Category: Stock Market News

Prominent Silicon Valley venture capitalist Steve Jurvetson has stepped down from the firm he co-founded, Draper Fisher Jurveston, reportedly following sexual harassment allegations. In a statement Monday, the company said Jurvetson was leaving by “mutual agreement,” but did not disclose a reason. Recode reported his departure came after an internal investigation found he exhibited unacceptable behavior toward female entrepreneurs. In August, USA Today reported the company was investigating sexual harassment allegations against Jurvetson. In a tweet Monday, Jurvetson said: “I am leaving DFJ to focus on personal matters, including taking legal action against those whose false statements have defamed me.” Jurvetson will also take a leave of absence from boards of Tesla Inc. and SpaceX, the Wall Street Journal reported.

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Wal-Mart Stores Inc. said late Monday that department store Lord & Taylor will sell its goods on Walmart.com next year. The online store is expected to launch in spring of 2018, and “will introduce a specialized online experience offering premium fashion brands directly from the Lord & Taylor flagship,” Wal-Mart said. The goal is to create “a premium fashion destination on Walmart.com,” as more customers on the company’s site are searching for higher-end items, said Denise Incandela, head of fashion at Walmart U.S. eCommerce, in a press release. Lord & Taylor is owned by Canadian retailer HBC , which also owns Hudson’s Bay and Saks Fifth Avenue stores. Wal-Mart shares rose 0.3% in after-hours trading after ending the regular session up 0.1%.

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Denali Therapeutics Inc. hopes to raise up to $100 million in an initial public offering, according to a filing with the Securities and Exchange Commission late Monday. A $100 million IPO listing is usually a placeholder and is subject to change. The South San Francisco, Calif.-based biotech company specializes in developing treatments for neurodegenerative diseases like Alzheimer’s disease and Parkinson’s disease. With no revenue, the company reported a net loss of $86.7 million, or $3.37 a share in 2016. Goldman Sachs, Morgan Stanley, J.P. Morgan and Evercore ISI are listed as underwriters for the offering. The company plans to list its ticker as “DNLI” on the Nasdaq.

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Switch Inc. shares fell in the extended session Monday even after the data-center company’s quarterly results–their first as a public company–topped Wall Street estimates. Switch shares fell 4.6% to $19.10 after hours, following a 5.7% gain to close the regular session. Shares had soared more than 20% above their $17 initial price on the day of Switch’s early October IPO, and have since traded as high as $24.90. The company reported third-quarter net income of $16.5 million, or 8 cents a share, compared with $15.9 million, or 8 cents a share, in the year-ago period. Revenue rose to $97.7 million from $81.7 million in the year-ago period. Analysts surveyed by FactSet had estimated 7 cents a share on revenue of $95.8 million. For the full year, Switch estimates revenue of $372 million to $380 million. Analysts expect revenue of $374.4 million.

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Buffalo Wild Wings Inc. shares shot more than 25% higher in late trading Monday after a report that a private-equity firm had bid more than $2.3 billion for the restaurant chain. The Wall Street Journal reported that Roark Capital Group made an offer of more than $150 a share for the company in recent weeks. The stock closed Monday at $117.25, then jumped to $150 in after-hours action following the report. The franchise has been hurt by increasing prices for its core product, chicken wings, and had been targeted by activist investor Marcato Capital Management, but bounced back in the most recent quarter by switching one of its most popular promotions to boneless wings.

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Amazon.com Inc. opened the first of its device pop-up shops in Whole Foods Market locations on Monday in Chicago and Rochester Hills, MI. On Tuesday, shops will open in Davie, FL and Pasadena, CA, and on Wednesday, stores will open in the Union Station store in Denver. An Amazon spokesperson said the company does not have an end date for the pop ups to share. Amazon began selling Amazon devices like the Echo, Fire TV and Kindle e-readers at more than 100 Whole Foods stores last week. Amazon shares are up more than 50% for the year so far while the S&P 500 index is up 15.5% for the period.

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General Electric record its worst daily decline since April 2009 but that didn’t stop the Dow Jones Industrial Average from booking a gain on Monday. That’s because the the more than 7% drop in shares of GE , the 125-year-old conglomerate, equates to about a 10-point drop in the price-weighted Dow . In other words, a $1 move in anyone of the Dow’s 30 components equates to a 6.89-point swing in the equity benchmark. That price weighting places emphasis on a company’s share price– $19.02 for GE- rather than, say, market value. GE boasts a market value of about $165 billion, after shedding about $10 billion in Monday trade. It also is the worst performer so far this year among the Dow’s components. GE’s downturn on Monday, however, was outweighed by gains in McDonald’s Corp. , Home Depot Inc. and Boeing Co. , which all trade at a share price well over $100. GE’s decline come as the company undergoes a drastic restructuring, including cutting its divided in half, under new CEO John Flannery. Overall, the Dow ended the session up about 17 points, or 0.1%, at 23,439, snapping a two-session skid. The S&P 500 index gained 0.1% at 2,584, while the Nasdaq Composite Index advanced 0.1% at 6,757.

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Shares of Amazon.com Inc. surged 1.2% in afternoon trade toward its 38th record close of 2017, after the ecommerce giant said it acquired the TV rights to “The Lord of the Rings” for a multi-season series. The stock has how rocketed $166.30, or 17.1%, since Amazon reported third-quarter results, which has increased Amazon’s market capitalization by about $80.1 billion to $548.7 billion. That makes Amazon the S&P 500’s fourth-most valuable company, behind Apple Inc. at $894.8 billion, Google parent Alphabet Inc. at $722.9 billion and Microsoft Corp. at $646.8 billion, and ahead of Facebook Inc. at $520.0 billion.

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Shale crude-oil production from seven major U.S. oil plays is expected to see a monthly climb of 80,000 barrels a day in December to 6.174 million barrels a day, according to a report from the Energy Information Administration released Monday. The report has forecast increases in shale-oil output every month so far this year. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays, with an increase of 58,000 barrels a day. December West Texas Intermediate oil rose 7 cents, or 0.1%, to trade at $56.81 a barrel, a few minutes before the settlement on the New York Mercantile Exchange.

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MiTio Inc., a medical interpreting and translation training institute, on Monday filed for an initial public offering that will raise $10 million. The company filed a Regulation A form, a provision of the Jumpstart Our Business Act, or JOBS Act, that helps smaller companies tap the public markets. MiTio is offering 5 million shares at $2 a pop. The McDonough, Georgia-based company offers a certificate/diploma program in interpreting and translation. Proceeds of the deal will be used to expand growth, for marketing and to hire sales reps, according to the company’s prospectus. The company is not planning to list the shares on an exchange and its two principal officers will retain majority stakes. MiTio was incorporated in Delaware in May of this year. The company will sell the shares on a “best effort” basis and is not planning to use underwriters.

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