Category: Stock Market News

Deutsche Bank AG shares dropped more than 1% in Frankfurt trade Monday morning following a Wall Street Journal report of a rift at the German lender over its largest shareholder. Chief Executive John Cryan has resisted engaging with HNA Group Co., a Chinese conglomerate that has built a nearly 10% stake in the bank,The Wall Street Journal reported on Saturday. That has caused tension between Cryan and Paul Achleitner, chairman of Deutsche Bank’s supervisory board. A Bloomberg report Monday quoted a Deutsche Bank spokeswoman as saying Cryan hasn’t met with the head of HNA yet but that a meeting will “of course” take place. Deutsche Bank shares fell as much as 1.4%, but have since pared the loss to 1.2%.

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Forrester Research Inc. announced late Friday that its website had been attacked by criminal hackers who accessed the markets data it sells. “We recognize that hackers will attack attractive targets — in this case, our research [intellectual property],” said Forrester Chief Executive George Colony. “We also understand there is a tradeoff between making it easy for our clients to access our research and security measures.” The hackers gained access to the company’s research content on the site, but Forrester said in a news release that there is no evidence clients’ confidential information was accessed or exposed. The company said that it had shut out the hacker, taken steps to remedy the situation and notified law enforcement. Hackers have been known to seek financial data, including press releases prior to publication online as well as data from the Securities and Exchange Commission and U.S. Federal Reserve. Forrester shares were flat at $43.35 after hours, and are up nearly 1% this year, with the S&P 500 index up 14% in the same period.

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Comedian Ralphie May died Friday at the age of 45, it was announced on his Twitter account. May was known for coming in second on the first edition of the reality-competition show “Last Comic Standing,” and used that fame to become an internationally recognized comedian. The announcement said he had been struggling with pneumonia and was found dead Friday morning at a private residence in Las Vegas due to cardiac arrest.

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Aquantia Inc. hopes to raise up to $86.3 million in an initial public offering, according to a Securities and Exchange Commission filing late Friday. The San Jose, Calif.-based company makes high-speed communications integrated circuits for Ethernet connections. Aquantia reported revenue of $86.7 million in 2016 and an unadjusted loss of 10 cents a share. For the first half of 2017, the company reported revenue of $48.8 million and an unadjusted loss of 74 cents a share. Morgan Stanley, Barclays and Deutsche Bank are listed among the underwriters. Aquantia plans to list under the ticker “AQ” on the New York Stock Exchange.

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General Electric Co. said late Friday that Jamie Miller will succeed Jeffrey Bornstein as chief financial officer on Nov. 1. Miller is currently CEO of GE Transportation. Bornstein, who also serves as vice chair on the board, will leave the company Dec. 31. GE also announced that vice chairs John Rice, who heads GE’s Global Growth Organization, and Beth Comstock, head of the GE Business Innovations unit, will retire on Dec. 31. Rice has been with GE for 39 years, Bornstein for 28 years, and Comstock for 27 years. Shares of GE declined 0.4% to $24.30 after hours. Jeff Immelt stepped down as GE’s CEO Aug. 1 and was succeeded by John Flannery.

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Allena Pharmaceuticals Inc. said it hopes to raise up to $92 million in an initial public offering, according to a Securities and Exchange Commission filing late Friday. The Newton, Mass.-based biotech company develops drug to treat patients with rare and severe metabolic and kidney disorders. It’s lead drug in development, ALLN-177, is currently in mid-stage clinical trials for the treatment of enteric hyperoxaluria, or calcium in the urine that can lead to kidney stones, with a late-stage clinical trial expected to start in the first quarter of 2018. Credit Suisse, Jefferies and Cowen are listed among the underwriters. The company plans to list under the ticker “ALNA” on the Nasdaq. Without any reported revenue, the company reported a net loss of $24.5 million in 2016.

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Funko Inc. , which makes pop-culture memorabilia including Pop figurines, filed for an initial public offering with the Securities and Exchange Commission on Friday. In its original filing, the company targeted proceeds of $100 million, though that is usually a placeholder figure that will be updated in subsequent filings. The company reported sales of $426.7 million in 2016, up from $274.1 million in the prior year, for revenue growth of more than 55%. The company is profitable, with net income of $11.9 million in the 2015 calendar year and $26.9 million in 2016. Through the first six months of 2017, Funko reports a loss of $10.2 million on sales of $203.8 million, with revenue growing 15.6% from the same period the year before. The company, which is backed by private-equity firm Acon Investments, plans to list on the Nasdaq exchange under the ticker symbol FNKO. The offering will be led by Goldman Sachs, JP Morgan and BofA Merrill Lynch.

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Oil and natural-gas operators in the Gulf of Mexico have shut in 71.1%, or 1.24 million barrels of oil a day, in Gulf oil production, ahead of Tropical Storm Nate’s arrival, S&P Global Platts reported late Friday, citing data from the Bureau of Safety and Environmental Enforcement. The BSEE website was not accessible as of 4:30 p.m. Eastern. On Thursday, the BSEE said that 14.6% of Gulf oil output was shut in. Nate is expected to become a hurricane Saturday and pass through the center of the Gulf, according to the National Hurricane Center.

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Immunogen Inc. priced its secondary offering below the price of the close of shares on Friday, according to a filing with the Securities and Exchange Commission. The biotech company priced 14.5 million shares at $6.50 apiece, with an option for another 2.2 million shares to underwriters to cover overallotments. Shares finished Friday down 2.6% at $6.85, and slipped an additional 0.2% after hours. Immunogen expects to receive $88.3 million in proceeds after expenses. Shares dropped 10% to finish at $7.03 Thursday after the company announced the offering late Wednesday. Prior to the announcement of the offering, the company had 115.5 million shares outstanding.

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Tesla Inc. is delaying the unveiling of its electric semi truck, which was originally set for Oct. 26. Chief Executive Elon Musk said Friday afternoon on Twitter that the event would be pushed back to Nov. 16 because of the issues with Model 3 production that Tesla recently disclosed as well as a potential project to help Puerto Rico recover from a devastating hurricane. “Diverting resources to fix Model 3 bottlenecks & increase battery production for Puerto Rico & other affected areas,” Musk said. Tesla shares slipped about 0.5% in late trading, after closing with a 0.4% increase at $356.88. The stock has gained 67% this year, as the S&P 500 index has gained 14%.

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