Category: Stock Market News

U.S. stocks opened higher on Monday, boosted by gains in oil prices ahead of key monetary policy decisions expected later this week from the Federal Reserve and the Bank of Japan. Oil prices rose after news that military conflicts in Libya had affected that country’s crude exports, along with comments from Venezuelan President Nicolas Maduro, who said oil-producing nations were nearing an agreement that would stabilize oil markets. The S&P 500 gained 7 points, or 0.3%, to 2,146. The Dow Jones Industrial Average added 65 points, or 0.4%, to 18,195. And the Nasdaq Composite rose 21 points, or 0.4%, to 5,265.

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TerraForm Power Inc. said Monday it is exploring its strategic alternatives, including a merger or possible sale of the entire business. “We are actively exploring the potential sale of all of TerraForm Power’s equity interests, as well as alternative structures,” Interim Chief Executive Peter Blackmore said in a statement. The company has entered into a confidentiality agreement with former parent SunEdison Inc., which is currently in bankruptcy, to allow it to share information about its options. SunEdison may require the approval of the U.S. Bankruptcy Court for the Southern District of New York on decisions such as how to vote its TerraForm Power shares, said the statement. Sister company TerraForm Global Inc. , which was also spun out of SunEdison, is also reviewing its options, said the statement. Shares of both companies were halted for the news. TerraForm Power shares are up 3.7% in the year so far, while TerraForm Global shares have declined 39%. The S&P 500 has gained 4.7%.

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WebMD Health Corp. said Monday that its chief executive officer since 2013, David Schlanger, is exiting the company by “mutual agreement,” with Steven Zatz, the company’s president, replacing Schlanger effective immediately. WebMD also said it will be increasing the size of its stock buyback program by about $35 million to $50 million. Zatz has been a senior leader at WebMD and its predecessor companies for nearly two decades and has served as president since 2013, the company said. WebMD shares dropped 16.4% over the last three months, compared with a 3.3% rise in the S&P 500 .

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Kohl’s Inc. said Monday that it will hire more than 69,000 workers this holiday season, the same number of seasonal hires as 2015. Positions are available across more than 1,100 stores in 49 states, as well as in distribution and fulfillment centers nationwide and at Kohl’s credit operations. Hiring began in August and most positions will be filled by mid-November, the company said. Kohl’s shares are inactive in premarket trading, but down 9.8% for the year to date. The S&P 500 Index is up 4.7% for the year so far.

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U.S. Bancorp said Monday it will raise its quarterly dividend by 9.8% to 28 cents a share from 25.5 cents a share. The new dividend will be payable Oct. 17 to shareholders of record on Sept. 30. Based on Friday’s share closing price of $42.60, the new annual dividend implies a dividend yield of 2.63%, compared with the aggregate S&P 500 dividend yield of 2.14%, according to FactSet. The stock, which was still inactive in premarket trade, has slipped 0.2% year to date through Friday, while the SPDR Financial Select Sector ETF has eased 0.9% and the S&P 500 has gained 4.7%.

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Shares of Infoblox Inc. soared 15% in premarket trade Monday, after the network control company agreed to be acquired by Vista Equity Partners in a deal valued at $1.6 billion. Under terms of the deal, Vista Equity will pay $26.50 in cash for each Infoblox share outstanding, which represents a 16% premium to Friday’s closing price of $22.83. The deal is expected to close during Infoblox’s fiscal second quarter, which ends January. Infoblox had reportedly been accepting acquisition bids, under pressure from activist investor Starboard Value LP. Infoblox’s stock had run up 24% year to date through Friday, while the S&P 500 had gained 4.7%.

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Mattel Inc. was upgraded on Monday to buy from neutral at Monness Crespi Hardt based on the mid-single-digit growth of the company’s core business and the turnaround of the Barbie and Fisher-Price brands. The bank has a target price of $37 on Mattel shares. “We believe low- to mid-single digit ‘core’ sales growth is sustainable going forward and entertainment properties will add more than 6% to growth next year,” the bank’s note said. Analyst Jim Chartier believes the company’s momentum has been overshadowed by “unfavorable” currency exchange, the loss of the Disney Princess license, and a “meaningful decline” in Monster High, leaving shares “underappreciated by investors. However, believes there’s potential for 10% sales growth in 2017. Mattel shares are inactive in premarket trading, but up 35.6% for the past year. The S&P 500 Index is up 9.3% for the last 12 months.

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Wells Fargo & Co.’s stock climbed 0.7% in premarket trade Monday, after R.W. Baird turned bullish on the banking giant, citing an improved valuation following the recent selloff. Analyst David George raised his rating to outperform from neutral, and kept his stock price target at $50, which is 10% above Friday’s closing price of $45.43. The stock had plunged 11% month to date in the wake of the illegal sales practice scandal that led Wells Fargo to be fined $185 million by regulators, while the S&P 500 has slipped 1.5%. George said recent headlines about the illegal sales practices were a “black eye” for the bank, but he believes pessimism in the stock is likely to peak over the coming days, as the loss of $25 billion in market value related to a $2.6 billion revenue loss is excessive. “The stock has gone from loved to loathed in two to three weeks, and we believe the selloff creates a good relative buying opportunity,” George wrote in a note to clients. He believes the stock’s dividend yield 3.4%, as of Friday’s closing price–The S&P 500’s dividend yield is 2.14%–should limit the downside.

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Shares of Avnet Inc. surged 2% in light premarket trade Monday, after the Tech Data Corp. announced a deal to buy Avnet’s technology solutions business in a cash and stock deal valued at $2.8 billion. Under terms of the agreement, Tech Data will pay $2.4 billion in cash and 2.785 million of its shares. Tech Data said the deal, which is expected to close in the first half of 2017 to “significantly” add to adjusted earnings per share in the first year after closing. The company also expects to realize $200 million in present value of tax benefits. “This combination complements our value-added distribution capabilities in Europe and the Americas, while establishing Tech Data’s presence in Asia-Pacific, which will be a new market for us,” said Chief Executive Bob Dutkowsky. Tech Data’s stock, which was halted for news until 7:30 a.m. ET, has gained 4.5% year to date through Friday, while Avnet shares have lost 8.5% and the S&P 500 has climbed 4.7%.

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Syria’s military said on Saturday that a U.S.-led coalition struck its base in the eastern province of Deir el-Zour, allowing the Islamic State extremist group to advance in the fiercely contested area, the Associated Press reported. There was no immediate comment from Washington. If confirmed, it would be the first time the coalition has targeted Syrian government forces. The Syrian military said the airstrikes caused casualties and damage to equipment. Separately, a Russian Defense Ministry spokesman said 62 Syrian soldiers had been reported killed in a U.S.-led coalition airstrike on a military base near the Deir el-Zour airport, the AP said. Russia and Syrian rebels had earlier cast doubt over the prospects for an increasingly shaky five-day-old ceasefire.

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