YogaWorks is testing out the public market again at a lower price

YogaWorks Inc., is testing out the public market again, at a lower deal size, after pulling its initial public offering a few weeks ago. YogaWorks is now proposing a share price of $5.50 to $6.50 a share to raise up to $47.5 million at the high end of its range, according to a filing Thursday. It previously had a range of $12 to $14 a share, raising up to $70 million at the high end of its range. Now the company plans to sell 7.3 million shares, up from 5 million shares. The company has been approved to list on the Nasdaq under the symbol “YOGA.” YogaWorks said in late July that it was pulling its IPO over “market conditions,” though the timing coincided with valuation cuts in other recent IPOs.

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From:: Stock Market News

South Korea ETFs deepen losses as geopolitical concerns persist

Exchange-traded funds that track the South Korean equity market fell on Thursday, extending their recent weakness as tensions between the U.S. and North Korea remained elevated. The iShares MSCI South Korea Capped ETF lost 1.9%, building on the 2% drop it underwent in Wednesday’s session. The fund is on track for its third straight daily decline, a period over which it has lost nearly 5% of its value. Thus far this week it is down about 4.3% and on track for its biggest weekly loss since January 2016, according to FactSet data. Among other funds, the Deutsche X-trackers MSCI South Korea Hedged Equity ETF fell 1.3%, the First Trust South Korea AlphaDEX Fund was down 1.6% and the Direxion Daily South Korea Bull 3X Shares , a leveraged fund that aims to offer 300% the daily move of its underlying index, dropped 5.3%. The South Korean Won fell 0.6% against the U.S. dollar, bringing its month-to-date decline to 2.4%. Global tensions appeared to escalate after North Korean army commander said, “sound dialogue” isn’t possible with President Donald Trump and “only absolute force can work on him,” according to state media. North Korea also laid out detailed plans of how it would launch a missile strike on U.S. military bases in Guam.

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From:: Stock Market News

US Still Grappling With Too Big to Fail

Nearly a decade after the financial crisis, Democrats and Republicans are still battling over how to liquidate behemoth financial institutions that fail.

Following Lehman Bros. September 2008 collapse, federal officials seized American International Group, and the Emergency Economic Stabilization Act of 2008 was signed into law.

The legislation created the $700 billion Troubled Asset Relief Program, which through its Capital Purchase Program made government investments in the nation’s financial institutions.


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From:: Financing

Payless ShoeSource emerges from Chapter 11, CEO to retire

Payless ShoeSource announced Thursday that it has emerged from Chapter 11 restructuring. It filed for bankruptcy in April of this year. Following the restructuring, the company said Chief Executive Paul Jones will retire. The post-bankruptcy board of directors will conduct the search for a successor. Payless will be led by a newly-appointed executive committee that includes Chief Financial Officer Michael Schwindle, Chief Operating Officer Mike Vitelli and led by Chairman and interim CEO Martin Wade. Payless comes out of bankruptcy with 3,500 stores. The company eliminated $435 million in funded debt. The SPDR S&P Retail ETF is down 2.3% today, and down nearly 10% for the year so far. The S&P 500 index is up 9.6% for 2017 to date.

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From:: Stock Market News

Cinema stocks continue to suffer as AMC shares fall nearly 5%

Shares of cinema chain AMC Entertainment Holding Inc. were down as much as 4.8% during intraday trade on Thursday. The stock’s move led a selloff in the cinema group, with Regal Entertainment Group , Cinemark Holdings Inc. , Marcus Corp. and Imax Corp. were all down nearly 2%. There was no news to point to for the share moves, but cinema stocks, and AMC in particular, have had a rough go of it recently as poor box office returns have dominated headlines, dragging down quarterly earnings and threats of shrinking theatrical windows and digital disruption continue to loom. Earlier this week, Walt Disney Co. , which has for a long time steered clear of certain streaming shifts, said it plans to launch its own standalone streaming service for its content in 2019 and end its current licensing deal with Netflix Inc. . “The industry is facing several issues, which is causing people to question the cyclical vs. structural issues for the industry,” wrote MKM analyst Eric Handler in an email. Also this week AMC said it was selling its 50% ownership stake in Oscar-winning production studio Open Road Films, which it co-owned with Regal Entertainment. The sale was part of the theater chain’s plan to monetize some of its assets and cut cost to combat box office volatility. Shares of AMC have declined more than 56% in the year to date, while the S&P 500 index is up nearly 10%.

