Category: Stock Market News

Netflix Inc. has lured one of Hollywood’s top TV hitmakers, producer Ryan Murphy, in a deal worth as much as $300 million, according to a New York Times report Tuesday night. Under the five-year deal, Murphy will make new series and films exclusively for Netflix. Murphy’s contract with 21st Century Fox expires this summer, and he will reportedly start at Netflix in July. Murphy was behind such shows as “Glee,” “American Horror Story” and “American Crime Story.” Murphy’s move is seen as a huge get for Netflix, and a serious creative blow to Fox, which is in the process of being acquired by Walt Disney Co. Netflix has been stocking up on creative minds as it bolsters its slate of programming. Last year, Netflix poached star producer Shonda Rimes from Disney’s ABC Studios to a multiyear production deal, and Oscar-winning filmmakers Joel and Ethan Coen also signed a deal to produce a Netflix series.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

President Donald Trump’s personal lawyer, Michael Cohen, told the New York Times on Tuesday that he paid adult-film star Stephanie Clifford, aka Stormy Daniels, $130,000 out of his own pocket after she once said that she had an affair with Trump in 2006, and that he was not reimbursed by the Trump campaign or the Trump Organization. “The payment to Ms. Clifford was lawful, and was not a campaign contribution or a campaign expenditure by anyone,” Cohen said in a statement to the Times. The Wall Street Journal first reported the previously secret transaction in January. Cohen made his statement following a complaint filed by government watchdog group Common Cause, which said the payment amounted to an illegal contribution to the Trump campaign.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

K12 Inc. announced Tuesday that Nate Davis will be chief executive again, replacing Stuart Udell, who resigned after apparently refusing to accept new responsibilities. Davis was previously CEO of K12 from 2014 to 2016, when Udell was selected to replace him in the role, and was acting as chairman of the board. According to Tuesday’s announcement, the board decided to “redefine [Udell’s] responsibilities,” and Udell resigned in response. “Our board has asked me to focus on a long term acquisition and business development strategy that puts our cash to use improving shareholder returns,” Davis said. K12 has been the focus of regulators in California, where a 2016 Mercury News expose showed K12 was exerting more control over charter schools that used its services than their nonprofit status required. K12 stock has fallen 14.4% in the past year, as the S&P 500 index has gained 14.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Kemper Corp. said late Tuesday it has agreed to buy Infinity Property and Casualty Corp. in a cash-and-stock deal worth about $1.4 billion. Shares of Infinity rose 7% after the news, while shares of Kemper were flat. “The transaction creates a company with increased scale in nonstandard auto insurance and enhanced ability to serve policyholders,” the companies said in a statement. The combined company would have a portfolio of about $2.2 billion in nonstandard, or insurance sold to higher-risk drivers and other situations, auto insurance premiums. Under the terms of the merger agreement, Infinity shareholders will receive $51.60 in cash and 1.2019 Kemper common shares for each share of Infinity common stock. The deal is expected to close in the third quarter, subject to shareholder approval and other conditions. Kemper shares ended the regular trading day down 0.4% and Infinity shares ended it down 1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

CafePress Inc. said late Tuesday it had laid off about 5% of its workforce at its Louisville, Ky., headquarters and given chief executive and co-founder Fred E. Durham III a pay cut in seeking to return to profitability. The retailer said it reduced Durham’s annual base salary to $125,000, from $300,000. CafePress said it expects cost reductions around $4 million. CafePress said its revenue declined in the second and third quarters of 2017 thanks to what it believes were changes in search engine algorithms hampering the company’s search visibility and traffic on the current site. “The company remains focused on completing the modernization of CafePress.com and demolishing the old site and will roll out significant portions of the modernization in the first quarter of 2018,” CafePress said. Shares of CafePress were flat in late trading after ending the regular session up 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Chipotle named Taco Bell Chief Executive Brian Niccol as its new CEO on Tuesday, and shares jumped more than 10%. Chipotle chose Niccol to replace founder Steve Ells, who said in November that he would step down from the CEO role and become executive chairman. “At Chipotle’s core is delicious food, which I will look to pair up with consistently great customer experiences,” Niccol said in Tuesday’s announcement. “I will also focus on dialing up Chipotle’s cultural relevance through innovation in menu and digital communications.” Niccol had worked for Yum Brands Inc.’s Taco Bell since 2011, and was an executive at Pizza Hut Inc. before that. Chipotle has struggled to rebound from an e.coli scare at some of its restaurants, with shares down more than 39% in the past year as the S&P 500 index has gained 14.1%. Shares topped $280 in late trading following the announcement, after closing at $251.33.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Twilio Inc. shares shot up in the extended session Tuesday after the company beat earnings expectations. Twilio shares surged 5.3% to $27.85 after hours. The company reported fourth-quarter net losses of $19 million, or 20 cents a share, compared with losses of $12.6 million, or 15 cents a share, in the year-ago period. Adjusted losses were 3 cents a share. Revenue rose to $115 million from $82 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted losses of 6 cents a share on revenue of $103.7 million. For the first quarter, analysts model adjusted losses of 5 cents a share on sales of $108.2 million. Twilio said it expects losses of between 6 cents and 7 cents a share, with revenue of $115 million to $117 million. Twilio stock has lost 24% in the past year, as the S&P 500 index rose 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

The American Petroleum Institute reported Tuesday that U.S. crude supplies rose 3.947 million barrels for the week ended Feb. 9, according to sources. The API data also showed an increase of 4.634 million barrels in gasoline stockpiles while inventories of distillates rose 1.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. March crude fell to $58.87 in electronic trading from settlement of $59.19 on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Baidu Inc. U.S. shares rose in the extended session Tuesday after the Chinese internet company topped Wall Street estimates for the quarter. Baidu’s U.S. shares rose 4.2% to $235 after hours. The company reported fourth-quarter net income of $639 million, or $1.90 per U.S. share, on revenue of $3.62 billion. Adjusted earnings were $2.29 per U.S share. Analysts surveyed by FactSet had estimated $2.16 a share on revenue of $3.66 billion. For the first quarter, Baidu estimates revenue of $3.05 billion to $3.22 billion under new revenue accounting standards. Under the old standard, the forecast would have been $3.24 billion to $3,42 billion. Analysts expect revenue of $3.4 billion.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Aflac Inc. said late Tuesday its board of directors has declared a two-for-one stock split in the form of a stock dividend payable March 16 to shareholders of record as of March 2. The move follows a year of “strong share price performance” and the split “enhances the liquidity of our shares, which is in addition to our efforts to increase shareholder value,” Aflac Chief Executive Daniel P. Amos said in a statement. Aflac shares have gained 21% in the last 12 months, compared with 14% gains for the S&P 500 index.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News