Category: Stock Market News

JetBlue said Tuesday it has promoted Steve Priest to chief financial officer and executive vice president, effective immediately. Priest had previously been JetBlue’s vice president, structural programs, and worked at British Airways for nearly 20 years prior to that. Priest, who led the company’s cost-cutting initiative that aims to save $250 to $200 million for the company by 2020, will be an advocate for cost-control measures in his new role, Chief Executive Officer Robin Hayes said. JetBlue shares have retreated 2.7% over the last three months, compared with a 7.0% rise in the S&P 500 .

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Verizon Communications Inc. and Yahoo! Inc. said on Tuesday they have reached a revised agreement that will see Verizon buy the internet company’s business in a deal valued at approximately $4.48 billion, cutting the initial cost by $350 million. “We have always believed this acquisition makes strategic sense,” said Marni Walden, Verizon’s president of Product Innovation and New Businesses, in a statement. “We look forward to moving ahead expeditiously so that we can quickly welcome Yahoo’s tremendous talent and assets into our expanding portfolio in the digital advertising space.” The revised deal comes after months of speculation as whether talks would break down amidst revelations of two data breaches at Yahoo. Under the amended terms of the deal, the data breaches, or losses from them will not be taken into account in determining whether a “business material adverse effect” has occurred or whether certain closing conditions have been satisfied, according to a news release. Walden said the two companies expect the deal to close in the second quarter. Verizon shares have declined 3% in the trailing 12-month period, while Yahoo shares have gained 50% and the S&P 500 Index is up more than 22%.

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B. Riley Financial Inc. announced Tuesday at deal to buy FBR & Co. in a cash and stock deal that values FBR at about $160.1 million. Under terms of the deal, FBR shareholders will receive 0.671 B. Riley shares and $8.50 in cash for each FBR share they own. Based on Friday’s closing stock prices, the deal values FBR shares at $20.28 each, a 21% premium. As part of the deal, FBR will deliver $33.5 million in cash to B. Riley at closing, which is expected to occur during the second quarter of 2017. Richard Hendrix, FBR’s current chairman and chief executive, will assume the role of CEO of the combined investment banking and brokerage businesses. The banks’ stocks, which are currently halted for news, are set to resume trade at 8:30 a.m. ET. B. Riley’s stock has soared 90% over the past 12 months, while FBR shares have tacked on 3.9% and the S&P 500 has climbed 23%.

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FXCM Group LLC said Tuesday it is changing its name to Global Brokerage as it unveiled its choice for interim CEO. The news comes after the Commodity Futures Trading Commission issued an order settling National Futures Association charges against FXCM Chief Executive Dror Niv and Managing Director William Adhout for “engaging in fraudulent activities” with respect to FXCM’s retail customers, by telling them they used a “No Dealing Desk” order execution model, meaning orders would be executed directly in the market without using a liquidity provider, or market maker. But in fact, FXCM used a “Dealing Desk” model, by routing orders through market maker Effex Capital LLC that was actually supported and controlled by FXCM, allegedly in exchange for kickbacks to FXCM on profitable trades. There were several other charges in the NFA’s complaint, but the gist was that FXCM, Adhout and Niv would be permanently barred from NFA membership, and FXCM could no longer operate in the U.S. FXCM agreed to pay a $7 million fine. On Tuesday, FXCM named Brendan Callan as interim CEO. Callan has been CEO of the company’s European operations since 2010. The company also named Jimmy Hallac, a managing director at Leucadia Inc., as chairman. Leucadia came to the rescue of FXCM when it was caught out by the Swiss decision to unpeg the Swiss franc from the dollar in January 2015 and holds a major stake in the company. FXCM shares were not yet active premarket, but have lost 74% in the last 12 months, while the S&P 500 has gained 22%.

