Category: Stock Market News

U.S. stocks finished flat on Monday as gains in consumer-discretionary and materials shares were mitigated by weakness in utilities and energy. The S&P 500 gained 1.12 points, or 0.1%, to 2,037.05, with CSRA Inc. and Marriott International Inc. emerging as its two best performers. CSRA provides technology services to the U.S. government, while Marriott is engaged in a bidding war with Chinese firm Anbang Insurance Group for control of Starwood Hotels & Resorts Worldwide Inc. The Dow industrials rose 19.73 points, or 0.1%, to 17,535.53, led higher by General Electric Co. and 3M Co. . Meanwhile, tech shares weighed on the Nasdaq Composite , which shed 6.72 points, or 0.1%, to 4,766.79. Investors now turn their attention to a speech from Federal Reserve Chairwoman Janet Yellen expected Tuesday at 11:30 a.m. Eastern.

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Affymetrix Inc.’s stock slumped 5.2% in active afternoon trade Monday, after the biotechnology company said it determined that the buyout bid it received last week from Origin Technologies Corp. was not superior to the deal it made with Thermo Fisher Scientific Inc. . The company said continues to recommend the shareholders vote for the proposed merger with Thermo Fisher. The stock had surged 5.2% on March 23, after Affymetrix said Origin’s bid would likely be seen as a superior proposal. “While the Board found the $3.00 per share premium offered in the Origin Proposal, taken by itself, to be attractive, after engaging with Origin, the Board found the risks to initiating and consummating a potential transaction with Origin outweighed the potential benefit of a higher offer from Origin,” Affymetrix said in a statement. The stock was still up 40% year to date, while the S&P 500 had lost 0.2%.

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Shares of airline Virgin America Inc. surged almost 10% in afternoon trade Monday, after a Bloomberg report that the company has received takeover bids from JetBlue Airways Corp. and Alaska Air Group Inc. . Virgin America, which is backed by billionaire Richard Branson, got the bids after putting itself up for sale, Bloomberg reported, citing people familiar with the matter. Talks are ongoing and a deal could be announced as soon as early next week, the people said. Virgin shares have gained 4% in the year so far, outperforming the S&P 500, which is down 0.4%.

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SunEdison Inc.’s stock soared 14% in active morning trade Monday, to bounce of Thursday’s 15-year closing low, after the renewable energy said it would temporarily suspend stock contributions to the retirement saving plans of its directors and executives. The “blackout period” would last until the company is up to date with the required financial filings with the Securities and Exchange Commission, the company said in a regulatory filing late Thursday. The stock closed Thursday at $1.21, the lowest close since September 2001, amid increasing concerns over liquidity and accounting problems. The stock has plunged 73% year to date, while the S&P 500 has slipped 0.4%.

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Starwood Hotels & Resorts Worldwide Inc. surged 2.4% in morning trade Monday, after the hotel operator said a new bid from an investor group led by China’s Anbang Insurance Group appears to be “superior” to the latest bid from Marriott International Inc. . Starwood said Anbang’s group, which includes J.C. Flowers & Co. and Primavera Capital Ltd., new bid received over the weekend was for $81 a share in cash, up from its previous bid of $78 a share. That new bid follows Marriott’s sweetened bid of 0.8 shares of Marriott’s stock and $21 in cash for each Starwood share, which as of Thursday’s closing prices valued Starwood shares at $75.91 each. Marriott’s stock climbed 2.6% in morning trade.

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From:: Stock Market News

U.S. stocks opened higher on Monday after three straight sessions of declines as investors returned from Easter holiday. Mergers and acquisitions news involving Starwood Hotels & Resorts aided sentiment in early trade. The S&P 500 opened 5 points, or 0.3%, higher at 1,941. The Dow Jones Industrial Average added 40 points, or 0.2%, to 17,555. Meanwhile, the Nasdaq Composite began the day up 13 points, or 0.3%, at 4,786.

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Revlon Inc. announced Fabian T. Garcia as its new chief executive officer and president Monday. Garcia was previously an executive with Colgate-Palmolive Company and at the Timberland Company. Garcia will start April 15, 2016 and will also serve as a member of Revlon’s board of directors. Shares of Revlon have gained 3% in the past month compared to the S&P 500’s gain of 4.5%.

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Revlon Inc. announced Fabian T. Garcia as its new chief executive officer and president Monday. Garcia was previously an executive with Colgate-Palmolive Company and at the Timberland Company. Garcia will start April 15, 2016 and will also serve as a member of Revlon’s board of directors. Shares of Revlon have gained 3% in the past month compared to the S&P 500’s gain of 4.5%.

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Pandora Media Inc.’s stock tumbled 8.9% in premarket trade Monday, after the Internet music service said its chief executive officer, Brian McAndrews, is leaving the company after 2 1/2-years in the position, effective immediately. The Internet music service named founder Tim Westergren as its new CEO. “We are pursuing a once-in-a-generation opportunity to create a massive, vibrant music marketplace,” Westergren said. “We have the audience, the technology infrastructure, the monetization engine and most importantly the right team with the passion and commitment to do it.” The company announced a new management structure, that includes Chief Financial Officer Mike Herring focusing on monetizing the company’s core business. Pandora said it expects revenue to come in at the high end of expectations. The stock has plunged 18% year to date through Thursday, while the S&P 500 has slipped 0.4%.

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From:: Stock Market News

Pandora Media Inc.’s stock tumbled 8.9% in premarket trade Monday, after the Internet music service said its chief executive officer, Brian McAndrews, is leaving the company after 2 1/2-years in the position, effective immediately. The Internet music service named founder Tim Westergren as its new CEO. “We are pursuing a once-in-a-generation opportunity to create a massive, vibrant music marketplace,” Westergren said. “We have the audience, the technology infrastructure, the monetization engine and most importantly the right team with the passion and commitment to do it.” The company announced a new management structure, that includes Chief Financial Officer Mike Herring focusing on monetizing the company’s core business. Pandora said it expects revenue to come in at the high end of expectations. The stock has plunged 18% year to date through Thursday, while the S&P 500 has slipped 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.

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