Category: Stock Market News

Icahn Enterprises L.P. said Tuesday it is raising its offer price for powertrain parts maker Federal-Mogul Holdings Corp. to $10 a share from $9.25. The investing arm of activist Carl Icahn said the offer is its best and final one and represents a premium of 8.1% over the previous offer price and a premium of 101% over the closing price of the shares on Feb. 26, the last trading day prior to its initial offer. The new offer will expire at midnight on Jan. 17. Federal-Mogul shares were down 2.2% in early trade, while IEP was up 1.2%.

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Restaurant industry traffic growth in 2017 will be flat, a repeat of the flat growth in 2016, says The NPD Group. Quick-service restaurants like McDonald’s Corp. and Wendy’s Co. will see an estimated 1% increase in visits this year, better than the flat QSR growth last year. However, that will be offset by a 2% decline in traffic at full-service restaurants, the group said. Trends to watch for the coming year include an increase in the number of restaurant loyalty programs and the use of third-party providers for delivery service, and a spike in the use of mobile ordering. See also: The restaurant recession has arrived… here’s yet more evidence

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Shares of Asure Software Inc. rose 4.6% in early trade Tuesday, after the company said it has closed three acquisitions and offered guidance for fiscal 2017. The company said it closed the acquisition of Personnel Management Systems Inc., a provider of outsourced HR solutions, Corporate Payroll Inc. (Payroll Division), a provider of payroll services in Ohio, and Payroll Specialties NW Inc., a provider of payroll services in Oregon. The company is now expecting fiscal 2017 revenue of $45 million to $47 million, well ahead of the current FactSet consensus of $25 million, and EBITDA of $9 million to $9.5 million.

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U.S. stocks opened with gains on Tuesday, as renewed postelection optimism sent bond yields, dollar and oil prices sharply higher. The main indexes traded no far from record levels set in December, with the Dow attempting to breach the psychologically important 20,000 level. The Dow Jones Industrial Average gained 144 points or 0.7%, to 19,900. The S&P 500 added 14 points, or 0.6%, to 2,252. The Nasdaq Composite began the session up 39 points, or 0.7%, at 5,422.

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The U.K.’s ambassador to the European Union, Ivan Rogers, has unexpectedly quit after tensions with Prime Minister Theresa May’s office, according to media reports on Tuesday. Rogers was expected to play a significant role in the Brexit negotiations with Brussels this spring and his resignation has left officials in shock, The Financial Times reported. U.K. Prime Minister Theresa May said she plans to trigger the so-called Article 50 that kicks off the official EU exit talks by the end of March. Rogers had a longstanding relationship with the prime minister, but had in recent months started to fall out with members of May’s team, according to reports.

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The U.K.’s ambassador to the European Union, Ivan Rogers, has unexpectedly quit after tensions with Prime Minister Theresa May’s office, according to media reports on Tuesday. Rogers was expected to play a significant role in the Brexit negotiations with Brussels this spring and his resignation has left officials in shock, The Financial Times reported. U.K. Prime Minister Theresa May said she plans to trigger the so-called Article 50 that kicks off the official EU exit talks by the end of March. Rogers had a longstanding relationship with the prime minister, but had in recent months started to fall out with members of May’s team, according to reports.

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Tribune Media Co. on Tuesday unveiled a $500 million special dividend to be paid in February from the company’s existing cash. The company said it will a special cash dividend of $5.77 per share of class A and class B common stock. Warrant holders will receive a cash payment equal to the amount of the dividend paid per common share for each share such warrants can be exercised into, the company said. The dividend will be paid Feb. 3 to shareholders and warrantholders of record as of Jan. 13. Shares rose 2.8% in premarket trade.

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PayPal Holdings Inc. shares rose 1.6% in premarket trade Tuesday, after Monness Crespi Hardt upgraded the stock to buy from neutral. “We’ve wanted to turn positive on PayPal for a while,” analysts wrote in a note. “While this may not be the perfect price to pull the trigger, we like the risk-reward at these levels.” PayPal has a few tailwinds at the moment, including an improving regulatory environment, the potential for more deals with issuers and the continued trend for a cashless society, said the note. While PayPal’s business model relies on being able to strike deals, “the ability to deliver outsized growth versus peers off this large of a base, while trading at a discount, deserves constructive scrutiny,” said the note. PayPal has a 50% higher growth rate than card networks and is trading at a 5% discount, according to Monness Crespi Hardt. Analysts set a $50 price target for the stock, or about 27% above its closing level Friday.

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Shares of biotech Inotek Pharmaceuticals Corp. slumped about 66% in premarket trade Tuesday, after the company said a late-stage trial of a treatment for glaucoma failed to meet its main goal. The clinical-stage company said the Phase 3 trial of trabodenoson for the treatment of primary open-angle glaucoma did not meet its primary endpoint. The drug is the company’s leading clinical candidate, but the trial found a placebo response that was greater than observed in the Phase 2 trial, the company said. “We are disappointed that the primary endpoint of superiority at all 12 time points was not achieved,” Chief Executive David P. Southwell said. The company will see further data later this quarter and will determine its next steps at that time.

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Shares in General Motors Co. fell 0.7% in premarket action on Tuesday after President-elect Donald Trump criticized the car maker in a tweet. “General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers tax free across border,” Trump said on Twitter. “Make in U.S.A. or pay big border tax!”

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