months ago, underperforming the Dow Jones Industrial Average, which is up 7%.

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 Microsoft Corp. were upgraded to outperform from market perform at Cowen on Tuesday. The bank attributed the upgrade to improvements in its Microsoft Office business, as well as growth within its cloud-based service Azure. Both businesses are positioned for growth, with Office revenue growth expected to accelerate through fiscal 2018, said Cowen analyst Gregg Mosowitz, who has a $58 12-month price target on the stock. In the company’s last earnings report, investors “largely overlooked” Microsoft’s transition of Office to a subscription service, he said. Shares of Microsoft rose 0.8% to $50.44 in early trade. They are down nearly 2% from three months ago, underperforming the Dow Jones Industrial Average, which is up 7%.

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