Category: Stock Market News

Activist investor Carl Icahn said he has asked the Federal Trade Commission for the right to purchase up to a 50% stake in nutritional supplement company Herbalife . Icahn made his comments late Tuesday at the Delivering Alpha conference in New York hosted by CNBC and Institutional Investor. Icahn said he has weighed launching a tender offer for Herbalife, which has been the subject of a yearslong bearish bet by rival activist, Bill Ackman, who has characterized the company as a “pyramid scheme.” Shares of Herbalife were up 2.2% in moderate volume in afterhours trade following Icahn’s statement.

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Travel and expense management company Concur said late Tuesday it has agreed to buy online travel company Hipmunk for an undisclosed amount. “Concur has always strived to provide the best experience for travelers on our platform and we’re confident Hipmunk will continue to delight consumers while informing the innovation agenda for our corporate clients,” Elena Donio, Concur’s president, said in a statement. Germany’s SAP SE bought Concur in September 2014.

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Oil futures edged higher in electronic trading Tuesday after the American Petroleum Institute reported a 1.4 million-barrel climb in U.S. crude supplies for the week ended Sept. 9, according to sources. Analysts polled by S&P Global Platts forecast an increase of 3.3 million barrels. Supplies rebounded less than the market expected from the 12.1 million-barrel drop the API reported a week earlier. The closely watched Energy Information Administration report will be released Wednesday. October crude was at $45.28 a barrel in electronic trading, up from the contract’s settlement of $44.90 on the New York Mercantile Exchange.

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Ruby Tuesday Inc. said late Tuesday its chief executive resigned and released preliminary results for the quarter that fell below Wall Street estimates. Ruby Tuesday shares were flat at $3.05 without any indication of a trade halt. The casual-dining chain said James Buettgen resigned effective immediately and appointed F. Lane Cardwell as interim president and CEO while the company searches for a replacement. Ruby Tuesday also said it expects an adjusted loss of 10 cents to 12 cents a share for the fiscal first quarter on revenue of $256.7 million. Analysts surveyed by FactSet had estimated a loss of 1 cent a share on revenue of $263 million.

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Callidus Software Inc. shares declined in the extended session Tuesday after the company announced a secondary share offering. Callidus shares slipped 2.2% to $18.49 after hours. The company said it plans to offer 4 million shares of stock, with an additional 600,000 shares to cover over-allotments. The company currently has 57.1 million shares outstanding. Callidus said it will use proceeds for working capital and general corporate purposes. Piper Jaffray and Credit Suisse Securities are acting as joint bookrunners.

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U.S. stocks finished lower Tuesday, wiping out the previous session’s rally, as falling crude-oil prices and nagging worries about the Federal Reserve’s plans for raising interest rates weighed broadly on markets. The S&P 500 index slid 32.04 points, or 1.5%, to 2,127. All 10 of the index’s sectors finished in the red, with the energy shares leading declines. The Dow Jones Industrial Average shed 258.39 points, or 1.4%, to 18,066.68, with Chevron Corp. and American Express Co. leading the blue-chip gauge lower. Apple Inc. was the only Dow component to finish higher on Tuesday. The Nasdaq Composite Index sank 56.63 points, or 1.1%, to 5,155.25. It was the stock market’s sharpest selloff since Friday, when the Dow closed nearly 400 points lower, its sharpest selloff since the U.K.’s vote to leave the European Union.

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Apple Inc. said Tuesday that issues with its newest mobile operating system, iOS 10, have been resolved. The new software, released Tuesday, was rendering iPhone useless for some owners who sought to download the upgrade. In a statement, Apple said the issue affected ‘a small number of users’ and had been repaired, and instructed affected users to return to iTunes and attempt the download again. On a rough day for stocks, Apple was the only component of the Dow Jones Industrial Average recording a gain, with shares up about 2.5% after T-Mobile reported record preorders for the new iPhone 7.

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Oil futures settled at their lowest level in a week on Tuesday after monthly data from the International Energy Agency raised worries about a slowdown in global oil-demand growth. Traders also awaited the latest weekly data on U.S. crude supplies, which are expected to reveal an increase after the significant drop reported last week. October WTI crude fell $1.39, or 3%, to settle at $44.90 a barrel on the New York Mercantile Exchange.

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Shares of Liberty Media Corp. rocketed more than 16% during trade hours on Tuesday. The media and entertainment company was upgraded to buy from neutral at Citigroup. Citi analyst Jason Bazinet said Liberty’s recent $8 billion-acquisition of Formula One is transformative. At an estimated value of $12 billion, Bazinet wrote Formula One was a trophy asset. “The equity will migrate from a [net asset value] story to a tax-advantaged, levered equity return story,” Bazinet wrote in a note to clients. Along with the upgrade, he raised his price target on Liberty Media to $32 from $22. Liberty Media shares are up more than 50% in the last three months, outperforming the S&P 500 Index , which is up 2%.

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Hedge-fund manager Paul Singer of Elliott Management on Tuesday recommended that investors sell long-term bonds to prepare for rampant inflation. Investors are being “very careless” about the threat of inflation, he said at the Delivering Alpha conference presented by CNBC and Institutional Investor.
“There will come a time when inflation, despite growth-suppressive policies, can blow through targets and surprise everyone,” he added. He also said reforms were needed to U.S. tax policy and regulations in order to spur more robust growth. “But in the absence of pro-growth policies, yeah, monetary policies are the only game in town,” said Singer.

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