Category: Stock Market News

General Mills Inc. said Monday that it will introduce Tiny Toast nationwide in June, the first new cereal launch for the company in more than 15 years. Tiny Toast features crunchy toast pieces covered in small pieces of strawberries or blueberries. The cereal is made with real fruit and other natural flavors, but contains no artificial flavors, colors from artificial sources, or high fructose corn syrup. More than 80% of General Mills’ cereals contain no artifical flavors or colors from artificial sources, the company said in a release. General Mills’ cereal brands include Cheerios, Trix, and Lucky Charms. General Mills shares are down 0.4% in Monday trading, but up 16.6% for the past year. The S&P 500 is up 0.8% for the last 12 months.

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Wal-Mart Stores Inc. was upgraded on Monday to buy from hold at Jefferies based on channel checks that indicate the retail giant’s store improvements are yielding sales results. Jefferies raised Wal-Mart’s price target to $82 from $60. Jefferies analysts conducted channel checks and surveys to determine that the company’s staff investments, price cutting, inventory management, grocery sourcing, and other efforts will produce long-lasting results and “should lead to upside in sales and an upward earnings per share revision cycle,” Jefferies wrote in a note. The bank also believes that online grocery will improve market share and lead to e-commerce sales growth. “Our Google consumer surveys showed those customers that were aware that Walmart is about to make incremental price investments were also those that expressed a willingness to shop Walmart more in the next year, suggesting that these actions should improve traffic,” bank analysts said. Wal-Mart shares are up 0.5% in Monday trading, and 16.2% for the year so far. The S&P 500 is up 3% in the year to date.

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U.S. stocks opened slightly higher Monday as investors braced for a speech by Federal Reserve Chair Janet Yellen, which could shed light on monetary policy in the wake of Friday’s dismal jobs report. The disappointing employment data was viewed as likely to prevent the Fed from delivering a rate increase this month. Meanwhile, strong gains in crude-oil futures also boosted risk appetite. The S&P 500 gained less than a point to 2,099. The Dow Jones Industrial Average added 24 points, or 0.1%, to 17,831 at the open. Meanwhile, the Nasdaq Composite began the session up 5 points, or 0.1%, at 4,948.

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Uber riders will have to pay if their drivers have to wait more than two minutes to pick them up, the ride-hailing company said Monday. The late fee is already in place in select U.S. cities and the company said it would be rolling out the feature to 12 more cities this month. Uber did not disclose the cost of the fee. Additionally, the company announced the expansion of a driver destinations button, which will alert drivers to pickups that are already on their designated route, and the pilot of a pause button that allows drivers to pause the app, rather than declining rider.

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Uber riders will have to pay if their drivers have to wait more than two minutes to pick them up, the ride-hailing company said Monday. The late fee is already in place in select U.S. cities and the company said it would be rolling out the feature to 12 more cities this month. Uber did not disclose the cost of the fee. Additionally, the company announced the expansion of a driver destinations button, which will alert drivers to pickups that are already on their designated route, and the pilot of a pause button that allows drivers to pause the app, rather than declining rider.

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Hertz Global Holdings Inc. said its plan to separate its car-rental and equipment-rental businesses into two public companies was formally approved by its board of directors. The rental-car business, currently named Hertz Rental Car Holding Co., will be named Hertz Global Holdings Inc., while the equipment-rental business will be called Herc Holdings Inc. The separation will be completed through a dividend distribution, in which shareholders of record on June 22 will receive one share of Hertz Rental Car Holding for each five shares they currently own. Each current share of Hertz will represent one share of Herc Holdings, but those shares will be adjusted for a 1-for-15 reverse stock split. The new Hertz Global Holdings will begin trading on July 1, 2016, under the current symbol of “HTZ” on the NYSE, while Herc Holdings will trade on the NYSE with the symbol “HRI.” Hertz’s stock, which was up 3% in premarket trade, has tumbled 29% in 2016 through Friday, while shares of rival Avis Budget Group Inc. have slumped 16% and the S&P 500 has gained 2.7%.

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ProNAi Therapeutics Inc.’s stock lost more than half its value toward a record low in premarket trade Monday, after the drug development company said it would discontinue development of its lymphoma treatment following disappointing Phase 2 trial results. The company said that while “modest efficacy” was observed, the trial results were not robust enough to justify continued development of the drug. “We continue to maintain a strong balance sheet and will focus our resources and activities on advancing our newly licensed Cdc7 inhibitor, PNT141, as well as on securing additional assets to build a broad and diverse pipeline of oncology drugs under our development,” said Chief Executive Nick Glover. The stock, which went public on July 16, 2015 at an IPO price of $17, traded as high as $33.75 intraday on its first day. The stock was down 60% ahead of the open at $2.55.

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Exelixis Inc.’s stock surged 8.5% in premarket trade Monday, after the biopharmaceutical company, and its partner Ipsen , announced positive data an analysis of trial results of its treatment for advanced kidney cancer. The company said it plans to present its data at the American Society of Clinical Oncology annual meeting in Chicago, that runs through Tuesday. “Patients whose kidney cancer has spread to their bones traditionally have a poorer prognosis and worse treatment outcomes compared with those who do not have bone involvement,” said Bernard Escudier, M.D., chair, Genitourinary Oncology Committee, Institut Gustave Roussy. “CABOMETYX demonstrated a clinically meaningful benefit for those with bone metastases, which is encouraging for physicians and patients who are seeking additional therapeutic options.” Exelixis’s stock had run up 17% year to date through Friday, while the SPDR S&P Biotech ETF had tumbled 17%.

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Shares of Hercules Offshore Inc. tumbled 19% in premarket trade Monday, after the oil services company said it has filed for bankruptcy, as it puts all of its assets up for sale. The filing comes after the company said 99.7% of its first lien debt holders accepted the prepackaged Chapter 11 plan disclosed last month. Hercules continues to solicit votes from shareholders, which it urges to vote in favor of the bankruptcy plan. The company plans to operate its rigs and vessels through the sale process. The stock had tumbled 35% year to date through Friday, while the VanEck Vectors Oil Services ETF had gained 5.4% and the S&P 500 was up 2.7%.

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Netflix Inc. on Monday said it’s planning to produce its first original series geared toward Indian audiences. Netflix is teaming with one of India’s leading production studios, Phantom Films, to adapt Indian author Vikram Chandra’s national best-selling novel “Sacred Games.” “Sacred Games” delves into the organized crime, corruption, politics and espionage under India’s economic renaissance, according to a news release. The show, set in Mumbai, will be shot on location in India and be available globally in Hindi and English. “Over the last few years, I’ve watched with great excitement and pleasure as Netflix has transformed narrative television with its ground-breaking, genre-bending shows,” Chandra said in a statement. “I’m confident that all the color and vitality and music of the fictional world I’ve lived with for so long will come fully alive on the large-scale canvas provided by Netflix.” No details on when the show would begin production or who will be involved were available. Netflix has made strides in producing original content that plays regionally and around the globe with shows like “Marseille,” and critically-acclaimed “Narcos” — Netflix recently inked a deal to have the first season of “Narcos” air on Univision. Netflix shares have dropped nearly 13% in the year to date, underperforming the S&P 500 Index, which is up nearly 3%.

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