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From:: Stock Market News

EIA reports a smaller-than-expected climb in U.S. natural-gas supplies

Data from the U.S. Energy Information Administration on Thursday showed that domestic supplies of natural gas rose by 28 billion cubic feet for the week ended Aug. 4. On average, analysts were looking for a build of 37 billion cubic feet, according to commodity brokerage firm iiTRADER. Total stocks now stand at 3.038 trillion cubic feet, down 275 billion cubic feet from a year ago, but 61 billion cubic feet above the five-year average, the government said. September natural gas was up 5.2 cents, or 1.8%, from Wednesday’s settlement to $2.938 per million British thermal units. It traded at $2.898 before the data.

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From:: Stock Market News

Tech and financial stocks have worst day in months, leading the market lower

Shares of technology and financial companies fell on Thursday, with both dropping in their biggest one-day percentage decline in weeks and leading the overall market lower. The Technology Select Sector SPDR ETF fell 0.9%, as did the Financial Select Sector SPDR ETF . Thursday marked the biggest one-day decline for bank stocks since May, and the biggest percentage drop for tech shares since late June. Both sectors, which are among the largest in the market by weighting, have also fueled the rally of late. Tech stocks are up more than 18% thus far this year, the best-performing sector over that period. Gains in the sector, particularly among its largest components, have fueled the overall market’s advance, leading to questions over whether the group is overvalued. Financial shares have risen nearly 30% over the past 12 months, the best performer over the past year. Among the most active stocks on the day, Facebook Inc. fell 1.3% while Apple Inc. was off 1.1%. Chipmakers were also broadly lower; Nvidia Corp. fell 3% while Applied Materials was off 2.5%. Among banks, Morgan Stanley dropped 1.9% while Goldman Sachs Group Inc. slid 1.6%. Outside of tech and financials, all of the primary S&P 500 sectors were lower on Thursday. The benchmark index was down 0.7% in its biggest one-day drop since July 6.

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From:: Stock Market News

Applebee’s parent DineEquity stock surges 14% after profit beat

Shares of Applebee’s parent DineEquity Inc. soared 14% Thursday, after the company topped profit estimates for its latest quarter. The Glendale, Calif.-based restaurant operator, which also owns IHOP, said it had net income of $20.9 million, or $1.18 a share, in the second quarter, down from $26.4 million, or $1.45 a share, in the year-earlier period. Adjusted per-share earnings came to $1.30, well ahead of the FactSet consensus of $1.19. Revenue edged down to $155.2 million from $160.3 million, just below the FactSet consensus of $156 million. Same-restaurant sales fell 2.6% at IHOP and 6.2% at Applebee’s. “We are investing in the empowerment of our brands by improving overall franchisee financial health, closing underperforming restaurants and enhancing the supply chain,” Chief Executive Richard Dahl said in a statement. Dahl said 2017 is expected to be a transitional year for Applebee’s, while IHOP is investing in online ordering and delivery. The company is still expecting Applebee’s same-restaurant sales to range from down 6% to down 8% in 2017, compared with prior guidance of down 4% to down 8%. IHOP same-restaurant sales are expected to range from down 1% to down 3%, compared with prior guidance of flat to up 3%. The company is planning to close 105 to 135 underperforming Applebee’s restaurants, compared with prior expectations of 40 to 60 closures. Shares have fallen 45% in 2017, while the S&P 500 has gained 10%.

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From:: Stock Market News

Retailer shares sink after Macy’s earnings announcement

Shares of retailers are broadly lower Thursday following the soft guidance that accompanied Macy’s Inc.’s second-quarter earnings and revenue beat. Macy’s shares are down 4.4%, dragging down J.C. Penney Co. Inc. (down nearly 5%), American Eagle Outfitters Inc. (down 4.5%), Kohl’s Corp. (down 8.6%), Target Corp. (down nearly 3%), and Dick’s Sporting Goods Inc. (down 7.1%), among others. Dillard’s Inc. is down more than 15% after it missed earnings estimates, reporting losses per share. The SPDR S&P Retail ETF , which is down 2.2% in Thursday trading, is down nearly 10% for the past three months and the year to date. The S&P 500 index is up 9.6% for 2017 so far.

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From:: Stock Market News