Category: Stock Market News

Dick’s Sporting Goods Inc. said Monday it named Lee Belitsky as its chief financial officer, effectively immediately. Belitsky, who joined the sporting goods retailer in 1997 as controller, spent the last 11 years at treasurer. Belitsky will assume the responsibilities of Andre Hawaux, the company’s chief operating officer who had been serving as the principal financial officer on an interim basis since August. The stock slipped 0.2% in midday trade. It has soared 60% year to date, while the SPDR S&P Retail ETF has tacked on 0.7% and the S&P 500 has gained 5.6%.

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Shares of SeaWorld Entertainment Inc. were up 5% Monday morning after Ivory Cove Ltd. reported a 5.2% stake in the company. This investment would make Ivory Cove the fourth-largest shareholder in the company, according to FactSet. Shares of SeaWorld have gained 7% in the past month, compared to the S&P 500’s loss of 1%. Year to date, shares of SeaWorld have fallen 28.5% compared to the S&P 500’s gain of 6%.

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Shares of Fiat Chrysler Automobiles N.V. rose 0.3% in morning trade Monday, after the automaker reported total U.S. vehicle sales in September fell 1% from a year ago, as a 17% decline in sales of cars and multipurpose vehicles and and a 3% drop in utility vehicles offset a 27% increase in truck and light commercial vehicle sales. Among individual brands, Jeep sales fell 3%, Chrysler slid 27%, Dodge declined 6%, Fiat tumbled 30% and Ram jumped 27%. The stock has tumbled 30% year to date, while the S&P 500 has gained 5.7%.

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Shares of VirnetX Holding soared 45% early Monday after the company said it won a $302.4 million verdict against Apple Inc. for patent infringement. The verdict, which includes royalties awarded to VirnetX, ends a years-long case in which two earlier verdicts in Apple’s favor were overturned by a federal judge. The latest verdict is related to VPN-on-Demand and Apple’s original FaceTime product. VirnetX has another two cases outstanding, including patents related to Apple’s iMessage. Shares of VirnetX traded around $5.50 on Monday, pushing them up 14% in the past three months, versus a 2.7% improvement for the S&P 500.

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Ford Motor Co. said Monday that total September U.S. vehicle sales fell 7.7% from a year ago to 221,599 vehicles, as an 8.1% slide in sales of Ford branded vehicles offsetting a 1.3% increase in Lincoln vehicles. Sales of all types of vehicles declined during the month, led by a 21% drop in car sales, followed by a 3.4% drop in sport-utility vehicles and a 1.8% decline in trucks. Sales of the top selling Ford-branded car model Fusion tumbled 17.5%, while the top selling SUV model Explorer dropped 12.3% and the top selling truck–F-Series–slumped 2.6%. The stock, which slipped 0.3% in morning trade, has lost 15% year to date, while the S&P 500 has gained 5.9%.

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U.S. stocks opened lower on Monday, the first trading day of the fourth quarter, as investors awaited more news surrounding the U.S. Department of Justice’s probe into Deutsche Bank AG. The S&P 500 slipped 5 points, or 0.2%, to 2,162. The Dow industrials fell 55 points, or 0.3%, to 18,252. The Nasdaq Composite was off 13 points, or 0.3%, to 5,298. The Wall Street Journal reported on Monday that no settlement deal has been presented to senior decision makers on either side.

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Shares of Cabela’s Inc. soared 15% in premarket trade Monday, after the sporting goods retailer announced a deal to be acquired by Bass Pro Shops in a deal valued at $5.5 billion. Under terms of the deal, Bass Pro Shops will pay $65.50 for each Cabela’s share outstanding, which represents a 19% premium to Friday’s closing price of $54.93. Upon closing of the deal, Bass Pro Shops will enter into a multiyear partnership with Capital One Financial Corp. to originate and service Cabela’s co-branded credit card, with all Cabela’s CLUB points being unaffected. Cabela’s stock had climbed 18% year to date through Friday, while the SPDR S&P Retail ETF had inched up 0.7% and the S&P 500 had gained 6.1%.

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Winnebago Industries Inc. said it will buy towable recreation vehicle maker Grand Design Recreational Vehicles for $500 million in cash and stock. The RV maker expects stock portion to be funded with $105 million in newly-issued shares. Based on Friday’s closing price of $23.57 for the stock, that would increase the shares outstanding by 4.45 million shares, or nearly 17%. The stock, which rallied 5.1% in light premarket trade, has run up 18% year to date through Friday, while the S&P 500 has gained 6.1%. Winnebago expects the deal to added to profit margins and earnings per share, and generate significant cash flow to facilitate a reduction in debt. “The addition of Grand Design will accelerate our expansion in the towables business, creating a broader and more balanced portfolio well-positioned to capitalize on the opportunities across the RV market and to drive improved profitability and long-term value for stakeholders,” said Winnebago Chief Executive Michael Happe.

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Microsoft Corp. said Monday it has more than doubled its cloud capacity in Europe in the past year, and has so far invested $3 billion across the region. The software giant said it plans to offer Microsoft Azure, Office 365 and Dynamics 365 from multiple datacenter locations in France, with initial availability expected in 2017. The company said that will add to datacenters already in the region, such as in the U.K., the Netherlands, Ireland, Austria and Finland. Microsoft’s stock tacked on 0.2% in premarket trade. It has climbed 3.8% year to date through Friday, while the Dow Jones Industrial Average has gained 5.1%.

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Merrimack Pharmaceuticals Inc. said early Monday it’s Chief Executive Officer Robert Mulroy has resigned as the company also moves to cut 22% of its workforce in a major restructuring effort. The reduction in personnel–expected to be completed by Dec. 3–is an effort to prioritize Merrimack’s research and development of products and strengthen its financial runway. Merrimack also plans to cut $200 million in expected costs over the next two years.. As of Jan. 31 Merrimack had 426 employees and the company said in a news release the cuts will not impact the commercial team. Merrimack board Chairman, Gary Crocker will serve as interim CEO as the company looks for a replacement. Merrimack shares are down nearly 20% in the year to date, underperforming the S&P 500 Index which is up 6%.

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