Category: Stock Market News

Shares of Pandora Media jumped 12% Friday after a CNBC report that the company was open to selling itself. Citing people familiar with the matter, the CNBC report said that Pandora was willing to talk with SiriusXM, which has tried to buy Pandora in the past. A Pandora spokesperson said the company does not “comment on rumors or speculation.” Shares of Pandora have gained 23% in the past month, compared to the S&P 500’s gain of 4.5%.

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U.S. stocks opened lower on Friday as a robust November jobs number apparently wasn’t enough to revive a postelection rally. The S&P 500 index opened flat at 2,191. The Dow Jones Industrial Average was off 19 points, or 0.1%, at 19,175. The Nasdaq Composite Index shed 6 points, or 0.1%, to 5,242. Starbucks Corp. shares dropped after CEO Howard Schultz said he would step down. Shares of tech giants Apple Inc. and Google-parent Alphabet Inc. also fell as a rout in tech stocks continued.

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Treasury yields declined on Friday after the November jobs report showed the U.S. economy added 178,000 jobs last month, slightly below expectations. The 10-year yield fell five basis points to 2.399%, while the two-year yield shed 3.5 basis points to 1.116%. The 30-year yield lost 5.2 basis points to 3.057%. Despite the strong headline number, a lackluster reading on average hourly earnings, which slumped 0.1% in November, helped weigh on Treasury yields by dampening inflation expectations.

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Xerox Corp. said Friday Chief Financial Officer Leslie Varon will retire after about 14 months in the role, and 36 years with the company. Varon will retire following the completion of Xerox’s separation into two publicly-traded companies, Xerox and Conduent, on Dec. 31. The company named William Osbourn as CFO of Xerox when the separation is completed. Osbourn, who will join the company on Dec. 5, was previously co-CFO of Time Warner Cable Inc., and played a role in Time Warner Inc. spinning off its cable business. Xerox stock was still inactive in premarket trade. It has lost 11% year to date, while the S&P 500 has gained 7.2%.

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Owens Corning said Friday it’s board has approved an 11% increase to its quarterly dividend to 20 cents a share. The new dividend is payable Jan. 18 to shareholders of record as of Jan. 3. Shares were not yet active in premarket trade, but have gained 10.4% in the year to date, while the S&P 500 has gained 7.2%.

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Allergan plc. said Friday it has settled patent litigation with Zydus Pharmaceuticals (USA) Inc. and Cadila Healthcare Ltd, regarding its Delzicol (mesalamine) product, a treatment for ulcerative colitis. If the Food and Drugs Administration approves it, Zydus and Cadila may be able to sell their generic version of Delzicol from March 1, 2020, or earlier under certain circumstances, Allergan said in a statement. In the third quarter, Allergan said revenue from Delzicol and Asacol, another ulcerative colitis treatment, came to $72.2 million. Allergan shares were down 0.9% premarket, and are down 30% in the year so far, while the S&P 500 has gained 7.2%.

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Vascular Solutions Inc. announced Friday a deal to be acquired by Teleflex Inc. in a deal valued at $1 billion. Under terms of the deal, Teleflex will pay $56 in cash for each Vascular share outstanding, a 1.6% premium to Thursday’s closing price of $55.10, which matched Wednesday’s record close. The acquisition, which is expected to close in the first half of 2017, will be funded through the proceeds from one or more debt financings. Vascular’s stock, which was still inactive in premarket trade, has run up 60% year to date, while Teleflex shares have rallied 11% and the S&P 500 has gained 7.2%.

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Twitter Inc. announced a new head of product Thursday after acquiring the executive’s social-networking-app startup for an undisclosed amount. Keith Coleman, who was director of product management for Google Inc. for a decade before leaving in 2014, was named the permanent replacement for Kevin Weil as vice president of product at Twitter. Weil left in a January exodus of top Twitter executives, and was the fifth person to lead the product team at Twitter in six years, according to Bloomberg News. Coleman founded Yes Inc. after leaving Google, now known as Alphabet Inc., in 2014; Twitter acquired Yes and its team, according to a post on the Yes site.

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The Securities and Exchange Commission said Thursday that Pimco would pay $20 million to settle charges that it misled investors about the performance of the Pimco Total Return Active ETF . The SEC said that for the first four months that the exchange-traded fund traded, it outperformed its flagship mutual fund through an “odd lot” strategy, where the company bought smaller-sized bonds to boost performance. This strategy resulted in the ETF overvaluing its portfolio, while the SEC also said that Pimco didn’t disclose this practice as unsustainable as the fund grew in size. “PIMCO misled investors about the true long-term impact of its odd lot strategy and denied them the opportunity to make fully informed investment decisions about the Total Return ETF,” Andrew J. Ceresney, director of the SEC’s enforcement division, said in a statement. Under terms of the settlement, Pimco agreed to censure under the SEC’s order without admitting to or denying the findings.

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Gap Inc. shares fell 1% in late Thursday trading after the retail company reported a decline in revenue and same-store sales for the month of November. Gap said sales for the four weeks ending Nov. 28 totaled $1.53 billion, down from $1.57 billion last year. Same-store sales for the month fell 1%. Gap said an August fire in its Fishkill, NY distribution center hurt November’s results most, with same-store sales negatively impacted by three percentage points. Analysts say not all of the impacts from the fire have been negative. Same-store sales for the namesake Gap brand fell 3%, and same-store sales at Old Navy fell 2%. Banana Republic, which has been plagued by declining same-store sales results, reported a same-store sales increase of 5% for the month. Gap shares are up 1.4% for the year so far while the S&P 500 index is up 7.2% for the same period.

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