Tag: stock market

Shares of Sky PLC soared 31% in afternoon trade in London after 21st Century Fox Inc. reached a preliminary deal to buy the rest of Sky that it doesn’t already own. Fox is Sky’s largest shareholder with a 39% stake, according to FactSet data. Fox has offered to pay £10.75 a share in cash, which represents a 36% premium to the closing price on Dec. 8, the last business day before the statement. Sky said offer terms remain under discussion “and there can be no certainty that an offer will be made by 21st Century Fox, nor as to the terms of any such offer.” News Corp, which owns Dow Jones & Co., publisher of MarketWatch and the Wall Street Journal, and 21st Century Fox were part of the same company until 2013.

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From:: Stock Market News

U.S. stocks opened in record territory on Friday, putting them on track to rise for a fifth straight day as investors brace for the Federal Reserve to raise interest rates for the first time in a year at at next week’s meeting. Market-based indicators are pricing in a nearly 100% chance of a hike. The S&P 500 index gained 4 points, or 0.2%, to 2,249, while the Dow Jones Industrial Average climbed 15 points, or 0.1%, to 19,629. The Nasdaq Composite Index advanced 23 points, or 0.4%, to 5,441. Five of the most widely watched U.S. stock benchmarks closed at record highs on Thursday for the first time in 18 years. Crude oil prices rose, with U.S. futures trading above $51 a barrel, helping to bolster energy and materials shares. Shares of Coca-Cola Co. rose more than 1% after the company announced that Chief Executive Officer Muhtar Kent will leave the company, effective May 1.

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Shares of Stillwater Mining Co. soared 19% in active premarket trade Friday, after the platinum miner agreed to be acquired by Sibanye Gold Ltd. in a deal valued at about $2.2 billion. Under terms of the deal, Sibanye will pay $18 in cash for each Stillwater share outstanding, which represents a 23% premium to Thursday’s closing price. The deal is expected to close in the second quarter of 2017. Trading volume in Stillwater’s stock spiked to 4.1 million shares ahead of the open, already more than double the full-day average, and enough to make it the most actively traded in the premarket. Sibanye shares plunged 16% in premarket trade. Year to date, Stillwater shares have soared 71%, while Sibanye’s stock has climbed 37%, the VanEck Vectors Gold Miners ETF has surged 56% and the S&P 500 has gained 9.9%.

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Royal Caribbean Cruises Ltd. said Friday that its cruise ship Empress of the Seas will make its first visit to Cuba during a five-night trip leaving Miami on Apr. 19, 2017. Thereafter, the ship will head to Havana during a seven-night trip on April 30, and during a five-night trip on May 20. Tampa will be the ship’s home port for the summer season for four- and five-night trips that include port calls in Cuba. Royal Caribbean shares are up 0.3% in premarket trading, but down 15.3% for the year so far. The S&P 500 index is up nearly 10% for 2016 to date.

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Synergy Pharmaceuticals Inc. surged 15.9% in pre-market trade Friday after the company said that its treatment for irritable bowel syndrome with constipation had positive phase 3 trial results. The drug, plecanatide, met the trial’s primary endpoint at two different dose levels, with diarrhea being the most common adverse event in a small percentage of patients. Results from another phase 3 trial are expected later this month, and Synergy plans to file with the FDA for IBS-C in the first quarter of 2017, the company said. The drug “may represent an important new treatment option for the millions of patients currently suffering with IBS-C,” said Synergy Chief Executive Officer Gary Jacob. Shares of Synergy were valued at $5.54 per share at Thursday’s close. The company’s stock had dropped 2.3% year-to-date, compared with a 9.9% rise in the S&P 500 .

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Axis Capital Holdings Ltd. said Friday it’s board has approved a share buyback program of up to $1 billion. The new authorization will replace the existing one, which has $264.9 million available. The company is also raising its quarterly dividend by 8% to 38 cents a share. The new dividend will be payable Jan. 17 to shareholders of record as of Dec. 30. Shares were not yet active in premarket trade, but are up 12% in the year to date, while the S&P 500 has gained 10%.

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Coty Inc. said Friday that it was increasing its dividend payout by 82%, as the fragrance, hair and cosmetics products seller moves to a quarterly payout schedule. The first quarterly dividend of 12.5 cents a share will be payable Dec. 28 to shareholders of record on Dec. 19. Based on Thursday’s closing price of $19.07 for Coty’s stock, the expected annual dividend of 50 cents a share implies a dividend yield of 2.62%, compared with the aggregate S&P 500 dividend yield of 2.07%, according to FactSet. “The increase in our dividend, and the transition of the timing to a quarterly payout schedule, enhances the company’s ability to return cash to shareholders throughout the year,” said Chief Financial Officer Patrice de Talhouet. The stock, which slipped 0.4% in premarket trade, has plunged 26% year to date through Thursday, while the S&P 500 has gained 9.9%.

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Shares of Charter Communications Inc. jumped 5% in thin premarket trade on Friday after a top European hedge fund manager recommended buying the stock. Chris Hohn, founder of TCI Fund Management, said Charter shares could double or triple in coming years as the company continues to grow “its top-line strongly through subscriber growth and pricing.” Hohn was speaking at the Sohn conference in London on Thursday. The TCI manager also said Charter is likely to buy back 35% of its shares in coming years at higher prices than where they are today.

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Cheniere Energy Inc. said Friday it has ended talks to acquire Cheniere Energy Partners LP Holdings LLC after failing to reach agreement with the board and a specially created conflicts committee. Talks had stretched over six weeks, during which time Cheniere Energy raised its offer to 0.54 shares for each share of Cheniere Energy Partners owned from an original offer of 0.50 shares. “Cheniere has determined that no acceptable definitive agreement can be reached with the conflicts committee at this time,” the company said in a statement. Neither stock was active in premarket trade.

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Eli Lilly & Co. and AstraZeneca PLC announced Friday an agreement to develop a potential treatment for Alzheimer’s disease that is currently in Phase 1 trials. As part of the agreement, Lilly will make a $30 million upfront payment to AstraZeneca. Lilly will record a 2 cents-a-share charge to earnings in the fourth quarter as a result of the payment. The agreement builds on a current collaboration related to a potential treatment currently in Phase 3 trials. “We are pleased to be expanding our alliance with AstraZeneca to further build our pipeline of potential medicines and diagnostic agents,” said Jan Lundberg, president of Lilly Research Laboratories. AstraZeneca’s stock climbed 1.4% in premarket trade, while Lilly shares were still inactive. AstraZeneca’s stock has tumbled 23% year to date through Thursday, while Lilly shares have dropped 20%, the SPDR Health Care Select Sector ETF has shed 5.6% and the S&P 500 has gained 9.9%.

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