U.S. stock exchanges hold moment of silence for victims of Las Vegas shootings

The Nasdaq, NYSE and other prominent stock exchanges in the U.S. on Monday held a moment of silence for victims of a mass shooting late-Sunday in Las Vegas. The moment of silence was held at 9:20 a.m. Eastern Time. A gunman opened fire on a crowd at an outdoor country-music concert in Vegas on Sunday night killing at least 50 and injuring more than 400 people. The Dow Jones Industrial Average and the S&P 500 index were set to open higher in early trade.

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U.S. stock exchanges hold moment of silence for victims of Las Vegas shootings

The Nasdaq, NYSE and other prominent stock exchanges in the U.S. on Monday held a moment of silence for victims of a mass shooting late-Sunday in Las Vegas. The moment of silence was held at 9:20 a.m. Eastern Time. A gunman opened fire on a crowd at an outdoor country-music concert in Vegas on Sunday night killing at least 50 and injuring more than 400 people. The Dow Jones Industrial Average and the S&P 500 index were set to open higher in early trade.

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Forest City Realty sells ownership interest in 10 malls to QIC as part of a $3.2 billion deal

Forest City Realty Trust Inc. announced Monday a deal in which QIC will buy its ownership interest in 10 regional malls, in a deal that values the malls at $3.2 billion. Forest City’s share of the malls is $1.55 billion. The sale of six of the malls, which are located in Denver, Yonkers, NY, Tampa, Fla., Pittsburgh, Palmdale, Calif. and Redondo Beach, Calif., are expected to close by the end of the year. The other four malls are located in Rancho Cucamonga, Calif., Henderson, Nev., Temecula, Calif. and Richmond, VA. As part of the deal, Forest City is transferring its retail operating platform, and most personnel, to QIC. Forest City’s stock, which was inactive in premarket trade, has rallied 22% year to date, while the SPDR Real Estate Select Sector ETF has gained 4.9% and the S&P 500 has tacked on 12.5%.

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AMC Entertainment sells $18.2 million worth of National CineMedia shares

AMC Entertainment Holdings Inc. said on Monday that it has completed the sale of 2.8 million shares of National CineMedia Inc. to an undisclosed buyer for $18.2 million, or roughly $6.49 per share. The sale, which the theater operator said is consistent with plans to identify $400 million in assets to be monetized, fulfills AMC’s obligation to the U.S. Department of Justice to reduce its ownership stake in National CineMedia as part of its acquisition of Carmike Cinemas last December. “Similar to last week’s transaction, this sale will allow us to further enhance our liquidity position, strengthen our balance sheet through deleveraging and execute on our strategic capital allocation plans of buying back AMC shares all the while investing in our future growth through the renovation of our theaters,” AMC Chief Executive Adam Aron said in a statement. Shares of AMC have declined more than 56% in the year to date, while the S&P 500 index is up nearly 13% and the Dow Jones Industrial Average is up more than 13%.

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Vitamin Shoppe’s stock soars after move into China through Alibaba’s Tmall

Shares of Vitamin Shoppe Inc. soared 11% in premarket trade Monday, after the nutritional products retailer said it will begin selling its products in China. The company said it has partnered with Macy’s China Limited to launch its first digital platform in China, and will offer private-brand products and some third-party brands via Alibaba Group Holding Ltd.’s Tmall Global online shopping platform. The products will be shipped to consumers in China from its new distribution center in Arizona. “This is another example of the different strategies and partnerships we are pursuing to expand our reach and enhance the customers’ experience,” said Vitamin Shoppe’s Director of International Development David Denker. The stock has plunged 54% over the past three months, and 77% year to date, while rival GNC Holdings Inc. shares have dropped 20% this year and the S&P 500 has gained 12.5%.

