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The upcoming Hong Kong IPO of Imax Corp.’s Chinese operation will help the company recognize the value of that country’s market, an analyst wrote Thursday. Imax on Wednesday priced Imax China shares, which are set to list on the Hong Kong Exchange Oct. 8, at 31 Hong Kong dollars (US$4). “With Imax China being priced at a 35% discount to its closest [competitor], Wanda Cinema, we view this as a smart move by management given market conditions and believe the valuations of Imax China will eventually reflect the strength of both China’s box office as well as Imax’s business model/operating leverage,” wrote B. Riley & Co. analyst Eric Wold. The Chinese box office, in 2014, saw a 34% increase over the previous year. Shares of Imax Corp. are up more than 9% in the year, while the S&P has dropped nearly 7%. Imax China is raising $248 million in the IPO.

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From:: Stock Market News

Celgene Corp.’s stock climbed 1.5% in premarket trade Thursday, after the biotechnology company was upgraded by J.P. Morgan analyst Cory Kasimov, who cited an “increasingly attractive valuation” and an impressive business development strategy. Kasimov raised his rating to overweight, after being at neutral for the last 17 months. “While a lack of obvious catalysts has previously kept us on the sidelines, we view [Celgene] as one of the most fundamentally sound biotechs that has done a nice job of addressing next decade revenue gaps through [business development],” Kasimov wrote in a note to clients. Kasimov has $152 price target on the stock, which is 41% above Wednesday’s closing price of $108.17. The stock has lost 8.5% over the past three months, while iShares Nasdaq Biotechnology ETF has shed 18% and the S&P 500 has dropped 7.6%.

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Hurricane Joaquin remains a Category 3 storm with maximum sustained winds of 120 kilometers per hour, the National Hurricane Center said in its latest advisory. A Hurricane Warning remains in effect for central Bahamas, northwestern Bahamas and islands in the southeastern Bahamas, said the advisory. “Some strengthening is forecast in the next day or so, with some fluctuations in intensity possible on Friday,” said the advisory. The storm is expected to affect portions of the southeastern coast of the United States today, and to spread north through the weekend, bringing dangerous surf and rip current conditions. A storm surge is expected to raise water levels in the Bahamas by up to eight feet above normal levels later Thursday. The next advisory is scheduled for 11 a.m. Eastern.

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

WASHINGTON (MarketWatch) – The number of people who applied for U.S. unemployment benefits rose by 10,000 to 277,000 in the week ended Sept. 26, but initial claims remain extremely low in a sign of steady improvement of the labor market. Economists polled by the MarketWatch had expected claims to total 270,000. The average of new claims over the past month, meanwhile, fell by 1,000 to seasonally adjusted 270,500, the Labor Department said. The monthly average smooths out sharp fluctuations in the more volatile weekly report and is seen as a more accurate predictor of labor-market trends. Some 2.19 million people were already collecting weekly unemployment benefits, known as continuing claims, in the seven days ended Sept. 19. That was down 53,000 from the prior week and marked the lowest level since November 2000.

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From:: Stock Market News

Xoma Corp. entered on Thursday into an exclusive license agreement with Novartis AG to develop and commercialize its cancer-fighting antibody program. Xoma will receive an upfront payment of $37 million, could receive up to $480 million in milestone payments and is eligible to receive royalties on product sales. Novartis agreed to extend the maturity on $13.5 million of debt to September 2020. “With this non-dilutive liquidity of essentially $50.5 million, we currently project this capital, in combination with our planned cost savings measures, will fund operations into 2017,” said Xoma Chief Executive John Varian. “We remain on track to begin our XOMA 358 Phase 2 clinical program this fall and fully anticipate we will have the data from these studies during that timeframe.” Xoma’s stock, currently halted for news dissemination, had plunged 80% over the past three months, while the S&P 500 has lost 7.6%. Novartis shares edged up 0.3% in premarket trade.

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

ConAgra Foods Inc. said Thursday it is planning to cut 1,500 jobs and relocate its headquarters to Chicago, as it looks to realize at least $300 million of savings and streamlining in the next three years. The food giant expects to save about $200 million through the job cuts and other savings such as zero-based budgeting, eliminating management layers and outsourcing technology and other back office functions. The company expects to realize another $100 million of benefits from changes to trade spend processes. The job cuts are equal to 30% of the company’s office-based workforce, it said in a statement. The company is aiming to build a “focused, higher-margin, more contemporary and higher-performing company,” Chief Executive Sean Connolly said in a statement. The company will begin the move to Chicago in the summer of 2016, but will retain a presence in Omaha with about 1,200 employees. Shares were not yet active in premarket trade, but are up 12% in the year so far, 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.

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From:: Stock Market News

First Data Corp. could raise close to $4 billion in its initial public offering, the payment processing company disclosed in a regulatory filing on Thursday. The company said it is offering 160 million shares at a range of $18 to $20, which at the top of the range would total $3.2 billion. The stock will be listed on the NYSE under the ticker symbol “FDC.” If the underwriters exercise their options to purchase up to an 24 million additional shares, First Data could raise up to $3.68 billion. First Data plans to use the proceeds to pay down debt and for other general corporate purposes. After the IPO is completed, Kohlberg Kravis Roberts & Co. will still have majority control of the company. Citigroup, Morgan Stanley, Bank of America Merrill Lynch and KKR are the joint book-running mangers of the IPO.

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 TOH TV crew prepare to bring back period details in the 1895 house …read more

From:: DIY this old house

This Old House general contractor Tom Silva installs a cable railing on a deck in Greenwich Village, New York …read more

From:: DIY this old house

Durable, easy to clean, and eco-friendly before green was a selling point, linoleum is winning new fans. Here’s what you need to know if you’re considering it for your home …read more

From:: DIY this old house