Category: Stock Market News

Valeant Pharmaceuticals International Inc.’s second-largest shareholder bought another $32.5 million worth of the drugmaker’s stock, just as hit it an 8-year low. The purchase came just as the previous largest shareholder, Bill Ackman’s hedge fund Pershing Square Capital Management, had disclosed that it sold off its 10% stake. Activist investor Jeffrey Ubben’s ValueAct Holdings LP disclosed late Thursday that it bought a total of 3 million Valeant shares on March 14 at a weighted average price of $10.82: 2.5 million shares were bought at $10.81 and 500,000 shares were purchased at $10.88, according to a filing with the Securities and Exchange Commission. The stock had traded in an intraday range of $10.50 to $11.04 that day, before closing at $10.89, which was the lowest close since May 13, 2009. The purchase increased ValueAct’s stake to 5.2%. The largest shareholder is now John Paulson’s Paulson & Co. Inc., with 5.7% of the shares outstanding, according to FactSet. Valeant’s stock edged up 0.5% in afternoon trade, paring earlier gains of as much as 3.6%. The stock has tumbled 22% year to date, while the S&P 500 has gained 6.4%.

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From:: Stock Market News

Valeant Pharmaceuticals International Inc.’s second-largest shareholder bought another $32.5 million worth of the drugmaker’s stock, just as hit it an 8-year low. The purchase came just as the previous largest shareholder, Bill Ackman’s hedge fund Pershing Square Capital Management, had disclosed that it sold off its 10% stake. Activist investor Jeffrey Ubben’s ValueAct Holdings LP disclosed late Thursday that it bought a total of 3 million Valeant shares on March 14 at a weighted average price of $10.82: 2.5 million shares were bought at $10.81 and 500,000 shares were purchased at $10.88, according to a filing with the Securities and Exchange Commission. The stock had traded in an intraday range of $10.50 to $11.04 that day, before closing at $10.89, which was the lowest close since May 13, 2009. The purchase increased ValueAct’s stake to 5.2%. The largest shareholder is now John Paulson’s Paulson & Co. Inc., with 5.7% of the shares outstanding, according to FactSet. Valeant’s stock edged up 0.5% in afternoon trade, paring earlier gains of as much as 3.6%. The stock has tumbled 22% year to date, while the S&P 500 has gained 6.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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The majority doesn’t rule the Dow Jones Industrial Average , which is slipping 2 points in midday trade although 18 of 30 components are trading higher. Goldman Sachs Group Inc.’s stock is primarily to blame for the weakness in the Dow, which is a price-weighted index, rather than market-capitalization weighted like the S&P 500 . Goldman’s stock shed $3.82, or 1.5%, as a decline in Treasury yields weighed on the financial sector. That price decline is shaving about 26 points off the Dow’s price. Meanwhile, Boeing Co.’s stock , up $1.62, or 0.9%, is the Dow’s biggest price gainer, but is adding just 11 points to the Dow’s price.

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Shares of MuleSoft Inc. opened at $24.25 Friday, above its $17 issue price, in the software company’s debut on the New York Stock Exchange. MuleSoft sold 13 million shares to raise $221 million. At the opening price, the company had a public market capitalization of $3.05 billion, compared to a private market valuation of $1.5 billion. The company had set a price range of $14 to $16.

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Starbucks Corp. said Friday that it will issue the first yen-dominated corporate sustainability bond. The proceeds will total 85 billion yen (about $754 million) in 0.372% senior notes due 2024, and the coffee company will use the money to fund sustainability projects in its supply chain. Starbucks Chief Financial Officer Scott Maw said Japan is “a significant and strategically important global market” for the company, as well as its first international market. Starbucks offered its first U.S. sustainability bond in May 2016. Starbucks shares are up 1.7% in Friday trading, but down 6.4% for the past year. The S&P 500 index is up 16.7% for the last 12 months.

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There’s no sophomore slump for Canada Goose Holdings Inc. shares , as the Canada-based outdoor apparel company’s stock surged 7.1% to $17.23 in morning trade Friday, its second day as a public company. That rally was enough to make the shares the second-biggest percentage gainer on the New York Stock Exchange. The stock had closed Thursday at $16.08,down 11% from its opening trade price of $18, but well above the U.S. equivalent of the initial-public-offering price (C$17) of about $12.79. The stock traded Thursday within an intraday range of $15.85 to $18.40. So far on Friday, the intraday range has been $16.54 to $17.30.

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U.S. stock-index benchmarks on Friday opened little-change as investors awaited clues from a meeting of Group of 20 finance ministers in Germany. The broader market, however, was aiming for a weekly gain after the Federal Reserve on Wednesday lifted key interest rates a quarter-point but suggested that it would raise interest rates at a more moderate clip in 2017 than previously anticipated. The Dow Jones Industrial Average gained 23 points, or 0.1%, at 20,957, the S&P 500 index gained 1 point, or less than 0.1%, at 2,382, while the Nasdaq Composite Index traded flat at 5,900. Investors are also watching for news from Thursday’s meeting in Washington between President Donald Trump and German Chancellor Angela Merkel, postponed from earlier in the week. In corporate news, shares of Amgen Inc. were under pressure, off 6.5%, after the market raised questions about a new cholesterol-lowering drug. Adobe Systems Inc. shares were moving 6.2% higher after the software company reported better-than-expected quarterly results. In commodities, crude-oil prices , which have been a drag on the market all week, were trading steadily higher.

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MuleSoft, Inc. priced its initial public offering at $17 a share late Thursday, above its $14 to $16 range. The company sold 13 million shares to raise $221 million. With the $17 price range, MuleSoft’s market capitalization would be $2.14 billion, compared with its latest private valuation of $1.5 billion. Shares are expected to start trading Friday on the New York Stock Exchange under the symbol “MULE.” Underwriters can buy an additional 1.95 million shares to cover over-allotments. Goldman, Sachs & Co and J.P. Morgan Securities are the lead underwriters on the offering.

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Shares of CorMedix Inc. plunged 22% in premarket trade Friday, after the biopharmaceutical company said it currently didn’t have enough cash to fund operations through 2017, given expected clinical trial expenses. The company had $20.2 million cash on hand at the end of 2016, down from $35.4 million a year ago. CorMedix said in a statement that it was “exploring various funding opportunities” while it aims to optimize its cash, as it proceeds with a phase 3 trail of Neutrolin in hemodialysis patients. Separately, CorMedix reported a 2016 loss of $24.6 million, or 65 cents a share, compared with a loss of $18.2 million, or 58 cents a share in 2015. Losses from operations were $24.8 million, resulting primarily from a significant increase in clinical trial expenses, and new product development expenses. “We are committed to unlocking significant long term value for our shareholders by successfully completing our Phase 3 studies and launching Neutrolin into a broad and sizable U.S. market upon potential approval.,” said Chief Executive Khoso Baluch. The stock has rallied 28% over the past three months through Thursday, but was still down 12% over the past year. The S&P 500 has run up 17% over the past 12 months.

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KKR & Co. and Canada’s Caisse de depot et placement du Quebec (CDPQ) announced Friday an agreement to jointly acquire U.S. insurance brokerage USI Insurance Services from Onex Corp. in a deal that would value USI at $4.3 billion. The acquisition will be made primarily through KKR and CDPQ’s private-equity partnership. The deal is expected to close by the end of June. KKR’s stock and Onex’s U.S.-listed shares were still inactive in premarket trade. Over the past three months, KKR’s stock has climbed 10%, Onex shares have tacked on 3.4% and the S&P 500 has gained 5.5%.

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