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Logitech International SA said late Wednesday that its shareholders approved raising the company’s dividend by 10% year-on-year to 0.56 Swiss franc [58 U.S. cents]. The dividend will be paid on Sept. 27. Logitech shares were unchanged after hours following a 2.1% rally during the regular session.
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Oil futures climbed in electronic trading Wednesday after the American Petroleum Institute reported a 12.1 million-barrel drop in U.S. crude supplies for the week ended Sept. 2, according to sources. That contradicted expectations for an increase of 425,000 barrels from analysts polled by S&P Global Platts. The analysts said refinery utilization was expected to fall amid disruptions from Hurricane Hermine in the Gulf of Mexico, according to Platts. The closely watched Energy Information Administration report will be released Thursday, a day late due to last Monday’s U.S. holiday. October crude was at $46.14 a barrel in electronic trading, up from the contract’s settlement of $45.50 on the New York Mercantile Exchange.
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Liberty Media will buy racing league Formula One, starting with a 18.7% stake that will evolve into a full purchase, CNBC reported late Wednesday, citing the company. Liberty, which owns the Atlanta Braves baseball team, had not made this information available as of late Wednesday. Legendary Formula One Chief Executive Bernie Ecclestone will remain in his position, CNBC said.
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Hewlett Packard Enterprise Co. announced Wednesday afternoon that it is spinning off software assets and merging them with U.K. software company Micro Focus in a deal that values the assets at $8.8 billion. HPE said that the divestiture would allow it to focus solely on data-center operations with a focus on hybrid cloud and on-premises storage and computing. “We believe that the software assets that will be a part of this combination will bring better value to both our customers and shareholders as part of a more focused software company committed to growing these businesses on a stand-alone basis,” Chief Executive Meg Whitman said. HPE will own 50.1% of the new combined company, which will continue to be called Micro Focus and be led by that company’s CEO, Kevin Loosemore. The former Hewlett-Packard, which split into HP Inc. and HPE last year, built its enterprise software offerings through acquisitions such as the purchase of U.K. software company Autonomy, which cost more than $10 billion and led to accusations of fraud. HPE expects to incur one-time after-tax costs of $700 million in the separation if it is approved by Micro Focus shareholders and regulators. HPE, which also announced earnings Wednesday, fell 1% in late trading.
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Honeywell International Inc. said Wednesday it will pay a spinoff dividend of AdvanSix common shares on October 1. Honeywell shareholders of record as of Sept. 16 will receive one AdvanSix share for every 25 shares of Honeywell stock owned, on a pro-rated basis. The company is expecting AdvanSix stock to start trading as a standalone company on the New York Stock Exchange on Sept. 14. Honeywell shares closed down 1.3%, while the S&P 500 ended flat.
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The U.S. Energy Information Administration on Wednesday raised its 2016 forecasts for U.S. crude production and West Texas Intermediate and Brent crude prices. In its monthly energy outlook report, the government agency forecast an average price of $41.92 a barrel for WTI this year, up from a previous estimate of $41.16. Brent crude is seen averaging $42.54 this year, up from the $41.60 August forecast. The EIA also raised its U.S. oil production estimate for 2016 by 0.4% to 8.77 million barrels a day, and for 2017 by 2.5% to 8.51 million barrels a day. October WTI crude traded at $45.48 a barrel, up 65 cents, or 1.5%.
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Bank of England Governor Mark Carney on Wednesday defended the central bank’s decision to launch stimulus efforts in the wake of the Brexit vote. “I absolutely feel comfortable in the decision that I supported and the committee took in August to supply monetary policy stimulus,” he told members of the Treasury Select Committee in London. A recent round of U.K. economic data have come in stronger than anticipated, raising questions about whether the bank acted too quickly and aggressively in easing monetary policy. Carney also said the risk of recession for the British economy has been reduced compared with before the June 23 referendum in which the majority of U.K. voters showed support for the country leaving the European Union.
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The dollar climbed against the Mexican peso on Wednesday on reports Mexican Finance Minister Luis Videgaray has resigned. The dollar rose to 18.39 pesos after the announcement, unwinding a chunk of its declines from Tuesday’s session. The greenback traded at 18.29 pesos late Tuesday in New York. Videgaray’s resignation comes a week after U.S. Republican presidential nominee Donald Trump visited Mexico to meet with President Enrique Pena Nieto. Local media reports said the decision to invite Trump was Videgaray’s idea.
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The Canadian dollar softened against its U.S. rival on Wednesday after the Bank of Canada said second-quarter gross domestic product was affected by a drop in exports that was “larger and more broad based than expected.” Though the bank left its benchmark interest rate steady at 0.5%, analysts said weak exports are a sign that the Canadian economy might require more monetary easing to drive stronger growth. The U.S. dollar rose to C$1.2896 after the statement’s release, up 0.3% on the day.
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The Canadian dollar softened against its U.S. rival on Wednesday after the Bank of Canada said second-quarter gross domestic product was affected by a drop in exports that was “larger and more broad based than expected.” Though the bank left its benchmark interest rate steady at 0.5%, analysts said weak exports are a sign that the Canadian economy might require more monetary easing to drive stronger growth. The U.S. dollar rose to C$1.2896 after the statement’s release, up 0.3% on the day.
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