Category: Stock Market News

Selecta Biosciences Inc. said it plans to raise up to $75 million in an initial public offering, according to a Securities and Exchange Commission filing late Tuesday. The Watertown, Mass.-based biotech uses synthetic vaccine nanoparticles to develop treatments for rare and serious diseases. Selecta reported $6 million in grant and collaboration revenue for a loss of $3.88 a share for 2015. The company plans to trade on the Nasdaq under the ticker “SELB”. UBS Investment Bank and Stifel are listed among underwriters for the IPO.

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Oil futures rallied in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell by 5.1 million barrels for the week ended May 20, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a decline of 3.3 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. July crude was at $49.21 a barrel in electronic trading, up from the contract’s settlement of $48.62 on the New York Mercantile Exchange.

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Gilead Sciences Inc. said late Tuesday that it was appointing Kevin Young as chief operating officer. Young served for 10 years as Gilead’s vice president of commerical operations and most recently has been a senior advisor to the biotech company. Gilead shares rose 0.2% to $86.35 after hours.

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Bunge Ltd. late Tuesday said its board of directors has approved an increase in the agribusiness and food company’s quarterly dividend to 42 cents, from 38 cents. The dividend is payable Sept. 2 to shareholders of record on Aug. 19, the company said. Shares of Bunge were flat in late trading Tuesday after ending the regular session up 1.1%.

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Shares of Hewlett Packard Enterprise soared 10% after the company said late Tuesday that it will spin off its enterprise services unit and merge it with CSC . The union will create a “a pure-play, global IT services powerhouse,” said HP Enterprise in a statement. CSC Chief Executive Mike Lawrie will become the chairman, president and CEO of the new entity and Meg Whitman will join the board. Once the deal is finalized by March, shareholders of HP Enterprise will own a 50% stake in the newly created company. Separately, Hewlett Packard Enterprise reported second-quarter earnings of $320 million, or 18 cents a share, from $305 million, or 16 cents a share, a year earlier. Year-ago results are calculated as if the company was already independent then. On an adjusted basis, HP Enterprise would have earned 42 cents a share. Revenue grew 1% to $12.7 billion. Analysts surveyed by FactSet had projected earnings of 42 cents a share on revenue of $12.34 billion. For the current quarter, the company projected adjusted EPS of 42 cents to 46 cents.

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U.S. stocks posted their largest daily gains in nearly three months on Tuesday as financial and tech stocks led a broad-based rally. The S&P 500 gained 27.97 points, or 1.4%, to 2,076, its strongest daily gain since March 11. The Dow Jones Industrial Average gained 212.71 points, or 1.2%, to 17,705.64 — also its strongest gain since March 11. Microsoft Corp. and Visa Inc. were the two strongest performers on the blue-chip gauge. Meanwhile, the Nasdaq Composite climbed 95.27 points, or 2%, to 4,861.06 — its strongest gain since March 1.

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Toyota Motor Corporation announced an investment in ride-hailing company Uber Tuesday, along with a partnership to develop in-car apps and start a leasing program. With the leasing program, car buyers can lease a vehicle from Toyota and make payments based on earnings made as an Uber driver, according to the release. Toyota’s investment follows a Volkswagen investment in Gett, a ride-hailing competitor, also announced Tuesday, as well as a previous investment by General Motors Co. in Lyft. Toyota made the investment with Mirai Creation Investment Limited Partnership. The financial terms of the deal were not disclosed.

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Gold futures dropped on Tuesday for a fifth session in a row, settling at their lowest level since mid-April, as upbeat U.S. economic data raised expectations for a Federal Reserve interest-rate hike in June. Gold for June delivery fell $22.30, or 1.8%, to settle at $1,229.20 an ounce.

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Monsanto Co. said Tuesday its board of directors have rejected Bayer AG’s buyout bid, calling it “incomplete and financially inadequate.” The maker of agrochemicals, seeds and genetically modified crops said that it was open to continued talks with its German rival to assess whether a deal would be favorable to its shareholders. “We believe in the substantial benefits an integrated strategy could provide to growers and broader society, and we have long respected Bayer’s business,” said Monsanto Chief Executive Hugh Grant. “However, the current proposal significantly undervalues our company and also does not adequately address or provide reassurance for some of the potential financing and regulatory execution risks related to the acquisition.” On Monday, Bayer said it would pay $62 billion in cash to buy Monsanto. The stock was up 1.6% prior to a trading halt for news. It has run up 9.3% year to date, while the S&P 500 has gained 1.6%.

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Gett, a ride-hailing startup, said Tuesday that it received a $300 million strategic investment from automotive company Volkswagen Group . Volkswagen is the latest car manufacturer, after General Motors , to team up with a ride-hailing company. “The partnership with Gett marks the first milestone for the Volkswagen Group on the road to providing integrated mobility solutions that spotlight our customers and their mobility needs.” said Matthias Müller, Chairman of the Board of Management of Volkswagen, in the press release. The recent investment brings Gett’s total funding to more than $520 million, the company said. Gett is available in Russia, Great Britain, Israel and New York City.

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