Category: Stock Market News

Flextronics International Ltd. said late Monday its shareholders have approved a plan to buy back up to 20% of the company’s outstanding shares. Flextronics shares rose 2% to $13.35 after hours. The company said its board has authorized the buyback of up to $500 million shares. Since 2012, Flextronics has bought back up to 279 million shares for about $2.3 billion. The company has about 546 million shares outstanding, according to FactSet.

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From:: Stock Market News

U.S. stocks closed higher Monday, led higher by financial stocks as investors warmed up to the possibility of a Federal Reserve rate hike this year. The Dow Jones Industrial Average [ s: djia] closed up 107.59 points, or 0.6%, at 18,502.99, with Travelers Cos. , American Express Co , J.P. Morgan Chase & Co. , and DuPont all finishing up more than 1%. The S&P 500 Index finished up 11.34 points, or 0.5%, at 2,180.38, as the financial sector gained 1%, followed by a rise in materials stocks. The Nasdaq Composite Index rose 13.41 points, or 0.3%, to close at 5,232.33.

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Oil futures fell Monday as doubts that major oil producers will reach a pact next month to stabilize production prompted prices to settle lower for the first time in three sessions. October WTI crude fell 66 cents, or 1.4%, to settle at $46.98 a barrel on the New York Mercantile Exchange.

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The European Commission, which has been investigating Apple Inc.’s tax practices on the continent for more than two years, is expected to demand more than 1 billion euros in back taxes from the tech giant, according to a Monday report. Reuters reported Monday that the commission is expected to reject Apple’s deal with Ireland, which allows it to shelter European profit in that country, based on two anonymous sources. One of those sources said the commission would seek back taxes of more than 1 billion euros, though Apple and Ireland are expected to appeal any adverse ruling, and Ireland would eventually calculate what is owed. Apple has previously warned that the investigation could have a material impact on its earnings. Apple stock seemed unaffected by the news Monday, with shares maintaining a slight gain on the day.

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Apple Inc. will host its annual hardware event on Wednesday, Sept. 7. The company sent out invitations to the media and published the event on its website around 9 a.m. PT on Monday with the title “See you on the 7th.” The company is expected to unveil a new iPhone, likely called iPhone 7, and other updates to its product lineup.

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Shares of Herbalife Ltd. rallied Monday following news that Carl Icahn bought additional shares in the nutritional supplement company. Icahn told CNBC late Friday that he bought 2.3 million Herbalife shares as he continues to feud with hedge-fund manager Bill Ackman who has characterized the company as a “pyramid scheme” and shorted the stock. Herbalife shares are up 3.3% to $62.52 for year-to-date gains of 17%.

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Walgreens Boots Alliance Inc. announced Monday that it has partnered with Prime Therapeutics, a pharmacy benefit manager owned by 14 Blue Cross and Blue Shield health plans, on a retail pharmacy network agreement and mail-service business. The alliance will bring Prime’s 22 million members preferred access to the Walgreens pharmacy network, including chances to save money when prescriptions are filled and an integration of pharmacy and health information. Walgreens will become Prime’s national preferred pharmacy network starting Jan. 1. The allied services will have its own board of directors and executive team, to be announced later this year. Walgreens shares are up 1.4% early Monday but are down 8% for the past year. The S&P 500 Index is up 9.5% for the last 12 months.

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WASHINGTON (MarketWatch) – Hackers outside the U.S. allegedly accessed voter information in election databases in Illinois and Arizona, prompting an alert from the FBI, according to Yahoo News. Federal authorities have warned state officials to tighten their security and have offered FBI help to make their systems more secure. In Illinois, hackers downloaded personal data for as many as 200,000 voters, forcing the state to briefly shut down its voter registration system, Yahoo reported. The Arizona incident involved the introduction of malware. Government officials worry that foreign hackers may be trying to disrupt U.S. elections.

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Starbucks Corp. said Monday that it is opening its first cafe on the island of Trinidad. The new store in San Fernando adds to the company’s Caribbean presence. Starbucks opened its first store in the region in San Juan, Puerto Rico in 2002, and now also has locations in the Bahamas, Aruba and Curacao. Starbucks shares are down 0.5% in Monday trading, and down 5% for the year so far. The S&P 500 Index is up 6.5% for the year to date.

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Macy’s Inc. said Monday that it will air a one-hour primetime program on the E! Network on Thursday, September 15 ahead of New York Fashion Week. “Macy’s Presents Fashion’s Front Row” will feature musical performances by Ariana Grande and Flo Rida along with fashion and other entertainment, filmed at The Theater at Madison Square Garden on September 7. The retailer will also have in-store events in 25 markets across the country between September 15 and September 17, including Chicago, San Francisco and Miami. New York Fashion Week takes place September 8 through September 14. Macy’s shares are nearly flat in Monday trading, but down 34.6% for the last year. The S&P 500 Index is up 9.3% for the last 12 months.

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