Category: Stock Market News

Subway said it will include calorie counts on menu boards in its sandwich shops across the U.S. on April 11, a year ahead of the Food and Drug Administration’s requirement. Subway began listing nutritional information on cups, tray liners, sneeze guards and napkins in 1997, according to a Tuesday release, and has introduced other methods to share information since. The company began serving rotisserie-style chicken raised without antibiotics in March and will begin phasing in antibiotic-free turkey by 2017. It has made other menu commitments recently, such as a promise to use cage-free eggs in North America by 2025.

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Whole Foods Market Inc. says it launched a line of plant-based hair care products that features shampoos, conditioners, and styling products like gel and mousse. Items cost less than $10 and adhere to the company’s standards for beauty and personal care products with ingredients like argan oil, shea butter, quinoa protein and chestnut extract. The company also offers shampoo, conditioner and other personal care products under its 365 Everyday Value brand. Whole Foods shares are up 0.4% in Tuesday trading, but down 41.6% for the past year. The S&P 500 is down 0.7% for the past 12 months.

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U.S. stocks opened lower on Tuesday, tracking a global stock-market selloff as worries about global growth and falling oil prices weighed on shares. The S&P 500 was off by 11 points, or 0.5% at 2,055. The Dow Jones Industrial Average opened down 82 points, or 0.5%, at 17,650. Meanwhile, the Nasdaq Composite was off by 36 points, or 0.8%, at 4,856 at the open.

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PulteGroup Inc. said the campaign by Founder Bill Pulte, his grandson and Director Jim Grosfeld to remove management is “misguided,” and not in the best interest of shareholders. The home builder’s statement came in response to Pulte’s letter to the board of directors, which was released late Monday, expressing his disappointment that Chief Executive Richard Dugas wasn’t leaving the company until he retires effective May 2017. The company said the reason it didn’t renominate Grosfeld as director, after adding him to the board in December, is because of “a number of actions over the past several weeks that we believe are inconsistent with acceptable norms of corporate governance and without due regard for the interests of all shareholders.” Among some of the actions were his demand for Dugas to resign, his circumventing of the governance process by failing to report the demand to the board and his unwillingness to help the company unless his personal demands were met. The stock dropped 2% in morning trade. It has slumped 5.3% year to date, while the S&P 500 has gained 0.7%.

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Valeant Pharmaceuticals International Inc. said Tuesday that its ad hoc committee has completed its review of the company’s relationship with specialty pharmacy Philidor and related accounting matters, and has not identified any items that would require additional restatements. The news sent the troubled drug company’s stock sharply higher in premarket trade. Valeant said it will now dissolve the ad hoc committee and pass oversight over to the 12 independent directors on its board, including members of its audit and risk committee. “As previously disclosed, the company intends to file its Form 10-K on or before April 29, 2016,” the company said in a statement. Valeant believes it will have remained in compliance with all of its covenants on its debt for each quarterly period for which it is currently preparing restatements. Shares were up 12% premarket, but are still down 74% in the year so far, while the S&P 500 is up 1.1%.

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Valeant Pharmaceuticals International Inc. said Tuesday that its ad hoc committee has completed its review of the company’s relationship with specialty pharmacy Philidor and related accounting matters, and has not identified any items that would require additional restatements. The news sent the troubled drug company’s stock sharply higher in premarket trade. Valeant said it will now dissolve the ad hoc committee and pass oversight over to the 12 independent directors on its board, including members of its audit and risk committee. “As previously disclosed, the company intends to file its Form 10-K on or before April 29, 2016,” the company said in a statement. Valeant believes it will have remained in compliance with all of its covenants on its debt for each quarterly period for which it is currently preparing restatements. Shares were up 12% premarket, but are still down 74% in the year so far, while the S&P 500 is up 1.1%.

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Marvell Technology Group Ltd.’s stock soared 14% in premarket trade Tuesday, after the semiconductor maker said Chief Executive Sehat Sutardja and President Weili Dai are leaving the company, effective immediately. The company has formed an interim office of the CEO to oversee operations until a new CEO and president can be found. Marvell’s stock suffered over the last couple weeks after the company warned of disappointing sales, a fiscal 2016 loss from charges linked to a settlement of its litigation with Carnegie Mellon University and said a received a delisting notice from Nasdaq because it missed a deadline to file financial reports because of an ongoing investigation into accounting problems. The stock had tumbled 8.2% since it closed at a 6 1/2-month high on March 21 through Monday, but was still up 9.1% year to date. In comparison, the S&P 500 has gained 1.1% so far this year.

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Twitter Inc. has won streaming rights for Thursday night National Football League games, according to a report by Bloomberg, citing a person familiar the matter. The microblogging site reportedly outbid huge media companies, including Verizon Communications Inc. , Yahoo Inc. , Amazon.com Inc. and Facebook Inc. , who all dropped out of the bidding war last week, according to Bloomberg. Neither Twitter nor the NFL immediately responded to a request for comment. Shares of Twitter rose 3.7% to $17.73 in premarket trade. The deal is seen as helping to attract more of a mainstream audience to Twitter, as the company works to build out its platform and spur user growth. Many people already use the site for real-time sports updates. It’s unclear how much Twitter might have paid for the rights, but last year, CBS and NBC agreed to pay roughly $45 million per game to broadcast five Thursday night games.

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GoDaddy Inc. said Tuesday it has started a public offering of 16.5 million common shares. The domain name registration company said it will not receive any proceeds from the sale, as all of the shares are being offered by selling stockholders. The stock, which is still inactive in premarket trade, has gained 1.3% year to date, while the S&P 500 has tacked on 1.1%.

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Pfizer Inc. said Tuesday it had positive results in a late-stage trial of Broaden, a treatment for psoriatic arthritis in adults. The company said a first Phase 3 trial of the drug met its primary endpoints. Psoriatic arthritis is a chronic inflammatory disease, that includes symptoms such as pain and swelling of the joints, and inflation of the joints, spine, fingers and toes. An estimated 3 million people in the U.S. and Europe suffer from the disease. Separately, the U.S. Treasury announced new rules late Monday to curb corporate tax inversion that could complicate Pfizer’s planned takeover of Allergan Inc. . Pfizer shares were trading up 2.6% in premarket trade.

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