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Netflix Inc. stock is on its way toward a record close. Shares of Netflix were up 3.3% in early trade on Monday, trading at as much as $703.56. Neflix’s previous record close was $681.19, and its intraday high was $706.24, according to FactSet. The company reached both of those in June. Netflix shares have more than doubled in the year-to-date, up 106%, while the S&P, which is up 1.8% in the year. Netflix will report its 2015 second-quarter earnings on Wednesday after the bell.

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From:: Stock Market News

The Greek government plans to extend the country’s bank holiday for two more days, Reuters reported Monday, citing bankers who spoke with Greece’s deputy finance ministry. Greek banks have been closed since June 29. Greece also imposed capital controls, limiting withdrawals to 60 euros a day. The precise timing of the reopening of the country’s banks, however, will depend on the European Central Bank. Greek banks were forced to close after the ECB capped emergency liquidity assistance for the institutions, and is seen as unlikely to raise the cap at least until the Greek parliament implements reform measures that would clear the way for a formal negotiation of a third bailout, economists say.

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From:: Stock Market News

U.S. stocks began the week on an upbeat note, with the main indexes gaining on Monday, after eurozone leaders over the weekend reached an agreement for a third bailout program for Greece. The deal will now have to be approved by national parliaments, including in Greece, before the formal negotiations can begin. The formal decision is expected by the end of the week. The S&P 500 opened 15 points, or 0.7%, higher at 2,090. The Dow Jones Industrial Average jumped 136 points, or 0.7%, to 17,898. The Nasdaq Composite began the day up 42 points, or 0.8% to 5,039.

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From:: Stock Market News

By Brian Bandell

A pair of medical office buildings near Boynton Beach have been targeted by a $10 million foreclosure lawsuit.

U.S. Bank, representing a commercial mortgage-backed securities (CMBS) trust, filed a foreclosure lawsuit June 23 against El Clair Ltd. It targets the 60,500 square feet of medical office space at 6080 Boynton Beach Blvd., surrounded by residential neighborhoods.

The managing member of the borrower is Kerry A. Greenwald in Boca Raton. He wasn’t named in the complaint.

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From:: biz journal foreclosures

Fitbit Inc. was initiated at buy at a handful of Wall Street brokerages on Monday as a post-IPO quiet period was lifted and analysts touted the company’s large market share and flourishing wearables market. The fitness tracker was started at buy at Deutsche Bank and SunTrust Robinson Humphrey, which both set 12-month price targets of $50 on the stock, and at Stifel, which initiated with a price target of $57. PiperJaffray initiated coverage on Fitbit at overweight, which is the equivalent to buy, and set a price target of $52. “We believe our existing estimates are conservative given the traction of the recent product launches and the growing global distribution potential,” PiperJaffray analyst Erinn Murphy said in a note to clients. Morgan Stanley and Barclays were slightly more conservative, starting Fitbit at equal weight with $42 and $45 price targets, respectively. Barclays said the stock is “just a bit expensive.” Shares of Fitbit climbed 1.5% to $42.70 in premarket trade. They have risen 10.1% since their first day of trade on June 18.

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From:: Stock Market News

BlackBerry Ltd. tapped Cisco Systems Inc. executive Carl Wiese to serve as head of sales. The move, announced Monday morning, comes as BlackBerry continues to position itself more as a software company than hardware amid weak smartphone sales and strong competition from industry leaders Apple Inc. and Samsung Electronics [kr: 005930]. Wiese, who most recently served as senior vice president directing sales at Cisco, replaces John Sims, who has left the company. Shares of BlackBerry were up 0.9% to $7.76 in premarket trade, though they have fallen 20% over the last three months, compared with a 0.8% decline for the broader S&P 500. Last month, BlackBerry reported a 153% year-over-year increase in software and technology licensing revenue but a further deceleration in hardware sales.

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From:: Stock Market News

Seagate Technology Plc warned Monday that fiscal fourth-quarter revenue and margins would be lower than expected, due to weaker-than-expected demand during the three-month period. The data storage company said it now expects revenue for the quarter to total about $2.9 billion, less than the $3.2 billion to $3.3 billion it was previously expecting. Non-GAAP gross margins are expected to come to about 27%, down from a prior forecast of 28.5%. The company expects to report unit shipments for the quarter of about 45 million and to maintain market share of about 40%. Cash and cash equivalents are expected to be about $2.5 billion at quarter end. Shares fell 2.5% in premarket trade and are down about 30% in the year so far, while the S&P 500 has gained 0.9%.

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From:: Stock Market News

Remy International Inc. announced on Monday a deal to be acquired by BorgWarner Inc. in a deal that values the vehicle motors maker at $1.2 billion. As part of the deal, BorgWarner will pay $29.50 in cash for each Remy share outstanding, which represents a 44% premium to Friday’s closing price of $20.53. The deal is expected to close in the fourth quarter. “Our products and capabilities should complement BorgWarner very well and support growing vehicle electrification trends,” said Remy Chief Executive Jay Pittas. “We are confident our customers and channel partners will benefit from the strategic fit, as it brings together two long-standing industry leaders.” Remy’s, which is currently halted for news dissemination, has lost 8.4% over the past three months, while the S&P 500 has slipped 0.8%. BorgWarner’s stock, which was still inactive premarket, has shed 11% over the past three months.

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

Finance chiefs from large North American companies are sticking with their strong outlook for the North American economy, but have less confidence in the prospects for their own companies, according to Deloitte’s second-quarter CFO survey. The survey, which measures the views of more than 100 CFOs, found net optimism at its lowest level in two years, down to 18.8% vs. 34.4% last quarter. The number of CFOs that reported rising optimism about their own company fell sharply to 38% from 48% last quarter. A full 65% of those surveyed believe U.S. stock markets are overvalued, up from just 46% last quarter. The survey found expectations for key performance metrics had fallen sharply from last quarter, with revenue growth expectations down to 3.1% from 5.4% last quarter, their lowest level in the survey’s five-year history. The energy and resources sector was the key driver of lowered expectations, but all industries saw a decline. Earnings expectations are also at their lowest-ever level, sliding to 6.5% from 10.6% last quarter. “The prospect of a
pullback in the U.S. economy, possible interest rate increases and high
equity valuations are among the most worrisome risks for CFOs this
quarter,” said Deloitte national managing partner Sanfor Cockrell III in a statement.

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

Comcast Corp. introduced over the weekend it’s new “Stream” service for $15 a month for its Xfinity customers. The streaming cable service, which will launch in Boston at the end of the summer, and be available everywhere by early 2016, will include all the major broadcasting networks and HBO, and thousands of on demand movies and shows, Comcast said. The media company’s stock, which was inactive in premarket trade Monday, has climbed 8.9% year to date, compared with the S&P 500’s 0.9% gain.

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