Category: Stock Market News

Shares of Fulgent Genetics Inc. jumped 13% in their market debut Thursday, after pricing at the low end of the $9 to $11 range for the company’s initial public offering. The company sold 4.2 million shares to raise $37.8 million. Shares are trading on Nasdaq, under the ticker symbol ‘FLGT’. Credit Suisse and Piper Jaffray were lead underwriters on the deal. The underwriters have a 30-day option to purchase up to 630,000 additional shares at the IPO price and the company’s chief executive has indicated interest in buying up to 1.05 million shares at that price.

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The Federal Communication Commission has decided, just ahead of its September open commission meeting on Thursday, it’s not yet ready to make a decision on a set-top box proposal that would allow consumers to choose from third-party cable boxes rather than being locked in to leasing or renting costly boxes from cable providers. The proposal was removed from Thursday’s agenda and will go onto the commission’s circulation list where commissioners will revise and debate the issue and subsequently vote on the matter internally. “We are still working to resolve the remaining technical and legal issues and we are committed to unlocking the set-top box for consumers across this country,” FCC Chairman Tom Wheeler said in a statement. There was no indication how long the commission will take to make a decision.

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Chipotle Mexican Grill Inc. said Thursday that it has launched a new ad campaign that spotlights ingredient sourcing and quality. Because the company’s food is prepared with a short list of ingredients, it can pay close attention to each, Mark Crumpacker, chief creative and development officer for Chipotle, said in a statement. The new campaign includes an animated film, online, outdoor and radio advertising. During the company’s latest conference call, Chief Executive Steve Ells said Chipotle had “invested more heavily than ever in marketing and promotional activity” during the first half of the year, according to a FactSet transcript. That includes new menu items like chorizo, the Chiptopia customer rewards program, and its largest-ever mobile offer. Chipotle has struggled after illness outbreaks linked to its restaurants were reported in 2015. Chipotle shares are up 0.6% in Thursday trading, but down 40.6% for the past year. The S&P 500 Index is up 15.3% for the last 12 months.

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Natural-gas futures traded slightly higher Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 49 billion cubic feet for the week ended Sept. 16. That compared with the average rise of 54 billion cubic feet expected by analysts polled by S&P Global Platts. Total stocks now stand at 3.6 trillion cubic feet, up 90 billion cubic feet from a year ago and 220 billion cubic feet above the five-year average, the government said. November natural gas was up 1.2 cents, or 0.4%, from Wednesday’s settlement to $3.014 per million British thermal units. It traded at $2.966 before the data.

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Microsoft Corp. said Thursday it is expanding its artificial intelligence effort with the creation of a new unit called Microsoft AI and Research. The group will be led by Microsoft veteran Harry Shum and will be joined by more than 5,000 computer scientists and engineers, the company said in a statement. The move is expected to accelerate the company’s effort to deliver new AI capabilities. Shares were flat in early trade, but are up 4.5% in the year to date, while the S&P 500 has gained 6%.

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U.S. stocks opened lower on Thursday as the initial enthusiasm for a preliminary agreement on an oil-production cap between the members of the Organization for the Petroleum Exporting Countries faded, helping to dull demand for stocks. The S&P 500 index was off 2 points, or 0.1%, to 2,168. The Dow Jones Industrial Average slid 19 points, or 0.1%, to 18,327. The Nasdaq Composite Index fell 6 points, or 0.1%, to 5,312. That OPEC members had agreed on the need to cap oil production set off a rally in oil prices on Wednesday, which helped lifted stocks in the second-half of the session. But oil prices have since turned lower.

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A train crashed at the Hoboken, N.J., rail station early Thursday, causing NJ Transit rail service and PATH train service in and out of the station to be suspended, according to Twitter posts from New Jersey Transit. New Jersey Transit did not detail a number of injuries, but there were reports of “mass casualties,” according to NBC New York. PATH passengers were advised to take New Jersey Transit Light Rail.

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Shares of Chesapeake Energy Corp. slumped 4.2% in active premarket trade Thursday, after the oil and natural gas company announced the launch of a private placement of $850 million worth of convertible debt. Volume was 1.7 million shares, making the stock the most actively traded ahead of the open. The company plans to use the proceeds from the offering for general corporate purposes, including paying down debt and the repayment of credit facilities. The senior debt, due 2026, will be convertible into cash, common stock or a combination of both. The stock had soared 50% year to date through Wednesday, while the SPDR Energy Select Sector ETF has climbed 16% and the S&P 500 has gained 6.2%.

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American Eagle Outfitters Inc. announced Thursday that Bob Madore has been selected as chief financial officer of the retailer, effective Oct. 28. Madore was most recently the CFO of Ralph Lauren Corp. . He replaces Scott Hurd, the chief accounting officer who has been acting as interim CFO. American Eagle shares are unchanged in premarket trading and up 15% year-to-date. The S&P 500 Index is up 6.2% for 2016 so far.

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In a move that had been previously anticipated, National Amusements Inc., the majority stakeholder in both CBS Corp. and Viacom Inc. voting stock that’s controlled by Sumner Redstone, has asked both companies to consider a merger. In a letter to board members, National Amusements said it believes the combined company would better respond to the challenges of the entertainment and media landscape and suggests an all-stock transaction in which stakeholders would receive shares in the new company of the same class as those they currently hold. Should the transaction move forward, Sumner Redstone, Shari Redstone and David Andelman would not vote as directors, the letter said, and National Amusements would not support any acquisition from a third party or any deal that would entail National Amusements surrendering its controlling position in the individual companies or the combined company. CBS shares are unchanged in premarket trading, but up 39% for the past year. Viacom shares are up 0.5% in premarket trading, but down 14.6% for the last 12 months. The S&P 500 Index is up 15.3% for the previous year.

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