Category: Stock Market News

Ingredion Inc. has named James Zallie chief executive, effective January 1, 2018. Ingredion is an ingredients solutions company that serves the food, beverages, paper, brewing and other industries. Zallie is currently executive vice president of global specialties and president of the Americas region. He joined the company in 2010. Zallie succeeds Ilene Gordon, who has been CEO for more than eight years and will serve as executive chairman of the board until she retires July 2018. Ingredion shares are unchanged in premarket trading and down 0.1% for the year so far. The S&P 500 index is up 11.7% for 2017 to date.

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Perrigo Co. said early Monday that the Food and Drug Administration has granted tentative approval for its generic version of the acne gel Acanya. Perrigo shares rose 1.2% in premarket trade after the news. The company said it previously settled litigation over the product with two Valeant Pharmaceuticals International Inc. units. Acanya sales totaled about $57 million for year ending July 2017, Perrigo said. Perrigo shares have risen 19% over the last three months, compared with a 2.8% rise in the S&P 500 .

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Ultragenyx Pharmaceutical Inc. said early Monday that it has proposed to buy all outstanding common stock of Dimension Therapeutics Inc. for $5.50 per share, or about $138 million. The offer would be offered in cash at close to be effectuated via a tender offer, Ultragenyx said. Dimension Therapeutics shares, which were valued at $4.20 as of Friday’s close, were halted in premarket trade Monday. REGENXBIO Inc. said in late August that it planned to buy Dimension Therapeutics for about $3.41 per share, and that the board of directors of both companies had signed on. But Ultragenyx said that its offer represents “premiums of 24% and 48% over the implied value of the all-stock consideration” offered by REGENXBIO. “As such, the proposal would provide Dimension stockholders with an immediate and certain return on their investment in Dimension and constitutes a superior alternative to the REGENXBIO transaction,” Ultragenyx said. Dimension Therapeutics shares have surged 236% over the last three months, compared with a 2.8% rise in the S&P 500 .

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Shares of Applied Materials Inc. rallied 1.4% in premarket trade Monday, after the chip equipment company was upgraded at RBC Capital, which was upbeat about the company’s wafer front end (WFE) business. Analyst Amit Daryanani raised the rating to outperform from sector perform and boosted the price target to $55 from $48. Daryanani said that with about 34% of revenue coming from display and services, Applied Materials is better positioned to deal with WFE cyclicality compared with its peers. “While we understand cyclical concerns, we think current WFE levels are sustainable for a longer time frame” given a material shift in capital intensity, which should allow the company to guide fiscal 2020 earnings per share to above $4.00 at the analyst day scheduled for Sept. 27. The stock has run up 9.4% over the past three months through Friday, while the PHLX Semiconductor Index has climbed 7.4% and the S&P 500 has gained 2.8%.

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Dollar Tree Inc. said Monday that Gary Philbin was promoted to chief executive, effective today. He has been enterprise president, with responsibilities for both Family Dollar and Dollar Tree since January 2017. In July 2015, he became president and chief operating officer of Family Dollar, upon acquisition of that company. He has been with Dollar Tree since 2001. He succeeds Bob Sasser who assumes the role of executive chairman of the board. Sasser has served as CEO since 2004. Dollar Tree says that, during his tenure, the company has grown to 180,000 employees, more than 14,500 stores and 24 distribution centers across North America from 18,000 employees, fewer than 1,200 stores and four distribution centers. Dollar Tree shares are unchanged in premarket trading, and up 8.2% for the year so far. The S&P 500 index is up 11.7% for 2017 to date.

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Teva Pharmaceutical Industries Ltd. said Monday it has agreed to sell its specialty global women’s health business assets for $1.38 billion. The drug maker plans to use the proceeds of the sale, combined with the $1.1 billion it received from the recent sale of its Paragard IUD asset announced last week, to pay down debt. In Monday’s deal, Teva is selilng a portfolio of products in contraception, fertility, menopause and osteoporosis to CVC Capital Partners Fund VI for $703 million, and its Plan B One-Step and emergency contraception brands to Foundation Consumer Healthcare for $675 million. Teva said its recent moves reinforce its focus on central nervous system and respiratory areas. The stock, which rose 0.6% in premarket trade, has tumbled 41.5% over the past three months through Friday, while the SPDR S&P Pharmaceuticals ETF has gained 3.5% and the S&P 500 has tacked on 2.8%.

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Henry Schein Inc. said early Monday that its board of directors has authorized a share buyback of up to $400 million. The company previously announced a $400 million share buyback program last fall, of which about $25 million remains. Company shares were not active in premarket trade Monday. Shares have declined 9.3% over the last three months, compared with a 2.8% rise in the S&P 500 .

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Restoration Robotics has set the terms of its planned initial public offering and will sell 3.125 million share priced at $7 to $9 a pop. The company is planning to list on the Nasdaq under the ticker symbol ”
HAIR”. The company is a medical technology maker that is developing and commercializing a robotic device, the ARTAS System, that assists doctors in performing many of the repetitive tasks that are a part of a follicular unit extraction surgery, a type of hair restoration procedure, according to its prospectus. National Securities Corp. is sole bookrunner on the deal, with Roth Capital Partners and Craig-Hallum Capital Group acting as co-managers.

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Victoria’s Secret parent L Brands Inc. said Monday it launched a new $250 million share repurchase program. The new program includes $10.3 million remaining from the previous $250 million program. L Brands has struggled of late as its Victoria’s Secret brand may be falling out of favor in a challenging and changing retail environment. Shares of the retail store operator, which brands also include Bath & Body Works and Henri Bendel, which were inactive in premarket trade, have tumbled 38% year to date, while the SPDR S&P Retail ETF has lost 6.5% and the S&P 500 has gained 12%.

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Shares of Israeli biotech Pluristem Therapeutics Inc. jumped 11% in premarket trade Monday, after the company was awarded fast-track designation by the U.S. Food and Drug Administration for a treatment for
Critical Limb Ischemia, or CLI. The FDA was weighing in on a late-stage trial of PLX-PAD cells for CLI in patients who are not eligible for revascularization. In CLI, fatty deposits block arteries in the leg, reducing blood flow and causing leg pain, non-healing ulcers and gangrene. Patients suffering from the disease often require amputation or they can die. About five to six million people in the U.S. and Europe suffer from CLI, and the number is expected to grow as more patients get diabetes. Pluristem stock has fallen about 6% in 2017 through Friday to $1.34, while the S&P 500 has gained about 12%.

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