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Oracle Corp. said Tuesday that it will build a public high school on its Redwood Shores, Calif campus. Called Design Tech High School, or d.tech, the charter school focuses on technology, design and problem solving. Oracle partnered with d.tech when it launched in August 2014 in the San Mateo Union High School District and has agreed to construct a 64,000 square-foot school for 550 students and 30 faculty. Volunteers from Oracle will work with students on projects incorporating science, technology, engineering, arts and math. Oracle will donate $2.5 billion every year for software, curriculum and faculty training. The high school is scheduled to be completed in fall 2017.

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Rite Aid Corp. shares rocketed 40% in early afternoon trade Tuesday, after The Wall Street Journal reported that Walgreens Boots Alliance Inc. is close to a deal to buy its rival. A deal would unite the second and third-biggest drugstore chains in the U.S., said the paper, which cited people familiar with the matter. Walgreens purchased another U.S. drugstore chain, Duane Reade, in 2010. The company closed the acquisition of UK chain Boots Alliance in December of 2014. Walgreens shares were up 4.7% and are up 22.7% in the year so far, while the S&P 500 has gained 0.2%.

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From:: Stock Market News

Rite Aid Corp. shares rocketed 40% in early afternoon trade Tuesday, after The Wall Street Journal reported that Walgreens Boots Alliance Inc. is close to a deal to buy its rival. A deal would unite the second and third-biggest drugstore chains in the U.S., said the paper, which cited people familiar with the matter. Walgreens purchased another U.S. drugstore chain, Duane Reade, in 2010. The company closed the acquisition of UK chain Boots Alliance in December of 2014. Walgreens shares were up 4.7% and are up 22.7% in the year so far, while the S&P 500 has gained 0.2%.

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From:: Stock Market News

International Business Machines Corp. said Tuesday its board has approved $4 billion in additional funds to buy back its own shares. The company said the latest authorization adds to the $2.4 billion remaining in its last program, bringing the total to be repurchased to $6.4 billion. Shares fell 1.3% in late morning trade, and are down about 12% in the year so far, while the Dow Jones Industrial Average has fallen 1.2%.

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A two-year budget deal that also raises the U.S. debt limit will pass the House with a bipartisan majority, House Speaker John Boehner predicted Tuesday. Boehner said the House will vote on the agreement on Wednesday. The budget deal lifts domestic and defense spending caps and raises the debt limit through March 2017. Some conservative House members have slammed the deal, which would also need to pass the Senate and be signed by President Barack Obama.

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From:: Stock Market News

WASHINGTON (MarketWatch) – Federal Reserve Chairwoman Janet Yellen will testify next Wednesday on bank regulation, the House Financial Services Committee said Tuesday. Rep. Jeb Hensarling, the Republican of Texas and the chairman of the panel, said Yellen would testify because the Obama administration had not chosen to appoint a Vice Chair for Supervision at the central bank. “Until the president appoints someone, we will have Chair Yellen testify and answer our questions,” he said.

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From:: Stock Market News

WASHINGTON (MarketWatch) — The Conference Board said Tuesday that consumer confidence in October fell to a reading of 97.6, down from a revised 102.6 in September. Economists polled by MarketWatch expected a 102.1 reading from the initial September reading of 103.0, which was the highest level since January.

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Bill Ackman, founder of hedge fund Pershing Square Capital Management L.P., will host a conference call with investors on Friday to discuss his investment in embattled drug company Valeant Pharmaceuticals International Inc. . Ackman announced the call in a short statement on Pershing’s website. The activist investor owns about 21.5 million Valeant shares, based on a regulatory filing from June 30 and confirmation from a source close to Pershing last week that he had retained all of those shares and taken advantage of a steep decline in the stock last week to buy another 2 million shares. That makes Pershing the second-biggest Valeant shareholder, according to FactSet. Valeant came under heavy selling pressure last week, after a short selling firm published a report that alleged that the company was using specialty pharmacies to juice revenue. The company defended itself against the allegations at an investor meeting on Monday and said it’s forming a special committee to investigate claims made by the report and other media articles. Valeant shares rose 1% early Tuesday, but are down 37% in the month, while the S&P 500 has gained 7%.

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From:: Stock Market News

WASHINGTON (MarketWatch) — Service sector output growth fell to a nine-month low in October, according to the Markit Flash U.S. services purchasing managers index released Tuesday. The index fell to 54.4 in October from 55.1 in September, which means it’s still above the 50 mark indicating growth. Markit attributed the slowdown to slowing new business growth and more cautious spending patterns.

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Microsoft Corp. released the latest installment in its $4.6 billion “Halo” franchise on Tuesday, “Halo 5: Guardians.” Microsoft celebrated the launch of the game with a live 6-hour broadcast on Alphabet Inc.’s YouTube Gaming on Monday night. The game, which cost $59.99, is available worldwide and at Microsoft’s more than 110 stores in the U.S., Canada and Puerto Rico. Shares of Microsoft were up more than 2% in early trade on Tuesday, and up 16% in the year to date. The S&P is up 0.2% in the year.

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From:: Stock Market News