Category: Stock Market News

Skullcandy Inc. said Monday it received a potentially better buyout bid from Mill Road Capital Management over the weekend, which gives it the right to terminate its merger agreement with Incipio LLC. The maker of headphones and owner of the Astro Gaming brand said it received a bid from Mill Road of $6.05 a share in cash, which was above the Incipio bid of $5.75, just before the go-shop period of the Inicipio deal ended. Skullcandy said it plans to negotiate with Mill Road to determine if it will lead to a “superior” proposal, in which case it would have the right to terminate its agreement with Incipio. Skullcandy’s stock, which was still inactive in premarket trade, has soared 70% over the past three months, while the S&P 500 has gained 4.2%.

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Kimberly-Clark Corp. on Monday reported second-quarter earnings and revenue that were higher than Wall Street expected. Net income for the quarter came in at $566 million, or $1.56 per share, after a loss of $305 million, or 83 cents per share during the same quarter a year ago. Adjusted earnings for the quarter were $1.53 per share, which beat the $1.47 per-share earnings consensus on FactSet. Sales hit $4.59 billion during the quarter, compared with $4.64 billion a year ago. The FactSet consensus on revenue was $4.57 billion. Kimberly-Clark said it expects its restructuring, which began in October 2014, to be completed by the end of the year and the company expects full-year adjusted earnings to fall in the range of $5.95 per share to $6.15 per share. Shares of Kimberly-Clark were inactive in premarket trade, but are up 5.8% in the year to date, underperforming the S&P 500 Index , which is up 6.4%.

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Sprint Corp.’s stock jumped 1.1% in premarket trade Monday, after the telecommunications company reported fiscal first-quarter revenue that beat expectations, with new postpaid phone customers added after losing them a year ago. For the quarter ended June 30, losses widened to $302 million, or 8 cents a share, from $20 million, or a penny a share, in the same period a year ago. The FactSet consensus was for a per-share loss of 8 cents. Revenue slipped to $8.01 billion from $8.03 billion, but was above the FactSet consensus of $7.99 billion. Postpaid phone net additions were 173,000, after a net loss of 12,000 a year ago, while postpaid phone churn improved to 1.39% from 1.49%. Wireless net additions were 377,000 vs. 675,000 a year ago. “We had another quarter of solid progress in our turnaround with the highest first quarter postpaid phone net additions in nine years, the lowest postpaid phone churn in company history, and finally being postpaid net port positive against all three national carriers after five years,” said Chief Executive Marcelo Claure. The stock has run up 28% year to date through Friday, while the S&P 500 has gained 6.4%.

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Home Group Inc., a retail chain, filed to go public Monday. The company set a price range of $14 to $16 a share and said it plans to sell 8.7 million shares. Home Group reported sales of $622 million and income of $3.57 million in fiscal 2016. The company has been approved to list on the New York Stock Exchange under the symbol “HOME.” Bank of America Merrill Lynch and Goldman, Sachs & Co. are the lead underwriters.

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AbbVie Inc. and Bristol-Myers Squibb Company said Monday morning they will collaborate on a clinical trial for a lung cancer treatment combining AbbVie’s Rova-T with Bristol-Myers Squibb’s Opdivo and an Opdivo + Yervoy regimen. The phase 1/2 trial will evaluate the combination’s effectiveness for relapsed extensive-stage small cell lung cancer. Lung cancer is the top cause of U.S. cancer deaths. AbbVie shares rose 4.7% over the last three months, and Bristol-Myers Squibb shares rose 7.2%, compared with a 4.2% rise in the S&P 500 .

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Verizon Communications Inc. said early Monday that it has reached a deal with Yahoo Inc. to acquire the internet company’s operating business. The agreement will see Verizon pay $4.83 billion in cash in a move to create a mega mobile media technology company, according to a news release. Under the deal, Yahoo will be integrated with AOL, which Verizon bought last year. Verizon shares were up less than a 1%, while Yahoo shares were halted for the news.

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A shooting outside of a nightclub in Florida early Monday left two people dead and at least 14 injured, according to media reports. Gunshots were reportedly fired in the parking lot of Club Blu in Fort Myers, with injuries among the wounded ranging from minor to life-threatening. Police said they have detained a person in connection with the shooting. The club was hosting a teen party at the time of the shooting, CBS News reported. A motive hasn’t been established for the incident. Last month, a Florida nightclub was the site of the deadliest mass shooting in modern history, in which 49 patrons were killed by the gunman, who also died at the Pulse nightclub.

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LVMH Moet Hennessy Louis Vuitton SE announced Monday that it will sell Donna Karan International Inc. to G-III Apparel Group Ltd. in a $650 million deal. LVMH, the French multinational luxury goods conglomerate, owns Donna Karan International, which is the parent of Donna Karan and DKNY brands. The deal is expected to close in late 2016 or early 2017. G-III said it doesn’t have plans to update its financial guidance to reflect the acquisition until the deal has closed. G-III, a designer and manufacturer of apparel and outwear in the United States, plans to partly fund the deal by issuing $75 million in common stock to LVMH and a $75 million, six-and-a-half-year seller note.

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LinkedIn Corp said late Friday it was holding a special meeting of shareholders Aug. 19 to vote on the social network’s acquisition by Microsoft Corp. . Shareholders are entitled to $196 cash for each share of LinkedIn, the company said. Back in June, LinkedIn said Microsoft had offered $26.2 billion for the company.

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Specialty commercial and casualty insurance company Ironshore Inc. plans an initial public offering, according to a filing with the Securities and Exchange Commission late Friday. Underwriters include Bank of America Merrill Lynch, Citigroup, J.P. Morgan, and UBS. The company reported earnings of 41 cents a share on revenue of $1.65 billion in 2015.

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