Category: Stock Market News

An explosion has taken place in a St. Petersburg metro station that has caused casualties, according to Russian media reports cited by the BBC. Eyewitnesses reported an explosion and images showed a metro door blown off and injured passengers on a platform, the reports indicated. Tass news agency reported that a blast took place at Sennaya Ploschchad station and that seven metro stations have been closed.

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Hewlett Packard Enterprise on Monday lowered its adjusted profit outlook for the second quarter and full year, after completing the spinoff of its enterprise services (ES) business and merging it with Computer Sciences Corp. to create DXC Technology. The deal is expected to deliver about $13.5 billion to HPE after tax, including an equity stake in DXC, a cash dividend payment to HPE and DXC’s assumption of debt. The company lowered its adjusted earnings outlook to reflect the partial-year contribution from ES, which will no longer contribute to its financials. The company is now expecting second-quarter adjusted per-share earnings of 33 cents to 37 cents, down from a prior 41 cents to 45 cents. For the full year, it expects EPS of $1.46 to $1.56, down from a prior $1.88 to $1.98. On a GAAP basis, it expects a second-quarter loss of 7 cents to a loss of 3 cents, compared with a previous estimate of a loss of 3 cents to EPS of 1 cent. Shares rose 1.9% premarket, but are down 23% in the year so far, while the S&P 500 has gained 5%.

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Vantage Energy Acquisition Corp. has filed for an initial public offering of 40 million units, to be offered at $10 per unit to raise $400 million. The units offered include one share of Class A common stock and one-third of a warrant, in which the owner of a full warrant is entitled to buy one Class A common share for $11.50. Vantage Energy Acquisition is a blank-check company which was formed for the purpose of effecting a merger or business combination. “We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target,” the company stated in its filing. The company has applied to list its units on the Nasdaq exchange under the symbol “VCEAU.”

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Cowen Group Inc. said Monday it has agreed to acquire Convergex Group LLC from private-equity firm GTCR, Bank of New York Mellon Corp. and other shareholders for about $116 million. The deal will make Cowen the biggest independent trading platform for equities, with research and global execution capabilities, Cowen said in a statement. The companies had combined pro forma brokerage execution revenue of more than $400 million in 2016, it said. The deal is expected to boost economic income per share in 2018. The deal is expected to close by the end of the second quarter and is not contingent on the closing of the terms of Cowen’s strategic partnership with China Energy Co. Ltd., which was announced last week. Cowen shares were halted premarket for the news, but are down 3% in the year so far, while the S&P 500 has gained 5%.

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Warrior Met Coal set the terms of its initial public offering, setting the producer and exporter of metallurgical coal to raise $364.2 million before fees. The IPO of 16.7 million shares is expected to price between $17 to $19 a share, with underwriters also granted options to buy up to 2.5 million additional shares. The stock has been approved to list on the New York Stock Exchange under the symbol “HCC.” Credit Suisse, Citigroup and Morgan Stanley are the lead underwriters. The company had total adjusted revenue of $369.0 million for the year ended Dec. 31, 2016, down from $544.7 million a year ago. The net loss narrowed $64.4 million from $310.6 million.

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Cadence Bancorp. on Monday set the terms for its planned initial public offering, saying it will offer 7.5 million shares priced at $19 to $21 a pop. The company is filing as an emerging growth company under the 2012 JOBS Act. Goldman Sachs and J.P. Morgan are lead underwriters on the deal, with Sandler O’Neill, Keefe Bruyette & Woods, Baird, Raymond James, Stephens Inc., SunTrust Robinson Humphrey, Tudor, Pickering, Holt & co. acting as joint leads. The bank is planning to lest on the New York Stock Exchange under the ticker symbol “CADE”.

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Biotech Tocagen Inc. said Monday it plans to 7.25 million shares in its initial public offering, priced at $10 to $12 a share, to raise $79.8 million at the midpoint of the range. In a filing with the Securities and Exchange Commission, the company said it plans to list on the Nasdaq under the ticker symbol “TOCA”. The company is filing as an emerging growth company under the JOBS Act of 2012. Tocagen is focused on cancer gene therapies that are designed to use a patient’s immune system against their own cancer, according to its prospectus. Leerink Partners, Evercore ISI and Stifel are lead underwriters on the deal.

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FactSet Research Systems Inc. raised Friday its earnings outlook for the fiscal third quarter ending in May, following the completion of the acquisition of Interactive Data Managed Solutions (IDMS) from NYSE parent Intercontinental Exchange Inc. . The provider of financial information and data said it now expect adjusted earnings of $1.81 to $1.87, up from previous guidance of $1.80 to $1.86, and compared with the FactSet consensus of $1.83. The revenue outlook was raised to $311 million to $317 million from $301 million to $307 million, compared with the FactSet consensus of $304.7 million. FactSet said IDMS is expected to add about $10 million to third-quarter revenue. The stock, which is still inactive in premarket trade, has tacked on 0.9% year to date, while the S&P 500 as gained 5.5%.

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South Carolina won its first women’s NCAA basketball championship Sunday in Dallas, with a 67-55 victory over Mississippi State. The underdog Bulldogs couldn’t continue their momentum after snapping Connecticut’s 111-game winning streak Friday night. A’ja Williams led the Gamecocks with 23 points, as head coach Dawn Staley won her first NCAA title. Staley, a basketball Hall of Famer, had made three trips to the Final Four as a player.

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China’s central bank raised interest rates for standing lending facility loans, it announced Saturday. These loans are aimed mainly at small- and medium-sized financial institutions. The People’s Bank of China increased the rate for overnight SLF loans by 0.2 percentage points to 3.3 percent effective from March 16, it said in a statement on its website. The bank raised the rate for 7-day loans to 3.45 percent and the 1-month rate to 3.8 percent. The facility is comparable to the Federal Reserve’s discount window and the European Central Bank’s Marginal Lending Facility.

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