Category: Stock Market News

Delek US Holdings Inc. said Tuesday it has agreed to acquire the shares of Alon USA Energy Inc. it does not already own in an all-stock transaction with an equity value of $464 million, and an enterprise value of $675 million, including debt and other items. The combined entity will be a Permian Basin play with an enterprise value of about $2.8 billion. Delek expects the deal to boost earnings in 2018, its first full year of operation. The Delek board has further approved a $150 million share buyback program. Delek owned about 33.7 million shares of Alon stock. The deal is expected to close in the first half. Alon shares surged 10.5% in premarket trade, while Delek was still inactive.

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President-elect Donald Trump has tapped Robert Lighthizer to be U.S. Trade Representative, Trump’s transition team announced Tuesday. Lighthizer was deputy U.S. Trade Representative under President Ronald Reagan, and Trump said in a statement he will do “an amazing job helping turn around the failed trade policies which have robbed so many Americans of prosperity.”

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Islamic State has claimed responsibility for an attack on a Turkish nightclub that claimed the lives of at least 39 people and injured dozens, media reports said on Monday. In the early hours of New Year’s Day, a lone attacker with a long-barreled weapon killed a police officer and another bystander before entering Reina, a club on the Bosporus, and opening fire on the crowd inside.
A statement was distributed Nashir News, which publishes propaganda for Islamic State, which had been urging followers to target holiday celebrations in the run-up to the attack, The Wall Street Journal reported. Turkish authorities are still searching for the attacker.

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No. 2 ranked Clemson knocked off No. 3 Ohio State 31-0 Saturday to secure its place in the college football championship game Jan. 9. The Tigers, 13-1, will face No. 1 Alabama, undefeated at 14-0, in Glendale, Ariz. for the title. Clemson won the ACC championship; Alabama was the SEC champ.

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The No. 1 ranked and undefeated Alabama Crimson Tide beat the No. 4 Washington Huskies 24-7 in the Chick-fil-A Peach Bowl Saturday, earning a berth in college football’s championship game on Jan. 9. Alabama, seeking its second straight title, will play the winner of the matchup between No. 2 Ohio State and No. 3 Clemson in Saturday night’s other semifinal playoff game being played at the Fiesta Bowl in Glendale, Ariz. Alabama, 14-0 this season, has not lost since falling to Mississippi on Sept. 19, 2015, running its winning streak to 26 games. Alabama coach Nick Saban is looking to add a fifth national title to his Alabama resume and his sixth overall (he won in 2003 as head coach of LSU).

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Lumber Liquidators Holdings Inc. revealed Friday afternoon that founder Thomas Sullivan is leaving the company after 22 years. According to a filing with the Securities and Exchange Commission, Sullivan resigned as a director after learning that the company had terminated his active employment to make him a non-employee director. Sullivan founded the building-materials retailer in 1994 and served as its chief executive until 2006, maintaining a role with the company since. He defended the company and eventually took back the reins as interim CEO amid a scandal involving formaldehyde in Chinese flooring sold by Lumber Liquidators. The CEO who replaced him, John Presley, lasted just a year before being replaced in November. Lumber Liquidators, which avoided a complete recall of the formaldehyde-tainted flooring but still faces class-action litigation, was steady in late trading Friday after closing with a 1.8% decline at $15.74.

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U.S. stocks ended the final trading session of 2016 with small losses, but logged solid annual gains. The S&P 500 declined 0.5% to end at 2,238.85, according to preliminary figures, but finished with a yearly gain of more than 9.5%. The Dow Jones Industrial Average ended with a decline of around 57 points, or 0.3%, to 19,763. On a yearly basis, the blue-chip gauge advanced more than 13%. The Nasdaq Composite ended the day off 0.9% but saw a 7.5% annual rise.

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U.S. oil futures ended slightly lower in light trade in the final session of 2016, but notched a nearly 45% annual gain for the first calendar-year rise since 2013. West Texas Intermediate crude for February delivery on the New York Mercantile Exchange fell 5 cents, or 0.1%, to close at $53.72 a barrel. Oil logged an 8.5% rise in December, with recent strength pegged in large part to expectations major oil producers inside and outside of the Organization of the Petroleum Exporting Countries will abide by agreements to limit production in an effort to end a persistent crude glut.

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Gold futures fell Friday but snapped what had been the longest weekly losing streak in more than 12 years with a 1.5% weekly gain. Gold logged a some 9% gain for all of 2016, owed to its early-year move. Gold is off more than 15% from its 2016 best, which was the settle high of $1,364.90 hit July 6.

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Signs that the U.S. agricultural market will bottom in 2017 are bullish for Deere & Co. and suggest the stock has room for further gains in 2017 even after a strong fourth quarter. That’s the conclusion of Baird Equity Research analyst Mircea Dobre in a note Friday. Dobre rates the stock outperform and has a stock price target of $117, or about 13.5% above current trading levels.”Our view is that a bottom in 2017 appears likely as North American large Ag equipment volumes are approaching prior cyclical bottoms, high horsepower equipment sales/planted acres are near 40-year lows, large Ag new equipment inventories have destocked near historical lows and while auction used equipment prices are still pressured, deterioration is nowhere near 2013-15 as selling conditions seem to be improving into 2017,” Dobre wrote. Deere shares were slightly higher Friday, but have gained 35% on the year, while the S&P 500 is up 10%.

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