Category: Stock Market News

Shares of United Continental Holdings Inc. climbed 1.1% in premarket trade Wednesday, putting them on course to post a gain despite the public-relations backlash after a passenger was dragged off the plane over the weekend. The stock was changing hands at $71.50 ahead of the open, and was on track to open with a 0.9% gain on the week. The stock was suffering a week-to-date decline of as much as 3.6% at Tuesday’s intraday low of $68.36, but then pared losses sharply after Chief Executive Oscar Munoz issued a more conciliatory apology in the afternoon. United’s stock rally comes as shares of Delta Air Lines Inc. jumped 3% in premarket trade after reporting first-quarter results, and of JetBlue Airways Corp. tacked on 0.1% after reporting March traffic data. United’s stock has lost 4.5% over the past three months through Tuesday, while the NYSE Arca Airline Index has slipped 0.9% and the S&P 500 has gained 3.7%.

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TiVo Corp. said on Wednesday it has signed a multi-year licensing deal with TV streaming platform Roku for intellectual property. The deal covers the TiVo and Rovi Corp. patent portfolio and the over-the-top assets from the Intellectual Ventures patent portfolio under its licensing partnership with TiVo signed in February. Roku also has the option to access TiVo’s entertainment metadata and other products to help power search and navigation. “This license agreement with Roku underscores the importance of TiVo’s comprehensive patent portfolios for the fast-growing streaming entertainment industry,” said Samir Armaly, executive vice president of intellectual property and licensing at Rovi and TiVo. Last year Rovi reached an agreement to buy TiVo in a deal valued at $1.1 billion. TiVo shares were inactive in premarket trade, but have gained more than 9% over the last 12 months, while the S&P 500 index is up 14% in the same period.

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BlackBerry Ltd. said Wednesday it has been awarded $814.9 million in a binding interim arbitration decision against Qualcomm Inc. . A final award, including interest and legal fees will be issued after a May 30 hearing, the Canadian mobile device maker said in a statement. The companies agreed to arbitrate a dispute last April on whether Qualcomm’s agreement to cap certain royalties applied to payments made by BlackBerry under a licence agreement between the two. The arbitration hearing was held in San Diego, Calif. from Feb. 27 to March 3. “BlackBerry and Qualcomm have a longstanding relationship and continue to be valued technology partners,” said John Chen, chief executive of BlackBerry. “We are pleased the arbitration panel ruled in our favor and look forward to collaborating with Qualcomm in security for ASICs and solutions for the automotive industry.” BlackBerry shares jumped 12% after resuming premarket trade following a halt for the news. Qualcomm shares fell 0.8%. BlackBerry shares have gained 12% in 2017 through Tuesday, while the S&P 500 has gained 5%.

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Tractor Supply Co. shares slid 4.7% in premarket trade Wednesday, after the company warned that first-quarter earnings will fall short of estimates. The Brentwood, Tn.-based rural retail chain said net sales rose 6.6% in the quarter to $1.56 billion, but same-store sales fell 2.2%. “The comparable store sales results included decreases in comparable transaction count and average ticket of 1.4% and 0.9%, respectively,” the company said in a statement. The decline was driven by lower sales of seasonal merchandise and deflation, with sales weakest in the Northern regions, where weather had the biggest impact. The company is now expecting first-quarter per-share earnings of 45 cents to 46 cents, below the FactSet consensus of 49 cents. “We believe seasonal merchandise sales will improve as we move further into the spring selling season,” said Chief Executive Greg Sandfort. Shares are down 7% in 2017, while the S&P 500 has gained 5%.

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Select Energy Services said in a filing Wednesday that it expects its initial public offering of shares to price between $15 and $18 a share. The provider of water services to the oil and gas industry is offering 10.6 million shares of Class A common stock to raise up to $190.8 million. Including options granted to underwriter to cover overallotments, the company could sell 12.19 million shares to raise up to $219.4 million. The stock was approved to list on the NYSE under the ticker symbol “WTTR.” The lead underwriters of the offering are Credit Suisse, FBR and Wells Fargo Securities.

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A group of major Tesla Inc. shareholders is pressing the electric-car maker to add two additional, independent board members, according to a report Tuesday. The investors say five of six current board members have personal or business ties with Tesla co-founder and chief executive Elon Musk, according to a report by Bloomberg News, presenting possible conflicts of interest. “A thoroughly independent board would provide a critical check on possible dysfunctional group dynamics, such as groupthink,” the investors said Monday in a letter to Tesla. The group of five investors includes the influential California State Teachers’ Retirement System and collectively hold more than $720 billion in assets. A Tesla spokesperson told Bloomberg that it is “actively engaged” in a search for independent board members and expects to announce “new additions fairly soon.”

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Embattled Fox News host Bill O’Reilly announced Tuesday he’s going on vacation for about a week. O’Reilly said on the air that the vacation was pre-planned, and he expects to return April 24. His popular show, “The O’Reilly Report,” has been hit hard by an advertiser boycott following a New York Times report earlier this month that $13 million has been paid out over the years to settle five sexual harassment lawsuits against him. Tuesday night’s show had just 10 advertisers, down from a typical 33, according to Variety. While ratings for the show have not worsened, New York Magazine reported that Tuesday’s show may have been O’Reilly’s last.

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Shares of Neurocrine Biosciences Inc. surged in Tuesday’s extended session after the biotechnology company said it received Food and Drug Administration approval for Ingrezza to treat tardive dyskinesia, a neurological disorder. Ingrezza “is the first and only FDA-approved product indicated for the treatment of adults with TD,” said the company in a statement. Neurocrine shares jumped 13% after hours.

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NuStar Energy LP said late Tuesday it had agreed to buy midstream operator Navigator Energy Services LLC for $1.48 billion. Navigator owns and operates crude-oil transportation, pipeline gathering, and storage assets located in West Texas’ Permian Basin. The deal is expected to close next month, subject to regulatory approvals and other conditions, the company said. The acquisition marks “NuStar’s entry into one of the most prolific basins in the United States,” CEO Bradley C. Barron said in a statement. Shares of NuStar fell 7% in late trading after ending the regular session up 0.1%.

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New Jersey Gov. Chris Christie said the U.S. Transportation Department should suspend overbooking authority until a thorough review can be done. In a letter to Transportation Sec. Elaine Chao, the Republican governor pointed out that United operates 70% of its flights from Newark airport and said the overbooking practice has become “unconscionable.” He said passengers should not be subject to bumping except in the most extreme circumstances and not to accommodate employees of United Airlines. Christie has gone further than other Republicans in Congress and in the White House.

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