Category: Stock Market News

Perrigo Company plc said early Monday that chief executive officer Joseph Papa had resigned and left the company Sunday. Valeant Pharmaceuticals International Inc. plans to name Papa as its next CEO, The Wall Street Journal has reported Friday. Perrigo appointed John Hendrickson as CEO in his stead, effective immediately. Hendrickson had served as president since Oct. 2015, and worked at Perrigo for 27 years, the company said. Perrigo also updated its 2016 guidance in light of reduced pharmaceutical pricing expectations “due to industry and competitive pressures in the sector,” projecting adjusted EPS for the year of between $8.20 and $8.60, compared with the FactSet consensus of $9.52. The company said it may take an impairment charge within its branded consumer healthcare business acquired in March 2015 and set a May 12 deadline to determine if and to what extent an impairment exists.

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Gannett Co. Inc. said it proposed to buy Tribune Publishing Co. in a deal valued at $815 million, including the assumption of $390 million in debt. Under terms of the deal, Gannett, which includes brands such as USA Today, will pay $12.25 a share in cash for each Tribune share outstanding, which is 63% above Friday’s closing price of $7.52. The unsolicited per-share bid values Tribune at about $387.8 million, according to FactSet data on shares outstanding. In a letter to Tribune Chief Executive Justin Dearborn, Gannett Chief Executive Robert Dickey said he was “disappointed” by Tribune’s response to the bid it originally made on April 12, as he feels it is “highly compelling” to Tribune’s shareholders. Gannett said it believes a merger, which would close quickly without any financing condition, would lead to synergies of $50 million a year. Tribune’s stock, which was still inactive in premarket trade, has tumbled 18% year to date, while Gannett’s has lost 3.2% and the S&P 500 has gained 2.3%.

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Bristol-Myers Squibb Company said early Monday that the Food and Drug Administration would expedite the development and review of its head and neck cancer drug Opdivo on the strength of its phase 3 trial results. Opdivo, which received the special status for the potential indication of recurrent or metastatic squamous cell carcinoma of the head and neck after therapy, also previously got the designation for the purposes of Hodgkin lymphoma, previously treated advanced melanoma, previously treated non-squamous non-small cell lung cancer and advanced or metastatic renal cell carcinoma. According to Bristol-Myers Squibb, nearly all of head-and-neck cancers are classified as squamous cell carcinoma. The company’s stock was up 0.5% in pre-market trade.

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Xerox Corp. reported first-quarter earnings of $34 million, or 3 cents a share, down from $225 million, or 19 cents a share, in the same period a year ago. Excluding non-recurring items, such as restructuring costs related to its plan to separate into two companies, adjusted earnings per share came to 22 cents, missing the FactSet consensus of 23 cents. Revenue declined 4% to $4.28 billion, above the FactSet consensus of $4.24 billion. For the second quarter, the maker of printers and copiers expects adjusted EPS of 24 cents to 26 cents, compared with the FactSet consensus of 26 cents. Xerox recorded $126 million in restructuring charges during the quarter, and expects total restructuring costs of $300 million, related to the separation. “We put in place a robust program management structure, mapped our path to the separation, initiated leadership searches and began building the strategic, operational and financial foundation of each company,” said Chief Executive Ursula Burns. The stock, which was still inactive in premarket trade, has climbed 5.1% year to date, while the S&P 500 has gained 2.3%.

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U.S. stocks edged up on Friday, gaining for a second week in a row, but the tech-heavy Nasdaq bucked the trend as bellwether tech stocks lagged. Alphabet Inc. and Microsoft Corp. led the decliners in the wake of weaker-than-expected quarterly earnings. The S&P 500 added less than a point to close at 2,091 while the Dow Jones Industrial Average rose 21 points, or 0.1%, to end at 18,003. However, the Nasdaq slid 39 points, or 0.8%, to close at 4,906.

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Oil futures settled higher Friday as recent declines in U.S. crude production and domestic oil-rig counts helped prices tally a third weekly gain. June WTI crude rose 55 cents, or 1.3%, to settle at $43.73 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, prices saw a weekly gain of 8.3%.] as recent declines in U.S. crude production and domestic oil-rig counts helped prices tally a third weekly gain. June WTI crude rose 55 cents, or 1.3%, to settle at $43.73 a barrel on the New York Mercantile Exchange. Based on the most-active contracts, prices saw a weekly gain of about 8.3%.

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Under Armour Inc. said Friday that it has partnered with the University of California, Berkeley for a 10-year agreement that will provide athletic gear, internships, jobs, discounts and more. The agreement, which starts July 1, 2017, will outfit the men’s and women’s teams in Under Armour gear. The additional benefits are part of UC Berkeley’s University Partnership Program, which launched last summer. Under Armour shares are down 0.3% in Friday trading, but up 12.3% for the year so far. The S&P 500 is up 2.2% for the year to date.

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Gold futures settled sharply lower Friday on the back of a stronger U.S. dollar, to finish out the week with a loss of 0.4%. June gold dropped $20.30, or 1.6%, to settle at $1,230 an ounce. For the week, prices lost roughly 0.4%, according to FactSet data.

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Oil futures gained more ground after data from Baker Hughes showed that the number of active U.S. rigs drilling for crude fell by 8 to 343 as of Friday, down a fifth straight week. The total U.S. rig count fell 9 to 431. June crude was at $43.72 a barrel on the New York Mercantile Exchange, up 54 cents, or 1.3%. It was trading at $43.60 before the data.

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Offshore drilling contractor Noble Corp. Plc on Friday slashed its dividend to 2 cents a share in a move aimed at preserving cash and bolstering its liquidity. The company’s last quarterly dividend was 15 cents a share, paid in early February. “Noble continues to implement strategic adjustments that further reinforce our sound position as we guide the company through this historic downturn,” Chief Executive David Williams said in a statement. The company had $2.7 billion of liquidity at end March, he said. The new payment will be made May 9 to shareholders of record as of May 2. Shares were trading up 6% Friday, and have gained 12% in the year so far, while the S&P 500 has gained about 2%.

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