Category: Stock Market News

Marathon Oil Corp. said Monday it plans to offer 135 million shares of its common stock, granting underwriters a 30-day option to buy up to 20.25 million additional shares. The company said it plans to use net proceeds to strengthen its balance sheet and for general corporate purposes, including funding a portion of its capital program. Shares of Marathon fell 3.8% late Monday after ending the regular trading day up 2.2% at $8.21. Several energy companies are selling assets and issuing equity amid a persistent slump in oil prices.

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Workday Inc. late Monday reported its fourth-quarter loss widened to $81.1 million, or 42 cents a share, from a loss of $59.5 million, or 32 cents a share, a year earlier. On an adjusted basis, the cloud software company would have lost a penny a share. Revenue jumped 43% to $323.4 million while subscription revenue surged 52% to $929.2 million. Analysts polled by FactSet had forecast a loss of 4 cents a share on revenue of $320 million. The company projected first-quarter revenue of $337 million to $339 million and subscription revenue of $277 million to $278 million. Shares of Workday fell 0.9% in after-hours trading.

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GoPro Inc. said Monday it has agreed to buy mobile editing apps Splice and Replay for an undisclosed sum. “Splice, Replay and GoPro will combine to deliver what we believe will be the fastest and most enjoyable mobile editing experience,” Nicholas Woodman, founder and CEO of GoPro, said in a statement. “We believe the accessibility, speed and efficiency of mobile will make it the predominant editing platform of the future.” Terms of the deals were also not disclosed. Shares of GoPro were flat in late trading Monday after ending the regular trading day off 3.4%.

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Amazon.com Inc. has entered into an agreement with UK-based Wm Morrison Supermarkets to bring hundreds of Morrisons products to British Amazon Prime Now and Amazon Pantry customers in the coming months. Amazon Pantry launched in the U.K. in November 2015 with more than 4,000 items across categories including food, household and baby. Wm Morrison Chief Executive David Potts said the supply agreement combines his company’s “fresh food expertise” with Amazon’s “online and logistics capabilities” in a Monday release. “This is a low risk and capital light wholesale supply arrangement that demonstrates the opportunity we have to become a broader business,” Potts said. Wm Morrison shares are up 5.6% in Monday trading while Amazon shares are up 0.6%. Amazon shares are up 47% for the past year while the S&P 500 is down 7.3% for the same period.

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Sprint Corp. said Monday it is launched a joint venture with Dixons Carphone that will lead to the opening of up to 500 Sprint-branded stores across the U.S.. Dixons Carphone is a European wireless and consumer electronics retailer. “The joint venture is expected to help fuel Sprint’s retail transformation, including the expansion of its retail store footprint,” the company said in a statement. The companies will fund the venture equally and have a 50% stake in it. Sprint shares rose 0.6% in early trade, but are down 35% in the last 12 months, while the S&P 500 has lost about 7%.

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U.S. stocks were little changed on Monday as investors weighed China’s decision to cut the reserve requirement for banks, a move aimed at boosting the economy. The S&P 500 was off by 1 point at 1,946. The Dow Jones Industrial Average slipped 6 points to 16,633. Meanwhile, the Nasdaq Composite began the day flat at 4,587.

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Target Corp. has hired Arthur Valdez as chief supply chain and logistics officer, leading the company’s transformation including planning, distribution and transportation, the retailer said in a Monday release. He is moving to Minneapolis to join the company, effective March 28. Valdez comes to Target from Amazon.com Inc. where he spent 16 years and held a number of leadership positions across the e-commerce company’s domestic and global supply chain. He was most recently Amazon’s vice president of operations focused on its international supply chain expansion. Target shares are up 8% for the year so far while the S&P 500 is down 4.7% for the same period.

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American Express Co. said in a Monday release it would see a $1 billion gain from the sale of its Costco Wholesale Corp. U.S. co-branded card portfolio to Citibank N.A. The sale is expected to close June 2016, and all eligible Costco American Express Card accounts will be transferred to Citi. Because the close is several months away and card member borrowing and payment trends are hard to determine, the gain could change, American Express said. American Express shares are unchanged in Monday premarket trading, but down 32.1% for the past year. The S&P 500 is down 7.4% for the past 12 months.

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American Express Co. said in a Monday release it would see a $1 billion gain from the sale of its Costco Wholesale Corp. U.S. co-branded card portfolio to Citibank N.A. The sale is expected to close June 2016, and all eligible Costco American Express Card accounts will be transferred to Citi. Because the close is several months away and card member borrowing and payment trends are hard to determine, the gain could change, American Express said. American Express shares are unchanged in Monday premarket trading, but down 32.1% for the past year. The S&P 500 is down 7.4% for the past 12 months.

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Signet Jewelers Ltd. soared 10.5% in premarket trade after the company announced preliminary fourth-quarter earnings that exceeded expectations. The jewelry company said earnings per share will be $3.42, up from $2.84 for the same period last year. Signet sees adjusted EPS of $3.63, exceeding its own guidance range of $3.54 to $3.60 and the FactSet consensus of $3.58. The company said same-store sales were up 4.9%, exceeding the FactSet consensus of 4.6%. The company’s board has approved a new share repurchase program of $750 million along with an 18% increase in its dividend. Signet raised its synergy guidance to between $225 million and $250 million from between $150 million and $175 million for the three years betwen Feb. 1 2015 and Jan. 31 2018 due to “incremental synergy opportunities” the company identified in its merger with Zales, said Mark Light, chief executive officer, in a Monday release statement. Signet shares are down 17.3% for the past 12 months while the S&P 500 is down 7.4% for the same period.

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