Tag: stock market

A potential merger between Viacom Inc. and CBS Inc. is still likely, writes FBR & Co. analysts led by Barton Crockett in a note to clients. But in the interim of a deal, Crockett has downgraded Viacom to market perform from outperform and sees CBS as the principal equity to own. “CBS does not need a merger, as it has a growth story in retransmission, direct over-the-top international licensing, durable ratings and a well-regarded, long-standing CEO in Les Moonves,” Crockett wrote. Viacom on the other hand has been through the ringer. It squashed selling a minority stake in Paramount Pictures, ratings at Viacom-owned networks have failed to instill confidence and the company is under the eye of a untested and temporary CEO in Bob Bakish. “The Redstone family has said it will not consider a bid for Viacom from anyone other than CBS,” Crockett wrote. “We believe [CBS] would not do a deal that required it pay a meaningful premium for Viacom.” Viacom could, however, buy CBS at a premium, Crockett suggests. Viacom shares, down more than 6% in the year to date, were down a little more than 1% on Tuesday and CBS shares fell less than 1%, while enjoying a nearly 25% gain in the year to date. The S&P 500 Index is up more than 6% in the year.

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Tesaro Inc. shares dropped 11.5% to $131.70 per share in morning trade Tuesday after the company said its public offering of 1.75 million shares would be priced at $135 per share. Tesaro said it expects the offering to close around Nov. 18 and provide net proceeds of about $224.1 million. Tesaro also said it will grant underwriters an option to purchase 262,500 additional common stock shares. Citigroup, Leerink Partners, Credit Suisse and Wells Fargo Securities are acting as bookrunners, and Baird, FBR, Guggenheim Securities, Raymond James, SunTrust Robinson Humphrey, and Wedbush PacGrow are acting as co-managers for the offering, the company said. Tesaro shares rose 151.1% year-to-date, compared with a 6.1% rise in the S&P 500 .

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Stocks opened flat on Tuesday as the Dow Jones Industrial Average struggled for a seventh straight day of gains. The blue-chip gauge opened 11 points, or 0.1%, lower at 18,857. The S&P 500 index added 4 points, or 0.1%, to 2,168. The Nasdaq Composite Index climbed 20 points, or 0.4%, to 5,236. On Monday, the blue-chip gauge touched a record intraday high after stocks posted their longest losing streaks in years before the Nov. 8 U.S. presidential election.

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Shares of shipping companies rocketed higher in premarket trade Tuesday, continuing a trend fueled by hopes that a Trump presidency will boost commodity prices, which in turn will lift shipping volumes. The top five percentage gainers in premarket trade are all shares of shipping companies, led by Seanergy Maritime Holdings Corp.’s stock , which soared 45%. Shares of TOP Ships Inc. shot up 32%, of Globus Maritime Ltd. climbed 28%, of DryShips Inc. surged 22% and of Euroseas Ltd. jumped 21%. The Baltic Dry Index, which tracks prices for transported cargo, has surged 17% since the U.S. presidential election, and 56% over the past three months. The S&P 500 has lost 1.2% over the past three months.

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TJX Companies Inc. shares rose 1.7% in Tuesday premarket trading after the off-price retailer reported third-quarter earnings that beat estimates. Net income was $549.8 million, or 83 cents per share, down from $587.3 million, or 86 cents per share, for the same period last year. Adjusted earnings per share were 91 cents, beating the 87-cent FactSet consensus. Sales totaled $8.3 billion, up from $7.8 billion last year and beating the $8.2 billion FactSet consensus. Same-store sales increased 5%, beating the 3.4% increase FactSet forecast. Full-year fiscal 2017 adjusted EPS is now expected to be $3.46 to $3.48, up from $3.39 to $3.43 due to the strong third-quarter results. The FactSet consensus is $3.48. TJX shares are up 4.7% for the year so far while the S&P 500 Index is up 5.9% for the same period.

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BeyondSpring, a biopharmaceutical company focused on cancer therapy, filed Tuesday to go public in an offering of up to $100 million. The company has operations in the United States and in China. The number of shares and price range have not yet been determined. The company has applied to list its stock on the Nasdaq Global Market under the symbol “BYSI.” The offering is being underwritten by Citigroup, Guggenheim Securities and FBR.

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The U.S. Postal Service said it expects to deliver about 750 million packages during the peak holiday season, up 12% from the same period a year ago. The Post Office said it expects the busiest mailing day for packages, letters and cards to be Dec. 19, the Monday before Christmas, and the busiest delivery day to be Thursday, Dec. 22. About 30 million packages are expected to be delivered on the peak delivery day. Sunday deliveries will be expanded to all locations beginning Nov. 27. The Post Office said it will hire more than 35,000 seasonal employees to help meet the increased delivery demand.

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Dick’s Sporting Goods Inc. shares fell 2.3% in Tuesday premarket trading after the retailer forecast earnings below estimates. Third-quarter net income was $48.9 million, or 44 cents per share, up from $47.2 million, or 41 cents per share last year. Adjusted earnings per share were 48 cents, beating the 42-cent FactSet consensus. Revenue was $1.81 billion, up from $1.64 billion last year and beating the $1.77 billion FactSet consensus. Same-store sales jumped 5.2%, beating the 2.8% FactSet consensus. On Nov. 2, Dick’s completed the purchase of intellectual property for Golfsmith International Holdings Inc., along with rights to acquire store leases and inventory for 30 stores. The company plans to retain 30 Golfsmith stores to convert to the Golf Galaxy brand. Dick’s sees fourth-quarter adjusted earnings per share in the range of $1.19 to $1.31. The FactSet consensus is $1.32. The retailer sees a same-store sales increase of 3% to 6%. The FactSet consensus is for a 4.2% increase. Dick’s shares are up 72.3% for the year so far while the S&P 500 Index is up 5.9% for the same period.

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Finish Line Inc. said Tuesday that it will explore strategic alternatives for its JackRabbit running store chain, as the athletic shoe retailer looks to simplify its business and focus on its Finish Line brand. The alternatives could include a potential sale of the chain, but there is no timeline or assurance that a sale could occur. Finish Line said it expects to record a $44 million impairment charge in its third quarter ending November as a result of the exploration of alternatives. The stock, which was still inactive in premarket trade, has soared 27% year to date, while the SPDR S&P Retail ETF has gained 4.7% and the S&P 500 has climbed 5.9%.

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United Parcel Service Inc. said Tuesday it expects record deliveries this holiday season, with over 700 million packaged expected to be delivered between Thanksgiving and New Year’s Eve. The company expects the peak holiday delivery volume to rise more than 14% from the same period in 2015, with two more operating days this year. UPS expects a record 13 of the 21 days before Christmas to have deliveries of more than 30 million packages, compared with about 18 million package deliveries during typical non-peak periods. “Online and mobile commerce is simultaneously creating new opportunities and challenges for the retail industry, yet a constant remains: the holiday season is the most important time of the year for retailers,” said Kate Gutman, senior vice president of sales and solution. The stock, which was still inactive in premarket trade, has run up 17% year to date, while the S&P 500 has gained 5.9%.

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