Category: Stock Market News

Shares of Jakks Pacific Inc. plunged 26% toward a three-year low in morning trade Monday, after the toy maker slashed its 2016 profit and sales outlook. The company said late Friday, that it now expects sales of about $700 million, down from the previous outlook of $755 million it provided on Oct. 20. Earnings per share are now expected to be in the range of 1 cent to 5 cents, down from previous guidance of 56 cents. The company said the lowered outlook is primarily the result of lower-than-expected sales of certain key product lines. Analyst Linda Bolton Weiser at B. Riley cut her stock price target to $5 from $8. She said she didn’t cut the rating, currently at neutral, because involvement by activist investors raises the possibility that remedial action was imminent. Weiser said, however, that with about $100 million of converts coming due in August 2018, Jakks could be “real trouble” if it has another disappointing Christmas in 2017. The stock has shed 34% year to date, while the S&P 500 has gained 11%.

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The holding company for Vincent Viola, the founder, executive chairman and majority holder of Virtu Financial , doesn’t plan to divest his holdings in the high-frequency trading firm after Viola was nominated to be secretary of the Army. Viola will seek an “orderly and appropriate” transition from his role as chairman upon confirmation, Virtu said in a statement. The company’s current CEO, Douglas Cifu, will be Viola’s successor if Viola is confirmed, the company added. Viola is a West Point graduate and U.S. Army veteran and also chaired the New York Mercantile Exchange.

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WASHINGTON (MarketWatch) — The executive board of the International Monetary Fund will meet shortly, after a French court convicted IMF Managing Director Christine Lagarde of negligence. “The executive board has met on previous occasions to consider developments related to the legal proceedings in France. It is expected that the board will meet again shortly to consider the most recent developments,” said Gerry Rice, director of communications, in a statement.

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A French court on Monday found International Monetary Fund Managing Director Christine Lagarde guilty of negligence, though a judge said there would be no sentence for the former French finance minister, according to media reports. She had been on trial in France over allegations of negligence in her handling of a public financial settlement. The charges against Lagarde stem from her role nearly 10 years ago in settling a long-running dispute known as “L’Affaire Tapie” that pitted the French state against Bernard Tapie, a tycoon-turned-politician, The Wall Street Journal said. The state ultimately paid €405 million ($429 million) to Tapie.

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U.S. stocks opened with a slight upward bias on Monday, as Wall Street’s recent uptrend appeared set to continue, even as investors found few reasons to keep pushing shares decisively higher with major indexes near records and ahead of the quiet holiday trading period. Traders are looking ahead to a speech by Federal Reserve Chairwoman Janet Yellen, which comes less than a week after the U.S. central bank indicated a faster pace of rate hikes in 2017 than had previously been expected. Any additional details on Fed policy could move markets. The Dow Jones Industrial Average rose 1.6 point, or less than 0.1%, to trade at 19,857.5. The S&P 500 rose 1.9 point, or 0.1%, to 2,259.8. The Nasdaq Composite Index rose 4.25 points, or 0.1%, to 5,441.3.

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Greenlight Capital Re Ltd. said Chief Executive Barton Hedges is stepping down, effective March 31, 2017, after a 5 1/2-year stint. The property and casualty reinsurance company said former CEO and board member Leonard Goldberg will be interim-CEO until a successor can be found. The company said in a statement that “it is not aware of any circumstance or event that will have a material adverse impact on the company’s operations or financial position.” The stock, which was still inactive in premarket trade, has soared 26% year to date, while the S&P 500 has gained 10%.

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Shares of Vivint Solar Inc. rose 1.7% in premarket trade Monday, after the solar energy company named David Bywater its permanent chief executive officer, effective immediately. Bywater was previously named interim CEO on May 2, when former CEO Greg Butterfield stepped down. Vivint’s stock had plunged 70% year to date through Friday, with the bulk of the declines coming earlier this year after Vivent terminated its merger deal with SunEdison Inc. because of the acquirer’s financial woes. The S&P 500 has gained 10% so far this year.

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Legg Mason Inc. announced Monday an agreement with its largest shareholder Shanda Group to add two Shana executives to its board of directors in exchange for a further investment of at least $500 million in affiliate products. The two executives are Shanda Chief Executive Tianqiao Chen, who will join the board as vice chairman, and Shanda President Robert Chiu. The deal could see Shanda increase its equity stake in Legg Mason to up to 15%, from the current 10.4%, according to FactSet. Chen, who has been credited with pioneering and building the online game and online literature industries in China, will help Legg Mason in technology innovation and brand development. “We have gotten to know the team at Shanda Group over the last eight months, and believe Mr. Chen and Mr. Chiu will be excellent resources for Legg Mason as members of our board of directors,” said Legg Mason Chief Executive Joseph Sullivan. Legg Mason’s stock, which was still inactive in premarket trade, has tumbled 23% year to date, while the SPDR Financial Select Sector ETF has soared 21% and the S&P 500 has gained 10%.

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Shares of Brazil’s Vale S.A. gained 0.4% in premarket trade Monday, after Mosaic Co. announced a deal to buy Vale’s fertilizer business for $2.5 billion. Mosaic may pay an additional $260 million over a two-year period following closing of the deal if certain financial metrics are met. Mosaic will pay for the deal with $1.25 billion in cash, which the company plans to raise through debt, and about 42.3 million shares of its common stock, or about 11% of its shares outstanding. The deal, which is projected to close in late 2017, is expected to add to Mosaic’s earnings in 2018, and generate over $80 million in synergies. Mosaic’s stock, which was still inactive in premarket trade, has gained 7.1% year to date, while Vale shares have more than doubled (148%) and the S&P 500 has climbed 10.5%.

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Lands’ End Inc. named Monday Jerome Griffith as its new chief executive officer, effective March 6, 2017. He will replace Co-Interim CEO Joseph Boitano and Co-Interim CEO James Gooch, who have served in those roles since Sept. 26, when the clothing, accessories and home products retailer’s previous CEO Federica Marchionni stepped down. Griffith was most recently CEO of Tumi Holdings. “Over the course of his career, Jerome has demonstrated a special talent for innovation in design and functionality to attract new customers while upholding the quality, value, service, and products that current customers love,” said Lands’ End Chairman Josephine Linden. The stock, which was still inactive in premarket trade, has tumbled 27.1% year to date, while the S&P 500 has gained 10.5%.

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