Category: Stock Market News

ConAgra Foods Inc. said Wednesday it has filed with the U.S. Securities and Exchange Commission regarding its planned split into two independent public companies, Lamb Weston Holdings Inc. and Conagra Brands Inc. The company said ConAgra Foods director Timothy McLevish will become executive chairman of the board of Lamb Weston, and Thomas Werner, currently president of commercial foods at ConAgra Foods, will become chief executive. Lamb Weston will have a portfolio of foods, including frozen potato, sweet potato, appetizer and other vegetable products, along with private-brand retail frozen products. ConAgra Brands will be comprised of the ConAgra Foods’ consumer foods segment and the foodservice business, which includes brands like Marie Callender’s, Hunt’s, RO*TEL, Reddi-wip, Slim Jim, Chef Boyardee, Orville Redenbacher’s, P.F. Chang’s and Healthy Choice. The split will be structured as a spin-off of the Lamb Weston business and will be tax free to ConAgra and its shareholders. ConAgra shares were not yet active in premarket trade, but are up 15% in the year to date, while the S&P 500 has gained 5%.

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The American League claimed home-field advantage in the World Series on Tuesday night by beating the National League, 4-2, in the Major League Baseball All-Star Game at Petco Park in San Diego. The Kansas City Royals’ Eric Hosmer was named the game’s MVP after belting a second-inning solo home run and later singling home another run. Royals teammate Salvador Perez hit a two-run homer to complete the AL’s scoring. It was the AL’s fourth All-Star Game win in a row.

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Juno Therapeutics Inc. shares rose nearly 30% late Tuesday after the pharmaceutical company said the Food and Drug Administration allowed it to resume the mid-stage clinical trial of a cancer drug put on hold last week after two deaths. The drug, known as JCAR15, is supplied to patients suffering from an acute form of leukemia. Shares of Juno had ended the regular session up 1.7%.

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Michaels Cos. shares slipped in the extended session Tuesday after the arts and crafts retailer said certain shareholders were selling a large chunk of stock in a secondary offering. Michaels shares declined 3.6% to $27.85 after hours. The company said certain shareholders were selling 11 million shares, and that it would buy 1 million of those shares. As a result, Michaels said it expects second-quarter results in the “lower-to-middle range” of its previous guidance. In June, Michaels forecast earnings of 16 cents to 18 cents a share for the second quarter. Analysts surveyed by FactSet estimate earnings of 18 cents a share.

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Oil futures fell in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies unexpectedly rose by 2.2 million barrels for the week ended July 8, according to sources. The closely watched Energy Information Administration report will be released Wednesday. Analysts polled by S&P Global Platts forecast a fall of 3.25 million barrels for crude inventories. August crude was at $46.44 a barrel in electronic trading, down from the contract’s settlement of $46.80 on the New York Mercantile Exchange.

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Pfizer Inc. said late Tuesday the Food and Drug Administration has approved its pneumonia vaccine Prevnar 13 for adults ages 18 through 49 and for infants and young children. The vaccine is already approved for adults over 50 and for children aged 6 to 17 years. The vaccine protects against 13 strains of bacteria causing pneumonia and other illnesses. Prevnar was first approved in the European Union for use in infants and young children in 2009, and is included in immunization programs in 102 countries, Pfizer said. Shares of Pfizer rose 0.1% in late trading after ending the regular session up 0.3%.

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The Dow Jones Industrial Average finished at a record on Tuesday, joining the S&P 500 index at an all-time closing high as a rally in oil prices and stronger-than-expected earnings from Alcoa Inc. vaulted stocks to new heights. The record for the the blue-chip benchmark comes a day after the S&P 500 index set an all-time closing high. The Dow added 120.74 points, or 0.7%, to 18,347.67, ending at a record for the first time in nearly 14 months. The blue-chip index set an intraday high at 18,371.95. The S&P 500 climbed 14.98 points, or 0.7%, to 2,152.14, a few points off its all-time intraday high of 2,155.49. The Nasdaq Composite advanced 34.18 points, or 0.7% to 5,022.82, erasing its losses in 2016.

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Engine maker Cummins Inc. said Tuesday it is raising its quarterly dividend to $1.025 from $97.50 cents. The new payment will be made Sept. 1 to shareholders of record as of Aug. 22. Shares were up 2.7% in late trade.

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U.S. Treasurys sold off Tuesday afternoon, pushing yields to their biggest single-day jump since mid-May. Yields on the 10-year Treasury note surged 9.1 basis points, driving the benchmark bond to 1.525%, representing its highest level since June 24–the day following Britain’s referendum to secede from the European Union roiled global markets.Tuesday’s rise marked the sharpest daily climb in the 10-year’s yield since May 18, according to Dow Jones data. Bond prices move inversely to yields. On Tuesday, selling in Treasurys accelerated, lifting yields from record lows, following an auction of $20 billion in 10-year notes, which was met with tepid demand. Poor Treasury auctions can weigh on the yields of Treasurys in the secondary market. Treasurys had been bid up over the past several weeks as ultralow interest rates world-wide have encouraged buying by foreign bidders chasing relatively richer yields in the U.S. However, a rally in U.S. equities over the past three sessions has put pressure on yields and may highlight a shift in bond-buying sentiment, as investors rotate out of government bonds considered safe and into relatively riskier, but rapidly rising, stocks. The Dow Jones Industrial Average and the S&P 500 index both were trading at intraday records and were on pace to finish at their best levels ever on Tuesday. Since the beginning of the week, the yield on 10-year note has risen the most over a two-day period, up 15.9 basis points, since the period ended Dec. 7 2015, Dow Jones data show. Despite big gains over the past two sessions, 10-year yield remain well below the 1.75% level before the June 23 Brexit referendum.

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Oil futures rallied on Tuesday to settle near their highest level in a week, rebounding from the two-month low seen just a day earlier. A report from the Organization of the Petroleum Exporting Countries showed that OPEC oil output and demand are likely to move into balance later this year. August WTI crude rose $2.04, or 4.6%, to settle at $46.80 a barrel on the New York Mercantile Exchange, the highest since July 6.

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