Category: Stock Market News

Shares of WCI Communities Inc. rocketed 37% in premarket trade Thursday, after the home builder agreed to be bought out by Lennar Corp. in a deal valued at $643 million. Under terms of the deal, Lennar will pay $23.50 in cash and stock for each WCI share outstanding, representing a 37% premium to Wednesday’s closing price. Lennar expects to pay half of per-share price in cash and half in its common stock. WCI shareholders will vote on the deal in December or January, and if approved, Lennar expects the deal to close “promptly” after. “WCI’s land portfolio dovetails perfectly with our own Florida footprint and expands our product offering to capture more of the move-up market,” said Lennar CHief Executive Stuart Miller. “Our combined presence in the premier coastal Florida markets will drive growth and allow significant cross and dual brand marketing opportunities.” Through Wednesday, WCI shares had tumbled 23% year to date, Lennar’s stock had lost 11%, the iShares U.S. Home Construction ETF had gained 1.1% and the S&P 500 had advanced 5.8%.

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SenesTech Inc. is seeking to raise around $30 million via an initial public offering, according to a filing submitted to the Securities and Exchange Commission Wednesday. The pest control firm, which describes itself as an “emerging growth company,” plans to list on the Nasdaq under the symbol SNES.

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Lausanne, Switzerland-based AC Immune SA has filed to sell 6,000 shares in its initial public offering, priced between $11 and $13 a share, or about $63 million, the company said in a filing late Wednesday. The biotech company is developing therapies targeting Alzheimer’s disease and others. The company is expected to trade on the NASDAQ under the symbol ACIU.

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Red Hat Inc. shares rallied in the extended session Wednesday after the software company’s quarterly results and outlook topped Wall Street estimates. Red Hat shares surged 6.4% to $81.96 after hours. The company reported adjusted second-quarter earnings of 55 cents a share on revenue of $600 million. Analysts surveyed by FactSet had estimated 54 cents a share on revenue of $590 million. For the third quarter, Red Hat expects adjusted earnings of about 58 cents a share on revenue of $613 million to $623 million. Analysts estimate 57 cents a share on revenue of $611.5 million.

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Nordstrom Inc. said late Wednesday it has appointed Ken Worzel as president of Nordstrom.com to “further accelerate its e-commerce, digital and mobile efforts,” the retailer said in a statement. Worzel has served as executive vice president of strategy and development at the company since 2010. The company also announced that co-President Erik Nordstrom will oversee the Nordstrom brand, including Nordstrom stores, Nordstrom.com, and Trunk Club as well as customer care, marketing and supply chain. Blake Nordstrom will be responsible for the Nordstrom Rack brand, including Rack stores and NordstromRack.com/HauteLook, and other corporate units including finance, technology, legal, and human resources. Co-President Pete Nordstrom will continue to support all of the company’s merchandising functions and store planning, as well as remaining “closely involved in all areas impacting the Nordstrom brand, including marketing,” the company said. Shares of Nordstrom were flat in after-hours trading after ending the regular trading day up 2.6%.

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U.S. stocks on Wednesday surged into the close, finishing near the highs of the day, following the Federal Reserve’s decision not to increase benchmark interest rates from ultralow levels. The policy-setting Federal Open Market Committee, in its updated policy statement said the central bank was seeking further evidence of sustained economic strength. A rally in crude-oil prices also helped the broader market extend gains. The Dow Jones Industrial Average jumped 163 points, or 0.9%, to close at 18,293, the S&P 500 index finished up 23 points, or 1.1%, at 2,163. Meanwhile, the Nasdaq Composite Index ended up 55 points, or 1%, at 5,295.18–marking a new record for the tech-heavy index, surpassing its close of 5283.93 hit Wednesday, Sept. 7. The Fed’s decision to keep rates lower weighed on the dollar, with the U.S. ICE Dollar Index falling 0.5% at 95.5470. Earlier in the session, equity markets were heartened by additional, radical steps by the Bank of Japan to deliver a jolt to its flagging economy by maintaining the yield of 10-year Japanese bonds at zero. Lower rates have been supportive of stocks climbing, keeping keeping borrowing costs down. During a news conference on Wednesday after the release of its policy statement, Fed Chairwoman Janet Yellen said the FOMC’s decision to keep rates on hold wasn’t because the Fed saw signs of weakness in the economy.

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Bed Bath & Beyond Inc. shares fell 2.9% late Wednesday after the retailer reported second-quarter per-share earnings below expectations. Bed Bath & Beyond said it earned $167.3 million, or $1.11 a share, compared with $201.7 million, or $1.21 a share, in the year-ago period. Sales reached $2.98 billion, off slightly from $2.99 billion a year ago. Analysts polled by FactSet had expected per-share earnings of $1.16 on sales of $3.05 billion in the quarter. Comparable-store sales fell 1.2%, the company said in a statement. Bed Bath & Beyond also said its board of directors declared a quarterly dividend of 12.5 cents a share, to be paid Jan. 17 to shareholders of record Dec. 16. The company’s stock had ended the regular session up 0.1%.

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Oil prices settled higher Wednesday following a third week of surprise U.S. inventory drops and the decision by the Federal Reserve not to raise interest rates. Oil for November delivery settled up $1.29, or 2.9%, at $45.34 a barrel. On Wednesday, the U.S. Energy Information Administration reported a 6.2 million barrel decline in weekly crude inventories, while the Fed decided against a September rate hike. Following the Fed decision, the dollar declined, and was last down 0.3% on the day.

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The dollar weakened against the euro and the pound on Wednesday, after the Federal Reserve voted to hold off against raising interest rates at its September meeting. The euro [S: EURUSD] traded at $1.1184, compared with $1.1156 before the release of the Fed statement and 1.1152 late Tuesday. The pound [S: GBPUSD] traded at $1.3020, breaking above the $1.30, which had been described as a psychologically important level. Prior to the statement, it had changed hands at $1.2987, compared with $1.2986 late Tuesday. The dollar traded at ¥100.55, compared with ¥100.83 before the statement, and ¥101.62 late Tuesday. The yen was also impacted after the Bank of Japan introduced new measures designed to increase inflation.

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Treasury yields erased their early increase to trade largely unchanged on the day after the Federal Reserve kept interest rates unchanged but strongly signaled a rate hike was likely before the end of the year. The yield on the two-year Treasury note , which is most sensitive to Fed rate changes, retreated from a three-month high reached earlier in the session to trade up 0.4 basis point at 0.782%, according to Tradeweb. Treasury yields rise when prices fall and vice versa. One basis point is equal to one-hundredth of a percentage point. The yield on the benchmark 10-year Treasury note was up 0.2 basis point to 1.689%. And the yield on the 30-year Treasury bond inched lower by 0.3 basis point to 2.426%.

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