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Royal Caribbean Cruises Ltd. raised its quarterly dividend to 48 cents a share from 38 cents a share, the company said late Monday. The dividend will be paid on Oct. 13 to shareholders of record as of Sept. 29. Royal Caribbean shares rose 0.3% after hours.
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Intel Corp. late Monday said it named Bob Swan as the company’s new chief financial officer to replace Stacy Smith who has taken on a different role within the company. Swan most recently was an operating partner at growth equity firm General Atlantic but previously served as eBay Inc.’s CFO and held senior roles at General Electric Co. . Intel shares rose 0.2% after hours.
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U.S. stocks surrendered earlier gains to finish marginally lower on Monday as investors turned cautious ahead of a pair of crucial central bank meetings. The S&P 500 edged down less than a point to close at 2,139. The Dow Jones Industrial Average shed 3 points to end at 18,120 and the Nasdaq Composite Index fell 9 points, or 0.2%, to close at 5,235. The Federal Reserve’s FOMC meeting starts Tuesday although most analysts played down the possibility of a rate hike while the Bank of Japan will also hold its two-day policy meeting at the same time.
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Unilever Plc said Monday it has agreed to acquire Seventh Generation Inc. for an undisclosed sum. Seventh Generation makes sustainable cleaning products, including plant-based detergent. The company had sales of $200 million in 2015 and has enjoyed double-digit compounded annual growth in the last 10 years, according to a statement. Last week, The Wall Street Journal reported that Unilever was in talks to acquire Honest Co., the retailer co-founded by actress Jessica Alba, that also makes green care products, such as diapers and detergents. Unilever shares were trading up 1.2%, and are up 8% in the year so far, while the S&P 500 has gained about 5%.
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Nutanix Inc. disclosed Monday initial terms for its initial public offering, in which the business cloud services company could raise as much as $209.3 million. A regulatory filing said the unicorn company–private startups valued at over $1 billion–is offering 14 million shares, or up to 16.1 million if the underwrites exercise all options to buy additional shares, at a per-share price between $11 to $13. With a possible 138.5 million shares outstanding if all options are exercised, an IPO pricing at the midpoint of the range would value the company at about $1.76 billion, less than the $2 billion valuation implied by the last funding round in August 2014, according to the Wall Street Journal.
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Bombing suspect Ahmad Rahami has been taken into custody, NBC News and CNN reported, citing law-enforcement sources. He was apprehended after shooting a police officer in Linden, New Jersey. NBC said the officer wasn’t in life-threatening condition.
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Ernst & Young audit partners got too close to key clients at two public companies, the Securities and Exchange Commission alleged as it fined the auditor $9.3 million. The SEC said it was the first case of its kind. A senior partner working on the audit of a New York-based public company maintained an improperly close friendship with the chief financial officer, and another partner working in the audit of a second public company was romantically involved with its chief accounting officer, according to the SEC’s investigation. EY didn’t admit or deny the findings. Auditors are prohibited from getting too close to clients because that violates independence rules that are intended to ensure audit firms maintain their objectivity and impartiality during audits. Ernst & Young misrepresented to the public in audit reports issued with the companies’ financial statements that it had maintained its independence throughout these audits, the SEC said. EY’s independence procedures did not specifically ask about close personal relationships with clients that could impair the firm’s independence. In both cases the SEC alleged EY partners became aware of the inappropriate relationships but took no action.
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Shares of General Motor Co. shot up 3.4% in morning trade Monday, after the automaker was upgraded at Morgan Stanley, which cited expectations that GM can remain relevant and profitable for longer than investors think. Analyst Adam Jones raised his rating to overweight from equal weight, and boosted his stock price target to $37–16% above current levels–from $29. Jones said he believes investors are underestimating how long the current “peak auto” thesis can last and the resulting related levels of mix and profitability. After a “very significant” second-quarter earnings beat, Jones said he believes earnings can be flat the next two years. “If that happens, the market will likely be positively surprised.” The stock has lost 6% year to date, while rival Ford Motor Co. shares have shed 13% and the S&P 500 has gained 5.2%.
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Sarepta Therapeutics Inc. shares hurtled up as much as 82% in morning trade Monday after the Food and Drug Administration granted its
Duchenne muscular dystrophy drug – the first treatment for the degenerative disease – accelerated approval. The drug, eteplirsen, has had an unusually long and controversial history with the FDA. An agency advisory committee voted against recommending approval earlier this year, but the agency then delayed a decision about approval, which was expected months ago. News of a prominent critic of the drug departing from the FDA last week again stoked speculation about a possible approval. Duchenne muscular dystrophy, which mostly affects boys, typically kills patients before the age of 30. Patients and their families were particularly outspoken advocates for the approval of eteplirsen, pushing back against the agency’s concerns at meetings open to the public. Sarepta shares rose 160.7% over the last three months, compared with a 3.9% rise in the S&P 500 .
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Shares of Lions Gate Entertainment Corp. slumped 2.9% in morning trade Monday, enough to make the top 10 list of biggest NYSE decliners, following a disappointing weekend box office debut of “Blair Witch.” The stock had run up 6.1% on Friday, in anticipation of a strong showing of the sequel to the 1999 classic “The Blair Witch Project.” But the film took in just $9.65 million over the weekend, less than half expectations of $20.5 million, according to BoxOffice.com, while garnering a “D+” rating from CinemaScore. Analyst Eric Wold at B. Riley said the poor opening performance could put downside pressure on fiscal second-quarter estimates, with the poor CinemaScore indicating the likelihood for “weakening trends in the upcoming days/weeks from poor word-of-mouth/reviews.” Lions Gate’s stock has lost 1.7% year to date, while the S&P 500 has gained 5.2%.
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