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Zoetis Inc. said late Monday it will buy Pharmaq, a fish vaccine company, from investment firm Permira for $765 million. Pharmaq generated revenues of about $80 million in 2014 and has 200 employees. The deal is expected to boost Zoetis’ livestock business with leading vaccines and drugs for farmed fish and provide access to late-stage pipeline of new drug candidates. Shares of Zoetis were unchanged in after-hours trading.

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From:: Stock Market News

Alcoa Inc. on Monday said it would cut down on its aluminum smelting and alumina refining capacity to face falling aluminum prices. The reductions will start in the fourth quarter and last one year, the company said. “Alcoa has consistently taken decisive actions to create a commodity business that is positioned to succeed throughout the cycle,” Chief Executive Klaus Kleinfeld said in a statement. The company will idle smelters in Washington state and New York, and curb refining capacity at a Texas facility. The company expects restructuring-related charges in the fourth quarter to be between $160 million and $180 million after tax, or 12 cents to 14 cents a share, of which approximately 30% would be non-cash, Alcoa said. Shares of Alcoa fell 0.1% in late trading Monday, after ending the regular day up 2.7%.

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From:: Stock Market News

​Sales of semiconductors fell 2.8% to $85.2 billion in the third quarter from a year earlier although sales rose 1.5% from the second quarter, according to data from the Semiconductor Industry Association Monday. The group blamed the drop in sales to weak demand and currency fluctuations. By region, sales rose 5% year-on-year in China while slumping 10.6% in Europe and dropping 3.9% in the Americas. The PHLX Semiconductor Index , composed of companies involved in the design, distribution, manufacture, and sale of chips, rose 0.9% to 668.53 on Monday. The index rallied 9.9% in October following four months of declines.

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From:: Stock Market News

Avis Budget Group Inc. shares dropped in the extended session Monday after the car rental company’s third-quarter earnings and outlook fell short of Wall Street estimates. Avis shares fell 9.4% to $47.40. The company reported adjusted third-quarter earnings of $1.98 a share on revenue of $2.58 billion. Analysts surveyed by FactSet had estimated earnings of $2.02 a share on revenue of $2.59 billion. Avis forecast adjusted full-year earnings of $3.10 to $3.25 a share, while analysts estimate $3.36 a share.

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From:: Stock Market News

AMC Entertainment Holdings Inc. said Monday it earned $12.2 million, or 12 cents a share, in the third quarter, compared with $7.4 million, or 8 cents a share, in the year-ago period. Revenue rose to $689 million in the quarter, compared with $634 million a year ago. Analysts polled by FactSet had expected AMC, which owns and operates movie theaters across the U.S., to report earnings of 15 cents a share on sales of $691 million. Shares of AMC were flat in late trading Monday after ending the day up 0.5%.

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From:: Stock Market News

Fitbit shares fell 7% after hours Monday after the company reported third-quarter earnings and announced a flood of fresh shares is about to hit the market. The company reported net income of $45.8 milion, or 19 cents per share, down from $68.9 million, or 34 cents, in the year-earlier period. Fitbit reported adjusted earnings per share of 24 cents, above the FactSet consensus of 10 cents. Fitbit reported revenue of $409.3 million, up from $152.9 million in the year-earlier period and up from the FactSet consensus of $359.2 million. The company announced the release of lockup restrictions on shares owned by Fitbit employees and consultants, which amounts to 2.3 million shares or 10% of common stock shares, effective Nov.5. Fitbit also announced a secondary offering Monday, with the company seeking to sell 7 million shares and investors proposing to sell 14 million. Fitbit issued fourth-quarter guidance of adjusted earnings per share between 20 cents to 25 cents and revenue between $620 million to $650 million. The FactSet consensus for the fourth quarter is adjusted EPS of 20 cents and $589.7 million for revenue. Fitbit issued fourth-quarter guidance of adjusted earnings per share between 20 cents to 25 cents and revenue between $620 million to $650 million. The FactSet consensus for the fourth quarter is adjusted EPS of 20 cents and $589.7 million for revenue.

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From:: Stock Market News

WASHINGTON (MarketWatch) – Donald Trump is going solo again. The Republican presidential candidate reportedly is trying to negotiate the format of future television debates with media executives, bypassing a joint effort by all the other candidates. The Washington Post on Monday said Trump plans to reject signing on to a joint letter written by the other compaigns seeking to set stricter ground rules for future debates. The candidates want more control over the debates after a series of complaints about alleged bias and other problems with moderators during a CNBC-sponsored forum last week. Trump’s refusal to go along could thwart such an effort.

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From:: Stock Market News

U.S. stocks closed near session highs on Monday with energy, health-care and financial stocks leading solid gains. Investors welcomed a spate of deals and earnings results while brushing off weak manufacturing data. The S&P 500 gained 24.69 points, or 1.2%, to 2,104.05, about one percentage point below its all-time high reached on May 21. The Dow Jones Industrial Average jumped 165.22 points, or 0.9%, to 17,828.76 and turned flat for the year. The Nasdaq Composite ended the day up 73.40 points, or 1.5%, at 5,127.15, lifted by a jump in biotechnology stocks. The Russell 2000 outperformed other indexes by rallying nearly 2% according to preliminary data on FActSet to 1,184.

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From:: Stock Market News

By Brian Bandell

Wells Fargo Bank unloaded the retail portion of a repossessed mixed-use building in Boynton Beach for $18.2 million.

The bank seized 63 office and retail condos in the two Renaissance Commons buildings in 2013 after foreclosing on the $47.2 million mortgage of Boynton Development Associates II. That gave it ownership of 122,338 square feet at 1880 N. Congress Ave. and 109,000 square feet at 1500 W. Gateway Blvd.

Wells Fargo Bank affiliate Redus One LLC recently sold the 17 retail condo units on… …read more

From:: biz journal foreclosures

WASHINGTON (MarketWatch) – The U.S. government expects to borrow $344 billion in the October-December quarter, an estimate that is $74 billion higher than previously projected in August, the Treasury Department said Monday. The estimate includes an assumption of an end-of-December cash balance of $325 billion. For the January-March quarter, Treasury expects to borrow $165 billion in net marketable debt assuming a cash balance of $260 billion. During the July-September quarter, Treasury issued $133 billion in net marketable debt and ended with a cash balance of $199 billion. Earlier Monday, President Barack Obama signed a budget deal that suspends the debt limit until March 2017 allowing for Treasury to borrow the money to pay its bills.

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From:: Stock Market News