Category: Stock Market News

Stanley Black & Decker announced Wednesday a deal to buy Newell Brands Inc.’s tools business for $1.95 billion in cash. Stanley said it expects the acquisition, which is expected to close in first half of 2017, to add an adjusted 15 cents a share to earnings in the first year, increasing to about 50 cents a share by year three. The deal is expected to result in cost synergies of $80 million to $90 million by the third year. The brands included in Newell’s tools business includes Irwin and Lenox. “Newell Tools is an important step in our quest to further strengthen our presence in the global tools industry,” said Chief Executive James Loree. Stanley’s stock, which was still inactive in premarket trade, has climbed 10% year to date, while Newell’s shares have surged 14% and the S&P 500 has gained 4.5%.

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The Chicago Cubs kept alive their dream of their first World Series appearance since 1945, coming back in the ninth inning to defeat the San Francisco Giants, 6-5, on Tuesday night to win the National League Division Series. The Giants appeared on the brink of tying the series at two games apiece and sending the series back to Chicago, but their bullpen collapsed in the ninth inning, with five relievers giving up four runs to the Cubs. It was the 32nd blown save of the year for the Giants, the most in the league. The Cubs, who have not won a World Series since 1908, finished the year with the league’s best record, and will next face the winner of Thursday’s game between the Washington Nationals and Los Angeles Dodgers in the National League Championship Series.

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Fortinet Inc. plummeted in the extended session Tuesday after the computer security company cut its outlook for the quarter. Fortinet shares fell 17% to $28.27 after hours. The company expects adjusted third-quarter earnings of 15 cents to 16 cents a share on revenue of $311 million to $316 million. Analysts surveyed by FactSet had estimated 18 cents a share on revenue of $322.4 million. Previously, Fortinet had forecast earnings of 17 cents to 18 cents a share on revenue of $319 million to $324 million. The company also expects total billings of $343 million to $348 million, down from its previous forecast of $372 million to $376 million.

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Shares of LPL Financial Holdings Inc. [S: LPLA] surged in afternoon trading on Tuesday, with the stock jumping 8.6% to $33.47, the highest price for the stock since January. The move represented the biggest one-day pop for the shares since February.
The move followed a unconfirmed report from Reuters that the Boston-based financial services company was working with Goldman Sachs [S: GS] to explore a possible sale. The stock was briefly halted in afternoon trading, but trading accelerated after it reopened. More than 2.2 million shares traded, several times the stock’s 30-day average of roughly 511,000.

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Oil futures fell on Tuesday, but held their ground above the $50-a-barrel level. The International Energy Agency reported that crude output from the Organization of the Petroleum Exporting Countries rose in September, even as the group continues to discuss a plan to cut back on production. November West Texas Intermediate crude fell 56 cents, or 1.1%, to settle at $50.79 a barrel on the New York Mercantile Exchange. Prices rose 3.1% on Monday, buoyed by news that Russia planned to back OPEC’s proposal to reduce output.

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Gold futures fell Tuesday to mark their seventh loss in the last eight sessions, as the dollar traded solidly higher in the wake of Brexit-induced losses for the British pound. “This correction is not driven by fundamentals, but due to dollar strength mixed with the triggering of stop losses,” said Nico Pantelis, head of research at Secular Investor. “The $1,260 level looks like a good consolidation area for now but in the short run, we could see gold make another attempt to drop towards $1,200,” he said. December gold fell $4.50, or 0.4%, to settle at $1,255.90 an ounce.

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Comcast Corp. was ordered by the Federal Communications Commission to pay the largest civil penalty assessed from a cable provider by the FCC, to resolve an investigation into whether the company wrongfully charged customers for services and equipment they never asked for. Comcast will have to pay $2.3 million after the FCC looked into numerous consumer complaints alleging Comcast tacked on charges to their bills for unordered services and products, such as premium channels, set-top boxes or digital video recorders, according to a news release. The practice is known as “negative option billing” and is prohibited under the FCC’s rules and the Communications Act. Under the terms of Tuesday’s settlement Comcast will implement a five-year compliance plan and will offer, at no cost, the ability to block the addition of new services or equipment on their accounts. The settlement also requires Comcast to implement a detailed program for redressing disputed charges in a standardized and expedient fashion, and limits adverse action while a charge is being disputed, the FCC wrote in the release. Comcast shares are up nearly 13% in the year to date, outperforming the S&P 500 Index , which is up about 5%.

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Illumina Inc. shares tanked 26% in morning trade Tuesday after the company estimated third-quarter revenue would come in below expectations, based on a preliminary financial analysis. Illumina estimated revenue would increase to $607 million from $550 million, missing the company’s revenue guidance of $625 million to $630 million and the FactSet consensus of $618.1 million. Illumina, which focuses on DNA sequencing and array-based technologies, attributed the shortfall to a “larger than anticipated year-over-year decline in high throughput sequencing instruments,” a 26% decline, and said it expected fourth-quarter revenue to be flat to slightly up sequentially. The company is scheduled to report earnings after the close on Nov. 1. Illumina shares dropped 2.0% over the last three months, compared with a 0.5% rise in the S&P 500 .

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U.S. stocks on Tuesday began trade modestly lower as Alcoa reported weaker-than-expected third-quarter results. The S&P 500 index was down 6 points, or 0.3%, at 2,157. The Dow Jones Industrial Average lost 38 points, or 0.2%, at 18,290, while the Nasdaq Composite Index gave up 10 points, or 0.2% to trade at 5,318. Alcoa Inc., less than a month away from splitting itself in two, reported worse-than-expected earnings growth in its latest earnings report amid lower prices for aluminum. The aluminum maker’s shares were don 7.4% in early trade. On the commodity front, crude-oil prices were wavering, but turned higher at the open. The International Energy Agency said production from the Organization of the Petroleum Exporting Countries rose in September.

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HHGregg Inc. said Tuesday that all of its 220 brick-and-mortar stores will be closed on Thanksgiving Day. The move is meant to allow store associates to spend the holiday with family, said Chief Executive Bob Riesbeck in a statement, “and we are encouraging our customers to do the same.” Deals will be available online, on Black Friday and throughout the weekend, Riesbeck said. HHGregg will be open on Wednesday from 9 a.m. to 10 p.m. and on Black Friday from 7 a.m. to 10 p.m. Stores will also be open throughout the weekend. HHGregg shares are down nearly 68% for the past year while the S&P 500 Index are up 7.4% for the same period.

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