Tag: stock market

Citigroup Inc. said Monday it is increasing its share buyback program by up to $1.75 billion, boosting its overall capital action plan to $12.2 billion. The bank already has a stock buyback authorization of $8.6 billion and is increasing its quarterly dividend to 16 cents per share. In the last two years, Citi has reduced its outstanding common shares by 180 million or 6%. Shares were trading up 0.9% premarket, and are up 7.2% in the year to date, while the S&P 500 has gained 6.7%.

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Shares of Tyson Foods Inc. tumbled 6.5% in premarket trade Monday, after the processed and prepared foods company reported fiscal fourth-quarter profit and sales that missed expectations, and provided a downbeat outlook. Earnings for the quarter to Oct. 1 rose to $391 million, or 96 cents a share, from $258 million, or 83 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 96 cents, missing the FactSet consensus of $1.16. Revenue fell to $9.16 billion from $10.51 billion, below the FactSet consensus of $9.40 billion. The revenue miss was a result of less-than-expected beef, pork and prepared foods sales, which offset better-than-expected chicken sales. For fiscal 2017, the company expects adjusted EPS growth of 7% to 10%, while the FactSet consensus of $4.99 implies 14% growth from 2016 adj. EPS of $4.39. The stock has soared 26% year to date through Friday, while the S&P 500 has gained 6.8%.

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Macom Technology Solutions Holdings Inc. announced Monday an agreement to buy cloud infrastructure company Applied Micro Circuits Corp. in a cash and stock deal that values Applied Micro at about $722.7 million. Under terms of the deal, Macom will pay $3.25 in cash and 0.1089 of its shares for each Applied Micro share outstanding. Based on Friday’s closing prices, that values Applied Micro’s stock at $8.36 each, a 15% premium. Applied Micro has about 86.45 million shares outstanding, according to FactSet. Macom expects the deal, which is anticipated to close in the first quarter of 2017, to add to its adjusted earnings in fiscal 2017. “This transaction will create an industry powerhouse with the scale, deep customer relationships, innovative technology, and enabling products that will help deliver explosive growth in Enterprise and Cloud Data Centers,” said Applied Micro Chief Executive Paramesh Gopi. Applied Micro’s stock, which is currently halted until 7:45 a.m. ET for news, has run up 14% year to date, while Macom shares have climbed 15% and the S&P 500 has gained 6.8%.

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Novartis AG has acquired U.S.-based Selexys Pharmaceuticals Corp., a developer of therapeutics for blood and inflammatory disorders, the Swiss drug maker said in a statement Monday. The terms of the deal could amount to up to $665 million in upfront, acquisition and milestone payments, Novartis said. The move came after the receipt of results from a trial evaluating Selexys’s SelG1, a treatment for pain related to sickle-cell disease. Novartis exercised a right to acquire Oklahoma City-based Selexys that it obtained in 2012. Shares in Novartis fell 1.5% in early trading Monday.

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Facebook Inc. plans to increase its U.K. staffing level by 50%, or 500 persons, according to media reports on Monday. The social media company plans to move to a new headquarters site in London in 2017, upping its employee headcount to 1,500, the company reportedly said in a statement. Nicola Mendelsohn, Facebook’s vice president for the EMEA region, said “high-skilled engineering jobs” will make up the bulk of the new hires. A spokesperson for Facebook could not immediately be reached for comment.
Other technology companies have recently affirmed their commitment to the city, months after Brexit has triggered talk that major banks will relocate jobs elsewhere. Apple Inc. said in September that it will move its London headquarters to the landmark Battersea Power Station.

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Cybersecurity giant Symantec Corp. is reportedly close to a $2.4 billion acquisition of LifeLock Inc. [s:lock] Bloomberg news reported Sunday night that the deal could be announced Monday, following the result of a bidding war. LifeLock had reportedly been pursuing buyers for months. LifeLock shares are up more than 44% year to date; Symantec is up about 13% in 2016. Earlier this year, Symantec bolstered its holdings with the $4.65 billion acquisition of cybersecurity firm Blue Coat Inc.

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Cybersecurity company Optiv Inc. said it seeks to raise up to $100 million in an initial public offering, according to a filing with the Securities and Exchange Commission filing late Friday. Optiv reported 2015 revenue of $947.3 million and a net loss of $14.4 million. Morgan Stanley, Goldman Sachs, Barclays and Citigroup are listed among the underwriters. The Denver-based company plans to trade on the New York Stock Exchange under the ticker symbol “OPTV”.

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President-elect Donald Trump is in advanced talks to settle litigation surrounding the now-defunct Trump University by paying between $20 million and $25 million, The Wall Street Journal reported, citing people familiar with the discussion. Trump is facing cases in both California and New York. A settlement would remove a distraction before Trump takes office.

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U.S. stocks were flat at the open on Friday as investors blamed a strong dollar for preventing the S&P 500 index and Dow Jones Industrial Average from reaching new record highs. The S&P 500 was up 1 points, or less than 0.1%, at 2,188. The Dow gained 7 points, or 0.1%, to 18,906. The Nasdaq Composite Index was flat at 5,341.

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Shipping stocks were mostly higher in premarket trade Friday, as they recovered from the sharp pullback suffered in the previous session. Diana Containerships Inc.’s stock soared 14% ahead of the open, after tumbling 69% on Thursday. That decline, which was the biggest one-day percentage selloff since it went public in January 2011, followed a five-fold gain over the previous four session. DryShips Inc. shares rallied 13% after plunging 85% on Thursday. Elsewhere, Globus Maritime Ltd.’s stock gained 5.2%, Seanergy Maritime Holdings Corp. shares rose 7.7% and TOP Ships Inc. shares tacked on 0.7%. Among the few shipping stock that rose Thursday, Rand Logistics Inc.’s shed 8% premarket and Global Ship Lease Inc.’s dropped 5.6%. Futures for the S&P 500 were little changed early Friday, after rising 0.5% on Thursday.

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