Tag: stock market

Zayo Group Holdings Inc. said Wednesday it has agreed to acquire Electric Lightwave for $1.42 billion in cash. Electric Lightwave provides infrastructure and telecom services primarily in the Western United States, and has 8,100 route miles of long haul fiber and 4,000 miles of dense metro fiber in Portland, Seattle, Sacramento, San Francisco, San Jose, Salt Lake City, Spokane and Boise, Zayo said in a statement. Zayo, a provider of communications infrastructure services, said it expects to realize $40 million of annual cost synergies from the deal, which is expected to close in the first quarter of 2017. The company also expects to benefit from more than $400 million in net operating loss carryforwards it will take on as part of the deal. Shares were not yet active in premarket trade, but are up 30% in the year so far, while the S&P 500 has gained about 8%.

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Royal Bank of Scotland Group [rbs] has failed a tougher stress test of systemic banks in the U.K. and must come up with a revised plan to raise capital, the Bank of England said Wednesday. The process also revealed capital inadequacies at Standard Chartered PLC and Barclays PLC [bcs], but these lenders will not have to submit new capital plans as they have already undertaken capital strengthening measures, the BOE said in a statement. Four lenders — HSBC Holdings PLC , Lloyds Banking Group PLC , Nationwide Building Society and Santander UK — were found to be resilient in the stress-testing process. The test of the banks’ resilience imposed more severe stress than that used in tests in 2014 and 2015, and held them to “a higher standard reflecting the phasing-in of capital buffers for global systemically important banks,” the BOE said.

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Donald Trump and Mike Pence will travel to Indiana on Thursday to announce they have reached a deal with air-conditioner maker Carrier to keep roughly 1,000 jobs at a factory in Indianapolis, according to a report in the New York Times Tuesday evening. Carrier, whose parent company is United Technologies , had been planning to shift many of those jobs to Mexico over a three-year period, the report said. During the election campaign, Trump and Pence, Indiana’s governor and vice president-elect, had used Carrier as an example of the type of trade deals putting Americans out of work.

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Mid-America Apartment Communities Inc. and AmSurg Corp. will join the S&P 500 index , according to S&P Dow Jones Indices late Tuesday. The adds to the index will occur after the close of trading on Thursday, S&P said. On the large-cap index, Mid-America will replace Owens-Illinois Inc. and AmSurg, which is acquiring Envision Healthcare Holdings Inc. , will replace Legg Mason Inc. . Shares of Mid-America were up less than 0.1% at $93.83 while shares of AmSurg were up 0.3% at $67.60 after hours.

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President-elect Donald Trump is expected to pick former Goldman Sachs executive Steven Mnuchin as Treasury secretary, according to reports late Tuesday. Mnuchin, 53, whose father was a partner at Goldman Sachs, worked at the firm for 17 years before founding the hedge fund Dune Capital Management.

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The American Petroleum Institute late Tuesday reported a fall of 717,000 barrels in U.S. crude supplies for the week ended Nov. 25, according to sources. Analysts polled by S&P Global Platts expected stockpiles to decline by 250,000 barrels. Supply data from the Energy Information Administration will be released Wednesday. January crude was at $45.34 a barrel in electronic trading, above the contract’s settlement of $45.23 on the New York Mercantile Exchange. Prices lost 3.9% in Tuesday’s session as the market awaited Wednesday’s Organization of the Petroleum Exporting Countries decision on crude output.

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Arrowhead Pharmaceuticals Corp. shares plummeted in the extended session Tuesday after the drug developer said it was discontinuing the development of some drug candidates and refocusing resources. Arrowhead shares dropped 60% to $1.77 after hours. The company said it would no longer pursue the development of three hepatitis treatments that use its “EX1” delivery vehicle because of substantial delays foreseen in regulatory approval. Arrowhead also said it would trim its workforce by 30%. Arrowhead said it would focus on hepatitis B treatments and others, especially those where the company is partnered with biotech giant Amgen Inc. .

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Nutanix Inc. [s:ntnx], which enjoyed the largest first-day gains of any 2016 initial public offering when it joined Wall Street in September, lurched lower in late trading Tuesday after its first earnings report as a public company. The enterprise-tech company, which focuses on hybrid-cloud architecture, reported a net loss of $162.2 million, or $2.18 a share, on sales of $166.8 million. That loss was much greater than the same quarter a year ago, when Nutanix reported a loss of 90 cents a share, and the 76 cents a share expected on average by analysts, according to FactSet. Nutanix’s sales did beat the FactSet consensus of $152.3 million, however, as did adjusted profit. After adjusting for more than $90 million in stock-based compensation and other factors, Nutanix claimed a loss of 37 cents a share, while analysts on average expected non-GAAP profit of 44 cents a share. The company also reported billings, which reflects contracts for future business, of $239.8 million, beating average analyst expectations of $212.8 million, according to FactSet. Shares immediately fell more than 7% after the numbers were released, but bounced back to a loss of about 4%.

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Shares of Microchip Technology Inc. fell in Tuesday’s extended session after the chip maker narrowed its earnings-per-share outlook. Microship said it now expects third-quarter adjusted EPS in a range of 87 cents to 94 cents from 85 cents to 95 cents previously. Analysts surveyed by FactSet are projecting the company to earn 90 cents a share. It also forecast third-quarter adjusted revenue to fall by about 3% versus flat to down 6% it announced in early November. Microchip shares slid 0.4% after hours.

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Oil futures dropped Tuesday, losing nearly 4% to settle at their lowest level in about two weeks. Some traders remained skeptical that the Organization of the Petroleum Exporting Countries will finalize a deal to curb production at its meeting in Vienna Wednesday. January West Texas Intermediate crude fell 1.85, or 3.9%, to settle at $45.23 a barrel on the New York Mercantile Exchange. The settlement was the lowest since Nov. 14, according to FactSet data.

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