Tag: stock market

U.S. stocks opened higher Wednesday, extending gains from the previous two sessions, partly due to jump in oil prices to above $51 a barrel. The S&P 500 opened up 2 points, or 0.1%, to 2,114. The Dow Jones Industrial Average added 26 points, or 0.1%, to 17,962. Meanwhile, the Nasdaq Composite began the session up 6 points, or 0.1%, at 4,968.

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Shares of DryShips Inc. ran up 6.2% in premarket trade Wednesday, in the wake of an announcement of a registered direct share offering, a day after they suffered their biggest-ever decline. The Greece-based ocean shipping company said overnight that it entered into an agreement with an institutional investor for the sale of 5,000 new Series C convertible preferred shares, warrants to buy 5,000 convertible preferred shares and about 150,000 common shares. The company expects net proceeds of $5 million, or up to $10 million if all warrants are exercised. On Tuesday, the stock plunged 45%, the biggest one-day percentage decline since the company went public in February 2005, after the company disclosed that it has defaulted on three bank loans. The stock has plummeted 70% year to date through Tuesday, while the S&P 500 has gained 3.3%.

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Shares of Skullcandy Inc. shot up 22% in premarket trade Wednesday, after a regulatory filing disclosed that the headphones maker’s founder was exploring a potential “going private” deal. The rally puts the stock on track to open at the highest level since Dec. 31, 2015. Founder Richard Alden, through a family trust, controls 12.7% of Skullcandy’s shares outstanding. “Given the recent selloff in shares of [Skullcandy], and subsequent sharp discount multiple on the stock, such a transaction could indeed look attractive,” analyst Rommel Dionisio at Wunderlich Securities wrote in a note to clients. He said the potential takeout value for the stock would be in the range of $5.50 to $6.50, which is 40% to 65% above Tuesday’s closing price of $3.93. The stock has tumbled 17% year to date through Tuesday, and 48% over the last year, while the S&P 500 has gained 1.6% over the past 12 months.

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Vimeo Chief Executive Kerry Trainor on Tuesday stepped down from his post atop the IAC/InterActiveCorp. internet video website. Trainor, who has served as Vimeo CEO for more than four years, sent a memo to staff with the news. “Vimeo is now one of the most valuable companies within IAC, and behind only Youtube as the largest video-sharing marketplace worldwide. Not bad for a still scrappy team of 200 going up against-and never fearing-the biggest players on the web.” Trainor said in the memo. He mentioned in his time with Vimeo, the company more than tripled its monthly users to 280 million and bolstered paying subscribers to 710,000. “As the video world continues to unbundle for consumers, Vimeo is poised to take its next major leap as the largest, open destination for premium, ad-free video, direct from creators worldwide,” he said. IAC Chief Executive Joey Levin will serve as Vimeo’s interim CEO, while Trainor stays on as an advisor and assists in the company’s search for a permanent CEO. IAC shares are down nearly 9% in the year to date, underperforming the S&P 500 Index, which is up 3%.

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Target Corp. said Thursday it is raising its quarterly dividend by 7.1% to 60 cents a share from 55 cents. The new dividend will be payable Sept. 10 to shareholders of record as of Aug. 17. Shares were not yet active in premarket trade, but are down 6% in the year so far, while the S&P 500 has gained 3.3%.

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UnitedHealth Group Inc. said Wednesday it will raise its quarterly dividend 25% to 62.5 cents a share from 50 cents. The new dividend will be payable June 28 for shareholders of record on June 17. Based on the stock’s closing price of $136.94 on Tuesday, the new dividend would imply an annual dividend yield of 1.83%, compared with an aggregate Dow Jones Industrial Average yield of 2.49%, according to FactSet. The stock, which was still inactive in premarket trade, has run up 16% year to date, while the Dow has gained 3%.

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Hillary Clinton won the California Democratic primary, the Associated Press and CNN projected early Wednesday. Clinton declared victory in the Democratic presidential primary Tuesday night after several states voted, saying her win “belongs to generations of women and men who struggled and sacrificed and made this moment possible.” As of Tuesday night, her rival Bernie Sanders said he was staying in the race.

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Tesco PLC is poised to announce it has sold its Giraffe chain of U.K. restaurants and its Turkish business Kipa, Sky News has reported. The deals could be made public as early as Wednesday, Sky said in its report Tuesday, citing sources. The supermarket giant plans to sell Kipa to Turkish counterpart Migros Ticaret , Sky said. Tesco is in the middle of an effort to refocus on its main food business after the retailer was hit by an accounting scandal. Tesco shares were up 0.9% as supermarket stocks rallied in London on the back of the release of fresh sales figures.

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Valeant Pharmaceutical International Inc. filed a long-overdue quarterly report late Tuesday a few days after receiving a default notice. Valeant shares ticked up 0.2% to $24.70 after hours. On Thursday, Valeant said it had received a default notice under two of its senior note indentures because of the late filing. The company filed its late annual report in April. Shares dropped nearly 15% during Tuesday’s regular session after the drug maker slashed its outlook for the year.

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Oxford Industries Inc. shares fell in the extended session Tuesday after the owner of the Lilly Pulitzer and Tommy Bahama brands missed Wall Street earnings estimates and lowered its outlook for the year. Oxford shares dropped 7.1% to $60.50 after hours. The company reported adjusted first-quarter earnings of $1.26 a share on revenue of $256.2 million. Analysts surveyed by FactSet had estimated $1.33 a share on revenue of $270.4 million. For the year, Oxford lowered its adjusted profit outlook to a range of $3.65 to $3.80 a share from a previous range of $3.75 to $3.95 a share. Analysts had forecast $4.01 a share. “Clearly, our businesses were impacted by the well-publicized weakness in the retail environment, particularly in fashion apparel,” said Thomas Chubb, Oxford chairman and chief executive, in a statement.

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