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Visa on Wednesday said it would award up to $500,000 to 50 small U.S. food service owners who commit to going cashless. The company believes firms could save billions by using only digital payments. The initiative is called the Visa Cashless Challenge.
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The Federal Housing Finance Agency said Wednesday that Royal Bank of Scotland PLC will pay $5.5 billion for misdeeds relating to the sale of mortgage-backed securities between 2005 and 2007. RBS will pay $4.5 billion to Freddie Mac and $975 million to Fannie Mae .
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Shares of Kindred Biosciences Inc. dropped 3.2% in premarket trade Wednesday, after the biotechnology company focused on pet health announced a public offering of stock to raise $22.5 million. The company said it was selling 3 million shares at $7.50 a share, which was 4.5% below Tuesday’s closing price of $7.88. The share amount represents 12.7% of the total shares outstanding. Kindred has granted the underwriters options to buy an additional 450,000 shares of common stock. The offering is expected to close on July 17. Kindred plans to use the proceeds from the offering to expand its infrastructure in anticipation of product approvals and launches, for the development of drug candidates and general corporate purposes. The stock has soared 85% year to date through Tuesday, while the S&P 500 has gained 8.3%.
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Barnes & Noble Education Inc. , a contract operator of bookstores for educational institutions, reported fourth quarter net income of $227,000, breaking even on earnings per share, after a loss of $2.8 million, or 6 cents per share, for the same period last year. The FactSet consensus was for 14 cents per share. Sales totaled $342.8 million, up from $294.8 million last year and ahead of the $311.0 million FactSet consensus. Same-store sales increased 1.4%. The FactSet consensus was for a 2.8% decline. The company completed the acquisition of MBS Textbook Exchange in February and says it will now report in two segments, one for Barnes & Noble College Booksellers, or BNC, and one for MBS. There are 712 MBS stores. The company sees flat fiscal-year 2018 BNC sales and expects same-store sales to decline in the low- to mid-single digit percentage point range. Consolidated sales are expected to be in the range of $2.25 billion to $2.35 billion before “intercompany eliminations.” Barnes & Noble Education shares are unchanged in Wednesday premarket trading, and down 12.5% for the year so far. The S&P 500 index is up 8.3% for 2017 to date.
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The broadcast TV arm of 21st Century Fox Inc. said on Wednesday that it’s entered into a new long-term affiliation agreement with local TV operator Nexstar Media Group Inc. . The agreement, which extends Fox programming to Nexstar’s 17 full power and two low power stations through the end of 2019, also gives Nexstar over-the-top digital distribution capabilities. Nexstar Chief Executive Perry Sook said that Fox’s programming, such as its NFL, MLB and NASCAR sports content, as well as scripted shows, including “Empire” and “The X-Files” are popular with Nexstar viewers. And the over-the-top master agreement includes agreements to launch on all internet streaming platforms already distributing Fox programming. “Our affiliation with Fox supports our goals for delivering great entertainment and information to viewers and advertisers anywhere, anytime and on any device, while creating a new revenue stream for Nexstar related to the OTT master agreement.” Shares of Nexstar have fallen more than 4% in the year to date, while Fox shares have gained less than 1% and the S&P 500 index has gained more than 8%.
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Shares of Cara Therapeutics Inc. surged 13.7% in premarket trade Wednesday, after the company reported positive results in an early-stage trial of a treatment for chronic kidney disease-associated pruritus patients, or CKD-aP. Pruritus, or itch, is a common symptom for patients with chronic renal failure, affecting about half of those with stage 3 to 5 CKD. Cara said results from the Phase 1 trial of Oral CR845 in chronic kidney disease patients undergoing hemodialysis showed all four tablet strengths were well-tolerated on a daily basis or after dialysis three times a week. CR845 is a peripherally acting kappa opioid receptor agonist currently in development for the treatment of acute and chronic pain and pruritus, said Cara. Plasma levels of CR845 attained after oral administration of the 1.0 mg tablet strength were close to those attained with the 1.0 mcg/kg I.V. CR845 dose, “which demonstrated significant clinical benefit” in another recent trial, the company said. Frédérique Menzaghi, Ph.D., vice president of research and development at Cara, said the data will inform the design of a planned Oral CR845 pruritus clinical program in the non-dialysis CKD-aP population, which the company is planning to start later this year. Cara shares have gained 35% in 2017, while the S&P 500 has gained 8%.
