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Rent-A-Center’s stock rockets after disclosing buyout bid, that it rejected

Shares of Rent-A-Center Inc. rocketed 17% in premarket trade, after the household durable goods leasing company disclosed that it had received an unsolicited buyout bid that valued the stock at a 35% premium, that it rejected. The company said private-equity firm Vintage Capital Management LLC proposed on June 20 a buyout for $15 a share, which was well above Monday’s closing price of $11.10, and would value the company at about $798 million. Rent-A-Center’s board of directors said in the filing that it determined that Vintage’s bid “significantly undervalues” the company, and the company’s current strategic plan is expected to deliver greater value to its shareholders than Vintage’s “inadequate and opportunistic proposal.” The company’s strategic plan includes strengthening its core U.S. business, growing its Acceptance Now business, and leveraging technology investments to expand distribution and integrate retail and online offerings. The stock has slipped 1.3% year to date through Monday, while the S&P 500 has gained 8.4%.

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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Halcon Resources to sell Williston Basin assets for $1.4 billion in cash

Halcón Resources Corp. said Tuesday it has agreed to sell its Williston Basin assets to a unit of Bruin E&P Partners for $1.4 billion in cash. The deal is expected to close within 60 days, the company said in a statement. The assets being sold produce about 29,000 barrels of oil equivalent a day. “The sale of our Williston Basin operated assets transforms Halcón into a single-basin company focused on the Delaware Basin where we have more than 41,000 net acres in Ward and Pecos Counties representing decades of highly economic drilling inventory,” Halcon Chief Executive Floyd Wilson said. “The cash proceeds from this transaction and related debt reduction provide us with a strong balance sheet and liquidity to execute our growth plans.” Shares have fallen 52% in 2017, while the S&P 500 has gained 8%.

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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Consol Energy files to separate into two publicly-traded companies

Consol Energy Inc. announced Tuesday the filing with the Securities and Exchange Commission as it moves forward with its previously-announced plan to separate into two publicly-traded companies, a coal company and and natural-gas exploration and production company. As part of the separation, the company said it will spin off its Pennsylvania mining operations and other coal assets. Jimmy Brock has been appointed chief executive of the coal business and David Khani will be the chief financial officer. Nick DeIuliis will be CEO of the E&P business and Don Rush will be CFO. “This strategic separation will enable both businesses to focus on their inherent strengths and unlock value for their shareholders,” said DeIuliis, Consol’s current CEO. The stock, which was still inactive in premarket trade, has tumbled 18% year to date, while the SPDR Energy Select Sector ETF has lost 15% and the S&P 500 has gained 8.4%.

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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Michael Kors stock rated sell at MKM with $26 price target

MKM Partners initiated coverage of Michael Kors Holdings Ltd. stock Tuesday, with a sell rating and a $26 price target, or 28% below its current trading level. Analyst Roxanne Meyer said she is not convinced the luxury clothing and accessories maker would meet Wall Street estimates for 2018 and 2019 after a disappointing fourth quarter. “Our below Street estimates reflect downside to comps and margins, in light of a slow infusion of innovation, changes to the merchandising and promotional strategy, over-exposure to wholesale, as well as our view that the operating margin is structurally headed lower from the shift to retail, investments in omni-channel, and product mix shift to lower margin categories,” she wrote in a note. Meyer said earnings quality is another issue, describing Kors’ EBITDA growth as lowest ranking among the companies she covers. Kors shares were not yet active premarket, but have fallen 16.5% in 2017, while the S&P 500 has gained 8%.

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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Weekly Mortgage Market Index Sinks from Year Earlier

During the week that included Independence Day, new mortgage activity significantly declined. A substantial drop from a year earlier was also recorded. Jumbo business, however, mostly held up.

As of the week ended July 7, the Mortgage Market Index from Mortgage Daily, which provides insight into upcoming originations based or rate-lock volume by clients of OpenClose, was 107.

That turned out to be the lowest level for the index, which is not adjusted to account for seasonal factors, since the week ended Jan. 6, 2017.

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MasTec chairman reportedly buying Miami Marlins for $1.17 billion

Jorge Mas has agreed to buy the Miami Marlins baseball team from owner Jeffrey Loria for $1.17 billion, according to a report late Monday. Mas, the chairman of infrastucture company MasTec Inc. , reportedly beat out other groups led by Tagg Romney, Jeb Bush and Derek Jeter, because they could not match Mas’s offer, according to Forbes. The Marlins are set to host this year’s MLB All-Star game on Tuesday.

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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California man charged with running $20 million real estate Ponzi scheme

A California man stands accused of bilking investors out of $20 million by running a real estate Ponzi scheme. According to court documents, Seth Depiano operated a Ponzi scheme that attracted real estate investors and convince them to give to him and the businesses he controlled, which included The Rental Group, U.S. Funding and Home Services, and Draymond Homes, more than $20 million. …read more

From:: Real Estate Wire

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Ocular Therapeutix shares rally after company submits FDA amendment

Shares of Ocular Therapeutix Inc. rallied more than 13% late Monday after the Bedford, Mass., pharmaceutical company said it has amended its new-drug application for its eye drug Dextenza to account for an equipment change. Ocular said it has requested the Food and Drug Administration to consider the submission “a major amendment” and to extend the target action date of July 19 by three months since the company has addressed some of the FDA’s ongoing concerns about the drug’s manufacturing process. The stock ended the regular session down 8.9%.

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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Torrid seeks to raise up to $100 million in initial public offering

Plus-sized women’s apparel retailer Torrid Inc. filed for an initial public offering to raise up to $100 million, according to a Securities and Exchange Commission filing late Monday. Bank of America Merrill Lynch, Morgan Stanley, Goldman Sachs, J.P. Morgan, and Jefferies are listed among the underwriters for the offering. Torrid plans to list on the New York Stock Exchange under the ticker “CURV”. In the fiscal year ended Jan. 28, Torrid reported sales of $640.2 million and a loss of $29.1 million. The retailer was spun off in 2015 from Hot Topic, which was taken private by Sycamore Partners back in 2013.

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