Posted on

Cardinal Health beat profit and sales expectations

Cardinal Health second quarter earnings came in at $326 million, or 98 cents per share, compared to $289 million, or 86 cents per share from the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.30 a share, above the FactSet consensus of $1.26. Revenue rose 23% to $31.4 billion, beating the FactSet consensus of $29.2 billion. For fiscal year 2016, Cardinal Health affirmed its adjusted EPS outlook of $5.15 to $5.35, which compares with the FactSet consensus of $5.29. The stock had lost about 1% in the past three months, while the S&P 500 has dropped about 7%.

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.

…read more

From:: Stock Market News

Posted on

Dominion Resources agrees to buy Questar in $4.4 billion deal

Energy transportation company Dominion Resources Inc. said Monday it has agreed to buy natural-gas company Questar Corp. in an all-cash deal valued at $4.4 billion. Dominion will pay Questar shareholders $25 a share in cash, or a 30% premium over the average stock price of Questar’s last 20 trading days ended Jan. 29, and assume its debt. Dominion said the combined company will serve about 2.5 million electric utility customers and 2.3 million gas utility customers in seven states. The deal is expected to close by year-end and to boost Dominion earnings. Separately, Dominion said it has committed about $1 billion to three solar generating facilities in Utah, backed by long-term power purchase agreements with local electric utilities. Dominion shares were not yet active in premarket trade, while Questar was indicating higher.

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.

…read more

From:: Stock Market News

Posted on

CarMax CEO to retire this year; company names successor

CarMax Inc. said Monday that Bill Nash, who the used car retailer promoted to president effective Feb. 1, will assume the role of Chief Executive when current CEO Tom Folliard retires by the end of the year. Nash was most recently executive vice president of human resources and administrative services since 2012. After Folliard retires, he will serve as non-executive chairman of the board. The company also promoted Cliff Wood to chief operating officer, from EVP of stores. The stock, which was still inactive in premarket trade, has tumbled 25% over the past three months while the S&P 500 has lost 6.7%.

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.

…read more

From:: Stock Market News

Posted on

Aetna profit jumps more than forecast in fourth quarter

Healthcare insurance company Aetna Inc. on Monday reported better-than-expected fourth-quarter earnings, partly thanks to higher underwriting margins and higher fees. Net profit for the quarter jumped 38% to $320.8 million, or 91 cents a share, from $232 million, or 65 cents a share, in the year-ago period. Adjusted earnings advanced 12% to $1.37 a share from $1.22 last year. Revenue inched up to $15.05 billion from $14.77 billion year-over-year. Analysts polled by FactSet expected adjusted earnings of $1.21 a share on revenue of $14.95 billion. In relation to its proposed takeover of Humana Inc. , Aetna said it’s working “diligently” with the Department of Justice and state regulators toward getting final approval.

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.

…read more

From:: Stock Market News

Posted on

China to set 6.5% growth target for 2016: Reuters

Chinese leaders are set to lower the 2016 growth target for the country to 6.5%-7% when they meet for the National People’s Congress in early March, Reuters reported over the weekend. Citing sources close to the matter, Reuters said the proposed growth target had already been endorsed by top policymakers at a closed-door Central Economic Work Conference in mid-December, although the leaders had struggled to reach a consensus given global economic jitters. China last year set a minimum annual growth target of 6.5% in the five years to 2020 to meet an existing goal of doubling gross domestic product between 2010 and 2020. However, because of the uncertain economic backdrop, this is the first time policymakers have set a target range for 2016, according to Reuters. China’s GDP expanded by 6.9% in 2015, the slowest pace of growth in 25 years.

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.

…read more

From:: Stock Market News

Posted on

Nigeria seeking $3.5 billion in emergency loans: reports

Nigeria’s government is expected to seek loans worth $3.5 billion from the World Bank and the African Development Bank as it tries to finance a budget gap worsened by a collapse in oil prices, according to media reports Monday. The government of President Muhammadu Buhari has asked the World Bank for $2.5 billion and the African Development Bank for $1 billion in loans, in an attempt to fund a $15 billion state deficit, according to the Financial Times. Nigeria has been ramping up public spending to try and stimulate its economy. “If the World Bank is offering me sub 3 [per cent] to do the power, transport, road projects we need, why would I go to the Eurobond market to find that?” Finance Minister Kemi Adeosun told the Financial Times on Sunday. She said recently that the country was planning to return to the bond markets for the first time since 2013, however, the country’s borrowing costs have been rising due to the slump in oil prices.

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.

…read more

From:: Stock Market News

Posted on

Seesaw Effect: Mortgage Applications Rise as Rates Drop

Mortgage applications increased 8.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 22, 2016. This week’s results include an adjustment to account for the Martin Luther King holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 8.8 […] …read more

From:: Finance and Economy

Posted on

Venezuela’s oil minister to visit Russia to push for coordinated action

Venezuela’s oil minister plans to visit Russia, Iran, Qatar and Saudi Arabia beginning Monday, in a bid to stabilize oil prices. “We will meet four key countries, as part of the formal proposal made by Venezuela to OPEC and non-OPEC nations,” Eulogio del Pino said in a statement online Friday. Venezuela has led calls for an extraordinary meeting of Organization of the Petroleum Exporting Countries and countries outside the cartel, aimed at coordinating a response to the slump in crude prices, Del Pino said. On Thursday, Russia’s energy minister Alexander Novak has said his country, which isn’t a member of OPEC, may discuss 5% output cuts at a meeting in February with other producers. Del Pino is scheduled to meet Novak on Monday, then with major Russian oil producers on Tuesday. On Wednesday, he plans to visit Mohammed al-Sada, OPEC President and minister of energy of Qatar and then travel to Iran and Saudi Arabia.

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.

…read more

From:: Stock Market News

Posted on

Estate of Late Comedian Robin Williams Finally Has Sold

By Zillow

Filed under:

ZillowThe 639-acre property was on the market for as much as $35 million before Williams’ death in 2014.

By Melissa Allison

The Napa Valley estate that beloved funnyman Robin Williams built in 2003 and tried to sell before his untimely death in 2014 has finally sold for $18.1 million.

Williams initially asked $35 million for the 639-acre vineyard property, whose 20,000-square-foot main home he dubbed Villa Sorriso, or Villa of Smiles. The home has been on and off the market since 2012, with multiple price cuts.

Inspired by the Palladian architectural style of the 1700s, the villa boasts five bedrooms, eight baths, a library, pool room, elevator, and a luxurious screening room worthy of an Oscar and Golden Globe winner.

Examples of the home’s elite craftsmanship include an imported Portuguese limestone exterior and continue inside with gold leaf and verdigris ceilings in the library and master suite, oak panels with mother-of-pearl inlays, and mosaic glass tile rotundas.

Villa Sorriso offers climate-controlled wine cellars and a viewing tower for taking in the acreage and its spring-fed pond, tennis court, hiking trails, horse barn, olive orchard and vineyards.

Antique European stone terraces overlook the grounds, which include a 65-foot infinity edge swimming pool with a wading pool and spa. There’s also a 3,200-square-foot guest house.

The listing agents were Joyce Rey and Cyd Greer of Coldwell Banker Previews International. The buyers are French winemakers from Chateau Pontet-Canet, according to The Wall Street Journal.

Permalink | Email this | Comments

…read more

From:: Buying and Selling