Category: Stock Market News

The MNI Chicago Business Barometer, also known as Chicago PMI, increased 2.7 points to 54.2 in September from 51.5 in August, recovering most of lost ground experienced in the previous month. The gains were led by an improvement in production, which shot up 7.3 points to the highest level since January. Any reading above 50 indicates improving conditions.

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From:: Stock Market News

U.S. stocks on Friday opened higher, as investors attempted to shrug off worries about the financial health of Deutsche Bank AG that helped sink U.S. equities a day earlier and unsettled overseas markets. A rebound in oil prices also helped push equities higher. On the U.S. economic front, consumer spending was barely changed in August, while inflation inched up, but remained below the 2% target set by the Federal Reserve. The S&P 500 gained 12 points, or 0.6%, to 2,163. The Dow Jones Industrial Average rose 125 points, or 0.7%, to 18,268. And the Nasdaq Composite added 23 points, or 0.4%, to 5,292.

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Wal-Mart Stores Inc. shares are up 1.1% in Friday premarket trading after it was initiated at overweight at KeyBanc Capital Markets based on investment-driven market share gains the retail giant has made in recent quarters. Wal-Mart’s price target is $90. Analysts support efforts like the two-year, $2.7 billion investment in store associates, which they say has improved the customer experience, and the closing of Walmart Express stores. And the bank believes “the acquisition of Jet.com further solidifies Walmart’s position as a strong number two in e-commerce,” the Thursday note said. “We think that the company can opportunistically use price investments as a lever to drive the targeted incremental $45 billion to $60 billion in sales over a three-year period.” Wal-Mart shares are up 15.4% for the year so far, while the S&P 500 Index is up 5.2% for the same period.

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Shares of Cognizant Technology Solutions Corp. tumbled 8.4% in premarket trade Friday, after the consulting company disclosed an internal investigation it whether certain payments it made to facilities in India violated the U.S. Foreign Corrupt Practices Act. Cognizant said it notified the U.S. Department of Justice and the Securities and Exchange Commission of its investigation. Separately, the company said Friday that President Gordon Coburn resigned from the company on Sept. 27. Rajeev Mehta, chief executive of the IT services business, was named president on Sept. 28. The stock had lost 8.4% year to date through Thursday, while the S&P 500 had gained 5.2%.

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Cheniere Energy Inc. said Friday that it submitted a proposal to buy the shares of Cheniere Energy Partners L.P. Holdings it doesn’t already own in a deal that would value Cheniere Partners Holdings at about $5.1 billion. Cheniere Energy owned 80.1% of Cheniere Partners Holdings’ shares as of Aug. 12, according to FactSet. Under terms of the deal, Cheniere Energy would pay 0.5049 of its shares for each Cheniere Partners Holdings shares outstanding. Based on Thursday’s closing price of Cheniere Energy’s stock of $43.37, the bid values Cheniere Partners Holdings shares at $21.90 each, or a 3% premium. Cheniere Partners Holdings owns units of natural gas company Cheniere Energy Partners LP, which is a subsidiary of Cheniere Energy. Cheniere Partners Holdings stock was indicated up 4.5% in premarket trade, while Cheniere Energy shares were indicated down 0.9%. The stocks have gained 22% and 16%, respectively, year to date, while the S&P 500 has tacked on 5.2%.

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From:: Stock Market News

Shares of Lexmark International Inc. soared 13% in active premarket trade, after printer and imaging products company said its proposed buyout by a Chinese consortium was cleared by U.S. regulators. Lexmark said in a filing that Committee on Foreign Investment in the United States found that there were no unresolved national security issues associated with the acquisition. Meanwhile, the CFIUS required Lexmark and the consortium, which is led by Apex Technology Co. Ltd. and PAG Asia Capital, to enter into a national security agreement with the departments of defense and homeland security. The buyout is still subject to approval by China’s State Administration of Foreign Exchange. Lexmark had agreed to the $3.6 billion merger in April.

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International Game Technology PLC said Friday it agreed to pay $500,000 to the Securities and Exchange Commission to settle allegations that it violated whistleblower anti-retaliation provisions. IGT said with the settlement, it neither admits nor denies the allegations. Shares of the operator of gaming machines and lotteries, which were still inactive in premarket trade, have soared 33% over the past three months while the S&P 500 has gained 2.5%.

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From:: Stock Market News

The euro was slammed lower against other major currencies on Friday as uncertainty over Deutsche Bank AG’s [d: xe:dbk] financial health increased and reignited fears of a new eurozone banking crisis. The shared currency slumped to $1.1182, its lowest trading level since last week and down from $1.1223 late Thursday in New York. The euro also fell against the pound , with sterling buying €1.1578, compared with €1.1554 on Thursday. “Deutsche Bank’s CDS (credit default swaps) rose to a historical high as investors see the counterparty risk mounting. The cash is flowing into the safe heaven assets as chatter about a potential systemic risk hit the wires,” said Ipek Ozkardeskaya, senior market analyst at London Capital Group in a note. Deutsche Bank shares tumbled in New York on Thursday on a report a group of hedge funds were reducing their exposure to the banking giant. The lender’s shares were down 5.5% in Europe on Friday morning.

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Enterprise-tech startup Nutanix priced its initial batch of shares at $16 Thursday evening, higher than the elevated price range it named earlier this week and high enough to avoid a “down round” from its final valuation from private investors. Nutanix, which sells “hyperconverged infrastructure” that offers computing power and storage to businesses, had initially predicted shares would sell in a range from $11 to $13, then increased that range to $13 to $15. The company said in a news release Thursday that it would sell nearly 15 million shares for $16, bringing in a total of roughly $238 million. Underwriting banks have access to another 2.2 million shares, which could push that total even higher. The pricing helped Nutanix receive a slight bump in valuation from its last venture-funding round, which valued the company at $2 billion; a $16 share price implies an initial market capitalization of about $2.2 billion. The San Jose, Calif., company is expected to begin trading Friday morning on the Nasdaq Global Select Market under the ticker symbol NTNX.

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Mentor Graphics Corp. shares rose in the extended session Thursday after Elliott Associates and its subsidiaries reported doubling their stake in the electronics design company. Mentor shares rose 6% to $26.17 after hours. In a Securities and Exchange Commission filing, Elliott Associates LP, Elliott International LP, and Elliott International Capital Advisors Inc. disclosed at combined 8.1% stake in Mentor. According to FactSet data, Elliott previously held a 4% stake in Mentor.

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From:: Stock Market News