Category: Stock Market News

Monsanto Co. jumped 17% in premarket action on Thursday amid rumors German chemicals giants BASF SE or Bayer AG are mulling a takeover of the St. Louis-based agriculture company. Streetinsider.com said late Wednesday BASF is working with investment banks to advise on a potential takeover of the Roundup maker. Thursday, however, Bloomberg News reported that Bayer is exploring a $40 billion bid for Monsanto. Representatives from BASF and Bayer declined to comment and Monsanto wasn’t immediately available to comment. The takeover speculation comes after Bloomberg reported in March that Monsanto was looking to do possible deals with BASF and Bayer AG . Monsanto was vying to buy Syngenta AG earlier in the year, but the Swiss pesticide and seed company was snapped up by China National Chemical Corp. in a $43 billion deal.

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The Bank of England on Thursday sounded the alarm that a vote for the U.K. to leave the European Union would hurt the economy and send the pound sharply lower. In its toughest warning yet, the central bank said the “most significant risk” to its economic forecasts concern the so-called Brexit referendum on June 23. “A vote to leave the EU could materially alter the outlook for output and inflation, and therefore the appropriate setting of monetary policy. Households could defer consumption and firms delay investment, lowering labour demand and causing unemployment to rise,” the policy makers said in a statement accompanying its rate decision. The bank kept its key rate at a record low of 0.5% as expected. The BOE also said sterling is likely to depreciate further, “perhaps sharply” in the case of a vote to exit the union. The pound has dropped 9% since its November peak, half of which reflects the risks associated with the referendum, the bank said. “There are increasing signs that uncertainty associated with the EU referendum has begun to weigh on activity,” it said.

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Kohl’s Corp.’s stock dropped 4.4% in premarket trade Thursday, after the discount department store chain missed first-quarter profit and reported a surprise decline in sales. Earnings for the quarter ended April 30 fell to $58 million, or 31 cents a share, from $127 million, or 63 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 37 cents. Revenue fell 3.7% to $3.97 billion from $4.12 billion, below the FactSet consensus of $4.13 billion. Same-store sales declined 3.9%, compared with the FactSet consensus for a rise of 0.2%. “First quarter sales were challenging,” said Chief Executive Kevin Mansell. “Despite the sales environment, we were able to manage our gross margin and inventory levels consistent with our expectations as we took the markdowns necessary to clear excess inventory.” The stock has tumbled 19% year to date through Wednesday, while the S&P 500 has gained 1%.

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Nissan Motor Co. on Thursday said it will take a 34% stake in fellow Japanese automaker Mitsubishi Motors Corp. for 237 billion yen ($2.18 billion). The move will make Nissan the biggest shareholder in Mitsubishi, said Carlos Ghosn, chief executive and president of Nissan, in a statement. The two companies, who have had a partnership in place for five years, will cooperate over purchasing, common vehicle platforms, technology-sharing, joint plant utilization and growth markets. Under terms of the deal, Nissan will purchase 506.6 million newly-issued Mitsubishi shares at a price of 468.52 yen per share. Mitsubishi admitted overstating fuel-economy data for certain automobiles in April, and shares have lost around 44% this year. On Thursday, Mitsubishi shares rallied 16% in Tokyo on speculation ahead of the deal, while Nissan shares fell 1.4%.

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Linn Energy LLC shares fell more than 25% late Wednesday after news the company has filed for Chapter 11 bankruptcy protection to implement a debt restructuring. Linn shares had been halted earlier pending news. The company said it expects normal operations to continue. The stock ended the regular Wednesday session down 2.8%.

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Sina Corp. shares fell in the extended session Wednesday after the Chinese online media company reported a wider-than-expected loss for the quarter. Sina shares declined 3.2% to $48.25 after hours. The company reported an adjusted loss of 4 cents a share on revenue of $198.7 million. Analysts surveyed by FactSet had forecast a loss of 3 cents a share on revenue of $197.5 million. On the other hand, U.S. shares of Weibo Corp. , which is owned by Sina, rose after hours as the company topped Wall Street expectations.

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Weibo Corp. , commonly referred to as China’s Twitter, late Wednesday reported it swung to a first-quarter profit of $7.1 million, or 3 cents a share, from a loss of $3.1 million, or a penny a share, a year earlier. On an adjusted basis, Weibo would have earned 7 cents a share. Revenue grew 24% to $119.3 million. Analysts surveyed by FactSet had forecast earnings of 2 cents a share on revenue of $114 million. In the second quarter, the Chinese company expects revenue in a range of $138 million to $143 million, above the average $136 million forecast by analysts. U.S.-listed shares of Weibo rose 3.3% in after-hours trading.

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Linn Energy LLC , alongside sister companies LinnCo LLC and Berry Petroleum Co. LLC, said Wednesday it has filed for Chapter 11 bankruptcy protection to implement a debt restructuring. The company said it expects normal operations to continue. Shares of Linn were halted in late trading; the stock ended the regular Wednesday session down 2.8%.

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Linn Energy LLC , alongside sister companies LinnCo LLC and Berry Petroleum Co. LLC, said Wednesday it has filed for Chapter 11 bankruptcy protection to implement a debt restructuring. The company said it expects normal operations to continue. Shares of Linn were halted in late trading; the stock ended the regular Wednesday session down 2.8%.

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Jack in the Box Inc. shares rose more than 7% late Wednesday after the fast-food chain reported better-than-expected fiscal second-quarter earnings. Jack in the Box said it earned $29 million, or 85 cents a share, in the quarter, compared with $23 million, or 61 cents a share, in the year-ago period. Adjusted per-share earnings were also 85 cents a share, compared with 69 cents a share in the fiscal second quarter of 2015. Sales reached $361 million in the quarter, up from $358 million a year ago. Analysts polled by FactSet had expected the fast-food chain to report adjusted earnings of 70 cents a share on sales on $360 million. Better margins and cost controls were key reasons for the better-than-expected earnings, the company said in a statement. Same-store sales at Jack’s Qdoba restaurants rose 2% thanks to more traffic, fewer labor costs, and better margins as compared to the first quarter, the company said. Jack in the Box same-store sales were flat for the quarter. Jack in the Box shares had ended the regular trading session down 5.2%.

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