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Sen. Thad Cochran, a Mississippi Republican, will resign on April 1, the Associated Press reported. Cochran cited health concerns as his reason for leaving. Cochran leads the appropriations committee and is one of the Senate’s 51 Republicans.
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Ascena Retail Group Inc. shares dropped in the extended session Monday after the Ann Taylor and Lane Bryant parent company reported a wider-than-expected loss and forecast a loss in the next quarter. Ascena shares, which closed down 0.8% at $2.42, were halted after hours and dropped 15% when after-hours activity resumed. The company reported a fiscal second-quarter loss of $39.3 million, or 20 cents a share, compared with $35.2 million, or 18 cents a share, in the year-ago period. The adjusted loss was 12 cents a share. Revenue declined to $1.72 billion from $1.75 billion in the year-ago period. Analysts surveyed by FactSet had estimated a loss of 9 cents a share on revenue of $1.65 billion. For the third quarter, Ascena estimates an adjusted loss of 12 cents to 7 cents a share on revenue of $1.48 billion to $1.562 billion. Analysts expect earnings of 7 cents a share on revenue of $1.49 billion.
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The Federal Trade Commission said Monday that it is challenging J.M. Smucker Co.’s $285 million bid for the Wesson cooking oil brand owned by Conagra Brands Inc. . If Smucker, which owns the Crisco cooking oil brand, succeeded in the acquisition it would control at least 70% of the market for branded canola and vegetable oils sold to retailers in the U.S., the FTC said. “Cooks across the U.S. benefit from the competition between the staple brands Wesson and Crisco,” said Ian Conner, deputy director of the Bureau of Competition. “After attempted price increases by each brand over the last two years were limited by intense competition from the other, this transaction eliminates that restraint and would allow Smucker to raise prices on both brands.” The complaint by the FTC about the acquisition says that allowing the two brands to merge would ultimately drive up the prices for retailers and consumers in the long run. The FTC authorized its staff to seek an injunction in federal court to stop the acquisition, pending an administrative proceeding set to begin Aug. 7. Smucker stock has fallen 7.5% in the past year, as the S&P 500 index has gained 13%. Smucker stock closed up 1.2% to $130.02 during Monday’s regular trading session. The stock was flat after hours.
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Tintri Inc. announced Monday that its chief executive is departing amid a 20% staff cut less than nine months after the flash-storage company’s initial public offering, and shares soared higher. Tintri said that CEO Ken Klein will continue to serve in his position and on the board until a replacement is found, and that an executive search firm has been hired. The flailing young company said three months ago that it was exploring “strategic options,” and announced the results of that review along with fourth-quarter earnings Monday: a 20% staff cut and early termination of a facility lease in an effort to cut $70 million in operating expenses. Tintri also announced that it had sold $25 million in promissory notes to existing shareholders at an 8% annual interest rate. Tintri has struggled mightily since its late-June IPO, in which the company drastically cut its target price and eventually sold shares for $7 apiece. In its fourth-quarter earnings report, the company said it lost $37.4 million, or $1.19 a share, on revenue of $28.9 million, down from $40.8 million a year ago. After adjusting for stock-based compensation and other effects, the company claimed a loss of 72 cents a share. Analysts on average expected an adjusted loss of 80 cents a share on sales of $26.3 million. Tintri stock closed at $5.11 Monday, then rocketed more than 12% higher in late trading following the announcements.
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Shares of Micron Technology Inc. soared 6.3% in active afternoon trade Monday, putting them on course to close at a 17 1/2-year high, boosted by broad strength in the semiconductor sector and the broad-market rally. The stock traded above the $50 mark for the first time since Sept. 28, 2000. Volume of 57.7 million shares was enough to make the stock the most actively traded on the Nasdaq exchange. The company did not immediately respond to a request for comment. Meanwhile, the PHLX Semiconductor Index rallied 1.1%, the technology-friendly Nasdaq 100 climbed 1.2% and the S&P 500 rose 1.2%. Micron’s stock has run up 27% over the past three months, while the chip-sector tracker (SOX) has rallied 12% and the S&P 500 has gained 3.6%.
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Oil prices settled higher Monday, getting a lift from reports of a sizable weekly decline in crude stocks at the U.S. oil storage hub in Cushing, Okla. Traders also mulled a report from International Energy Agency, which forecast further growth in U.S. crude production, but also emphasized the need for more investment in the market to avoid a supply shortage after 2020. April WTI crude rose $1.32, or 2.2%, to settle at $62.57 a barrel on the New York Mercantile Exchange. That was the largest one-day dollar and percentage rise since Feb. 14, FactSet data show.
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The former chief executive of video game retailer GameStop Corp. J. Paul Raines, has died, the company said in a statement. Raines, who was 53, took medical leave in November of 2017, after being diagnosed with cancer, according to media reports. “We are profoundly sad to learn of the passing of our friend and former chief executive officer, J. Paul Raines,” said the statement. “His spirit is woven into the fabric of our company and the entire GameStop family mourns this loss.”
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Walt Disney Co. on Monday said the company has tapped James Pitaro as the next president of ESPN. Pitaro takes over after former head of ESPN Jonh Skipper left in December to deal with substance addiction. Pitaro, formerly the chairman of Disney consumer products and interactive media, will also serve as co-chair of Disney media networks. Before coming to Disney, Pitaro was the head of media at Yahoo, leading the charge for Yahoo’s sports and music properties. Pitaro’s appointment comes as ESPN prepares to launch a standalone streaming service to combat the blows it’s taken from cord-cutting in the shifting media landscape. Disney shares are down more than 7% in the last 12 months, while the S&P 500 index is up nearly 14%.
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Gold futures finished with a loss Monday after a 1.4% climb in the previous session. Strength in the dollar and gains in the U.S. stock market pressured prices, offsetting earlier haven support from jitters over a potential trade war. April gold lost $3.50, or 0.3%, to settle at $1,319.90 an ounce.
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A man critically ill after being exposed to an unknown substance in the U.K is a former Russian spy, according to a BBC report. The man, Sergei Skripal, is a retired Russian military intelligence colonel and was jailed for 13 years in 2006 for spying for Britain, the BBC said. He was granted asylum in the U.K. in 2010. Skripal and a woman fell ill Sunday afternoon in Wiltshire after being exposed to the substance, which has not been identified. The news comes as a British inquiry last month concluded that Russian President Vladimir Putin “probably” approved the murder of former KGB spy Alexander Litvinenko. Litvinenko died in 2006 after drinking polonium-laced tea.
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