What’s new

Under Armour Inc. shares slipped 2.7% in Monday premarket trading after analysts say the Curry 4, a new shoe release bearing the name of NBA superstar Steph Curry, was late to stores. The Curry 4 was supposed to be released on Friday, according to Susquehanna Financial Group. The kid’s shoe was available on Under Armour’s, Foot Locker Inc.’s , Dick’s Sporting Goods Inc.’s and Hibbett Sports Inc.’s websites, but pre-orders were available for the adult shoes, now available on Nov. 18. “It appears as if a combination of issues relating to Under Armour’s SAP implementation and some last minute design changes caused the delay,” wrote analysts led by Sam Poser. “Retailers with whom we have spoken are not happy and concerned that when the Curry 4 does arrive, the target customer will have already moved on to other things.” Under Armour shares are down more than 48% for the past year while the S&P 500 index is up 21.4% for the period.

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

For-profit education companies Strayer Education Inc. and Capella Education Co. said Monday they will combined in a merger of equals with a implied equity value of the combined company of $1.9 billion. Under terms of the deal, Capella shareholders will receive 0.875 Strayer shares for each Capella share they own. Based on Friday’s stock closing prices, that values Capella shares at $80.26 each, which implies a 22.5% premium. After the deal closes, which is expected in the third quarter of 2018, Strayer shareholders will own 52% of the combined company, which will be named Strategic Education, with a ticker symbol “STRA.” The deal is expected to add 20% to 25% to Strayer’s earnings per share by 2019. The announcement confirms a report in The Wall Street Journal over the weekend that said the companies were nearing a deal. Shares of both Strayer and Capella were still inactive in premarket trade. Capella’s stock had tumbled 25.4% year to date through Friday, while Strayer shares had rallied 13.8% and the S&P 500 had climbed 15.3%.

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 of Dynegy Inc. rallied 3.7% in premarket trade Monday, after the energy company said it agreed to merger with fellow power generation company Vista Energy Corp. in a deal that values Dynegy at over $1.7 billion. Under terms of the deal, Dynegy shareholders will receive 0.652 shares of Vista for each Dynegy shares they own. Based on Friday’s closing prices, the deal values Dynegy shares at $13.24 each, an 18% premium. With 131.2 million shares outstanding, that would put Dynegy’s market capitalization at about $1.74 billion. Vista’s market cap through Friday was $8.68 billion. The companies said the merger would make over $5 billion in excess capital available for capital allocation. The companies expect $500 million to $600 million in net present value benefit from tax synergies. The Wall Street Journal had reported last Thursday that the companies were in merger talks. Dynegy’s stock had run up 33% year to date through Friday, while Vista’s stock had rallied 31%, the SPDR Energy Select Sector ETF had shed 11% and the S&P 500 had climbed 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

Cooper Tire & Rubber Co. shares were indicating lower in premarket trade Monday after the company reported a third-quarter profit beat and revenue miss and said it expects a lower-than-expected fourth-quarter operating margin. Earnings for the latest quarter rose to $61.7 million, or $1.18 per share, from $49.3 million, or 90 cents per share in the year-earlier period. The FactSet adjusted earnings-per-share consensus was 85 cents. Revenue rose to $733.8 million from $750.9 million, compared with the FactSet consensus of $788.0 million. The latest results reflect “continued challenges within the tire industry including raw material cost variability, weak trends in retail sell-out of tires to consumers, elevated inventory in the channels and a fluid promotional landscape,” and exacerbated by recent U.S. hurricanes, said Cooper Tire Chief Executive Brad Hughes. Cooper Tire also said that it now expects a fourth-quarter operating margin below its previous mid-term target of 8% to 10%. Company shares have declined 2.2% over the last three months, compared with a 4.4% rise in the S&P 500 .

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

The head of Wal-Mart Stores Inc.’s U.K. chain Asda will leave his post. Sean Clarke will step down as Asda’s chief executive on Dec. 31 and Roger Burnley will take the role of CEO and president effective Jan. 1. Walmart International chief Dave Cheesewright announced the changes on Monday, according to the Yorkshire Post newspaper. Clarke started as Asda’s chief in July 2016 after serving as the head of Walmart China. Burnley currently serves as Asda’s chief operations officer and deputy chief executive.

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

Home builders Lennar Corp. and CalAtlantic Group Inc. on Monday said they plan to merge in a deal worth about $9.3 billion, including $3.6 billion in assumed net debt. Each CalAtlantic share will be exchanged for 0.885 share of Lennar Class A common stock in a move that values CalAtlantic shares at $51.34, a 27% premium to where they closed Friday, the two companies said in a news release. CalAtlantic’s stock traded 9% higher in thin premarket action, while Lennar was not yet active.

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

Spanish stock futures rallied on Monday morning after the central government in Madrid imposed control of Catalonia following an independence declaration by the region’s separatist leader Carles Puigdemont. Futures for the IBEX 35 index jumped 1.5% to 10,331. The IBEX 35 index on Friday slid 1.5% after the Catalan parliament voted for a resolution to declare independence, although members of anti-independence parties walked out in protest before the vote. Immediately after, the Spain government then voted in favor of invoking Article 155, which strips Catalonia of its autonomous powers. On Monday, traders were waiting to see if Puigdemont and other ousted ministers will turn up at their offices and whether the Catalan leader will be arrested for rebellion.

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

The Houston Astros clinched a Game 5 victory in the World Series on Sunday evening, leaving the team one game away from taking the title. In a game that stretched to 10 innings, the Astros beat the Dodgers 13-12 for a 3-2 lead in the series. The game also saw seven home runs. According to ESPN, there have been 21 home runs hit in the 2017 World Series, which is the most in Major League Baseball history. It was also the second-longest game in MLB history, according to ESPN.

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

Anthony Rapp says fellow actor Kevin Spacey made sexual advances toward him in 1986 when Rapp was just 14, Buzzfeed reported Sunday night. Rapp, now 46, said the number of women now speaking out against sexual misconduct in Hollywood helped compel him to speak publicly about the incident for the first time. Rapp said that one night after a party, Spacey lifted Rapp onto his bed, climbed on top of him and made sexual advances. Both Rapp and Spacey were performing on Broadway at the time. Rapp told Buzzfeed that he’s speaking out “not to simply air a grievance . . . but to try to shine another light on the decades of behavior that have been allowed to continue because many people, including myself, being silent.” Representatives for Spacey did not respond to the report. Rapp now stars in CBS Corp.’s “Star Trek: Discovery.” Spacey has won Oscar, Tony and Golden Globe awards, and now stars in the Netflix Inc. series “House of Cards.”

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

Another Hollywood executive has been ousted following sexual harassment allegations, according to a report Sunday by the Hollywood Reporter. Andrew Kramer, who was chief operations officer of international for Lions Gate Entertainment Corp.’s Lionsgate Motion Picture Group, reportedly left the company Thursday. A number of sources told the Hollywood Reporter that Kramer was investigated over an inappropriate incident earlier this year at the Berlin Film Festival. Sources told the Hollywood Reporter that while the main reason for Kramer’s departure was a corporate restructuring, the harassment claim “didn’t help.” Kramer formerly worked at the Weinstein Co., which is currently up for sale following multiple allegations of sexual harassment, sexual abuse and rape by now-ousted co-founder Harvey Weinstein. Earlier this month, Amazon Studios chief Roy Price resigned after being suspended over sexual harassment allegations.

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