Category: Stock Market News

Sports Direct International PLC expects earnings for full-year 2017 to be “in the region of £300 million,” ($402.2 million) the retailer said in a trading update Wednesday. That compares with a profit of £381.4 million for 2016. The sports apparel chain has come under criticism from U.K. lawmakers over working conditions at its Shirebrook warehouse, and key shareholders have been pressing for changes in the retailer’s leadership. In a separate statement Wednesday, Sports Direct said its chairman, Keith Hellawell, had offered to step down “in light of the shortcomings” highlighted in the company’s own report into working conditions, but the board had asked him to stay on. Sports Direct is holding its annual shareholders meeting Wednesday. The retailer’s shares were down 10% on the FTSE 250 index Wednesday morning.

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WASHINGTON (MarketWatch) – Strong consumer spending, a strengthening labor market and an improved household balance sheet add up to a “solid domestic economy with good momentum going forward,” said San Francisco Fed President John Williams on Tuesday.
“I remain confident about the road we are on,” Williams said in a speech to a business group in Reno, Nevada. He repeated a comment from prior to release of the August jobs report that he thought it made sense for the Fed to get back to a pace of gradual rate increases “preferably sooner rather than later.” Williams is not a voting member of the Fed’s policy committee this year but he is seen as influential due to his close ties to Fed Chairwoman Janet Yellen.

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Bill Ackman’s Pershing Square Capital Management LP on Tuesday disclosed a 9.9% stake in Chipotle Mexican Grill Inc. and indicated that the hedge fund will take an active role in the management of the fast-food chain. Pershing Square believes that Chipotle’s stock is undervalued and a good investment given the company’s “strong brand” and growth opportunity. The hedge fund said it plans to hold discussions with the management and the board on governance, board composition, cost structure, management, and strategic plans, according to a disclosure from Pershing Square. Chipotle shares jumped 4.3% after hours.

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Hormel Foods Corp. late Tuesday said Chief Executive Jeffrey Ettinger will retire on Oct. 30 but will continue to serve as chairman of the board. The company named Chief Operating Officer James Snee to succeed Ettinger as CEO. Hormel shares were unchanged in the extended session after rising 0.5% to close at $38.65.

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Advanced Micro Devices Inc. announced plans Tuesday to raise more than $1 billion through an offering of stock and debt, and shares declined in response. The chipmaker has been trading at its highest prices in nearly 5 years of late, after announcing a new line of semiconductors dubbed Zen. Tuesday afternoon, AMD said it would seek to sell $600 million in fresh shares and $450 million in convertible senior notes, with another $157.5 million in shares and debt available to underwriters if demand exists. AMD plans to use the new funds to pay off debt or outstanding senior notes, with any remaining capital going to other corporate purposes such as capital expenditures. AMD stock, which has moved as high as $8 in the recent run-up, fell lower than $7 in late trading thanks to an after-hours decline of 5%.

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Tesoro Corp. said late Tuesday it has agreed to buy renewable fuels and chemical company Virent Inc. for an undisclosed amount. The San Antonio, Texas, independent refiner said Virent’s technology involves biomass that can be converted and blended into other fuels and also used as renewable chemical, including a component of polyester. Tesoro hopes to scale up Virent’s technology, it said. Tesoro will operate Virent, based in Madison, Wis., as a subsidiary, and the company will keep its headquarters in Madison. The deal is expected to close by the end of the month. Shares of Tesoro were flat in late trading after ending the regular session up 2.8%.

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U.S. stocks finished higher on Tuesday, with the Nasdaq Composite recording its highest-ever close, after a discouraging report on U.S. service-sector activity was seen as possibly delaying a planned interest-rate hike by the Federal Reserve. The S&P 500 advanced 6.5 points, or 0.3%, to 2,186.48. Energy shares were the best performers, lifted by rising oil prices. The Dow industrials gained 46.37 points, or 0.3%, to 18,538.33, led by Intel Corp. and Chevron Corp. . The Nasdaq Composite climbed 26.01 points, or 0.5%, to 5,275.91. Market strategists say low interest rates push yield-hungry investors into riskier assets like stocks.

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Oil futures traded on the New York Mercantile Exchange settled higher Tuesday, finding support after Russia and Saudi Arabia said they would set up a working group to monitor the oil market and come up with ways to promote stability. October WTI crude rose 39 cents, or 0.9%, to settle at $44.83 a barrel on Nymex. Prices traded as low as $43.84 during the session, according to FactSet data, amid doubts over potential action among the major oil producers to boost prices.

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New York Attorney General Eric Schneiderman’s office is investigating EpiPen manufacturer Mylan , which may have violated antitrust law in its contracts with local school systems, Schneiderman’s office said Tuesday. Mylan’s price increases on allergic reaction treatment EpiPen prompted public outrage along with lawmaker scrutiny last month. Those price increases could be classified as anti-competitive practices if done “with the intent and effect of limiting lower cost competition,” Schneiderman said. Mylan shares were up 1.0% in early afternoon trade Tuesday. The company’s stock dropped 13.1% over the last three months, compared with a 3.5% rise in the S&P 500 .

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Federal-Mogul Holdings Corp. said Tuesday it has agreed to be acquired by Icahn Enterprises LP in a deal structured as a tender offer followed by a merger. Under the terms of the deal, Icahn Enterprises will pay $9.25 in cash for each Federal-Mogul share. That’s a premium of 86% over Federal-Mogul’s closing shares on Feb. 26, the business day before Icahn Enterprises, investing arm of Carl Icahn, made an original offer of $7.00 a share. Once the deal is complete, the goods supplier will become a privately held part of Icahn Enterprises. Federal-Mogul shares fell 0.2%, but are up 35% in the year so far, while the S&P 500 has gained about 6%.

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