Category: Stock Market News

Diamond Resorts International Inc. said Monday that it will delay the release of second-quarter results, after the vacation destination company’s independent accountant raised questions about accounting practices. The accountant, BDO USA, said Diamond Resorts may not have correctly applied the relative sales value inventory valuation model with it prepared its financial statements since 2014. Diamond Resorts was scheduled to report results on Monday. On Friday, the company agreed to be acquired by Apollo Global Management in a deal valued at $2.2 billion. “Based on our discussions with the company, we are confident this will not impact the timing of our acquisition on the terms previously announced,” an Apollo management said in a statement. Diamond’s stock, which is currently halted for news, had rallied 18% year to date through Friday, while the S&P 500 had gained 6.1%.

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

U.S. stocks opened little changed on Monday following last week’s gains that brought the S&P 500 within a whisker of a record closing high. On Monday, the market’s expectations of a Federal Reserve interest-rate hike this year appeared to wane, while a sharp drop in oil prices dampened risk appetite. Investors also braced for data on U.S. manufacturing that could help shape future U.S. monetary policy. The Dow Jones Industrial Average added 10 points, or less than 0.1%, to 18,442, the S&P 500 index was unchanged at 2,173, while the Nasdaq Composite Index rose 5points, or 0.1%, to 5,166. Among individual companies, Tesla Motors Inc. and SolarCity Corp. shot up over 7% premarket before being halted, after the two companies said they have reached a merger agreement.

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

Tesla Motors Inc. and SolarCity Corp. held a call with analysts early Monday morning to defend a proposed deal between the two companies and tout the cost synergies that would occur if the two combined. Earlier on Monday, Tesla announced an offer to buy SolarCity for roughly $2.6 billion. The deal, subject to SEC review and majority approval from the independent shareholders of both companies, is expected to close in in the fourth quarter. On the call, the companies said they expect to achieve $150 million in cost synergies within the first year. Within three to five years, they expect every single system across the two portfolios to include both solar and storage. Elon Musk, who serves as chairman of both companies, said synergies will include the streamlining of production on the backside, the improvement of customer acquisition costs, and the ability to educate consumers about the benefits of combining solar production and storage. Shares of Tesla rose 0.2% to $235.31 in premarket trade, while those of SolarCity plunged 6.2% to $25.05. As of Friday’s close, SolarCity’s shares had declined by 12% in the past 12 months and 54% in the past year. The S&P 500 , meanwhile, is up 5.2% in three months and 3.3% in the past 12.

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

Harley-Davidson Inc. was downgraded on Monday to underweight from equal weight at Barclays on concerns that discounting could impact bike inventories. The bank maintains its $45 price target. “In response to the favorable financing rates offered by the competition, Harley-Davidson has once again engaged in aggressive financing via Harley-Davison Financial Services,” the bank wrote in a note. “All this discounting conditions consumer purchase patterns and leads to higher used bike inventories once the discounting is removed.” Analysts are also concerned about heightened competition and a decline in domestic demand. Harley-Davidson shares are up 1.1% in premarket trading, but down 9.2% for the past year. THe S&P 500 Index is up 3.3% 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

Newell Brands Inc. said Monday Chief Commercial Officer Joseph Arcuri will leave the company effective Aug. 31. Under the separation agreement, Arcuri will receive a $625,000 severance payment, and a pro-rated cash bonus payable at the same time bonuses are paid to active employees. Arcuri joined Newell in December 2014 at global president of the home solutions business. Prior to that, he had spent 28 years at Procter & Gamble Co. . Newell’s stock was still inactive in premarket trade. It closed Friday an 18-year high, after the consumer products company reported better-than-expected second-quarter results. It has run up 19% year to date, while the S&P 500 has gained 6.3%.

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

Verizon Communications Inc. on Monday said it’s entered an agreement to acquire Fleetmatics Group PLC in a deal valued at $2.4 billion. Fleetmatics is a mobile workforce solutions company offering businesses the software and means to track and analyze data from their vehicles and, or drivers. The deal, which Verizon expects to close in the fourth quarter, will see the mobile, cable and internet company pay $60 per share in cash, which represents a 40% premium to Friday’s closing price. Fleetmatics is headquartered in Dublin, Ireland, with its North American base in Massachusetts. Shares of Fleetmatics were up more than 38% following the news, and are down more than 15% in the year to date. Verizon shares were down less than 1% in light premarket trade, but are up nearly 20% in the year, outperforming the S&P 500 Index , which is up more the 6%.

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

Coty Inc. said Monday that it is raising its annual dividend by 10% to $0.275 cents per share from $0.25 cents per share on Class A and Class B common stock. The dividend is payable on August 19, 2016 to shareholders of record at the close of business on August 11, 2016. Coty shares are inactive in premarket trading but up 4.8% for the year to date. The S&P 500 Index is up 6.3% for the year so far.

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

Keryx Biopharmaceuticals Inc. shares were halted in pre-market trade Monday and the company said its kidney disease drug Auryxia wouldn’t be available through about the fourth quarter, due to a production-related issue. The supply interruption, which the company said was “imminent,” was caused by an issue converting active pharmaceutical ingredient, which is used to make a drug, into a finished drug product, which has resulted in variable finished drug yields. Keryx said that the production issues have eliminated its reserve of the drug. Auryxia first received Food and Drug Administration approval in late 2014, and the drug’s net U.S. sales in the second-quarter were $8.3 million from about 13,000 prescriptions. Shares of the company rose 35.3% over the last three months, compared with a 5.2% rise in the S&P 500 .

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

SolarCity Corp. said Monday that megawatts installed in the second quarter came to 201 MW, ahead of guidance of 185 MW. MW booked rose 40% from the year-earlier period to drive a “significant” improvement in sales cost per watt. “A range of sales process improvements and the introduction of a new loan offering began to help improve bookings in the second quarter, but residential bookings in the first half of the year were still lower than we anticipated overall,” the company said in a statement. As a result, the company is cutting its 2016 guidance for MW installed to 900 to 1,000 MW from earlier guidance of 1,000 to 1,100 MW installed. The company is expecting two product releases in the second half that are expected to boost MW installed in 2017. The company will report second-quarter earnings after the bell on Aug. 9. Shares were halted premarket for news. The company and Tesla Motors Corp. will host a conference call at 8.00 a.m. Eastern Monday to discuss Tesla’s plan to buy SolarCity. Tesla shares were slightly higher in premarket trade, while S&P 500 futures were up 2 points.

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

Tesla Motors Corp. and SolcarCity Corp. will host a conference call at 8.00 a.m. Eastern Monday to discuss Tesla’s plan to acquire SolarCity. The companies will provide an investor presentation to the investor relations sections of their websites. Tesla first announced its plan to acquire SolarCity in June, and Tesla Chief Executive Elon Musk — who is the biggest shareholder of both companies — has said the deal would help transition the car maker into an energy company specializing in using batteries to generate and store power. SolarCity shares were halted premarket for news, while Tesla edged slightly lower. S&P 500 futures were slightly higher.

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