Category: Stock Market News

U.S. stocks opened lower on Monday as investors weighed choppy trade in oil prices against a dovish stance of the Federal Reserve. The S&P 500 was off by 2 points, or 0.1% at 2,071. The Dow Jones Industrial Average opened flat at 17,786. Meanwhile, the Nasdaq Composite was off by 3 points, or less than 0.1%, to 4,910 at the open.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Groupon rose 6% in premarket trade Monday after the company announced an investment of $250 million from Atairos, an independent investment fund run by Michael Angelakis, the former chief financial officer for Comcast Corp. . With the investment Atairos will look into partnerships for Groupon, including a potential partnership with Comcast. “The potential in combining Groupon’s local expertise with Comcast’s vast subscriber and advertiser network is something we look forward to closely exploring together,” Neil Smit, Comcast Cable’s CEO, said in the press release. Groupon will also use the money to repurchase stock. The company is purchasing $250 million in convertible debt.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Westlake Chemical Corp. said Monday it is raising its bid for Axiall Corp. to $23.35 per share in cash and stock from an initial price of $20.00 per share. The revised offer values the deal at about $3.1 billion, including about $1.5 billion of debt. The price is a 143% premium over Axiall’s closing price of $9.60 a share on Jan. 22, the last trading date before Westlake’s initial bid. “The revised proposal was summarily rejected by Axiall’s Board of Directors and Axiall refused to make a counterproposal or otherwise negotiate or provide any constructive feedback,” Westlake said in a statement. The company is planning to file preliminary proxy materials with the SEC and to proceed with soliciting proxies to elect an alternate slate of 10 directors to Axiall’s board. Axiall shares were slightly higher premarket, but are down 51% in the last 12 months, while the S&P 500 is up 0.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

El Pollo Loco Holdings Inc. said Monday its chief operating officer, Kay Bogeajis, is leaving the company to pursue personal interests. The chicken restaurant chain said said it is currently searching for a successor. Separately, the company said it named William Floyd and Carol Lynton to its board of directors. Floyd was at one time COO of Taco Bell and KFC, while Lynton is the co-founder of The Dinex Group, which currently operates 17 Boulud-branded restaurants. El Pollo Loco’s stock, which slipped 0.7% in premarket trade, has run up 8.7% year to date, while the S&P 500 has gained 1.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Apple Inc. was added to Credit Suisse’s US Focus List on Monday, as the stock is now considered one of the bank’s “top investment ideas.” The brokerage raised its price target on the stock to $150 from $140, which implies 36.4% upside to Friday’s closing price. Shares of Apple ticked up 0.6% to $110.70 in premarket trade. Credit Suisse analyst Kulbinder Garcha said an in-depth look into Apple’s service offerings showed that investors may be underestimating and underappreciating the annuity business’s growth potential. It estimates gross profit related to services has grown to around $14.5 billion from $3.2 billion in 2010, and sees that doubling to nearly $34 billion by 2020, with services accounting for 29% of total profit. The gains are seen as coming from strong App Store growth, as well as the scale of Apple Pay, Apple Music and iCloud.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Alaska Air Group Inc. said Monday it plans to buy Virgin America Inc. for $57 a share in cash. The purchase, including debt and capitalized aircraft operating leases, would value the transaction at $4 billion. The proposed merger has been approved by the boards of both companies. Alaska Air Group, which runs Alaska Airlines, expects to close the deal, with regulatory approval, by no later than Jan. 1 2017. Seattle-based Alaska Airlines would become the fifth-largest carrier in the U.S., Alaska Air said in a statement. The combination should add to Alaska Air’s adjusted per-share earnings in the first full year, excluding integration costs, and increase annual revenue by 27% to more than $7 billion, Alaska said.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

UConn is one win away from an unprecedented fourth straight NCAA women’s basketball championship. The Huskies crushed Oregon State, 80-51, on Sunday in the Final Four, advancing to Tuesday’s title game. They’ll face conference rival Syracuse, who beat Washington, 80-59, on Sunday. If Connecticut wins Tuesday, it will be the 11th national championship for head coach Geno Auriemma, surpassing the legendary John Wooden for the most all-time. UConn is 37-0 this season, and is on a 74-game winning streak overall.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Villanova University demolished the University of Oklahoma in a Saturday matchup of second-seeded teams to claim the first of two spots in the NCAA men’s basketball tournament final on Monday. The Big East Conference school from the Philadelphia area outscored Oklahoma 95-51, a stunning 44-point victory margin. The Wildcats, in fact, scored more points in the game’s second half than the Sooners managed in the game. ‘Nova advances to play the winner of the Syracuse-North Carolina game, a matchup of Atlantic Coast Conference schools, that’s set to tip off at 8:49 p.m. Eastern time. Syracuse is a No. 10 seed; North Carolina has thus far successfully defended a No. 1.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

SunEdison Inc. stock, which has been plunging amid an investigation by the Securities and Exchange Commission, was cut in half in late trading Friday after a report that the company is preparing to declare bankruptcy. The Wall Street Journal reported Friday afternoon that SunEdison plans to to file for bankruptcy in the coming weeks, and is in talks with creditor groups about bankruptcy financing. The report follows the solar-power company’s announcement earlier this week of an SEC investigation into its public disclosures about the amount of cash it had available. Shares fell more than 50% in after-hours action following the report, hitting 22 cents after closing with a 14.9% decrease at 46 cents. Before the late decline, SunEdison stock had declined 91% so far this year and more than 98% in the past 52 weeks.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News