Category: Stock Market News

Macy’s Inc. shares are up 1% after it was upgraded on Wednesday to buy from neutral at Citi based on the retailer’s plan to shut 100 stores. The bank kept the price target at $44. Citi believes that “rationalizing its store fleet” puts the retailer in a better position to compete in a difficult market. “The move also shows management is thinking the right way strategically about how to enhance shareholder value longer term, as many stores to close are not earning an adequate return on invested capital,” the note said. Citi analysts also think Macy’s is “one of the stronger horses in the race,” with easier year-over-year comparisons and the potential for seasonal weather, compared with last year’s unseasonable temperatures, over the next few quarters. Macy’s shares are down 39.5% over the past year while the S&P 500 Index is up 9% for the same period.

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

U.S. stocks opened slightly higher Wednesday, rebounding slightly from the previous day’s sharp slump as oil futures continued to decline. On Wednesday, the S&P 500 opened 2 points, or 0.1%, higher at 2,129. The Dow Jones Industrial Average added 15 points, or 0.1%, to 18,085. And the Nasdaq Composite rise 18 points, or 0.4%, to 5,175. On the corporate front, shares of Monsanto Co. rose 0.7% after Bayer AG raised its offer for the U.S. seeds major to $128 a share. Both companies have approved the deal, they said on Wednesday.

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 Mexican Grill Inc. said Wednesday that it plans to hire 5,000 new employees on Sept. 28 during its second annual career day. That exceeds the 4,000 new-hire goal in 2015. Interviews will take place at each U.S. location, with managers interviewing up to 100 applicants. No experience is required, the company said, and all positions are entry-level. For its first career day, 65,000 people applied and more than 4,000 people were given job offers. Chipotle currently employs 60,000 people. Chipotle shares are up 0.1% in premarket trading, and down 42% for the past year. The S&P 500 Index is up nearly 9% for the last 12 months.

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

Uber Technologies Inc.’s self-driving cars hit the road Wednesday in Pittsburgh as part of a pilot program. The cars will be available for request through the app by the “most loyal” customers in Pittsburgh. The self-driving cars will have a safety driver in the front seat “because they require human intervention in many conditions, including bad weather,” according to the Uber blog post. Uber recently acquired self-driving truck startup Otto and set up a self-driving research center in Pittsburgh a year and a half ago.

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

Shares of Cracker Barrel Old Country Store Inc. slumped 3% in premarket trade Wednesday, after the restaurant and store chain missed profit expectations and provided downbeat outlook for fiscal 2017, offsetting better-than-expected sales results. For the quarter ended July 29, earnings rose to $51 million, or $2.12 a share, from $47.4 million, or $1.97 a share, in the same period a year ago. The FactSet consensus for earnings per share was $2.13. Revenue rose to $745.6 million from $719.2 million, above the FactSet consensus $741.3 million, with both same-store restaurant and retail sales beating expectations. For fiscal 2017, the company expects EPS of $7.95 to $8.10, below the FactSet consensus of $8.32. Revenue is expected to be $2.95 billion to $3.00 billion, compared with the FactSet consensus of $3.01 billion. The stock had soared 19% year to date through Tuesday, while the S&P 500 had gained 4.1%.

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

Allergan Plc said Wednesday it has agreed to acquire Vitae Pharmaceuticals Inc. in a deal valued at about $639 million. Under the terms of the deal, Allergan will pay $21 per Vitae share in cash. The deal will strengthen Allergan’s dermatology product pipeline, adding a treatment for psoriasis and other autoimmune disorders, as well as a treatment for atopic dermatitis. The deal is expected to close by year-end. Vitae shares were halted for news pending. Allergan shares were up 0.7%, but are down 23% in the year so far, while the S&P 500 has gained about 4%.

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

Biogen Inc. on Wednesday reported positive new data for its multiple sclerosis treatment Tecfidera in clinical and real-world settings. The biotech said the drug significantly reduced the time to a first relapse versus other treatments and affirmed its safety profile in patients who have used it for up to nine years. The company is planning to present the data to the the 32nd Congress of the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) in London. Biogen shares were not yet active in premarket trade, but are down 3% in the year to date, while the S&P 500 has gained 4%.

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

Monsanto Co. agreed Wednesday to be acquired by Germany’s Bayer AG , after a drawn-out process, in a deal that values the agricultural products company at about $56 billion. Under terms of the deal, Bayer will pay $128 a share in cash for each Monsanto share outstanding, which is 21% above Tuesday’s closing price, and 44% above the closing price on May 9, the day before Bayer’s initial written buyout proposal. Bayer said it expects the acquisition to add to core earnings in the first full year after the closing. Total synergies are expected to be about $1.5 billion after the third year. The companies expect regulatory approvals for the deal by the end of 2017. Bayer has committed a $2 billion reverse antitrust break-up fee. Monsanto’s stock, which tacked on 0.6% in premarket trade, has climbed 7.7% year to date through Tuesday, while the S&P 500 has gained 4.1%.

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

Ford Motor Co. on Wednesday outlined plans to deliver profitable growth for the next several years, including investing in electric and autonomous vehicles, while detailing its outlook for its core business. In a presentation prepared for an investor day, the car company said it will work to bolster its core business by building out its trucks, vans, commercial and performance vehicles and growing global utility vehicles. “We’ve been making important decisions and have agreed on three key principles to guide future capital allocation: where to play, where not to play and how to win,” Chief Executive Mark Fields said in a statement. The company is planning to invest $4.5 billion in electric cars and will introduce 13 new electric vehicles, or 40% of its lineup, by 2020. The company expects to have a fully autonomous vehicle in commercial operation in 2021 in a ride-hailing or ride-sharing service. The company is expecting autonomous vehicles to account for up to 20% of sales by the end of the next decade. Ford said it expects pretax profit of about $10.2 billion for 2016, below last’ year’s record but its second-best result since 2000. The company is expecting results to decline in 2017 but pick up again in 2018. Shares were not yet active in premarket trade, but are down 12% in the year so far, while the S&P 500 has gained about 4%.

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

Vantage Energy Inc. said late Tuesday it will seek to raise up to $100 million in an initial public offering, according to a Securities and Exchange Commission filing. Vantage plans to list on the NYSE under the ticker symbol “VEI”. Goldman Sachs, Barclays, Credit Suisse, Citigroup, J.P. Morgan, and Wells Fargo Securities are listed as joint book-running managers. Back in September 2014, the oil and gas exploration company was planning an IPO to raise up to $731 million, but ended up postponing the offering citing market conditions.

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