Category: Stock Market News

Abercrombie & Fitch Co. said Monday that it will begin selling its product on Zalora, an Asian e-commerce site launched in 2012 and serving 11 destinations including Singapore, Hong Kong and Taiwan. Zalora has more than 600 million customers, according to a statement, and offers delivery as fast as in three hours in some markets. Hollister merchandise will be available starting next week, and Abercrombie & Fitch product will head to the site later this month. Abercrombie shares are up 1.1% in premarket trading, but down nearly 63% for the past year. The S&P 500 index is up 15% for the last 12 months.

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OncoMed Pharmaceuticals Inc. shares dropped 44.6% in premarket trade Monday after news that the company’s midstage pancreatic cancer trial had missed its primary endpoint and that Bayer AG ADR would not be using its option to license two of OncoMed’s cancer drugs. OncoMed said that its demcizumab, part of a partnership with Celgene Corp. , was being tested with two chemotherapy drugs in previously untreated metastatic pancreatic cancer. The company said it will be discontinuing the clinical trial after Monday’s results. OncoMed said it will also discontinue enrollment in other ongoing trials for demcizumab and examine the data. OncoMed also said Monday that Bayer would not be licensing two other drugs, vantictumab and ipafricept, “for strategic reasons,” and that OncoMed will keep the global development and commercialization rights to both drugs starting in June. OncoMed said it has fully funded development of both drugs — which are phase 2-ready, it said — with the more than $90 million it got from the partnership. OncoMed was eligible for up to $387.5 million per program, or $775 million for both drugs, according to its website. OncoMed shares were valued at $8.76 as of Friday’s close. Shares have risen 0.1% over the last three months, compared with a 3.8% rise in the S&P 500 .

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Newell Brands Inc. said Monday that it has reached an agreement with Royal Oak Enterprises LLC to sell its Pine Mountain and Diamond businesses. Pine Mountain is a brand of fire starters and fire logs, and the Diamond brand sells matches, fire starters, lighters, toothpicks, clothes pins and clothes lines. The transaction is expected to close in the second quarter of 2017, but terms of the deal were not disclosed. Newell shares are up 0.3% in premarket trading, and up 5.4% for the past year. The S&P 500 index is up 15% for the period.

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AT&T Inc. said Monday it has agreed to acquire Straight Path Communications Inc. in a deal valued at $1.6 billion, including liabilities. Straight Path shareholders will receive $95.63 a share in AT&T stock in the deal, which is expected to close within 12 months. Straight Path owns a portfolio of millimeter wave spectrum, including 39 GHz and 28 GHz licences. The deal “will support AT&T’s leadership in 5G, which will accelerate the delivery of new experiences for consumers and businesses like virtual and augmented reality, telemedicine, autonomous cars, smart cities and more,” At&T said in a statement. Under the terms of the deal, Straight Path shareholders will receive $95.63 a share in At&T stock. AT&T shares were flat premarket, while Straight Path shares were not yet active.

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J.C. Penney Co. Inc. said Monday that 50 additional salon locations will be rebranded to The Salon by Instyle this year, as it continues to overhaul its 750 salons across the U.S. The retailer said it is currently renovating the salons and will debut the new concept this summer. The company has also introduced online booking and a mobile app. Shares were not yet active premarket, but are down 29% in 2017 so far, while the S&P 500 has gained 5%.

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Sunoco LP was upgraded to outperform from neutral at Baird Monday based on Sunoco’s planned divestiture of 1,110 convenience stores, which is the majority of its real estate portfolio. Sunoco plans to divest the stores to 7-Eleven in a $3.3 billion transaction that is expected to close in the fourth quarter. The analysts increased their price target to $36 from $28. The analysts say the divestiture puts Sunoco on a good path to cover its distribution and they see it as the beginning of a “roll-up” of Sun to Energy Transfer Partners . Shares of Sunoco have gained 23% in the past month, while the S&P 500 has lost 1%.

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Lennar Corporation said Monday that it recorded a one-time litigation charge of $140 million, relating to a property case from 2008, meaning the company has to restate its first quarter earnings. Lennar had previously stated first quarter net earnings of $130.8 million or 56 per diluted share on March 21 and now says first quarter net earnings are $38.1 million or 16 cents per diluted share. Since its earnings release, the company had a hearing in the court of appeals for a case dating back to 2008 over whether the company was required to purchase a property in Maryland. The $140 million charge includes the company’s estimate of fair value for the property. Shares of Lennar have fallen 4% in the past month, compared to the S&P 500’s loss of 1%.

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Knight Transportation Inc. and Swift Transportation Co. said Monday they are merging in an all-stock deal with a combined enterprise value of $6 billion. The combined entity will be called Knight-Swift Transportation Holdings Inc. and will trade under the ticker “KNX”, the companies said in a joint statement. The deal “combines under common ownership two long-standing industry leaders creating North America’s premier truckload transportation company with $5 billion in annual revenue and a “Top 5″ truckload presence in dry van, refrigerated, dedicated, cross-border Mexico and Canada, and a significant presence in brokerage and intermodal,” said the statement. The company will remain headquartered in Phoenix, Arizona with about 23,000 tractors, 77,000 trailers and 28,000 employees. Under terms of the deal, each Swift share will convert into 0.72 shares of Knight-Swift via a reverse stock split. Each share of Knight will be exchanged for one Knight-Swift share. The deal is expected to boost adjusted per-share earnings in the second half of 2017, adding about $15 million, followed by $100 million in 2018 and $150 million in 2019. The deal is expected to close in the third quarter, Knight shares rose 0.5% in premarket trade, while Swift shares were not yet active.

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Barclays PLC has reprimanded its chief executive, Jes Staley, and will dock his bonus after he broke rules by attempting to identify a whistleblower, the bank said Monday. U.K. regulators the Financial Conduct Authority and the Prudential Regulation Authority are investigating Barclays and Staley over their responsibilities in the incident, the bank said in a statement. In June 2016, Staley asked the Barclays’s information security team to try to identify the anonymous sender of a letter that raised concerns about a senior bank employee, which Staley regarded as an unfair attack, an investigation by the bank found. “The Board believes that its response to the matter should be proportionate to its serious nature. It will therefore be issuing a formal written reprimand to Mr. Staley and has decided that a very significant compensation adjustment will be made to Mr. Staley’s variable compensation award,” Barclays said in its statement. It will determine the amount of the adjustment once the FCA and PRA have ended their investigations.

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Biohaven Pharmaceutical Holding Co. is looking to raise up to $100 million in an initial public offering, according to a Securities and Exchange Commission filing late Friday. The biotech drug developer specializes in drugs for neurological diseases with product candidate rimegepant expected to begin late-stage clinical trials for the treatment of migraines in the second half of 2017. Biohaven also expects early 2018 clinical-trial results for its drug trigriluzole for the treatment of ataxia, a condition where sufferers lose control of voluntary body movements. With no revenue, Biohaven reported a loss of $63.7 million, or $5.05 a share, in 2016. Morgan Stanley, Piper Jaffray, and Barclays are listed among the underwriters. The company plans to list on the New York Stock Exchange under the ticker “BHVN”.

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