Category: Stock Market News

Novartis AG has acquired U.S.-based Selexys Pharmaceuticals Corp., a developer of therapeutics for blood and inflammatory disorders, the Swiss drug maker said in a statement Monday. The terms of the deal could amount to up to $665 million in upfront, acquisition and milestone payments, Novartis said. The move came after the receipt of results from a trial evaluating Selexys’s SelG1, a treatment for pain related to sickle-cell disease. Novartis exercised a right to acquire Oklahoma City-based Selexys that it obtained in 2012. Shares in Novartis fell 1.5% in early trading Monday.

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Facebook Inc. plans to increase its U.K. staffing level by 50%, or 500 persons, according to media reports on Monday. The social media company plans to move to a new headquarters site in London in 2017, upping its employee headcount to 1,500, the company reportedly said in a statement. Nicola Mendelsohn, Facebook’s vice president for the EMEA region, said “high-skilled engineering jobs” will make up the bulk of the new hires. A spokesperson for Facebook could not immediately be reached for comment.
Other technology companies have recently affirmed their commitment to the city, months after Brexit has triggered talk that major banks will relocate jobs elsewhere. Apple Inc. said in September that it will move its London headquarters to the landmark Battersea Power Station.

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Cybersecurity giant Symantec Corp. is reportedly close to a $2.4 billion acquisition of LifeLock Inc. [s:lock] Bloomberg news reported Sunday night that the deal could be announced Monday, following the result of a bidding war. LifeLock had reportedly been pursuing buyers for months. LifeLock shares are up more than 44% year to date; Symantec is up about 13% in 2016. Earlier this year, Symantec bolstered its holdings with the $4.65 billion acquisition of cybersecurity firm Blue Coat Inc.

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Cybersecurity company Optiv Inc. said it seeks to raise up to $100 million in an initial public offering, according to a filing with the Securities and Exchange Commission filing late Friday. Optiv reported 2015 revenue of $947.3 million and a net loss of $14.4 million. Morgan Stanley, Goldman Sachs, Barclays and Citigroup are listed among the underwriters. The Denver-based company plans to trade on the New York Stock Exchange under the ticker symbol “OPTV”.

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President-elect Donald Trump is in advanced talks to settle litigation surrounding the now-defunct Trump University by paying between $20 million and $25 million, The Wall Street Journal reported, citing people familiar with the discussion. Trump is facing cases in both California and New York. A settlement would remove a distraction before Trump takes office.

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U.S. stocks were flat at the open on Friday as investors blamed a strong dollar for preventing the S&P 500 index and Dow Jones Industrial Average from reaching new record highs. The S&P 500 was up 1 points, or less than 0.1%, at 2,188. The Dow gained 7 points, or 0.1%, to 18,906. The Nasdaq Composite Index was flat at 5,341.

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Shipping stocks were mostly higher in premarket trade Friday, as they recovered from the sharp pullback suffered in the previous session. Diana Containerships Inc.’s stock soared 14% ahead of the open, after tumbling 69% on Thursday. That decline, which was the biggest one-day percentage selloff since it went public in January 2011, followed a five-fold gain over the previous four session. DryShips Inc. shares rallied 13% after plunging 85% on Thursday. Elsewhere, Globus Maritime Ltd.’s stock gained 5.2%, Seanergy Maritime Holdings Corp. shares rose 7.7% and TOP Ships Inc. shares tacked on 0.7%. Among the few shipping stock that rose Thursday, Rand Logistics Inc.’s shed 8% premarket and Global Ship Lease Inc.’s dropped 5.6%. Futures for the S&P 500 were little changed early Friday, after rising 0.5% on Thursday.

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Shares of Tesla Motors Inc. rallied 1.3% in premarket trade Friday, after shareholders approved the electric maker’s proposed acquisition of solar power company SolarCity Corp. late Thursday. Analyst Ben Kallo at Robert W. Baird affirmed his bullish outperform rating on Tesla, said he expects the stock should move higher after noise around the merger subsides. “In our opinion, investor focus will return to the ramp of the Gigafactory, Model S and X production, and the ramp of Model 3 production, and we believe shares will move higher with execution,” Kallo wrote in a note to clients. He said Tesla Chief Executive Elon Musk believes Tesla would be in a better competitive position if a Republican government repeals the electric-vehicle subsidies. Kallo’s stock price target of $338 is 79% above Thursday’s closing price of $188.66. SolarCity’s stock surged 2.6% ahead of the open. Tesla’s stock has lost 3.2% since the election through Thursday, and has tumbled 21% year to date, while the S&P 500 has gained 7% this year.

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Actuant Corp. said Friday Chief Financial Officer Andrew Lampereur will step from that position after the industrial company reports fiscal first-quarter results on Dec. 21. The company said Rick Dillon, currently the CFO of Century Aluminum Co. , will join the company on Dec. 5, and assume the CFO role on Dec. 22. “I worked with him for a number years at Joy Global Inc. and believe his skills and experience will be a real asset as we work together to implement the Company’s strategic growth plan,” said Actuant Chief Executive Randy Baker. Lampereur, who joined the company in 1993, will provide consulting support thereafter. Separately, the company said former Chief Executive and Chairman Robert Arzbaecher and Thomas Fischer, who led the audit committee, will retire from the board of directors. Actuant said it will record separation and transitions charges and an $8 million stock compensation charge in the first quarter. The stock, which was still inactive in premarket trade, has rallied 9.4% year to date, while the S&P 500 has gained 7%. Century Aluminum’s stock was still inactive in premarket trade.

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Foot Locker Inc. reported Friday fiscal third-quarter earnings that rose to $157 million, or $1.17 a share, from $80 million, or 57 cents a share, in the same period a year ago. That beat the FactSet consensus for earnings per share of $1.10. Revenue increased to $1.89 billion from $1.79 billion, matching the FactSet consensus, as the gross margin rate improved to 33.9% of sales from 33.8%. Same-store sales grew 4.7%, in line with the FactSet consensus. Merchandise inventory increased 1.9% to $1.36 billion. The athletic shoe retailer said it opened 21 new stores during the quarter, but closes 28 stores. The stock, which slipped 0.5% in premarket trade, has rallied 9.6% year to date, while the SPDR S&P Retail ETF has gained 5.8% and the S&P 500 has climbed 7%.

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