Category: Stock Market News

Shares of TerraForm Global Inc. were indicated up over 16% in premarket trade Tuesday, after the renewable energy company agreed to be acquired by Brookfield Asset Management for $787 million in cash and the assumption of $455 million in debt. Under terms of the deal, Brookfield will buy all the TerraForm Class A shares for $5.10 each, which represents a 20% premium to Monday’s closing price of $4.25. The deal is expected to close in the second half of 2017, subject to the approval of shareholders and the court overseeing the bankruptcy of SunEdison Inc. , which TerraForm had been spun off from. TerraForm had announced on Sept. 16 that it was exploring strategic alternatives to maximize shareholder value, and said in January that it entered into an exclusive deal with Brookfield to negotiate a potential buyout. TerraForm’s stock had gained 7.6% over the past three months through Monday, while Brookfield’s had advanced 7.6% and the S&P 500 had climbed 6%.

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Halliburton Co. said late Monday its financial chief, Mark McCollum, left the company to become the chief executive of oil and gas exploration company Weatherford International Ltd. . Weatherford shares jumped 11% to $6.56 following the announcement after hours. Effective immediately, Halliburton’s general counsel, Robb Voyles, will serve as CFO in the interim until an executive search can be completed. Halliburton shares slipped 0.7% to $53.40 after hours.

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House Republicans released a bill late Monday that is intended to repeal and replace the Affordable Care Act, otherwise known as “Obamacare.” The 66-page bill calls for cutting off federal funds for Planned Parenthood, freezes the expansion of Medicaid in 2020, and repeals taxes in the ACA starting in 2018, when the new legislation would be expected to take effect.

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Shares of Dish Network Corp. [d: dish] jumped in the extended session Monday after S&P Dow Jones Indices said the pay-TV service company would join the S&P 500 index . Dish shares surged 5% to $64.31 after hours. S&P said Dish will join the index next Monday, before the market open. Dish replaces Linear Technology Corp. , which is being acquired by Analog Devices Inc.

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Fitbit Inc. announced the departure of its chief business officer and the shuffling of other top executive roles Monday while detailing the focus of its previously announced reorganization. Fitbit said its pared-down company will focus on two areas, both related to health, with its present consumer business of wearable gadgets planning to “focus on delivering a streamlined set of health and fitness devices” while Fitbit builds an enterprise health division that works with large businesses such as insurers and health care providers. Fitbit said Woody Scal, its chief business officer, has agreed to leave the company by the end of the month, along with Tim Roberts, the executive vice president in charge of the interactive division. Samir Kapoor was promoted to senior vice president of device engineering and Jeff Devine has joined the company as executive vice president of operations. Fitbit stock, whic has plunged nearly 25% in the past three months and more than 50% in the past year, was quiet in late trading following the announcement; shares closed down 1.2% at $6.

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Thor Industries Inc. shares fell in the extended session Monday even after the maker of recreational vehicles topped Wall Street estimates for the quarter. Thor shares dropped 5.1% to $109.50 after hours, following a gain of 1.3% during the regular session. The company reported fiscal second-quarter earnings of $1.23 a share on revenue of $1.59 billion. Analysts surveyed by FactSet had estimated $1.22 a share on revenue of $1,51 billion.

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CA Technologies Inc. announced Monday that it has agreed to purchase privately held software company Veracode for $614 million in cash. Veracode, which helps developers test the security of their applications before they are released, was founded in 2006 and has reportedly raised more than $110 million in venture funding with a valuation of roughly $450 million. Fortune reported in 2015 that Veracode had filed confidential documents for an initial public offering, but those documents were never publicly filed with the Securities and Exchange Commission. CA said that the acquisition will add 2 to 3 percentage points to its revenue in the 2018 fiscal year if it closes as expected in the first quarter of that year, though it is expected to have “a modestly adverse impact” on earnings in the 2018 and 2019 fiscal years. CA expects Veracode to add to net income in the 2020 fiscal year. CA stock held steady in late trading after closing with 1.1% gain at $32.82.

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Casey’s General Stores Inc. shares declined in the extended session Monday after the convenience-store and gas-station chain’s quarterly results fell short of Wall Street estimates. Casey’s shares declined 3.7% to $110 after hours. The company reported fiscal third-quarter earnings of 58 cents a share on revenue of $1.77 billion. Analysts had estimated earnings of 88 cents a share on revenue of $1.81 billion. Casey’s board also approved the repurchase of up to $300 million in company shares.

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Shares of Pier 1 Imports Inc. rose in Monday’s extended session after the retailer released preliminary earnings for the quarter ended Feb. 25. Pier 1 said it expects fourth-quarter earnings per share of 31 cents to 33 cents and adjusted EPS of 32 cents to 34 cents. Analysts surveyed by FactSet are projecting an average adjusted EPS of 31 cents a share. It also sees revenue falling 2.6% from a year earlier while same-store sales are likely to edge up 0.2%. Pier 1 is scheduled to officially announce its fourth-quarter earnings on April 12. Pier 1 shares gained 7.2% after hours.

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Shares of Ascena Retail Group Inc. rose in Monday’s extended session after the company that owns Ann Taylor, Dress Barn and Lane Bryant posted a smaller loss than expected. Ascena reported its second-quarter loss widened to $35.2 million, or 18 cents a share, from $22.6 million, or 12 cents a share, a year ago. On an adjusted basis, it would have lost 7 cents a share. Revenue slipped to $1.75 billion from $1.84 billion while same-store sales fell 4%. Analysts surveyed by FactSet had forecast the retailer to report a loss of 9 cents a share on revenue of $1.75 billion. Shares climbed 2% after hours.

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