Category: Stock Market News

Perrigo Co. said early Tuesday that it has filed for Food and Drug Administration approval for a generic version of Valeant Pharmaceuticals International Inc.’s Onexton acne gel. Valeant filed a lawsuit claiming patent infringement last week, Perrigo said. Onexton sales for 12 months through December 2016 totaled about $139 million, Perrigo said. Perrigo shares have dropped 7.0% over the last three months and Valeant shares have dropped 23.7%, compared with a 7.6% rise in the S&P 500 .

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Nielsen Holdings took a step Tuesday toward better TV audience measurement in the digital age. Nielsen said its digital measurement in the TV ratings received accreditation by the Media Rating Council. This measurement method accounts for traditional linear TV viewing that occurs on desktop and mobile devices. Nielsen launched the method in 2015 and it is currently used by Walt Disney Co.’s ABC and Freeform, as well as CBS Corp. and Univision. It’s the first method looking at programming viewed on computers and mobile devices to garner accreditation from the Media Rating Council. “We’ve seen undeniable changes in content consumption behavior and, more than ever, ensuring we have measurement capabilities in the industry to adequately capture audience digital and linear viewing is critical,” Jed Meyer, executive vice president of corporate research at Univision said in a statement. “Nielsen’s MRC accreditation reaffirms the importance of transparent and accountable TV ratings for digital, especially as companies like Univision serve our respective audiences whenever and wherever they choose.” Nielsen is still working to receive accreditation for other measurements that make up its Total Audience method, but this accreditation gives additional confidence to advertisers and networks when determining the reach and effectiveness of content.

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FXCM Inc.’s stock plunged 32% in premarket trade Tuesday toward a record low, after the currency broker was banned from operating in the U.S. after an investigation by the Commodity Futures Trading Commission found FXCM was effectively taking positions opposite its retail customers. The stock was on track to open at $4.00, below its previous record low close of $5.30 on Dec. 11, 2015. As part of FXCM’s settlement with the CFTC, the company will sell its U.S. customer accounts, which had generated about $48 million in revenue in 2016, to Gain Capital Holdings Inc. for an undisclosed amount. Keefe, Bruyette & Woods analyst Kyle Voigt said he believed this “forced sale” was a positive for Gain’s stock, as it would likely significantly add to earnings in the first year. Gain’s stock shot up 5.9% in light premarket trade, putting it on track to open at the highest level since Dec. 31, 2015.

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Pharmaceutical company Perrigo Co. Plc said Tuesday it has reached agreement with activist investor Starboard LP to add five new independent directors to its board. Starboard owns about 6.7% of Dublin-based Perrigo’s shares. Under the terms of the deal, Jeffrey Smith, Starboard’s CEO and Chief Investment Officer, Bradley Alford and Jeffrey Kindler have been appointed to the Perrigo Board, effective immediately. The investor will recommend two additional independent directors at a later date. Current directors, Herman Morris, Shlomo Yanai, Michael Jandernoa, and Gary Kunkle will step down from the Board effective immediately.The board will have 10 members until the appointment of another director. At that point, Ellen Hoffing will step down to make way for a final Starboard candidate. Perrigo shares rose 1.7% premarket but are down 47% in the last 12 months, while the S&P 500 has gained 22%.

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Mauser Group N.V., a packing supply company, agreed to be sold to Stone Canyon Industries for $2.3 billion in cash ahead of an expected initial public offering, the company said Tuesday. Mauser is owned by Clayton, Dubilier & Rice, who agreed to the sale through Stone Canyon’s subsidiary, BWAY Corop. Mauser was expected to price its offering of up to $265 million this week. The acquisitionfollows the recently announced sale of AppDynamics to Cisco for $3.7 billion less than 24 hours before it was expected to sell shares to the public.

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Amazon.com Inc. increased its impact in online payments in 2016. The company said on Tuesday that Amazon Payments volume nearly doubled last year, with more than 33 million customers having used Amazon’s payment method to make online purchases. Amazon Payments allows Amazon customers to use the financial information already stored on their Amazon accounts to make purchases on other merchant websites. “Amazon Payments connects merchants with customers that are accustomed to making purchases online,” said Amazon Payments Vice President Patrick Gauthier in a statement. In 2016, Amazon expanded payments into France, Italy and Spain with new verticals including government payments, travel, digital goods, insurance, entertainment, non-profits and charities. Amazon said 32% of the transactions were made on a mobile device and the average purchase in 2016 was $80, with the largest being $40,000, according to a news release. Shares of Amazon are up nearly 61% in the trailing 12-month period, outperforming the S&P 500 Index , which is up 22%

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Cardinal Health reported a second-quarter profit beat and revenue miss early Tuesday. Profit for the latest quarter declined to $324 million, or $1.02 per share, from $326 million, or 98 cents per share in the year-earlier period. The latest results include headwinds in its pharmaceutical business due to generic pricing and the loss of a large pharmaceutical distribution customer, which caused segment profit to decrease 14% from the year-earlier period, Cardinal Health said. Adjusted earnings per share were $1.34, above the FactSet consensus of $1.23. Revenue rose to $33.1 billion from $31.4 billion in the year-earlier period, compared with the FactSet consensus of $33.5 billion. Cardinal Health shares have risen 15.1% over the last three months, compared with a 7.6% rise in the S&P 500 .

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Michael Kors Holdings Ltd shares sank 8% in Tuesday premarket trading after the company announced third-quarter sales that missed consensus and guidance below estimates. Net income was $271.3 million, or $1.64 per share, compared with $294.6 million, or $1.59 per share, for the same period last year. The FactSet consensus was $1.63. Sales for the quarter were $1.35 billion, down from $1.40 billion last year and just below the $1.36 billion FactSet consensus. Same-store sales fell 6.9%, missing the FactSet consensus for a decline of 5.1%. The company was “disappointed” with North American and European same-store sales performance, said Chief Executive John Idol in a statement. Michael Kors now sees fourth-quarter revenue between $1.035 and $1.055 billion, and a same-store sales decrease in the low-teens range. EPS is expected to be in the range of 68 cents to 72 cents. FactSet sees fourth-quarter sales of $1.11 billion, same-store sales decrease of 4.1% and EPS of 92 cents. Michael Kors shares are down 20.4% for the year while the S&P 500 index is up 22% for the same period.

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Archer Daniels Midland Co. reported fourth-quarter net income of $424 million Tuesday, or 73 cents per share, down from $718 million, or $1.19 per share in the year-earlier period. It reported adjusted earnings per share of 75 cents, below the FactSet consensus of 77 cents. Revenue was $16.5 billion, up from $16.45 billion in the year-earlier period and above the FactSet consensus of $16.48 billion. The company raised its dividend to 32 cents from 30 cents, to be payable on March 14, 2017 to shareholders of record on Feb. 21, 2017. Shares of Archer-Daniels have fallen 6.4% in the past three months, compared to the S&P 500’s gain of 9.9%.

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Teva Pharmaceutical Industries Ltd. share slid in the extended session Monday after the Jerusalem-based drugmaker said Erez Vigodman would step down as chief executive effective immediately. Teva shares declined 1% to $34 after hours. The company said Yitzhak Peterburg, the company’s chairman since January 2015, will serve as interim CEO, ceding his role as active chairman in accordance with Israeli law, Teva said. Board member Sol Barer was elected to serve as chairman. Teva said it has started a search for a permanent CEO.

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