Category: Stock Market News

Shares of FMC Corp. soared 11% toward a near 3-year high in premarket trade Friday, after the agricultural company announced a deal to buy a part of DuPont & Co.’s crop protection business. The stock is on track to open at the highest level since July 2014, and on pace to post the biggest one-day percentage gain since November 2008. FMC said the deal with DuPont, which includes FMC paying $1.2 billion and swapping its health and nutrition business, will make it the fifth-largest crop protection company in the world. FMC’s stock has rallied 8.7% year to date through Thursday and 52% over the past 12 months, while the S&P 500 has gained 15% over the past year.

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TRC Companies Inc. announced Friday a deal to be acquired by New Mountain Partners IV in a deal that values the construction management firm at about $554.6 million. Under terms of the deal, New Mountain, a fund managed by New York’s New Mountain Capital, will pay $17.55 a share in cash for each TRC share outstanding, representing a 47% premium to Thursday’s closing price of $11.95. TRC has about 31.6 million shares outstanding, according to FactSet. “This transaction will deliver immediate value to our shareholders while enabling TRC to continue to pursue its long-term growth strategy,” said TRC Chief Executive Chris Vincze. “We are confident this partnership with New Mountain Capital represents the best path forward for all of TRC’s stakeholders.” The stock, which was halted for news, has rallied 13% year to date, while the S&P 500 has gained 5.8%.

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Apple Inc. [s:AAPL] on Friday advanced its global fight to prevent banks from introducing their own mobile payment services on Apple devices after an Australian regulator barred lenders from bargaining collectively for access, Reuters and other media outlets reported. The banks had hoped to circumvent transaction fees and get customers to engage more frequently with their own apps, over Apple Wallet on the iPhone and Apple Watch. The banks were hoping to unlock more of Australia’s contactless payment market valued at an estimated $84 billion a year. Apple does not allow any of its 3,500 bank partners in 15 global markets access to the near-field communication (NFC) technology behind its payment system. Apple shares were down 0.3% in premarket trading Friday.

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Shares of BlackBerry Ltd. surged 4.2% in premarket trade Friday, after the mobile communications company reported a surprise fiscal fourth-quarter adjusted profit. For the quarter to Feb. 28, the net loss narrowed to $47 million, or 10 cents a share, from $238 million, or 45 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 4 cents, while the FactSet consensus was for a breakeven quarter. Revenue fell to $286 million from $464 million, while revenue on an adjusted basis was $297 million. The FactSet revenue consensus was $288 million. Revenue from software and services totaled $166 million and from mobility solutions was $82 million. For the current fiscal year, BlackBerry said it expects to profitable on an adjusted basis and generate positive free cash flow. “In the quarter, we continued to grow our mix of software and services revenue across the company,” said Chief Executive John Chen. “In turn, this allowed us to expand our operating margin and report positive free cash flow.” The stock has gained 0.9% year to date through Thursday, while the S&P 500 has gained 5.8%.

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DuPont & Co. announced Friday an deal with FMC Corp. in which DuPont will sell a portion of its crop protection business to FMC in exchange for $1.2 billion in cash and FMC Health and Nutrition. DuPont said the deal was made to comply with the European Union’s ruling related to its merger with Dow Chemical Co. to divest certain assets. FMC expects the deal, which is subject to the closing of DuPont’s merger with Dow, to immediately add to adjusted earnings after it closes, which is expected to be in the fourth quarter of 2017. FMC said the deal will make it the world’s fifth-largest crop protection chemical company. FMC’s stock has rallied 8.7% year to date, while DuPont’s has climbed 11%, Dow’s has gained 12% and the Dow Jones Industrial Average has advanced 4.9%.

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Oculus co-founder Palmer Luckey will leave Facebook Inc. , the social-media company confirmed late Thursday. “Palmer’s legacy extends far beyond Oculus. His inventive spirit helped kickstart the modern VR revolution and build an industry. We’re thankful for everything he did for Oculus and VR, and we wish him all the best,” Facebook said in a statement. Facebook bought Oculus for $2 billion in 2014. Last year, revelations that Luckey funded a pro-Donald Trump organization led some developers to pull their support from one of Oculus’ virtual-reality headsets.

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Palmer Luckey, Oculus co-founder, has left Facebook Inc. , according to a report on Upload. Facebook bought Oculus for $2 billion in 2014. Last year, revelations that Luckey funded a pro-Donald Trump organization led some developers to pull their support from one of Oculus’ virtual-reality headsets.

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Shares of Akari Therapeutics Plc. rose more than 13% late Thursday after the biopharmaceutical company said the U.S. Federal Drug Administration has granted one of its drugs a “fast track” designation. Akari’s drug, Coversin, is aimed at treatment of paroxysmal nocturnal hemoglobinuria, or PNH, a rare and chronic blood disorder. “The FDA fast track designation recognizes the unmet need in patients with PNH who cannot be treated with the current standard of care due to polymorphisms,” Gur Roshwalb, Akari Therapeutics CEO, said in a statement. Shares of Akari ended the regular trading day up 5%.

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The Nasdaq Composite on Thursday posted its 21st record of 2017, and the broader stock market rose following an upbeat reading of economic growth. U.S. benchmark oil rising above $50 a barrel also encouraged buying sentiment on Wall Street, helping to lift energy shares. The Nasdaq Composite Index , produced the most notable finish, closing up about 17 points, or 0.3%, at 5,914, registering a fresh all-time closing high, its first since March 1. The S&P 500 index ended up roughly 7 points, or 0.3%, at 2,368, with financials leading the session’s gains. The exchange-traded Financial Select Sector SPDR ETF , which tracks the S&P 500’s financial sector, rose 1.2% topped by a 2.9% advance in Capital One Financial Corp. . Meanwhile, the Dow Jones Industrial Average ended up nearly 70 points, or 0.3%, at 20,728. Shares of Exxon Mobil Corp. , up 1.9%, led the blue-chip index’s gains. Thursday’s advance was fueled in part by government data that showed the U.S. economy, as measured by gross domestic product, expanded at a 2.1% annualized pace in the fourth quarter, slightly faster than the previously reported 1.9% rate. Separately, jobless claims fell by 3,000 to 258,000 in the latest week, near their lowest level in decades.

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Oil prices settled higher Thursday, with West Texas Intermediate crude finishing at its highest level in more than three weeks. U.S. supplies of gasoline and distillates dropped more than expected last week and refinery activity climbed, raising the potential for stronger crude demand. Growing expectations that the Organization of the Petroleum Exporting Countries will agree to extend its production-cut agreement also contributed to oil’s price climb. May West Texas Intermediate crude rose 84 cents, or 1.7%, to settle at $50.35 a barrel.

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