Tag: stock market

GoPro Inc.’s stock shot up 3.4% in premarket trade Friday, after a key chip supplier was upbeat about the outlook for the wearable sports camera market. Ambarella Inc. Chief Financial Officer George Laplante said in a conference call with analysts late Thursday, that although the wearable market remains a headwind through the first half of the year, “we’re expecting the wearable market to return to somewhat normal levels in the second half,” according to a transcript provided by FactSet. Ambarella’s stock shot up 9.5% premarket, after the company reported late Thursday better-than-expected fiscal first-quarter profit and sales. GoPro’s stock was down 40% year to date through Thursday, but has run up 22% since closing at a record low of $8.80 on May 18.

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Signet Jewelers Ltd. responded Friday to recent allegations regarding gem quality, by affirming its “rigorous product quality practices.” The stock tacked on 0.4% in premarket trade. The stock had tumbled 6.6% on Thursday after reports that an investment newsletter raised questions about Signet’s credit portfolio and gem quality. “In addition, we strongly object to recent allegations on social media, republished and grossly amplified, that our team members systematically mishandle customers’ jewelry repairs or engage in ‘diamond swapping,'” the company said in a statement. “Incidents of misconduct, which are exceedingly rare, are dealt with swiftly and appropriately.” Signet said it manages more than 4,000,000 service and repair transactions a year, and over 99% are completed without negative feedback. The stock tumbled 25% year to date through Thursday, while the S&P 500 gained 3%.

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Valeant Pharmaceuticals International Inc. said it received a default notice on Thursday under two of its senior note indentures, due to the delay in its 10-Q filing for the period through the end of March. The company said the default notice “does not result in the acceleration of any indebtedness of Valeant or any of its subsidiaries.” The company now has 60 days to file the 10-Q, and said it expects to file on or before June 10, in advance of that deadline. The company’s shares were down 0.5% in pre-market trade Friday. Over the past three months its stock has sunk 54.7%, compared to a 5.6% rise in the S&P 500 .

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Talen Energy Corp.’s stock shot up 18% in premarket trade Friday, after the power generation company agreed to be acquired by private investment company Riverstone Holdings LLC, in a deal that would value Talen at about $1.8 billion. The deal includes Talen’s $3.3 billion in unsecured debt. As part of the deal, Riverstone, which already owns 35% of Talen’s stock, would pay $14 for each Talen share it didn’t already own. That represents a 17% premium to Thursday’s closing price of $11.94. Based on 128.53 shares outstanding, according to FactSet, the per-share bid would give Talen a market value of $1.799 billion. Talen will have a “go shop” period of 40 days, in which Talen may actively solicit alternative bids. If Talen accepts a superior bid, Talen would pay Riverstone $25 million. Talen’s stock has soared 92% year to date through Thursday, while the S&P 500 has gained 3%.

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Glencore PLC is holding discussions with Tehran about setting up a copper industry in Iran, British newspaper The Times reported Friday. The talks follow the lifting of economic sanctions on Iran, which wants its copper production to be 10 times its current size by 2025, the report said. While the Iranian government has signed a deal with commodities giant Glencore, Tehran has also held talks with mining rival Rio Tinto PLC , Mehdi Karbasian, president of the state-owned mining company, told the Times. Glencore shares rose 2.3% in early trade Friday, while Rio Tinto shares were up 0.9%.

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A missing 7-year-old Japanese boy who was abandoned on a mountainside by his parents has been found alive and well, according to media reports. Yamato Tanooka was found in a military barracks hut a few miles from the spot in Hokkaido where his parents had left him on Saturday to discipline him for throwing stones at cars and people. The boy had taken shelter in the hut, where he kept warm using futon mattresses and drank water from a tap outside, reports said. A massive hunt involving hundreds of police and troops has been underway in the thick forest since Yamato disappeared, and the parents, who initially kept quiet about abandoning the boy, have come in for high criticism.

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Apple Inc. on Thursday experienced service outages for some users and has slowly been restoring service. At around 3:45 pm Eastern, services like Apple’s App Store, Apple TV, Find My iPhone, and several iCloud based services were unavailable for some users. As of 6:30 pm Eastern, only a few iCloud based services were still down for some users, according to Apple’s website. Apple shares were up less than 0.1% at $97.77 after hours.

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Shiseido Americas Corp., a subsidiary of Shiseido Co. Ltd., said Thursday it has entered into an agreement with Alitcor Inc. to acquire its wholly-owned subsidiary, Gurwitch Products. The Gurwitch portfolio includes luxury skincare brand ReVive and luxury cosmetics and skincare brand Laura Mercier. Shiseido’s stable of brands include NARS, BareMinerals, and Clé de Peau Beauté. The transaction is expected to close in the third quart of 2016. Terms of the deal were not disclosed.

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Security and networking company Blue Coat Inc. will go public via an initial public offering a year after it was sold to Bain Capital Investors for $2.4 billion, according to a regulatory filing on Thursday. However, Bain will continue to hold a majority voting stake even after the deal, the company said. Blue Coat reported sales of $598.3 million and a net loss of $289.1 million in the fiscal year ended April 30. The shares will be listed on the New York Stock Exchange and trade under the symbol BLCT.

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The Securities and Exchange Commission on Thursday accused a New York City-based trader of defrauding investors out of millions of dollars by covering up trading losses at her currency-focused hedge fund. According to the SEC, since at least January 2012, Haena Park, 40, lied about the profitability of her strategies for trading foreign currencies and futures to solicit investments in her fund, Phaetra Capital. In that time, she raised at least $14 million from more than 30 investors while suffering more than $16 million in trading losses, the SEC said. The complaint alleges Park used fictitious monthly statements to cover up her losses and paid back early investors with new money invested in the fund, an arrangement the SEC described as “Ponzi-like.” Park attended Harvard University and was employed at various financial firms between 1998 and 2008, according to the SEC’s complaint. The SEC is bringing a civil action against Park while the U.S. Attorney’s Office for the Southern District of New York will pursue criminal charges. Park ran her fund out of an office on 6th Avenue according to an SEC filing. Park didn’t respond to a request for comment.

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