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The Container Store Group Inc. said Monday that there will be charges and expenses tied to an amendment of its loan agreement. As a result, the retailer has adjusted its guidance for fiscal 2017. The amendment extends the maturity date to Aug. 18, 2021, with an increase to interest rate margin for LIBOR loans to 7% and for base rate loans to 6%. The principal amount of the loan has been lowered to $300 million. The Container Store expects to incur about $7 million of incremental interest expense, for a total of $25 million, and debt extinguishment costs of about $2 million. Fiscal 2017 earnings are expected to be 13 cents to 23 cents per share, and adjusted EPS is expected to be 27 cents to 40 cents. The FactSet EPS consensus is 38 cents. The Container Store shares are unchanged in premarket trading, and down 32.1% for the year so far. The S&P 500 index is up 8.3% for 2017 to date.

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From:: Stock Market News

Build-A-Bear Workshop Inc. said Monday it has concluded a review of its strategic alternatives and decided to buy back up to $20 million of its own shares. “Adoption of the share repurchase program reflects our belief that our stock represents an attractive investment opportunity,” Chief Executive Sharon Price John said in a statement. The company has returned to sustained profitability and has strong cash flow and a flexible capital structure, she said. “We believe Build-A-Bear Workshop will have the capacity to repurchase our stock while still deploying capital to facilitate the attainment of our next stated objective of sustained profitable growth,” she said. The strategic review was comprehensive, she said, without providing details. Build-A-Bear has about 400 stores worldwide where children and adults can create and dress their own toy bears. Shares were not active premarket, but have fallen 37% in 2017, while the S&P 500 has gained 8.3%.

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From:: Stock Market News

Chinese auto maker Great Wall Motor Co. is considering a bid for Fiat Chrysler Automobiles NV , according to a Reuters report Monday. “With respect to this case, we currently have an intention to acquire,” Reuters quoted an unnamed Great Wall Motor official as saying. This follows a report by Automotive News that the Chinese company was exploring the purchase of Fiat’s Jeep brand. In Milan, Fiat shares rose as much as 4.9% on Monday morning. NYSE-listed shares of Fiat were up 2.9% in premarket trade.

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From:: Stock Market News

Shares of A.P. Moeller-Maersk AS rallied 5.1% in Copenhagen on Monday after the Danish oil and shipping giant said it has agreed to sell its oil and gas unit to French energy major Total SA for $7.45 billion. Total will pay for Maersk Oil with a mix of $4.95 billion worth of shares and $2.5 billion in short-term debt, giving the Danish conglomerate a 3.76% stake in Total. With the sale, Maersk has now started the process of divesting its energy units and will instead focus on its transport business. Maersk is the world’s biggest shipping company. Shares of Total were down 0.6% in early European trade.

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From:: Stock Market News

Sempra Energy has reached a $9.45 billion deal to buy Texas utility Oncor Electric Delivery Co., the Wall Street Journal reported Sunday night. Earlier Sunday, Bloomberg News reported the deal was imminent. Oncor’s parent is the bankrupt Energy Future Holdings Corp., and rumors have been flying for months over who might buy the unit. In July, Warren Buffett’s Berkshire Hathaway was said to be near a $9 billion deal, and hedge fund Elliott Management Corp. has also been in the mix. The Journal said the deal was sealed Sunday, and will be announced soon. The purchase still needs to be approved by a bankruptcy judge. San Diego-based Sempra emerged as a “mystery bidder” Friday.

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From:: Stock Market News

The USS John S. McCain collided with a merchant ship near Singapore early Monday, and U.S. Navy officials said search and rescue operations are underway for 10 missing sailors. The guided-missile destroyer reportedly suffered damage to its port side, and officials with the U.S. 7th Fleet said five people suffered minor injuries. CNN reported parts of the ship were battling flooding, and the ship’s power and propulsion were limited. Officials said the incident happened around 6:24 a.m. local time in the Strait of Malacca as the ship was headed for Singapore for a routine port visit. The ship was commissioned in 1994 and is named for both the father and grandfather of Sen. John McCain, both of whom were onetime U.S. Navy admirals. In June, seven U.S. sailors were killed when another destroyer, the USS Fitzgerald, crashed into a merchant ship off Japan. Last week, the Navy relieved that ship’s top commanders from their posts, citing “serious mistakes.”

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From:: Stock Market News

The USS John S. McCain collided with a merchant ship near Singapore early Monday, and U.S. Navy officials say search and rescue operations are underway for missing sailors. The guided-missile destroyer reportedly suffered damage to its port side. Officials said the incident happened around 6:30 a.m. local time in the Strait of Malacca as the ship was headed for Singapore for a routine port visit. The ship was commissioned in 1994 and is named for both the father and grandfather of Sen. John McCain, both of whom were onetime U.S. Navy admirals. In June, seven U.S. sailors were killed when another destroyer, the USS Fitzgerald, crashed into a merchant ship off Japan. Last week, the Navy relieved that ship’s top commanders from their posts, citing “serious mistakes.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

The USS John S. McCain collided with a merchant ship near Singapore early Monday, and U.S. Navy officials say search and rescue operations are underway for missing sailors. The guided-missile destroyer reportedly suffered damage to its port side. Officials said the incident happened around 6:30 a.m. local time in the Strait of Malacca as the ship was headed for Singapore for a routine port visit. The ship was commissioned in 1994 and is named for both the father and grandfather of Sen. John McCain, both of whom were onetime U.S. Navy admirals. In June, seven U.S. sailors were killed when another destroyer, the USS Fitzgerald, crashed into a merchant ship off Japan. Last week, the Navy relieved that ship’s top commanders from their posts, citing “serious mistakes.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Sempra Energy is close to a $9.3 billion deal to buy Texas utility Oncor Electric Delivery Co., Bloomberg News reported Sunday. Oncor’s parent is the bankrupt Energy Future Holdings Corp., and rumors have been flying for months over who might buy the unit. In July, Warren Buffett’s Berkshire Hathaway was said to be near a $9 billion deal, and hedge fund Elliott Management Corp. has also been in the mix. Bloomberg said the deal is not yet compete, but may be announced as soon as Monday. San Diego-based Sempra is apparently the mystery buyer that emerged Friday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News