Category: Stock Market News

TheStreet Inc. announced Tuesday in a Securities and Exchange Commission filing that it received a notice from The Nasdaq Stock Market LLC on Dec. 14 stating that it is not in compliance with the organization’s closing bid price rules and is at risk of delisting. The rule states that shares must close at at least $1 per share for 30 consecutive days to maintain compliance. TheStreet’s last close above a $1 was October 31. The company has until June 12, 2017 to close at or above $1 for 10 consecutive business days to regain compliance. TheStreet shares closed Monday at 89 cents per share. Its stock is down 45.7% for the past year while the Nasdaq is up nearly 11% for the same period.

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Darden Restaurants Inc. , the parent of Olive Garden restaurants, reported fiscal second-quarter earnings that rose to $79.5 million, or 64 cents a share, from $43.2 million, or 33 cents a share, in the same period a year ago. The FactSet earnings-per-share consensus was 64 cents. Revenue for the quarter to Nov. 27 rose to $1.64 billion from $1.61 billion, just shy of the FactSet consensus of $1.65 billion, but Olive Garden sales grew 2.5% to $915.0 million to beat expectations of $910.8 million. Same-store sales grew 1.7%, beating the FactSet consensus of 1.5%, as Olive Garden sales growth of 2.6% beat expectations of 1.9%. The company affirmed its full-year adjusted EPS outlook of $3.87 to $3.97. “We had another strong quarter with same-restaurant sales growth significantly outperforming the casual dining industry benchmarks, especially at Olive Garden,” said Chief Executive Gene Lee. The stock, which was still inactive in premarket trade, has soared 19% year to date, while the S&P 500 has gained 11%.

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General Mills Inc.’s stock shed 3.3% in premarket trade Tuesday, after the consumer foods company missed profit and sales expectations. Earnings for the quarter to Nov. 27 fell to $481.8 million, or 80 cents a share, from $529.5 million, or 87 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share was 85 cents, below the FactSet consensus of 86 cents. Revenue fell 7% to $4.11 billion, missing the FactSet consensus of $4.22 billion, with its U.S. retail and convenience stores and foodservice sales falling short of expectations. For fiscal 2017, the company cut its sales guidance to a decline of 3% to 4% from a previous outlook of flat to down 2%, but its adjusted EPS growth outlook of 6% to 8% was above the growth implied by the FactSet consensus of 5.1%. “Our organic sales declines reflect the actions we’ve taken to optimize our spending and prioritize profitable volume, as well as weakening food-industry trends in the U.S.,” said Chief Executive Ken Powell. The stock has climbed 9.4% year to date through Monday, while the S&P 500 has gained 10.7%.

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Shares of BlackBerry Ltd. rallied 2.9% in premarket trade Tuesday, after the software and mobile security company reported a surprise profit for the fiscal third quarter, but missed sales expectations. The net loss for the quarter to Nov. 30 narrowed to $117 million, or 22 cents a share, from $372 million, or 71 cents a share, in the same period a year ago. Excluding non-recurring items, the company reported adjusted earnings per share of 2 cents, beating the FactSet consensus of breakeven. Revenue fell to $289 million from $334 million, below the FactSet consensus of $330 million. The company said it now expects to achieve and adjusted EPS profitability for the full year, compared with the FactSet consensus of breakeven. “”We achieved significant milestones in Q3, delivering the highest gross margin in the company’s history for the second consecutive quarter and continuing to transform our infrastructure and operations to support an enterprise software business,” said Chief Executive John Chen. The stock has tumbled 17% year to date through Monday, while the S&P 500 has gained 11%.

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Tribune Media Co. announced Tuesday a deal to sell its Gracenote video, music and sports business to Nielsen Holdings PLC for $560 million in cash. Tribune said it was selling off nearly all of its digital and data business to focus on its core television and entertainment business. The said it will use the expected $500 million in after-tax proceeds from the deal to repay debt. Separately, Tribune said it plans to pay a special dividend of about $500 million during the first quarter of 2017, and to expects to continue executing its share repurchase program, which currently has $168 million remaining. “From a strategic standpoint, however, we are pleased to be streamlining our company so that we can focus even more intently on seizing future opportunities for our local television and entertainment business,” Tribune Chief Executive Peter Liguori said. The stock, which was still inactive in premarket trade, has gained 1.9% year to date, while Nielsen shares have lost 7.1% and the S&P 500 has climbed 11%.

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Facebook Inc. is facing a potential fine from the European Union’s competition watchdog after the European Commission accused the social media company of providing “misleading information” about its planned WhatsApp takeover. The commission said on Tuesday it has sent a so-called Statement of Objections to Facebook alleging the company gave incorrect information during the 2014 investigation of its $19 billion takeover of WhatsApp. “In this specific case, the Commission’s preliminary view is that Facebook gave us incorrect or misleading information during the investigation into its acquisition of WhatsApp. Facebook now has the opportunity to respond,” Competition Commissioner Margrethe Vestager said in the press release.

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Jagged Peak Energy Inc. said it plans to raise up to $100 million in an initial public offering, according to a filing with the Securities and Exchange Commission late Monday. The oil and natural gas company reported revenue of $33.8 million and a loss of $7.5 million in 2015. Citigroup, Credit Suisse, and J.P. Morgan are lsited as underwriters for the offering. The company plans to list on the New York Stock Exchange under the ticker “JAG”.

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Donald Trump cleared the bar of 270 cast electoral college votes late Monday, putting him on track to become the nation’s 45th president. With 306 electoral college votes pledged in the Nov. 8 election, Trump surpassed the needed 270 votes to secure the presidency following votes cast in Texas, according to a tally by the Associated Press. The final vote count will be certified by Congress on Jan. 6.

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WASHINGTON (MarketWatch) – The executive board of the International Monetary Fund said Monday it had “full confidence” in IMF Managing Director Christine Lagarde despite a French court convicting her of negligence. “The executive board reaffirms its full confidence in the managing director’s ability to continue to effectively carry out her duties,” the IMF board said in a statement. The board said it had met regularly to consider the legal proceeding as it progressed in the French courts. In February, Lagarde won a second five-year term as head of the international financial organization. “The executive board looks forward to continuing to work with the managing director to address the difficult challenges facing the global economy,” the statement said.

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Shares of Conatus Pharmaceuticals Inc. skyrocketed in the extended session Monday after the microcap biotech announced a licensing and collaboration agreement with Novartis AG for a liver disease treatment. Conatus shares surged 150% to $4.90 after hours on heavy volume. The company said it will receive $50 million upfront from Novartis in addition to other payments for an exclusive option, collaboration and licensing agreement for its liver disease drug emricasan. Novartis will also pay 50% of development costs for the drug after the exercise of options, Conatus said.

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