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Puma Biotech price target raised by 20% to $130 at Stifel

Puma Biotechnology Inc. shares rose 1.9% in premarket trade Monday after the company’s price target was raised nearly 20% to $130 at Stifel. Stifel raised Puma Biotech’s price target on the strength of its neratinib, which was approved in July for breast cancer patients after initial treatment with another therapy, and is also being studied for use in metastatic breast cancer. The cancer therapy will be important in its currently-approved indication, Stifel analyst Thomas Shrader said, with data in metastatic breast cancer expected next year. “The company has long hinted that a sale of this asset is the preferred long-term outcome for the company and current investor focus is likely highly focused on this outcome,” Shrader said. Puma Biotech shares have risen 37% over the last three months, compared with a 4% rise in the S&P 500 .

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Chubb sees net losses from Hurricane Maria of $200 million

Chubb Ltd. on Monday outlined its expected insurance and reinsurance losses from recent catastrophes, saying it expects net losses from Hurricane Maria of $200 million. The insurer is expected net losses from the Mexico earthquake of $24 million. Net losses from other catastrophes in the third quarter are expected to come to $86 million. Shares were not yet active premarket, but have gained 7.8% in 2017, while the S&P 500 has gained 12.5%.

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Valeant to borrow $1 billion in bond market to help fund repayment of existing debt

Valeant Pharmaceuticals International Inc. said Monday it is planning to issue $1 billion of bonds due 2025 and will use the proceeds to help fund the repurchase of existing notes. The company, which is struggling with a $28 billion debt burden, said it would add cash on hand to repurchase $1 billion of outstanding 5.375% notes due 2020, It will also repurchase 7.000% notes due 2020 and 6.375% notes due 2020 issued by a subsidiary and pay related fees and costs. The company has said this year that it expects to exceed its goal of paying down more than $5 billion of debt by February 2018. The Montreal-based company is still trying to recover from an accounting and drug pricing scandal that engulfed it in 2015. Shares were down 0.6% premarket and have lost 1.3% in 2017, while the S&P 500 has gained 12%. The company’s most active bonds, the 6.375% notes due 2020, last traded at 100.34 cents on the dollar, according to MarketAxess.

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Dentsply Sirona chairman, CEO and COO all resign

Dentsply Sirona Inc. announced Monday sweeping leadership changes, as Chief Executive Jeffrey Slovin, Executive Chairman Bret Wise and Chief Operating Officer Christopher Clark have all resigned. The dental products maker said in a statement that the resignations were “not related to any issues or disagreements regarding the company’s financial disclosures, accounting policies and practices.” Dentsply named Mark Thierer as interim CEO and Bob Size as interim COO, and named Eric Brandt as non-executive chairman. The company reiterated its adjusted earnings per share guidance of $2.65 to $2.75, which surrounds the FactSet consensus of $2.69. “Dentsply Sirona’s Board of directors strongly believes that the Company is well-positioned to achieve its business objectives and deliver value for its shareholders, and that new leadership is critical to achieving success,” Brandt said. The stock, which was inactive in premarket trade, has tumbled 7.8% over the past three months, but edged up 0.6% over the past 12 months. The S&P 500 has climbed 16% over the past 12 months.

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International Paper transfers $1.3 billion in pension liabilities to Prudential

International Paper Co. said Monday it agreed with Prudential Insurance Company of America to buy a group annuity contract and transfer $1.3 billion of its U.S. qualified pension plan benefit obligations. Prudential will assume responsibility for pension benefits and annuity administration for about 45,000 former employees, or their beneficiaries, who are receiving less than $450 in monthly benefit payments. The deal is expected to close on Oct. 3. International Paper expects to record a $400 million pension settlement charge in the fourth quarter. “First and foremost we are committed to ensuring our retirees’ benefits are secure and maintained,” said Chief Financial Officer Glenn Landau. “This transaction achieves that goal, while at the same time enabling International Paper to better manage future costs associated with our pension plan.” International Paper’s stock has gained 7.1% year to date through Friday, while Prudential’s stock has edged up 2.2% and the S&P 500 has climbed 12.5%.

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