What’s new

Tyson Foods Inc. shares rose 3.9% in Monday premarket trading after the company reported fourth-quarter earnings and sales beat estimates. Net income totaled $394.0 million, or $1.07 per share, up from $391.0 million, or $1.03 per share, for the same period last year. Adjusted EPS was $1.43, beating the $1.35 FactSet consensus. Revenue was $10.1 billion, up from $9.2 billion last year and beating the $9.9 billion FactSet estimate. Tyson brands include Jimmy Dean, Hillshire Farm, Ball Park and its namesake. The company began to divest itself of non-protein businesses during the quarter, part of an effort to focus on protein brands. And the company is integrating AdvancePierre Foods, a recent acquisition, that will provide manufacturing capabilities for sandwiches and prepared foods and increase Tyson’s presence at convenience stores, according to a statement from Chief Executive Tom Hayes. The company expects $200 million in savings in fiscal 2018, fiscal year capital expenditures of $1.4 billion, and doesn’t plan to repurchase shares until it a net debt of around twice EBITDA (earnings before interest, taxes, depreciation and amortization). Tyson shares are up 13.1% for the last three months, and up 20.2% for the year so far. The S&P 500 index is up 15.3% for 2017 to date.

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

Allergan plc said Monday it has won U.S. Food and Drug Administration approval for use of Vraylar in the maintenance treatment of schizophrenia. The FDA approved the company’s supplemental new drug application for the substance, an antipsychotic that is already approved for the acute treatment of adult patients with manic or mixed episodes stemming from bipolar I disorder and for the treatment of schizophrenia. “Schizophrenia is one of the most challenging mental health disorders to manage — particularly due to the complexity of patient symptoms, varying response to treatment and high rates of relapse,” said Dr. Herbert Meltzer, professor of psychiatry and behavioral sciences at Northwestern Feinberg School of Medicine. “The goal of clinicians is to minimize relapses, which can cause significant personal distress, and can often have serious implications for a patient’s health.” Up to 70% of patients can experience relapse within one year of treatment without maintenance treatment, he said. Schizophrenia affects about 2.4 million American adults and symptoms include hallucinations, delusions, thought disorders and movement disorders. Allergan shares were flat premarket, but have fallen 18% in 2017, while the S&P 500 has gained 15%.

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

General Electric Co.’s stock surged 2% in premarket trade Monday, after the dividend cut announced earlier kept its dividend yield above its peers and the broader market. At the new quarterly dividend rate of 12 cents a share, and based on Friday’s stock closing price of $20.49, the new annual dividend rate implies a yield of 2.34%. That’s above the implied yield for the SPDR Industrial Select Sector ETF of 1.86% and for the Dow Jones Industrial Average of 2.19%. GE is hosting an investor meeting Monday, in which the company is expected to announce a new business focus. The dividend cut was expected. GE’s stock has tumbled 35.2% year to date through Friday, while the industrial ETF has climbed 14.2% and the Dow has run up 18.5%.

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.

…read more

From:: Stock Market News

General Electric Co. plans to cut its dividend by half, with the conglomerate on Monday saying the move will help its effort to drive up growth and value for shareholders. The dividend would be reduced to 12 cents a share from 24 cents a share, effective with the expected declaration of GE’s next dividend in December. “We understand the importance of this decision to our shareowners and we have not made it lightly,” said GE Chief Executive John Flannery in a statement. “We are focused on driving total shareholder return and believe this is the right decision to align our dividend payout to cash flow generation.” GE was expected to outline plans to focus on three of its biggest business lines, but stop short of a breakup or more radical restructuring.

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

Shares in Mattel Inc. traded 22% higher in premarket action Monday in the wake of a report late Friday that rival toymaker Hasbro Inc. has made a takeover offer. A Wall Street Journal report on Friday revealed Hasbro’s approach to Mattel, saying terms of a potential deal couldn’t be learned. Hasbro’s stock was not yet active in premarket trading.

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

Speaking from the Philippines, President Donald Trump on Sunday night teased a “major statement” on trade that he said he’ll make Wednesday in Washington. “A lot of things are happening on trade and I’ll be announcing pretty much what happened here and also with other meetings, including with China, South Korea and lots of other places,” Trump said from Manila, the site of the Association of Southeast Asian Nations summit. “We’ve made some very big steps with respect to trade, far bigger than anything you know,” Trump said, according to pool reports. Trump is winding up a 13-day Asian trip, and made the comments before a meeting with Australia’s Prime Minister Malcolm Turnbull and Japanese Prime Minister Shinzo Abe. Trump did not offer any other details as to what might be announced.

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

Costa Rica was rocked by a magnitude 6.5 earthquake Sunday night. The U.S. Geological Survey said the quake was centered just off the Central American country’s Pacific coast near the city of Parrita. The quake was reportedly felt in the capital, San Jose. There were no immediate reports of damage or injuries. Earlier Sunday, a magnitude 7.2 quake struck the Iran-Iraq border, killing more than 140.

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

More than 140 people died after a massive earthquake hit Sunday along the Iran-Iraq border, the Associated Press reported. The quake, which the U.S. Geological Survey measured at magnitude 7.2, was centered near the city of Halabja in northern Iraq at hit at 9:18 p.m. local time. Iranian authorities reported late Sunday 140 people were killed and 860 injured across 14 provinces, while Iraqi officials reported at least six deaths and 200 injuries in their country.

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

Warner Bros. TV Group has suspended a prominent producer of its popular superhero shows over allegations of sexual harassment. Andrew Kreisberg, co-creator of the CW shows “The Flash,” “Supergirl,” “Arrow” and “DC’s Legends of Tomorrow” harassed and inappropriately touched women over a number of years, according to a report Friday night by Variety. Warner Bros. TV Group, a unit of Time Warner Inc. , said in a statement it is taking the claims seriously and conducting an investigation. The Variety report was based on 19 sources, who remained anonymous out of fear of retaliation. Kreisberg denied the allegations to Variety.

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

An embezzlement scheme provided the motive behind the killing of a U.S. Green Beret sergeant at the hands of two Navy SEALs in Mali earlier this year, the Daily Beast reported late Sunday. According to the Daily Beast, Sgt. Logan Melgar discovered that two members of the Navy’s elite SEAL Team 6 were pilfering money from a fund meant to pay anti-terrorism informants in the West African country. The two reportedly offered Melgar a cut, but he declined. Melgar died during an apparent altercation on June 4 at the U.S. Embassy in Bamako. The SEALs claimed he was drunk and died of asphyxiation in a training accident, but an autopsy report found no trace of alcohol in Melgar’s system, the Daily Beast reported. In October, the New York Times first reported that the two SEALs were “persons of interest” in Melgar’s death. No charges have yet been filed.

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