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EyeGate Pharmaceuticals Inc. shares surged as much as 15% in pre-market trade Tuesday after an announcement of the company’s licensing agreement with Valeant Pharmaceuticals International Inc. . The deal is for exclusive, global commercial and manufacturing rights for EyeGate’s EyeGate II Delivery System, which is an alternative to eye drops and ocular injections, and EGP-437 combination product, which is being developed for post-operative pain and inflammation in patients who’ve had ocular surgery. The companies did not state the deal’s value and did not appear to have yet filed it with the Securities and Exchange Commission. The deal consists of cash upfront for EyeGate, potential milestone payments and royalties on Valeant’s net sales of the product. Valeant had previously licensed the same product, EGP-437, from EyeGate for uveitis in 2015. EyeGate reported positive results from a early/mid-stage trial in December. Valeant shares retreated 0.25% in pre-market trade Tuesday after the news. Valeant shares have dropped 12.6% over the last three months, and EyeGate shares have dropped 8.4%, compared with a 7.0% rise in the S&P 500 .

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Bristol-Myers Squibb Co. announced early Tuesday a $2 billion accelerated share buyback program. The company also said three new members are joining its board, including Robert Bertolini, the former chief financial officer of Bausch & Lomb, Matthew Emmens, who has served as chief executive officer at Vertex Pharmaceuticals, Shire Pharmaceuticals and Merck and Astra AB’s joint venture, Astra Merck, and Theodore Samuels, a current member of the Perrigo Company and Stamps.com boards. Bristol-Myers shares lifted 1.2% in pre-market trade after the announcement. Shares have retreated 3.8% over the last three months, compared with a 7.0% rise in the S&P 500 .

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Shares of Wal-Mart Stores Inc. saw a 2.4% bump in premarket trade on Tuesday after the company reported earnings for the fiscal fourth quarter, in which profit came in above Wall Street expectations. Net income for the quarter was $3.8 billion, or $1.22 per share, down compared with $4.6 billion, or $1.43 per share during the same quarter a year ago. Adjusted per-share earnings were $1.30, above FactSet’s $1.28 earnings consensus. Revenue hit $130.9 billion in the quarter, compared with $129.7 billion during last year’s same quarter. FactSet had forecast for $131.1 billion in revenue. Domestic same-store sales for the fourth quarter were up 1.8%, more than FactSet’s consensus of 1.3%. Wal-Mart said it expects fiscal year 2018 per-share earnings to be in the range of $4.20 to $4.40. Shares of Wal-Mart have gained more than 7% in the trailing 12-month period, while the S&P 500 Index is up more than 22% during the same period.

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Wal-Mart Stores Inc. said Tuesday that it has raised its dividend 2% to $2.04 from $2.00 for fiscal year 2018. The annual dividend will be paid in four quarterly installments of 51 cents per share on April 3, June 5, Sept. 5, and Jan. 2, 2018. The record dates will be March 10, May 12, Aug. 11, and Dec. 8. Wal-Mart shares are up 2.2% in premarket trading, and up 7.3% for the past year.

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Momenta Pharmaceuticals Inc. were halted in the extended session Friday after the biotech company said a supplier’s compliance issue could delay approval of a higher dose of one of its multiple sclerosis drugs. Momenta shares were halted at $19 after hours. The company said a key supplier of its Glatopa multiple sclerosis drug, Pfizer Inc. , was served with a Food and Drug Administration Warning Letter, meaning something at the Pfizer facility was not in compliance with FDA code. Until the facility demonstrates compliance, Momenta said that approval for its marketing application for a 40 mg. dose of Glatopa is “unlikely” in the first quarter. Pfizer shares declined 0.4% to $33.48 after hours.

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Brad Grey, the CEO of Paramount Pictures Corp., is negotiating the terms of his departure with Bob Bakish, the CEO of Paramount’s parent Viacom Inc. , according to The Wall Street Journal, which cited a source familiar with the matter. Shares of Viacom were flat in late trading Friday after ending the regular session down 0.4%.

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