Category: Stock Market News

Rock singer Meat Loaf collapsed during a performance in Canada on Thursday, according to media reports. The 68-year-old dropped on stage shortly after 9:30 p.m. in Edmonton at the Jubilee Auditorium, according to an Edmonton Journal report. He was rushed to the hospital, reports said. There was no public update on his condition early Friday. Meat Loaf, whose birth name is Marvin Lee Aday, earlier this week postponed a concert in Calgary due to illness, according to his Facebook page.

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From:: Stock Market News

Orthopediatrics Corp. has filed for an initial public offering to sell $75 million worth of shares, according to a filing. The Warsaw, Ind., pediatric medical-device company said its sales reached $31 million last year, from $10 million in 2011, reflecting a compound annual growth rate of 32%. The company has operated in the red, however, and it lost $7.9 million in 2015, from $9.5 million in 2014. The company is expected to list its stock on the Nasdaq stock exchange under the symbol KIDS.

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.

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From:: Stock Market News

Orthopediatrics Corp. has filed for an initial public offering to sell $75 million worth of shares, according to a filing. The Warsaw, Ind., pediatric medical-device company said its sales reached $31 million last year, from $10 million in 2011, reflecting a compound annual growth rate of 32%. The company has operated in the red, however, and it lost $7.9 million in 2015, from $9.5 million in 2014. The company is expected to list its stock on the Nasdaq stock exchange under the symbol KIDS.

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.

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From:: Stock Market News

Orthopediatrics Corp. has filed for an initial public offering to sell $75 million worth of shares, according to a filing. The Warsaw, Ind., pediatric medical-device company said its sales reached $31 million last year, from $10 million in 2011, reflecting a compound annual growth rate of 32%. The company has operated in the red, however, and it lost $7.9 million in 2015, from $9.5 million in 2014. The company is expected to list its stock on the Nasdaq stock exchange under the symbol KIDS.

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.

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Synaptics Inc. plans to lay off 160 employees and close some offices, according to information filed Thursday with the Securities and Exchange Commission. The company said the workforce reductions, which equal about 9% of total staffing levels, will cost $10 million to $11 million mostly in severance fees, while the consolidation of office space will cost $3 million to $4 million for lease-cancellation fees and other costs. “These programs represent cost-cutting measures to align the company’s cost structure consistent with its revenue levels,” the filing stated. Synaptics has suffered this year from a plateau in sales for Apple Inc.’s iPhone, for which the company provides touch controllers. Synaptics stock fell 2.1% to $60.50 Thursday after a price target cut from Mizuho Securities, and is down 24.7% so far this year.

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Revlon Inc. said late Thursday it has agreed to buy Elizabeth Arden Inc. for an all-cash deal of $14 a share, a 50% premium, valuing Elizabeth Arden at about $870 million. By buying the beauty-product rival, Revlon will benefit from “greater scale, an expanded global footprint, and a significant presence across all major beauty channels,” the companies said in a statement. They predicted cost savings around $140 million. Shares of Revlon were flat in late trading, while shares of Elizabeth Arden rose 49%. The stocks had ended the regular session up 0.2% and down 0.2%, respectively.

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Wells Fargo & Co.’s stock bounced sharply off early lows Thursday, with a late push higher saving it from suffering its longest losing streak in more than 8 1/2-years. The stock turned higher in the last half hour of the regular session, closing up 0.1%, after being down as much as 1.8% early in the session. A lower close would have extended the stock’s losing streak to eight sessions, which would have been the longest such stretch since the eight-session streak ending Oct. 19, 2007. The ended the loss streak at seven sessions, which was the longest since Jan. 8, 2016. Separately, the SPDR Financial Select Sector ETF closed up 0.3%, after being down 1.4% at its intraday low.

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Struggling network-software company Infoblox Inc. announced Thursday that it would eliminate about 12% of its workforce in a cost-cutting move. After a disappointing quarterly earnings report in May, Infoblox said it would undergo a strategic review, and the results released Thursday include a reduction of about 110 jobs and revised hiring priorities. “The actions we are announcing today will make the company leaner and more efficient, and we believe will best position Infoblox to extend our industry leadership,” Chief Executive Jesper Andersen said. “Many of the measures we are taking to streamline costs are structural.” The company expects to incur costs of $6.5 million in the restructuring, all of which is expected to be incurred in the fourth quarter of this fiscal year. Infoblox stock has fallen 30% in the past year, but shares have rebounded from lows of less than $14; the stock closed Thursday with a 1.5% gain at $18.90.

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.

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From:: Stock Market News

Struggling network-software company Infoblox Inc. announced Thursday that it would eliminate about 12% of its workforce in a cost-cutting move. After a disappointing quarterly earnings report in May, Infoblox said it would undergo a strategic review, and the results released Thursday include a reduction of about 110 jobs and revised hiring priorities. “The actions we are announcing today will make the company leaner and more efficient, and we believe will best position Infoblox to extend our industry leadership,” Chief Executive Jesper Andersen said. “Many of the measures we are taking to streamline costs are structural.” The company expects to incur costs of $6.5 million in the restructuring, all of which is expected to be incurred in the fourth quarter of this fiscal year. Infoblox stock has fallen 30% in the past year, but shares have rebounded from lows of less than $14; the stock closed Thursday with a 1.5% gain at $18.90.

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The iPath S&P 500 VIX Short-Term Futures exchange-traded note turned lower in the last hour of Thursday’s regular session, putting it on track to suffer a third-straight loss in active trade. With volume of 127.8 million shares, which is nearly double the full-day average, the VXX was the most-actively traded on U.S. exchanges. The volatility measure fell 2.1% in afternoon trade, after being up as much as 8.1% at a seven-week high at its intraday peak, which was reached about a half hour after the open. The selloff coincided with the swing higher in the S&P 500, which swung to a gain of 0.3% after being down as much 1% early in the session.

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.

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From:: Stock Market News