Tag: stock market

U.S. stocks opened with a slight upward bias on Monday, as Wall Street’s recent uptrend appeared set to continue, even as investors found few reasons to keep pushing shares decisively higher with major indexes near records and ahead of the quiet holiday trading period. Traders are looking ahead to a speech by Federal Reserve Chairwoman Janet Yellen, which comes less than a week after the U.S. central bank indicated a faster pace of rate hikes in 2017 than had previously been expected. Any additional details on Fed policy could move markets. The Dow Jones Industrial Average rose 1.6 point, or less than 0.1%, to trade at 19,857.5. The S&P 500 rose 1.9 point, or 0.1%, to 2,259.8. The Nasdaq Composite Index rose 4.25 points, or 0.1%, to 5,441.3.

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Greenlight Capital Re Ltd. said Chief Executive Barton Hedges is stepping down, effective March 31, 2017, after a 5 1/2-year stint. The property and casualty reinsurance company said former CEO and board member Leonard Goldberg will be interim-CEO until a successor can be found. The company said in a statement that “it is not aware of any circumstance or event that will have a material adverse impact on the company’s operations or financial position.” The stock, which was still inactive in premarket trade, has soared 26% year to date, while the S&P 500 has gained 10%.

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Shares of Vivint Solar Inc. rose 1.7% in premarket trade Monday, after the solar energy company named David Bywater its permanent chief executive officer, effective immediately. Bywater was previously named interim CEO on May 2, when former CEO Greg Butterfield stepped down. Vivint’s stock had plunged 70% year to date through Friday, with the bulk of the declines coming earlier this year after Vivent terminated its merger deal with SunEdison Inc. because of the acquirer’s financial woes. The S&P 500 has gained 10% so far this year.

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Legg Mason Inc. announced Monday an agreement with its largest shareholder Shanda Group to add two Shana executives to its board of directors in exchange for a further investment of at least $500 million in affiliate products. The two executives are Shanda Chief Executive Tianqiao Chen, who will join the board as vice chairman, and Shanda President Robert Chiu. The deal could see Shanda increase its equity stake in Legg Mason to up to 15%, from the current 10.4%, according to FactSet. Chen, who has been credited with pioneering and building the online game and online literature industries in China, will help Legg Mason in technology innovation and brand development. “We have gotten to know the team at Shanda Group over the last eight months, and believe Mr. Chen and Mr. Chiu will be excellent resources for Legg Mason as members of our board of directors,” said Legg Mason Chief Executive Joseph Sullivan. Legg Mason’s stock, which was still inactive in premarket trade, has tumbled 23% year to date, while the SPDR Financial Select Sector ETF has soared 21% and the S&P 500 has gained 10%.

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Shares of Brazil’s Vale S.A. gained 0.4% in premarket trade Monday, after Mosaic Co. announced a deal to buy Vale’s fertilizer business for $2.5 billion. Mosaic may pay an additional $260 million over a two-year period following closing of the deal if certain financial metrics are met. Mosaic will pay for the deal with $1.25 billion in cash, which the company plans to raise through debt, and about 42.3 million shares of its common stock, or about 11% of its shares outstanding. The deal, which is projected to close in late 2017, is expected to add to Mosaic’s earnings in 2018, and generate over $80 million in synergies. Mosaic’s stock, which was still inactive in premarket trade, has gained 7.1% year to date, while Vale shares have more than doubled (148%) and the S&P 500 has climbed 10.5%.

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Lands’ End Inc. named Monday Jerome Griffith as its new chief executive officer, effective March 6, 2017. He will replace Co-Interim CEO Joseph Boitano and Co-Interim CEO James Gooch, who have served in those roles since Sept. 26, when the clothing, accessories and home products retailer’s previous CEO Federica Marchionni stepped down. Griffith was most recently CEO of Tumi Holdings. “Over the course of his career, Jerome has demonstrated a special talent for innovation in design and functionality to attract new customers while upholding the quality, value, service, and products that current customers love,” said Lands’ End Chairman Josephine Linden. The stock, which was still inactive in premarket trade, has tumbled 27.1% year to date, while the S&P 500 has gained 10.5%.

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Lennar Corp. reported fiscal fourth-quarter earnings that rose to $313.5 million, or $1.34 a share, from $281.6 million, or $1.21 a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.28. Revenue climbed to $3.38 billion from $2.95 billion, beating the FactSet consensus of $3.30 billion, as total homebuilding revenue of of $3.01 met expectations while financial services revenue of $195.9 million beat expectations of $189.3 million.”With the anticipation of a new president focusing on accelerating economic growth, we believe that our fortified balance sheet, our diversified business model and our refined product offerings, will continue to hold us in good stead in a high-growth economy, despite the potential of moderately rising interest rates over the next several years,” said Chief Executive Stuart Miller. The stock, which was still inactive in premarket trade, has lost 11.2% year to date, while the iShares U.S. Home Construction ETF has gained 3.3% and the S&P 500 has climbed 10.5%.

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Homebuilder Lennar Corp. on Monday said profit in the fourth fiscal quarter rose to $313.5 million, or $1.34 per share, from $281.6 million, or $1.21 a share, in the same quarter last year. Revenue climbed to $3.38 billion from $2.95 billion last year. Analysts surveyed by FactSet expected earnings of $1.28 a share on revenue of $3.3 billion. New orders rose 9% to 6,598 homes during the quarter. “We have consistently believed that the housing market is continuing its slow and steady recovery, and we have crafted our operating strategies specifically to position our company to grow at a measured pace and to act opportunistically in these market conditions,” said chief executive Stuart Miller, in the earnings release.

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Zsa Zsa Gabor, the Hungarian-born actress who was mostly famous for being famous, died Sunday. Though she never admitted her birth date, she was believed to be 99. Her longtime publicist, Edward Lozzi, said the cause of death was heart failure. Gabor was one of Hollywood’s most glamorous celebrities during the 1950s and ’60s, a society figure known more for her gregarious personality and wit than her work in film and TV. One of Hollywood’s first “celebutantes,” Gabor was the predecessor to such modern celebrities as Paris Hilton and Kim Kardashian. Gabor was married nine times, and once quipped: “A girl must marry for love, and keep on marrying until she finds it.”

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Cold air, rain and snow across the eastern U.S. triggered airport delays in the nation’s capital and major traffic pileups in Maryland, Virginia and North Carolina. Authorities said two people were killed in an accident in Baltimore involving a tanker carrying gasoline that skidded off a highway and exploded, the Associated Press said. Officials said at least 15 were injured in the 55-vehicle pileup and tanker explosion on Interstate-95 in Maryland. In Virginia, State Police said 41 traffic crashes were reported in the northern part of the state. It was unclear how many were because of slick roads. One fatality was reported, the AP said. Two airports serving the nation’s capital were experiencing flight delays or cancellations on Saturday. In central North Carolina, light freezing rain caused scores of traffic accidents, adding to the road problems scattered throughout the Eastern U.S.

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