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Target Corp. has declared a dividend of 62 cents, a 3.3% increase from the prior quarterly dividend of 60 cents. The dividend is payable on Sept. 10, 2017 to shareholders of record as of the close of business on Aug. 16, 2016. Target shares are down 20.6% for the year to date while the S&P 500 index is up 9% for the period.
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From:: Stock Market News
Shares of Starbucks Corp. dropped 0.7% in premarket trade Wednesday, putting them in danger of a eighth-straight loss, after the coffee seller was downgraded at Wedbush Securities, which cited concerns over valuation. Analyst Nick Seytan cut his rating to neutral after being at outperform since he started coverage in January 2015. He kept his stock price target at $65, which is 6.7% above Tuesday’s closing price of $60.92. Prior to the start of the stock’s losing streak, which has shaved 5.6% off the price, the stock had run up 13% in three months to a record close of $64.57 on June 2, amid expectations of a ramp up in comparable-store sales. Seytan said the sales outlook follows signs of improving trends in March and April, but suggests that may be a bit optimistic. At current share prices, “we now view current 2017 and 2018 expectations as realistic and valuation as fair,” Seytan wrote in a note to clients. “Checks indicate U.S. comp acceleration, but acceleration is in line to slightly below expectations.” Starbucks’s stock has climbed 9.7% year to date through Tuesday, while the S&P 500 has gained 9.0%.
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From:: Stock Market News
Horizon Bancorp announced Wednesday a deal to buy Midland, Mich.-based Wolverine Bancorp Inc. in a deal that values the regional bank at $88.9 million. Under terms of the deal, Horizon will pay Wolverine shareholders 1.0152 of Horizon common stock and $14 in cash for each Wolverine share they own. Based on Tuesday’s closing prices, the deal values Wolverine shares at $41.92, a 31% premium. The deal is expected to close late in the third quarter or early in the fourth quarter. “This partnership with Horizon Bank will provide us new opportunities to increase the depth of products and services we can offer to our customers, while providing significant value to our shareholders,” said Wolverine Chief Executive David Dunn. Wolverine’s stock, which is halted for news until 8:00 a.m. ET, has tacked on 1.1% year to date, while Horizon shares have lost 1.8%, the SPDR S&P Regional Banking ETF has inched up 0.3% and the S&P 500 has climbed 9.0%.
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Athenex Inc. said Wednesday it priced its initial public offering of 6 million shares at $11 a share to raise $66 million. Shares of the biopharmaceutical company, which develops novel cancer therapies, are expected to begin trading on the Nasdaq Global Select Market under the ticker symbol “ATNX” some time after the opening bell. Credit Suisse Securities, Deutsche Bank Securities and J.P. Morgan Securities were the joint book-running managers of the IPO.
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From:: Stock Market News
Shares of Alexion Pharmaceuticals Inc. rose more than 2% late Tuesday after the company announced the hiring of the former Biogen Inc. chief financial officer as its CFO. Paul J. Clancy will join Alexion on July 31 after having served as Biogen’s CFO for the past 10 years, the company said in a statement. Clancy succeeds Dave Anderson, who will continue to serve as CFO until July 31. “To ensure a smooth transition, (Anderson) will then become a Senior Advisor to the Chief Executive Officer and will remain with Alexion until the end of August,” the company said in a statement. Shares of Biogen fell 1.8%.
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The American Petroleum Institute reported Tuesday a climb of 2.8 million barrels in U.S. crude supplies for the week ended June 9, according to sources. The API data also showed a rise of 1.8 million barrels in gasoline supplies, while inventories of distillates were down 1.5 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts at Citi Futures expect the EIA to report a decline of between 2 million and 3 million barrels in crude inventories. July crude was at $45.97 a barrel in electronic trading, down from the contract’s settlement of $46.46 on the New York Mercantile Exchange.
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Shares of H&R Block Inc. rose more than 11% late Tuesday after the tax preparer reported adjusted fiscal fourth-quarter earnings and sales above expectations and announced a 9% dividend increase. H&R Block said it earned $783 million, or $3.75 a share, in the quarter, compared with $700 million in the year-ago period. Adjusted for one-time items, the company reported per-share earnings of $3.76, compared with $3.16 a share a year ago. Total revenue reached $3 billion, flat compared with a year ago. Analysts polled by FactSet had expected adjusted earnings of $3.53 a share on sales of $2.32 billion. The company announced a dividend increase to 24 cents a share.
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Loxo Oncology Inc. shares slipped in the extended session Tuesday after the biotech said it was launching a secondary offering of an undisclosed number of shares. Loxo shares declined 2.2% to $72 after hours. The company said proceeds from the offering will be used to advance development of the cancer drug larotrectinib. Morgan Stanley, Cowen and Citigroup are joint book-running managers for the offering.
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From:: Stock Market News
U.S. stocks finished higher Tuesday with the Dow industrials and S&P 500 closing at records following a rebound in tech shares. The Dow Jones Industrial Average closed up 92.80 points, or 0.4%, at a record 21,328.47, with shares of DuPont , Visa Inc. and Cisco Systems Inc. leading gains. The S&P 500 index rose 10.96 points, or 0.5%, to finish at a record 2,440.35, with the materials sector gaining 1.3% and tech shares climbing 0.9%. The Nasdaq Composite Index advanced 44.90 points, or 0.7%, to close at 6,220.37.
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Oil prices climbed Tuesday to tally a third session gain in a row, as traders looked to weekly data from the U.S. government on petroleum supplies. The Energy Information Administration will release its official data Wednesday morning. Citi Futures expects the report to show a decline of between 2 million and 3 million barrels for the week ended June 9. Ahead of the government report, the American Petroleum Institute will release its own figures late Tuesday. July WTI crude rose 38 cents, or 0.8%, to settle $46.46 a barrel on the New York Mercantile Exchange.
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From:: Stock Market News