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Yahoo Inc. has completed its transition into Altaba Inc. , a new company formed after the acquisition of its operating assets by Verizon Communications Inc . Starting Monday shares will trade under the ticker symbol “AABA.” Former Yahoo shareholders do not need to take any action for their shares to trade under Altaba.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Medical technologies firm Stryker Corp. has agreed to acquire Novadaq Technologies for about $701 million, Novadaq announced on Monday. Novadaq is a medical imaging solutions company. The deal is for all of the issued and outstanding shares of Novadaq, priced at $11.75, about 95.8% over the Friday closing price. The deal is pending approval of a number of groups, including Novadaq shareholders, who will have a special meeting on or about Aug. 4, 2017. Novadaq shares are halted in Monday premarket trading until 8:30 am. The company’s stock is down more than 36% for the past year while the S&P 500 index is up 17.5% for the period.
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Shares of Rice Energy Inc. rocketed 26% in premarket trade Monday, after the oil and natural gas company announced an agreement to be acquired by EQT Corp. in a deal valued at $6.7 billion. Under terms of the deal, EQT will pay 0.37 of its shares and $5.30 in cash for each Rice stock outstanding. Based on Friday’s closing prices, that values Rice shares at about $27.04 each, a 37% premium. EQT shares tumbled 6.4% ahead of the open. EQT said it will assume or refinance about $1.5 billion of debt and preferred equity. The deal is expected to close in the fourth quarter. EQT will obtain Rice’s midstream assets, which include 92% interest in Rice Midstream GP Holdings LP, which owns 100% of the general partner incentive distribution rights and 28% of the limited partner interests in Rice Midstream Partners LP . “This transaction brings together two of the top Marcellus and Utica producers to form a natural gas operating position that will be unmatched in the industry,” said EQT Chief Executive Steve Schlotterbeck. Rice’s stock has lost 7.8% year to date through Friday, while EQT shares have dropped 10%, the SPDR Energy Select Sector ETF has tumbled 12% and the S&P 500 has gained 8.7%.
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Shares of Valeant Pharmaceuticals International Inc. surged 5% in premarket trade Monday, after the drug maker said billionaire hedge fund manager John Paulson was elected to its board of directors. Paulson’s hedge fund, Paulson & Co. Inc., is Valeant’s largest shareholder with 19.4 million shares, or 5.6% of the shares outstanding as of the end of March, according to FactSet. “We are pleased to welcome John to Valeant’s board of directors,” said Valeant Chief Executive Joseph Papa. “With his significant business and financial expertise, John will be a strong addition to the board. His experience will be especially valuable as we continue to execute on our transformational strategy to turnaround Valeant.” Earlier this year, hedge fund manager and large shareholder Bill Ackman had resigned from Valeant’s board, and sold his 10% stake in the company amid mounting investment losses. The stock, on course to open at a four-month high, has tumbled 12.8% year to date through Friday, while the SPDR S&P Pharmaceutical ETF has gained 5.6% and the S&P 500 [: spx] has climbed 8.7%.
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Seattle Genetics Inc. said Monday that it is discontinuing the Phase 3 clinical trial of its acute myeloid leukemia treatment, SGN-CD33A, after data indicated a higher rate of deaths, including fatal infections. The company said it will suspend patient enrollment and treatment, and will closely review the data and consult with the Food and Drug Administration to determine future plans. “This is a disappointing and unexpected result for the CASCADE trial. Patient safety is our highest priority, and we will closely review the data and evaluate next steps,” said Chief Executive Clay Siegall. The stock, which is still inactive in premarket trade, has rallied 22% year to date through Friday, while the iShares Nasdaq Biotechnology ETF has climbed 10% and the S&P 500 has gained 8.7%.
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Dova Pharmaceuticals set terms of its initial public offering, which the developer of drug candidates for diseases treated by specialist physicians expects to raise up to $69.1 million. In a filing with the Securities and Exchange Commission Monday, the company said it was offering 4.06 million shares for sale in the IPO, which it expects to price between $15 and $17 a share. If the options granted to the underwriters to cover overallotments are exercised, the company could sell 4.7 million shares to raise $79.4 million. The company has applied to list the stock on the Nasdaq Global Market under the ticker symbol “DOVA.” J.P. Morgan, Jefferies and Leerink Partners are the lead underwriters.
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Blue Apron Holdings set on Monday terms of its initial public offering, which the meal-kit delivery startup expects to raise up to $510 million. In a filing with the Securities and Exchange Commission, the company said it was offering 30 million shares for sale in the IPO, which it expects to price between $15 and $17 a share. If the options granted to the underwriters to cover overallotments are exercised, the company could sell 34.5 million shares to raise $586.5 million. The stock has been approved to list on the New York Stock Exchange under the ticker symbol “APRN.” Goldman Sachs & Co., Morgan Stanley, Citigroup and Barclays are the lead underwriters.
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The number of people presumed dead after last week’s massive apartment fire in London has risen to 79, Metropolitan Police said Monday. “Of that 79, we have formally identified five people,” Metropolitan Police Commander Stuart Cundy said at a press briefing, adding that the tally could change. The search-and-recovery effort at Grenfell Tower is still underway with the London Fire Brigade, he said. A criminal investigation into the cause of the fire that began has been opened, and residents at Grenfell Tower had for years complained that the building wasn’t fire-safe.
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Negotiations over the U.K.’s exit from the European Union are now underway in Brussels on Monday. The U.K.’s Brexit Secretary David Davis and the EU’s chief negotiator, Michel Barnier, shook hands in front of photographers to mark the beginning of talks nearly one year after the U.K.’s Brexit referendum. Davis is aiming to create a “strong and special partnership” with the EU, according to a BBC report. Britain will exit the EU’s single market and customs union, said U.K. Treasury chief Philip Hammond on Sunday. But no Brexit deal for the U.K. would be a “very, very bad outcome,” Hammond said on BBC1’s “The Andrew Marr Show” show. The pound was trading at $1.2805 on Monday, still sharply lower from around $1.50 when voting in the U.K.’s referendum on June 23, 2016, was taking place.
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European stocks climbed Monday, with the trading week opening with broad-based gains led by commodity shares and retailers. The Stoxx Europe 600 leapt 0.8% to 391.56, with investors picking up shares of oil and gas and mining stocks. Such moves were also aiding gains for the U.K.’s FTSE 100 , which rose 0.8% to 7,525.61. Topping the Stoxx 600 was Ocado Group PLC , rising 6.4% as the British online grocery company is considered a takeover target in the wake of Amazon.com Inc.’s deal last week to buy upscale grocery chain Whole Foods Market Inc. . In Brussels Monday, U.K. officials will begin Brexit talks with European officials. France’s CAC 40 popped up 1% to 5,317.71, after French President Emmanuel Macron’s upstart party won a strong majority in parliamentary elections on Sunday. Germany’s DAX 30 moved higher by 0.8% to 12,860.98, on course to notch a record close.
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From:: Stock Market News