Category: Stock Market News

The U.K.’s Democratic Unionist Party has made a deal with the Conservative Party to support Prime Minister Theresa May’s minority government, according to media reports citing unnamed sources. About 1 billion pounds in concessions ($1.27 billion) have been made to Northern Ireland’s largest party in exchange for support from its 10 members of parliament on key votes in the House of Commons, a Sky News report said. Details of the deal are expected to be made public within hours, a BBC report said.

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Yum Brands Inc. rose 1.8% in thin premarket trade on Monday after Australian restaurant-operator Collins Foods Ltd. said it’s buying 28 KFC locations from the U.S. fast food company. Collins said it has entered into a binding agreement to take over 28 KFC eateries across Tasmania, South Australia and Western Australia for 110.2 million Australian dollars ($83.41 million) in cash.

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The U.S. Federal Reserve must keep hiking interest rates gradually to avoid overheating in the U.S. economy, Federal Reserve Bank of San Francisco President John Williams said in the text of a speech to be delivered Monday. “[Gradually] raising interest rates to bring monetary policy back to normal helps us keep the economy growing at a rate that can be sustained for a longer time,” he said in the speech, which will be given in Australia. “If we delay too long, the economy will eventually overheat, causing inflation or some other problem. At some point, that would put us in the position of having to quickly reverse course to slow the economy.”

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Pandora Media Inc. co-founder and chief executive Tim Westergren plans to step down, according to a report Sunday night by Recode. The report said he will likely stay on at the Oakland-based internet radio company until a new CEO is found. Westergren started his second stint as Pandora’s CEO in 2016. Since then, the company has been the subject of many sales rumors, and earlier this month SiriusXM agreed to invest $480 million for a stake in the company. Pandora shares are down almost 10% in the past month, and down more than 29% in the past year.

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The British Parliament on Saturday was hit by a cyberattack that left most of its representatives unable to access emails, according to multiple reports. The hacking was an attempt to breach the email accounts of scores of members of the House of Commons, Lords and other staffers. The U.K.’s Independent reported that a House of Commons representative confirmed the hacking, saying “unauthorized attempts” were made to pry open email data. The U.K. government said it was working with the National Cyber Security Centre to “secure the [email] network.”

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As many as 120 people were believed to be buried in southwestern China following a landslide on Saturday devastated a mountain village in Sichuan province, according to local reports. The landslide occurred at 6 a.m. local time, the Chinese state-run broadcaster China Central Television reported. CNN reported that some 780 rescuers were enlisted to help lost villagers in the Xinmo village in Mao County, Abe Prefecture, where some 46 homes were destroyed. Chinese President Xi Jinping has said “all-out efforts” are being made to save lives, China’s People’s Daily tweeted.

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SeaWorld Entertainment Inc. disclosed Friday afternoon that the company has received subpoenas from the Department of Justice and Securities and Exchange Commission in regards to statements made about a critical 2013 documentary called “Blackfish.” In an SEC filing, the company said the subpoenas concern “disclosures and public statements made by the Company and certain executives and/or individuals on or before August 2014, including those regarding the impact of the “Blackfish” documentary, and trading in the Company’s securities.” In an earnings report that month, SeaWorld blamed poor earnings on “adverse publicity” regarding the treatment of its Orcas, the subject of the documentary. SeaWorld said that it had formed a special committee of the board to deal with the inquiries, and engaged counsel to assist them. SeaWorld stock, which has never recovered from the sharp decline suffered in 2014, closed with a 1% decline at $15.65 Friday, then declined another 0.3% in late trading.

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YogaWorks Inc. filed documents with the Securities and Exchange Commission to raise $75 million via an initial public offering, according to a regulatory disclosure Friday. The yoga-studio chain operator posted a loss of $9.5 million on revenue of $55.1 million in 2016. The underwriters for the deal are Cowen, Stephens Inc., Guggenheim Securities and Roth Capital Partners. YogaWorks plans to list on the Nasdaq under the ticker YOGA.

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Kala Pharmaceuticals Inc. has filed for an initial public offering, according to a Securities and Exchange Commission filing on Friday. The Waltham, Mass.-based company focuses on the treatment of eye diseases and listed net losses of $17 million in 2015, $33 million last year, and $10 million in the first three months of this year. The company is expected to trade on the Nasdaq under the symbol KALA.

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Wal-Mart Stores Inc. is not considering a bid for Whole Foods Market Inc. , the grocery chain that Amazon.com Inc. has agreed to purchase for $13.7 billion, according to a Friday afternoon report. Reuters reported, citing an unnamed source, that Wal-Mart would not get into a bidding war for the grocery chain, taking out one potential challenge that some investment analysts expected to emerge and drive up the price. Investors had pushed Whole Foods shares higher than the $42 price Amazon agreed to pay in the hope that a second bidder would result in a higher acquisition price. Whole Foods stock dropped from higher than $43.50 to less than $43 just before the close of trading Friday, as the report hit; shares closed at $42.94.

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