Category: Stock Market News

Host Hotels & Resorts Inc. , a lodging real estate investment trust, said Wednesday that Chief Executive W. Edward Walter will step down, effective Dec. 31, and James Risoleo, managing director of West coast investments, will succeed him. Walter, who will also give up his seat on the company’s board, will remain with the company through Jan. 31, 2017. He has been CEO for the past decade. Risoleo, who has been with the company for 20 years, will assume the CEO position on Jan. 1. Host Hotels shares are inactive in premarket trading, but up 24.2% for the year so far. The S&P 500 index is up 11.1% for 2016 to date.

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Shares of Vericel Corp. soared 65% in active premarket trade Wednesday, after the company said its treatment for cartilage defects of the knee was approved by the Food and Drug Administration. Volume topped 2.3 million shares ahead of the open, making the stock the most actively traded in the premarket. Vericel said MACI is the first FDA-approved cellularized scaffold product that applies tissue engineering processes to grow cells on scaffolds using healthy cartilage tissue from the patient’s own knee. “We believe that the introduction of MACI, along with investments to expand our commercial organization and implement new patient support programs, positions Vericel to generate significant growth in 2017 and beyond,” said Chief Executive Nick Colangelo. The stock had tacked on 0.8% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF had plunged 20% and the S&P 500 had gained 11%.

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Shares of Vericel Corp. soared 65% in active premarket trade Wednesday, after the company said its treatment for cartilage defects of the knee was approved by the Food and Drug Administration. Volume topped 2.3 million shares ahead of the open, making the stock the most actively traded in the premarket. Vericel said MACI is the first FDA-approved cellularized scaffold product that applies tissue engineering processes to grow cells on scaffolds using healthy cartilage tissue from the patient’s own knee. “We believe that the introduction of MACI, along with investments to expand our commercial organization and implement new patient support programs, positions Vericel to generate significant growth in 2017 and beyond,” said Chief Executive Nick Colangelo. The stock had tacked on 0.8% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF had plunged 20% and the S&P 500 had gained 11%.

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Lennox International Inc. revised up its adjusted earnings-per-share outlook for 2016 to $6.80 to $6.95 from $6.75 to $6.95, with the midpoint of the range now more in line with the FactSet consensus of $6.88. For 2017, the seller of heating, air conditioning and refrigeration products said it expects adjusted EPS of $7.55 to $8.15, surrounding the FactSet consensus of $7.72. Revenue is expected to increase 3% to 7% over 2016, while the FactSet revenue consensus of $3.79 billion implies growth of 4.5%. Lennox said it expects to buy back $250 million worth of its shares in 2017, after repurchasing $300 million worth of its shares in 2016. The stock, which was still inactive in premarket trade, has run up 26% year to date, while the S&P 500 has gained 11%.

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Keane Group Inc. has filed for an initial public offering, with provider of well completion services looking to raise up to $287.5 million. The company expects to list its stock on the New York Stock Exchange under the ticker symbol “FRAC.” Citigroup, Morgan Stanley, BofA Merrill Lynch and J.P. Morgan are the joint book-running managers. Keane, which was founded in 1973 in Lewis Run, Penn., said of its total 23 hydraulic fleets, 13 fleets were deployed as of Nov. 30.

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Shares of Express Scripts Holding Co. rose 1.1% in premarket trade Wednesday, after the pharmacy benefit management company affirmed its profit outlook, while raising its claims estimate due to a change in methodology in how they are reported. The company still expects adjusted 2016 earnings per share of $6.36 to $6.42, which surrounds the FactSet consensus of $6.39, and now expects 2017 adjusted EPS of $6.82 to $7.02, compared with expectations of $6.93. The 2016 net EPS outlook was raised to $5.28 to $5.34 from $4.47 to $4.53 because of a discrete tax benefit of 81 cents a share related to the disposition of PolyMedica Corp. The company said non-specialty network claims through its 90-day network programs will now be multiplied by three, as these claims tend to cover a time period three times longer than other network claims. As a result, it raised its 2016 total adjusted claims outlook to 1,400 million to 1,415 million from 1,265 million to 1,280 million. The stock has tumbled 16% year to date through Tuesday, while the S&P 500 has gained 11%.

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Donald Trump has selected former Texas Gov. Rick Perry to head the Energy Department, Trump’s transition team announced Wednesday morning. “As the governor of Texas, Rick Perry created a business climate that produced millions of new jobs and lower energy prices in his state, and he will bring that same approach to our entire country as secretary of energy,” Trump said in a statement. Perry, a former Republican presidential candidate, once advocated for eliminating the Energy Department.

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The planned evacuation of civilians and rebel fighters in eastern Aleppo expected to start early Wednesday, has been delayed amid fresh shelling, reported the BBC and other media outlets. The area is the last holdout of rebel fighters. One reason being cited for the holdup in evacuations was that the Syrian government has reportedly insisted that its injured fighters and civilians be moved out of nearby towns. Russia blamed the resumption of shelling on the rebels, saying they broke the ceasefire. The evacuation deal, brokered by Turkey and Russia was intended to allow for the safe passage out of eastern Aleppo by civilians and rebels from eastern Aleppo. Some 800 sick and injured people need to be immediately evacuated from the war-torn region, an opposition official told the Associated Press.

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Actor Alan Thicke, who left an indelible mark on 1980s sitcoms, died Tuesday at 69. Thicke suffered a heart attack in Los Angeles, according to the publicist for his pop-star son, Robin Thicke. The Canadian-born actor was best known for playing the beloved father in the hit family sitcom “Growing Pains” from 1985 to 1994. A noted composer, Thicke was nominated for three Emmy Awards in the 1970s, and wrote the catchy theme songs for “Diff’rent Strokes” and “The Facts of Life.” In recent years, he appeared in cameos on popular TV series such as “How I Met Your Mother” and “Fuller House.”

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Carl Icahn, chairman of Icahn Enterprises LP, greeted the appointment of Kathryn Marinello as the new chief executive of Hertz Global Holdings Inc. with lofty praise. “Kathy has a history as a proven CEO and I believe she is the right person to lead Hertz as we move forward. Her consistent track record of successes in consumer and financial services, as well as technology businesses, is impressive,” said Icahn in a statement. Icahn Enterprises is Hertz’s biggest shareholder. The car rental company said late Tuesday that Marinello will succeed CEO John Tague when he retires on Jan. 2. Shares of Hertz slid 3.3% after hours.

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