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Internet services provider Blucora has approved a plan to “explore strategic alternatives” for its InfoSpace and Monoprice businesses, which could include selling them, the company said in a filing Monday. Infospace, a private-label Internet search tool, is Blucora’s legacy business, while Monoprice sells generic cables and other consumer-electronics accessories. Blucora would keep TaxAct, its online tax preparation unit. Blucora also said President and Chief Executive William Ruckelshaus will resign as soon as a permanent replacement is found. Ruckelshaus will remain a board member and serve as vice chairman of the board, the company said. Shares of Blucora were flat in late trading Monday, and ended the regular session down 0.6%.

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From:: Stock Market News

Microsoft Corp. late Monday said it nominated Padmasree Warrior, former chief technology officer at Cisco, and Sandra Peterson, group worldwide chairman at Johnson & Johnson, to its board for a total of 11 members. The technology company also said Maria Klawe, president of Harvey Mudd College, will not be seeking re-election after her term expires in December. Shares of Microsoft were mostly unchanged in after-hours trading.

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From:: Stock Market News

Energy Recovery Inc. shares skyrocketed in the extended session Monday after signing a long-term licensing agreement with Schlumberger Ltd.’s technology unit. Energy Recovery shares jumped 91% to $4.70. The company said it signed a 15-year licensing agreement with Schlumberger for its VorTeq fracking pump system. Energy Recovery said it will get a $75 million exclusivity fee with two $25 million milestone payments expected in 2016.

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From:: Stock Market News

Rambus Inc. shares fell in the extended session Monday after the networking company’s third-quarter revenue and outlook fell short of Wall Street forecasts. Rmbus shares dropped 12% to $12.25. The company reported adjusted earnings of 14 cents a share on revenue of $73.8 million. Analysts surveyed by FactSet and estimated 7 cents a share on revenue of $75.7 million. Rambus forecast fourth-quarter revenue of $71 million to $77 million. Analysts expect $83.4 million.

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From:: Stock Market News

SanDisk Corp. jumped in the extended session Monday following a report that the flash memory maker was in advanced talks to be acquired by Western Digital Corp. . SanDisk shares surged 7% to $77.05, while Western Digital shares declined 3.1% to $78. SanDisk and Western Digital could reach an agreement on a deal as soon as this week, according to Bloomberg News, citing people with knowledge of the matter. Last week, reports circulated that Micron Technology Inc. and Western Digital were interested in SanDisk.

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From:: Stock Market News

WASHINGTON (MarketWatch) – The U.S. Treasury on Monday softened its stance on China’s currency. In its semi-annual report on exchange rates, Treasury dropped its prior assertion that China’s currency is “significantly undervalued.” Instead, the report said the yuan “remains below its appropriate medium-term valuation.” The administration said the near-term trajectory of China’s currency is “difficult to assess” given economic uncertainties, volatile capital flows and prospects for slower growth” in the country. China’s currency has depreciated 2.3% against the dollar through September after the country’s surprise announcement in mid-August that it was altering how it set its daily reference rate. Overall, the report concluded that no major U.S. trading partner, including China, has manipulated their currencies over the past six months to keep them undervalued.

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From:: Stock Market News

U.S. stocks finished Monday’s range-bound session marginally higher, as steep losses in energy stocks, following a drop in oil prices, weighed on the main indexes. The S&P 500 closed less than a point higher at 2,033.67. The Dow Jones Industrial Average added 14.57 or less than 0.1%, to 17,230.54. The Nasdaq Composite ended the day up 18.78 points, or 0.4%, at 4,905.47.

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From:: Stock Market News

WASHINGTON (MarketWatch) — The firm sued by the Commodity Futures Trading Commission for allegedly spoofing says it will fight the allegations and stands behind the trading. “The CFTC has over-simplified complex trading and is now trying to classify legitimate trading and risk management as a market infraction,” said a statement from 3Red Trading, a Chicago-based firm that was sued along with Igor Oystacher, the company’s co-founder. “We stand behind the trading at issue as it does not contradict available guidance nor violate the law. Our firm cooperated with the CFTC throughout its four-year review with the belief that a fair evaluation of the facts would convince the Commission that no charges should be filed. We now look forward to presenting our case before the Court.” Spoof orders are those designed to induce others to act but are intentionally cancelled.

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From:: Stock Market News

Amaya said in a statement on Monday it will limit its daily fantasy-sports operations to states with “favorable” existing guidance, which it identified as New Jersey, Massachusetts, Kansas and Maryland. Amaya operates the StarsDraft site, which, according to Legal Sports Report, is the No. 5 operator, behind DraftKings, FanDuel, Yahoo and FantasyDraft. Nevada last week put a halt to daily fantasy sports, and other states are also considering such a move, in part due to allegations of unfair trading practices, as well as ambiguity in federal law that allows such activity.

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From:: Stock Market News

WASHINGTON (MarketWatch) – San Francisco Fed President John Williams said Monday he supports a rate hike in the near future. “We’re in no way rushing to move towards raising rates,” Williams said in an interview with Bloomberg TV, noting that rates have been close to zero since Dec. 2008. The San Francisco Fed president said he wasn’t worried about the slowdown evident in recent economic data, noting he still expects growth around 2.0-2.25% and the unemployment rate to dip below 5.0%. He said a decision on a rate hike would be “a close call.” Williams said if the Fed raised rates in the next few months and the economy weakened, he had no problem with reversing course. Williams is a voting member of the Fed policy committee and seen as a key ally of Fed Chairwoman Janet Yellen.

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From:: Stock Market News