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U.S. stocks saw a mixed open Friday, with major indexes endangering weekly gains as investors digested more corporate earnings and economic data, while keeping an eye on tax-cut legislation moving through Congress. The S&P 500 fell 0.1% to 2,583, while the Dow industrials declined 82 points, or 0.3%
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Chinese solar company JA Solar Holdings Co. said Friday it has agreed to be taken private by an investor consortium in an all-cash deal with an equity value of about $362.1 million. Holders of the company’s ordinary shares will receive $1.51 per share, while holders of the American Depositary Shares, which represent five shares, will receive $7.55. The price is an 18.2% premium over the closing price of the ADS on June 5, the last trading day before the announcement of the receipt of a going-private proposal. The consortium is headed by Baofang Jin, CEO of the Jinglong, a British Virgin Islands company, and other rollover shareholders. The deal will be financed with a mixture of debt and equity and is expected to close in the first quarter of 2018. Shares were halted for the news, but have gained 44% in 2017, while the S&P 500 has gained 15%.
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Yum Brands Inc. announced Friday a new $1.5 billion stock buyback program. The Taco Bell, KFC and Pizza Hut restaurant chain parent said the program is in addition to prior outstanding authorizations. Based on Thursday’s stock closing price of $78.54, the new program could repurchase 19.1 million shares, which would represent 5.7% of the shares outstanding. Yum’s stock, which was little traded in the premarket, has run up 24.0% year to date, while the S&P 500 has gained 15.5%.
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.
From:: Stock Market News
Yum Brands Inc. announced Friday a new $1.5 billion stock buyback program. The Taco Bell, KFC and Pizza Hut restaurant chain parent said the program is in addition to prior outstanding authorizations. Based on Thursday’s stock closing price of $78.54, the new program could repurchase 19.1 million shares, which would represent 5.7% of the shares outstanding. Yum’s stock, which was little traded in the premarket, has run up 24.0% year to date, while the S&P 500 has gained 15.5%.
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Tesla Inc.’s stock ran up 4.3% in premarket trade Friday, with Morgan Stanley analyst Ravi Shanker saying the “new age of trucking begins today,” after the unveiling of the new Tesla Semi truck. Late Thursday, Tesla unveiled its new semi-autonomous electric-powered big rig, with a 500-mile range per charge, on tap for production in 2019. “The Tesla truck appears to best current diesel truck performance in almost every measurable way,” Shanker wrote in a note to clients. “Comfort and connectivity will likely be unparalleled as well.” He said that while Tesla didn’t announce any launch partners as expected, product development head Jerome Guillen briefly thanked customers for many orders. Earlier Friday, J.B. Hunt Transportation Inc. said it has made reservations to buy “multiple” Semi trucks. Tesla’s stock had fallen 11.2% over the past three months through Thursday, while the Dow Jones Transportation Average has gained 4.8% and the Dow Jones Industrial Average has climbed 7.9%.
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Shares of Sysco Corp. said Friday it will raise its quarterly dividend by 9.1% to 36 cents a share, from 33 cents a share. The food distributor said the new dividend will be payable Jan. 26 to shareholders of record on Jan. 5. Based Thursday’s closing share price of $54.48, the new annual dividend rate implies a dividend yield of 2.64%, compared with the implied yield for the S&P 500 of 1.94%. “Sysco is committed to returning value to our stockholders,” said Chief Executive Bill DeLaney. “Sysco has paid a cash dividend every quarter since our founding as a public company in 1970.” Sysco’s stock, which was still inactive in premarket trade, has lost 1.6% year to date, while the S&P 500 has gained 15.5%.
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Wells Fargo & Co. said Friday it has fired Franklin Codel, head of its consumer lending business, because of his actions in a communication with a former team member who was let go. The dismissal did not relate to the business or operations of the lending business, or to sales practices. The move “was the result of Codel’s acting in a manner that was contrary to the company’s policies and expectations of its senior leaders during a communication he had with a former team member regarding that team member’s earlier termination,” the bank said in a statement. The unit’s four heads will report to Chief Executive Tim Sloan, while the bank appoints a successor. Shares were indicating lower in premarket trade, and are down about 1% in 2017, while the S&P 500 has gained 15%.
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Abercrombie & Fitch Co. shares soared 20% in Friday premarket trading after the retailer reported much-better-than-expected third-quarter earnings and revenue. Net income for the quarter totaled $10.1 million, or 15 cents per share, up from $7.9 million, or 12 cents per share, for the same period last year. Adjusted EPS was 30 cents, beating the 22 cents FactSet consensus. Revenue was $859.1 million, up from $821.7 million last year, and ahead of the $820.0 million FactSet estimate. Same-store sales rose 4% for the quarter, with Hollister up 8% and the namesake brand down 2%. The FactSet consensus was for a 0.4% rise. For the fourth quarter, the company sees same-store sales up in the low-single digits and sales up in the mid-to-high-single digits. Abercrombie & Fitch shares are up 32.2% for the last three months, but down nearly 26% for the past 12 months. The S&P 500 index is up 18.2% for the period.
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Acorda Therapeutics Inc. unveiled royalty transactions Friday valued at $53 million. The company said it will receive $40 million in a royalty monetization with Healthcare Royalty Partners and $13 million in a deal with H. Lundbeck A/A. In return for the payment to Acorda, HCR receives the right to royalty revenue on Fampyra, a treatment for MS, payable by Biogen Inc. up to an agreed limit. After that, Acorda will continue to receive Fampyra royalty revenue until the stream ends. The payment from H. Lundbeck amends the license agreement for Selincro, an alcohol dependence therapy, to eliminate future royalty and milestone obligations on sales outside of the U.S. Acorda shares were slammed on Wednesday after it announced that several patients in a Parkinson’s Disease drug trial had died. Shares were slightly lower premarket, and are down 8% in 2017, while the S&P 500 has gained 15%.
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Trucking company J.B. Hunt Transport Services Inc. said Friday it has made reservations to buy “multiple” Tesla Semi trucks, giving Tesla Inc.’s stock an extra boost in premarket trade. “We believe electric trucks will be most beneficial on local and dray routes, and we look forward to utilizing this new, sustainable technology,” said J.B. Hunt Chief Executive John Roberts. Tesla unveiled the electric Semi big rig trucks late Thursday. Tesla’s stock surged 3.7% ahead of the open. It was up 2.1% before J.B. Hunt’s announcement. Tesla’s stock had lost 11.2% over the past three months through Thursday, while J.B. Hunt shares have gained 6.3%, the Dow Jones Transportation Average had gained 4.8% and the Dow Jones Industrial Average had rallied 7.9%.
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