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Shares of Nvidia Corp. rallied 1% in premarket trade Wednesday, putting them on track for a sixth-straight gain, after the chip maker was upgraded at SunTrust Robinson Humphrey, which cited continued upside earnings and revenue potential, particularly in the datacenter for artificial intelligence segment. Analyst William Stein raised his rating to buy after being at hold since he started covering the stock in September 2016. He boosted his price target to $177, which is 13.5% above Tuesday’s closing price of $155.88, from $124. Stein acknowledged that he is “not early” in turning bullish on the stock, but said he doesn’t think it’s too late. “While we have been keenly aware of [Nvidia’s] growth opportunities in the datacenter, gaming and automotive end markets in the year since we launched coverage, we’ve under-forecasted the growth potential in these markets,” Stein wrote in a note to clients. “We believe there are still aspects of the company we think are under-appreciated.” The stock had surged 12% over the past 5 sessions, to close Tuesday 2.5% below the June 8 record close of $159.94. The stock has nearly tripled over the past 12 months through Tuesday, while the PHLX Semiconductor Index has run up 50% and the S&P 500 has gained 13%.
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Shares of industrial and construction supplies company Fastenal Co. surged 7.6% Wednesday, after the company topped profit and revenue estimates for the second quarter. Winona, Mn.-based Fastenal said it had net income of $148.9 million, or 52 cents a share, in the quarter, up from $131.5 million, or 45 cents a share, in the year-earlier period. Sales climbed 10.6% to $1.122 billion from $1.01 billion. The FactSet consensus was for EPS of 50 cents and sales of $1.11 billion. “The second quarter of 2017 felt more like Fastenal,” Chief Executive Dan Florness said in a statement. “We have grown well over the last year, but market headwinds have masked this growth.” The company signed 41,881 industrial vending machines in the quarter, up 0.3% from the year-earlier period. It signed 68 new onsite locations, up 54.5%. It had 486 active sites on June 30, up 45.9% from the year earlier. Shares had fallen 7.2% through Tuesday, while the S&P 500 has gained 8%.
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Shares of Cara Therapeutics Inc. surged 8.7% in premarket trade Wednesday, after the company reported positive results in an early-stage trial of a treatment for chronic kidney disease-associated pruritus patients, or CKD-aP. Pruritus, or itch, is a common symptom for patients with chronic renal failure, affecting about half of those with stage 3 to 5 CKD. Cara said results from the Phase 1 trial of Oral CR845 in chronic kidney disease patients undergoing hemodialysis showed all four tablet strengths were well-tolerated on a daily basis or after dialysis three times a week. CR845 is a peripherally acting kappa opioid receptor agonist currently in development for the treatment of acute and chronic pain and pruritus, said Cara. Plasma levels of CR845 attained after oral administration of the 1.0 mg tablet strength were close to those attained with the 1.0 mcg/kg I.V. CR845 dose, “which demonstrated significant clinical benefit” in another recent trial, the company said. Frédérique Menzaghi, Ph.D., vice president of research and development at Cara, said the data will inform the design of a planned Oral CR845 pruritus clinical program in the non-dialysis CKD-aP population, which the company is planning to start later this year. Cara shares have gained 35% in 2017, while the S&P 500 has gained 8%.
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NRG Energy Inc. announced Wednesday a “transformation plan” aimed at cutting recurring costs by $1.1 billion, slashing debt obligations by $13 billion and completing assets sales worth up to $4.0 billion. The integrated power company said it plans to deploy up to $6.3 billion in excess cash through 2020, including $4 billion by end of 2018, in either projects or investments or shareholder return programs. As part of the plan, the company is targeting divesting 50% to 100% of its interest in NRG Yield and its leading renewables platform. NRG has engaged Citi, Goldman Sachs and Morgan Stanley for certain asset sale processes, and expects to announce signed agreements during the fourth quarter of 2017. The stock, which was still inactive in premarket trade, has tumbled 13.0% over the past three months, while the SPDR Utilities Select Sector has slipped 0.8% and the S&P 500 has gained 3.4%.
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