Category: Stock Market News

Perry Capital, a hedge fund founded in 1988 by Richard Perry, is winding down its main funds after a string of losses, according to media reports Monday. “Although I continue to believe very strongly in our investments, process and team, the industry and market headwinds against us have been strong, and the timing for success in our positions too unpredictable,” Perry wrote in a letter to investors cited by both Reuters and Bloomberg News. Perry Capital’s closure is the latest upheaval in a industry plagued by a more challenging investment environment and spreading disenchantment with the high fees charged by hedge funds.

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Kite Pharmaceuticals Inc. shares jumped in the extended session Monday after the biotech drug developer said a clinical study of its lead cancer drug met its primary goal. Kite shares, which had been briefly halted, surged 13% to $62.20 after hours. The company reported a mid-stage clinical study of its drug KTE-C19 showed that 76% of patients with Non-Hodgkin Lymphoma, or cancer of a part of the body’s immune system called lymphocytes, responded to the treatment, while 47% showed a complete remission.

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Synnex Corp. shares reached record prices Monday afternoon after the Silicon Valley contract-manufacturing company handily beat earnings and revenue expectations and raised its quarterly dividend. Synnex reported third-quarter profit of $58.7 million, or $1.47 a share, on sales of $3.67 billion; after adjustments for acquisition-related expenses and other factors, the company claimed earnings of $1.73 a share. Synnex’s profit easily topped analysts’ average expectation of $1.56 a share, according to FactSet, as well as Synnex’s forecast of $1.52 to $1.57 a share. Analysts on average expected quarterly revenue of $3.49 billion, according to FactSet. Synnex pushed its dividend to 25 cents a share, after paying 20 cents a share last quarter. Synnex shares topped $112 in late trading after closing at $106.18; the stock has an intraday record high of $108.31.

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Rice Energy Inc. shares fell more than 3% late Monday after the Canonsburg, Penn., energy company said it has agreed to buy Vantage Energy for $2.7 billion, including debt. The deal is expected to close in the fourth quarter. In connection with the planned deal, Rice’s logistics and midstream arm, Rice Midstream Partners LP , will buy the acquired midstream assets from Rice Energy for $600 million. “This acquisition adheres to our proven strategy of pursuing core shale gas acreage,” Rice Energy CEO Daniel J. Rice IV said in a statement. Rice shares had ended the regular session up 0.8%.

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U.S. stocks closed lower Monday weighed down by the financial sector as plunging shares of Deutsche Bank AG raised fears about contagion. The Dow Jones Industrial Average closed down 166.62 points, or 0.9%, at 18,094.83, with shares of Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. leading blue chips lower. The S&P 500 index finished down 18.59 points, or 0.9%, at 2,146.10, with the financial and health-care sectors leading losses. The Nasdaq Composite index fell 48.26 points, or 0.9%, to close at 5,257.49. Financial stocks were vulnerable as concerns grow that Deutsche Bank may have to raise fresh capital to pay for potential billions in U.S. fines stemming from mortgage bonds.

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Oil futures settled higher Monday, recouping most of what they lost in the previous session as the market continued to weigh prospects for the outcome of discussions among major oil producers, who have gathered in Algeria for an energy forum. November West Texas Intermediate crude tacked on $1.45, or 3.3%, to settle at $45.93 a barrel on the New York Mercantile Exchange. It lost roughly 4% on Friday.

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A strategic case could be made for Walt Disney Co. buying Twitter Inc. , but analyst Richard Tullo at Albert Fried said Monday that it looked at a bad idea, especially at current share prices. Twitter’s stock swung higher in afternoon trade Monday, to trade up 0.6% after being down as much as 4.3% earlier in the session, after running up 21% on Friday. The stock’s intraday bounce occurred after Bloomberg reported that Disney was working with a financial advisor to evaluate a possible bid for Twitter. “On the surface a deal makes no sense but if you think streaming video is potentially disruptive to live sports then there is a strategic case to be made,” Tullo wrote in an emailed note to clients. “Keep in mind Twitter [not covered] is an expensive stock on virtually every metric, and if no one bids for Twitter then it could be a broken deal stock.” On Friday, CNBC reported that Twitter was closing in on a buyout deal. Disney’s stock slumped 1.7% in afternoon trade, with losses accelerating after the report of interest in Twitter. The stock has dropped 13% year to date, while Twitter’s stock had lost 1.3% and the Dow Jones Industrial Average has gained 4%.

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Twitter Inc. jumped and Walt Disney Co. shares slumped in Monday trading after Bloomberg reported that the entertainment giant was considering a bid for the social network. Twitter stock soared Friday after a report that the San Francisco company was considering acquisition bids, with potential buyers identified as tech giants like Salesforce.com Inc. and Alphabet Inc. . Disney has also been mentioned as a potential buyer: BTIG analyst Rich Greenfield said, “We continue to believe Disney should have interest [in acquiring Twitter],” but noted that Twitter’s losses would have a dilutive effect on Disney. Twitter stock was suffering Monday after a downgrade from Oppenheimer, but jumped from a loss of more than 3% to a gain of about 1% after the report hit; Disney shares immediately fell from more than $92 to less than $91.50.

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The Securities and Exchange Commission fined Merrill Lynch $12.5 million for not preventing erroneous orders that caused mini flash crashes-stock prices plummeted and then suddenly recovered within seconds-in Google, Anadarko Petroleum Corp, and Qualys in 2013. Anadarko Petroleum Corporation and Qualys Inc. dropped more than 99% and Google dropped more than 3% in less than a second. An SEC investigation found more than 15 market disruptions allegedly caused by Merrill Lynch between late 2012 to mid-2014. Merrill Lynch also allegedly violated the Market Access Rule because controls that are supposed to prevent erroneous trading orders were set at levels so high they were ineffective. Merrill Lynch, a unit of Bank of America , did not admit or deny the findings but, in addition to paying the penalty, was also censured.

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Yum Brands Inc. , whose brands include KFC, Taco Bell and Pizza Hut, raised their quarterly dividend to 51 cents per share on Monday payable on Nov. 4, 2016 to shareholders of record as of the close of business on Oct. 19. That’s an 11% increase from the previous quarterly dividend of 46 cents per share. The company also said it expects to begin trading the separated Yum China business on Nov. 1, 2016, the day after the expected close of the spin-off, under the “YUMC” ticker. Trading for both Yum Brands and Yum China is expected to begin on the New York Stock Exchange on Oct. 17, 2016 under the tickers “YUM WI” and “YUMC WI” respectively.” The Yum Brands board has approved a distribution of one share of Yum China common stock for one share of Yum Brands common stock held at the close of business on Oct. 19. The number of Yum Brands shares owned by each shareholder will not change as a result of the distribution, the company said. Yum Brands stock is down 0.5% in Monday trading, but up 23.4% for 2016 so far. The S&P 500 Index is up 5.2% for the year to date.

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