Category: Stock Market News

Impax Laboratories Inc. announced on Tuesday an agreement to buy a portfolio of generic drugs from Teva Pharmaceutical Industries Ltd. and affiliates of Allergan PLC for a total of $586 million. Impax said the deal, which includes currently marketed and pipeline products, will immediately add to earnings. As a result of the deal, Impax now expects 2016 adjusted earnings per share to grow 20% from 2015, compared with a previous forecast of 10% growth. Revenue is expected to increase 15%. The 2016 FactSet EPS consensus of $1.71 represents 18% growth from 2015, while the revenue consensus of $984.1 million implies 14% growth. The stock, which was still inactive in premarket trade, has tumbled 25% year to date, while the S&P 500 has gained 1.9%.

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Softbank Group Corp. said Tuesday it has agreed to sell its 72.2% stake in Finnish mobile game company Supercell Oy to China’s Tencent Holdings Ltd. for about $7.3 billion in cash, plus a special dividend of about $0.4 billion. The implied valuation of Supercell’s equity is about $10.2 billion, the Japanese software company said in a statement. Softbank said total returns on its investment in Supercell amount to about $8.4 billion, or 2.9 times capital invested and a 93% internal rate of return. The decision to sell the stake “is driven by (Softbank’s) continued focus on disciplined capital allocation, including further deleveraging, as part of its SoftBank 2.0 transformation strategy,” said the statement.

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A British man arrested over the weekend in Las Vegas said he wanted to kill Republican presidential candidate Donald Trump, court papers showed on Monday, according to media reports. Michael Steven Sandford had tried to grab a police officer’s gun during a Las Vegas rally in an attempt to shoot Trump. Sandford had said he was seeking an autograph from the candidate. “Sandford claimed he had been attempting to kill Trump for about a year but decided to act on this occasion because he finally felt confident about trying it,” the court papers said, according to CNBC. The arrested Brit has not entered a plea and will stay in custody until a hearing on July 5.

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A new poll released Monday show that voters in the U.K. are leaning once more toward staying in the European Union. In a Monday ORB poll commissioned by The Telegraph, 53% of voters polled say they will vote to stay in the EU, as opposed to 46% who want to leave. In a Friday YouGov/Sunday Times poll, 44% of respondents said they would vote to stay, while 43% said they would vote to leave. Early last week, polls showed preferences swinging toward a “leave” vote.

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Sabre Corp. Chief Executive Tom Klein will resign from his post at the Southlake, Tex., company effective Dec. 31, according to a statement late Monday. Klein will continue to serve as CEO while the travel software and products company conducts a formal search for a successor. Klein was named president of Sabre in 2010 and CEO in 2013. Shares of Sabre were flat in late Monday trading after ending the regular session up 0.2%.

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Marvell Technology Group Ltd. said late Monday that Matthew J. Murphy, a former executive at Maxim Integrated, was named the chip maker’s chief executive and president effective July 11. In April, Marvell fired its husband-and-wife founder and management team amid allegations of accounting issues. Shares of Marvell were flat in late trading after ending the regular session up 1.2%.

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Facebook Inc. reelected all of its board of directors on Monday, including the billionaire investor Peter Thiel, who has been at the center of a controversy related to Gawker Media. The company’s entire eight-person board was reelected, including Netflix CEO Reed Hastings and venture capitalist Marc Andreessen. Thiel’s reelection drew the most interest, however, with Facebook and its investors sticking by the PayPal founder – the company’s longest standing board member — despite the fact that he admitted to funding a costly legal battle that led to Gawker’s bankruptcy earlier this month. Thiel has referred to the lawsuit, which was filed by Hulk Hogan and funded secretly by Thiel, as a personal vendetta, after Gawker published a story ten years ago that outed him as gay. Shares of Facebook rose 0.3% to $113.37 on Monday. They’ve risen 37.5% over the last 12 months, outperforming the S&P 500, which is down 1.2%.

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U.S. stocks ended firmly higher Monday, although coming off their best levels of the session, as recent polls showed support swinging back toward the U.K. remaining a member of the European Union ahead of its Thursday referendum. The Dow Jones Industrial Average finished up 134 points, or 0.8%, at 17,806. A sharp rise in shares of Goldman Sachs Group Boeing Co. and 3M Company contributed about 60 points to the blue-chip index. Meanwhile the S&P 500 index rose 12 points, or 0.6%, to 2,083, and the Nasdaq Composite Index climbed 36 points, or 0.8%, to 4,837.

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Fiat Chrysler Automobiles N.V. said Monday it is investigating the role played by Anton Yelchin’s 2015 Jeep Grand Cherokee in his death over the weekend. The 27-year old Yelchin died when the car, which was under recall, rolled down his driveway and crushed him against a brick mailbox pillar and security fence. The recall was conducted because of the risk that drivers could exit the vehicle without it remaining in park. In a statement, Fiat Chrysler said it is “in contact with the authorities and is conducting a thorough investigation. It is premature to speculate on the case of this tragedy.” Yelchin, who was born in Russia, was best known for his role as Chekov in the latest reboot of “Star Trek” films, and also appeared on TV’s “Huff,” “ER,” “The Practice,” “Curb Your Enthusiasm” and the 2009 film “Terminator: Salvation.”

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Inovio Pharmaceuticals Inc. shares rose 4.3% Monday morning after the company received approval to test its Zika vaccine in a phase 1 human trial. GeneOne Life Science is a collaborator on the GLS-5700 vaccine. Interim results from the trial are expected later this year, Inovio president and chief executive officer Dr. J. Joseph Kim said. No vaccines yet exist for Zika virus, though several tests have been developed. With Zika virus posing severe public health risks, particularly in Latin America, companies have scrambled in recent months to develop a vaccine. Earlier this year, the World Health Organization said large-scale trials on a Zika vaccine were at least a year and a half away.

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