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Earvin “Magic” Johnson has left the board of payment processing company Square Inc. and is being replaced by Lord Paul Deighton, who was most recently the United Kingdom’s commercial secretary to the Treasury, Square said Friday. “Unfortunately, due to new projects that will require significant time commitments, I regretfully have to resign,” Johnson, a former professional basketball player, said in the press release. Square’s board of directors includes the company’s co-founders Jack Dorsey and Jim McKelvey, venture capitalist Roelof Botha, venture capitalist Mary Meeker, Ruth Simmons, former president of Brown University, former U.S. Treasury Secretary Larry Summers and David Viniar, a former Goldman Sachs executive.

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

Earvin “Magic” Johnson has left the board of payment processing company Square Inc. and is being replaced by Lord Paul Deighton, who was most recently the United Kingdom’s commercial secretary to the Treasury, Square said Friday. “Unfortunately, due to new projects that will require significant time commitments, I regretfully have to resign,” Johnson, a former professional basketball player, said in the press release. Square’s board of directors includes the company’s co-founders Jack Dorsey and Jim McKelvey, venture capitalist Roelof Botha, venture capitalist Mary Meeker, Ruth Simmons, former president of Brown University, former U.S. Treasury Secretary Larry Summers and David Viniar, a former Goldman Sachs executive.

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

Lyondell Basel Industries N.V. announced Friday a new program to buy back up to 10% of its shares over the next 18 months. Based on Thursday’s closing price of $81.25, and with about 426.7 million shares outstanding according to FactSet, the new program could be valued at $3.47 billion. The plastics and chemicals giant also raised its quarterly dividend by 9% to 85 cents a share, to be payable June 7 to shareholders of record on May 24. Based on Thursday’s closing price, the new dividend implies an annual dividend yield of 4.18%, compared with the aggregate S&P 500 dividend yield of 2.19%, according to FactSet. The stock, which was still inactive in premarket trade, has dropped 6.5% year to date, while the S&P 500 has gained 1%.

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

J.C. Penney Co. Inc. shares slid 12% in premarket trade Friday, after the company missed quarterly sales estimates as same-store sales fell way below expectations. The retailer said it had a net loss of $68 million, or 22 cents a share, in the first quarter, narrower than the loss of $150 million, or 49 cents a share, posted in the year-earlier period. Sales edged down to $2.81 billion from $2.86 billion. The FactSet consensus was for a loss per share of 38 cents and sales of $2.92 billion. Same-store sales fell 0.4%, well below the FactSet consensus for a gain of 3.2%. “While our first quarter sales were below our
expectations, we are maintaining our annual comp guidance of 3% to 4%
as a result of the positive nature of our recent sales trends, the
strength of our Sephora business and our decision to accelerate our
appliance rollout,” Chief Executive Marvin Ellison said in a statement. But the company lowered its full-year margin outlook due to the rollout of appliances and rapid growth of its online business. Shares are up 17% in the year so far, while the S&P 500 has gained about 1%.

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

Insurer XL Group Plc said Friday its board has approved a share buyback program of up to $1 billion. The company said an early program that had $204.1 million remaining has been cancelled. The company said it will pay a quarterly dividend of 20 cents a share on June 30 to shareholders of record as of June 15. Shares were not yet active in premarket trade, but are down 13% in the year so far, while the S&P 500 has gained about 1%.

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

Tiffany & Co.’s chief financial officer, Ralph Nicoletti, plans to resign effective May 20, the high-end jewelry retailer disclosed in a regulatory filing. Nicoletti became Tiffany’s CFO April 2, 2014. The company said it will conduct a search for a successor. The stock, which was still inactive in premarket trade, had tumbled 13% year to date, while the S&P 500 has gained 1%.

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