Category: Stock Market News

Mobileye N.V. said Monday it agreed to be acquired by Intel Corp. in a deal with an equity value of $15.3 billion. Under terms of the agreement, Intel will commence a tender offer of $63.54 for each of the camera-based driver assistance system maker’s shares outstanding, which represents a 34.4% premium to Friday’s closing price of $47.27. Intel expects the deal, which it will fund with cash on hand, to immediately add to adjusted earnings per share. The deal is expected to close within the next nine months. “We expect the growth towards autonomous driving to be transformative,” said Mobileye CEO Ziv Aviram. “By pooling together our infrastructure and resources, we can enhance and accelerate our combined know-how in the areas of mapping, virtual driving, simulators, development tool chains, hardware, data centers and high-performance computing platforms.” Mobileye’s stock had soared 33% in active premarket trade prior to a trading halt, while Intel shares dropped 1.6% ahead of the open. The deal was originally reported by Israel’s TheMarker. Over the past 12 months, Mobileye’s stock had climbed 35% through Friday, while Intel shares have gained 13% and the S&P 500 has run up 17%.

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Clothing and home furnishings retailer Gordman Stores Inc. said Monday it has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Nebraska. The company, which operates 106 stores in 22 states, said it has entered an agreement with Tiger Capital Group LLC and Great American Group LLC for the sale in liquidation of its inventory and other assets of its retail stores and distribution centers, subject to the receipt and court approval of a more favorable transaction. In the meantime, the stores remain open for business as usual, Chief Executive Andy Hall said in a statement. The news comes as a growing number of retailers are forced into restructuring or bankruptcy filings, hurt by competition from Amazon.com Inc., as well as changing shopping behavior, falling mall traffic and pressure on spending.

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Shares of Mobileye N.V. soared 34% in active premarket trade Monday, after a news report that Intel Corp. was buying the camera-based driver assistance systems company for up to $16 billion. Israeli news service TheMarker reported Monday reported that the deal would be announced as early as Monday morning, with Intel paying $15 billion to $16 billion for Jerusalem-based Mobileye, which would mark the largest-ever deal for an Israel-based company. Intel’s stock slipped 0.3% in premarket trade. A deal for $16 billion would be 52% above Mobileye’s market capitalization of $10.5 billion as of Friday’s close. The stock traded at $63.55 ahead of the open, putting it on track for the highest open since August 2015. The stock has rallied 30% over the past three months through Friday, while Intel shares have lost 2.4% and the S&P 500 has gained 4.4%.

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Axalta Coating Systems Ltd. said Monday its board has approved a $675 million share buyback program. Shares were not yet active premarket, but have gained 15% in the last 12 months, while the S&P 500 has gained 17%.

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An intruder scaled a White House fence late Friday, the Washington Post reported, citing the Secret Service. The incident occurred 22 minutes before midnight, according to the report. The intruder was reportedly arrested but not identified. He reportedly was toting a backpack that was searched and found not to contain dangerous material. President Trump is reportedly at the presidential residence this weekend.

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Urban Outfitters Inc. , First Solar Inc. , and Frontier Communications Corp. are being booted from the S&P 500 index after S&P Dow Jones raised its market cap guidelines for the index late Friday. The companies will be replaced on the S&P 500 by Advanced Micro Devices Inc. , Raymond James Financial Inc. , and Alexandria Real Estate Equities Inc. , S&P said. The moves come as S&P raised its guidelines for the index to include companies with market capitalizations of more than $6.1 billion from a previous $5.3 billion. The changes to the index take effect before Monday’s market open. AMD shares rose 1.5% to $14.12 after hours, while shares of First Solar declined 1.2% to $32, and Urban Outfitters shares slipped 0.7% to $25.

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AMC Entertainment Holdings Inc. late Friday restated its results for the fourth quarter following a litigation settlement charge. The $7 million settlement, which the movie-theater chain characterized as pertaining to “a lawsuit filed several years ago,” reduced AMC’s earnings results by 4 cents a share for the quarter and the year, the company said. AMC reported a fourth-quarter profit of 33 cents a share on Feb. 28. AMC shares were unchanged at $30.15 after hours.

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Winklevoss Capital, whose filing for a bitcoin-tracking exchange-traded fund was nixed by the Securities and Exchange Commission on Friday, said it remained “optimistic and committed” to bringing its Winklevoss Bitcoin Trust ETF to market. “We agree with the SEC that regulation and oversight are important to the health of any marketplace and the safety of all investors,” said Tyler Winklevoss, one of the owners of Winklevoss Capital, who is also the chief financial officer of Digital Asset Services. The comment came in an emailed statement. In its statement, the SEC said the proposed ETF wasn’t consistent with rules that required a security be “designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.” In order for such a product to have met this standard, the SEC wrote in a filing, “the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.”

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Arby’s Restaurant Group said late Friday that certain customers at company-owned locations may have had their payment card information compromised over a nearly three-month period. In a statement, Arby’s said malware present on point-of-service card-reading systems may have allowed hackers to access customer card data from Oct. 20, 2016 to Jan. 12, 2017. “In some instances, the malware appears to have identified data from the card’s magnetic stripe that included the cardholder name and number and in other instances the card data identified by the malware did not appear to include the cardholder name,” Arby’s said, noting that it has notified law enforcement officials, which are starting an investigation. While Arby’s did not provide estimates on how many customers were affected, it provided a tool on its website to identify affected locations. Arby’s is 81.5% owned by Roark Capital Group and 18.5% owned by Wendy’s Co. . Wendy’s shares advanced 0.4% to $13.30 after hours.

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The Securities and Exchange Commission on Friday nixed a proposed rule change that would have cleared the way for the first exchange-traded fund to track the digital currency bitcoin. The SEC said the proposed Winklevoss Bitcoin Trust ETF wasn’t consistent with rules that required a security be “designed to prevent fraudulent and manipulative acts and practices and to protect investors and the public interest.” In order for such a product to have met this standard, the SEC wrote in a filing, “the exchange must have surveillance-sharing agreements with significant markets for trading the underlying commodity or derivatives on that commodity. And second, those markets must be regulated.” The SEC said “significant markets” for bitcoin were unregulated. Some bitcoin followers on Wall Street viewed approval as unlikely. The decision sets the digital currency, which was seeking broader-scale legitimacy on Wall Street, one step back. There are still avenues that could allow the Winklevoss brothers, Cameron and Tyler, known for their relationship with the creation of Facebook Inc. , another opportunity get their bitcoin ETF proposal greenlighted, including retooling their proposal, market players said.

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