Category: Stock Market News

Boyd Gaming Corp. shares rose in the extended session Tuesday after the casino operator said it agreed to sell half of its interest in the holding company that owns the Borgata casino in Atlantic City to MGM Resorts International . Boyd shares surged 4.4% to $19.75 after hours. Under the agreement, Boyd will sell a 50% equity stake in Marina District Development Holding Company LLC for an estimated $900 million. Boyd expects $600 million upfront, after deducting outstanding debt, along with 50% of future property-tax settlement benefits. Boyd expects the deal to close in the third quarter. MGM shares were unchanged at $22.85 after hours.

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The Russell 2000 Index became the first of the widely-watched broader market indexes to close above its April high, which puts in place the bullish technical pattern of higher peaks and higher troughs. The small cap tracker’s close Tuesday at 1,154.79 was just above the April 27 four-month high of 1,154.15, while the May 19 closing low of 1,094.76 was above the April 7 low of 1,092.79. The century-old Dow Theory of market analysis says an uptrend is defined by a pattern in which each successive rally closes higher than the previous rally, and each pullback closes higher than the previous pullback, according to the Market Technicians Association. Meanwhile, the Dow Jones Industrial Average closed Tuesday 309 points below its April 20 high of 18,096.27; the S&P 500 closed 0.3% below its April 20 high of 2,102.40 and the Nasdaq Composite ended 0.2% below its April 18 high of 4,960.02. For Dow Theory enthusiasts, the Dow Jones Transportation Average ended Tuesday 3.8% below its April 20 high of 8,109.19.

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Staples Inc. said late Tuesday Chief Executive Ron Sargent will step down from his position after the retailer’s shareholder meeting June 14. Shira Goodman, Staples’ president of North America operations, will become interim CEO, the company said in a statement. Staples will select a permanent CEO through a special committee with the support of an executive search firm. Shares of Staples fell 0.3% in late trading after ending the regular trading day up 1%.

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Workday Inc. shares slipped in the extended session Tuesday even after the business cloud-software company topped Wall Street estimates for the quarter. Workday shares fell 4.1% to $72.70 after hours. The company reported adjusted earnings of 5 cents a share on revenue of $345.4 million. Analysts surveyed by FactSet had forecast a loss of 2 cents a share on revenue of $338.7 million. Workday sees second-quarter revenue of $371 million to $373 million. Analysts expect $370.9 million. Workday’s stock, however, was downgraded on Friday by Wedbush Securities.

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Oil futures settled with a loss on Tuesday, but gained for the month ahead of a key meeting of the Organization of the Petroleum Exporting Countries later this week. July WTI crude settled at $49.10 a barrel on the New York Mercantile Exchange, down 23 cents, or 0.5%, for the session. Prices climbed 6.9% from the settlement of the front-month contract at the end of April. That marked WTI’s fourth straight month of gains.

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Gold futures on Tuesday marked their first gain in nine sessions, but still suffered a loss of nearly 6% for the month–their first monthly loss of the year. June gold settled at $1,214.80 an ounce, up $1, or less than 0.1%, Tuesday edging up after eight sessions of declines in a row. For the month, however, prices suffered as expectations for a U.S. Federal Reserve interest-rate increase grew. Gold futures lost 5.9% for the month of May, which marked its first losing month since December.

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General Mills Inc. said Tuesday that it has issued a voluntary recall of Gold Medal flour, Wondra flour, and Signature Kitchens flour over concerns of E. coli contamination. General Mills said it is working with health officials, who have been researching 38 instances of illnesses across 20 states between Dec. 21, 2015 and May 3, 2016. All are related to a particular strain of E. coli. In its investigation, the Centers for Disease Control found that about half the people who reported illnesses made something with flour before falling ill, and some reported using General Mills flour. So far, no E.coli has been found in any General Mills flour products or in manufacuring facilities, nor has the company been contacted by consumers reporting illness. Some also reported eating raw dough or batter. Consumers are warned against consuming products containing raw flour. General Mills shares are down 0.2% in Tuesday trading, but up 11.8% for the past year. The S&P 500 is down 0.5% for the past 12 months.

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The pound moved firmly lower against other major currencies on Tuesday afternoon after the latest poll on the upcoming Brexit referendum showed public opinion has shifted in favor of the U.K. leaving the European Union. Sterling dropped to $1.4556, after trading as high as $1.4726 earlier on Tuesday. Against the euro, the pound dropped to €1.3048, down from an intraday high of €1.3205. According to two Guardian/ICM polls, 52% of the respondents said they would vote for a Brexit, while 48% would prefer to stay in the union. That points to a reversal of recent polls, which had indicated the “remain” campaign was gaining traction. The Brits will cast their ballot on June 23, with the result expected early on June 24.

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Walt Disney Co.’s stock slumped $1.30, or 1.3%, in morning trade Tuesday, enough to turn the Dow Jones Industrial Average negative, after the company’s film “Alice Through the Looking Glass” flopped in its debut weekend. The price decline was shaving about nine points off the price of the Dow, which was down 5 points, or just under 0.1%. In comparison, the S&P 500 index was up 0.2%. The second installment in Disney’s Alice in Wonderland franchise took in $34.2 million over the long weekend, according to Box Office Mojo, compared with expectations of about $60 million.

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Valeant Pharmaceuticals International Inc. said Tuesday that former Chief Executive Michael Pearson will continue to act as consultant to the company until December 31 of 2017 as part of his separation agreement with the company. Pearson, who was terminated on May 2, will be paid severance of $9 million and will be entitled to a pro-rated annual bonus for the 2016 fiscal year, the company said in a filing with the Securities and Exchange Commission. Pearson remains bound by the company’s confidentiality and non-compete agreement and has been asked to sign a non-disparagement agreement. Valeant shares were slightly higher in morning trade, but are down 72% in the year so far, amid a scandal over the company’s drug pricing policies and accounting practices.

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