Tag: stock market

The pound moved firmly lower against other major currencies on Tuesday afternoon after the latest poll on the upcoming Brexit referendum showed public opinion has shifted in favor of the U.K. leaving the European Union. Sterling dropped to $1.4556, after trading as high as $1.4726 earlier on Tuesday. Against the euro, the pound dropped to €1.3048, down from an intraday high of €1.3205. According to two Guardian/ICM polls, 52% of the respondents said they would vote for a Brexit, while 48% would prefer to stay in the union. That points to a reversal of recent polls, which had indicated the “remain” campaign was gaining traction. The Brits will cast their ballot on June 23, with the result expected early on June 24.

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From:: Stock Market News

Walt Disney Co.’s stock slumped $1.30, or 1.3%, in morning trade Tuesday, enough to turn the Dow Jones Industrial Average negative, after the company’s film “Alice Through the Looking Glass” flopped in its debut weekend. The price decline was shaving about nine points off the price of the Dow, which was down 5 points, or just under 0.1%. In comparison, the S&P 500 index was up 0.2%. The second installment in Disney’s Alice in Wonderland franchise took in $34.2 million over the long weekend, according to Box Office Mojo, compared with expectations of about $60 million.

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Valeant Pharmaceuticals International Inc. said Tuesday that former Chief Executive Michael Pearson will continue to act as consultant to the company until December 31 of 2017 as part of his separation agreement with the company. Pearson, who was terminated on May 2, will be paid severance of $9 million and will be entitled to a pro-rated annual bonus for the 2016 fiscal year, the company said in a filing with the Securities and Exchange Commission. Pearson remains bound by the company’s confidentiality and non-compete agreement and has been asked to sign a non-disparagement agreement. Valeant shares were slightly higher in morning trade, but are down 72% in the year so far, amid a scandal over the company’s drug pricing policies and accounting practices.

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Shares of Cliffs Natural Resources Inc. rocketed 36% in active morning trade Tuesday, enough to make them the biggest percentage gainers listed on the NYSE, after the mining company announced a new 10-year commercial agreement to supply Arcelor Mittal USA LLC with iron ore pellets. Trading volume reached 18 million shares within the first half hour of trade, compared with the full-day average of 12.5 million shares, according to FactSet. Cliffs said the new agreement establishes a minimum tonnage of pellets of seven million long tons, which is higher than the combined minimum levels of the agreements that expire in December 2016 and January 2017. The stock has nearly tripled year to date, while the S&P 500 has gained 2.8%.

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U.S. stocks opened slightly higher Tuesday, following the release of stronger-than-expected economic data on U.S. consumer spending and home prices. The upbeat reports came after Federal Reserve Chief Janet Yellen said Friday that an interest-rate rise in the coming months is probably appropriate. The S&P 500 was up 3 points, or 0.1%, to 2,100. The Dow Jones Industrial Average gained 16 points, or 0.1%, to 17,892 at the open. Meanwhile, the Nasdaq Composite began the session up 6 points, or 0.1%, at 4,939.

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Marketo Inc. announced an deal to be bought out by private-equity firm Vista Equity Partners in a cash deal valued at $1.79 billion. As part of the deal, Vista will pay $35.25 a share for each of the marketing software company’s shares outstanding, which represents a 9.5% premium to Friday’s closing price, and a 64% premium to the May 9 closing price. The stock had rocketed 50% from May 9 through Friday, after Bloomberg reported that the company was reviewing strategic alternatives, including a potential sale of the company.

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Osiris Therapeutics Inc.’s stock plunged 19% in premarket trade Tuesday, after the stem cell research company disclosed in a regulatory filing late Friday that it the subject of a criminal investigation by the U.S. Attorney’s office. The company said it believes the investigation is into the same matters as the Securities and Exchange Commission’s “non-public investigation” disclosed in March into its accounting practices. Separately, Osiris said the Nasdaq has granted the company an extension to file delinquent financial reports until Sept. 12, 2016. the company hasn’t been able to file its reports while it was completing a review of accounting of revenue recognition practices. The stock had plummeted 45% year to date through Friday, while the S&P 500 has gained 2.7%.

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Time Inc. on Tuesday confirmed user login data from its social networking site Myspace was being made available in an online hacker forum. The company said it was aware the data — usernames, passwords and email addresses from Myspace’s platform prior to 2013 — had been stolen just before the long Memorial Day weekend, according to a news release. Time said Myspace has invalidated the passwords and is in the process of giving affected users a heads up, as well as working with law enforcement. “We take the security and privacy of customer data and information extremely seriously — especially in an age when malicious hackers are increasingly sophisticated and breaches across all industries have become all too common,” said Time’s Chief Financial Officer Jeff Bairstow in a statement. The breach did not affect any of Time’s systems, subscriber information and doesn’t seem to contain any financial data, according to Time.

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SodaStream International Ltd. shares surged 10.1% in Tuesday premarket trading after the sparkling water maker announced the release of a home beer system late Monday. The system will launch in Europe first, and is currently available on Germany’s online store and at retailers in Switzerland. Other markets will launch in 2016 and 2017. The Beer Bar will allow users to make home-crafted beer “in seconds” using sparkling water and a beer concentrate. The beer system launched with a light beer, Blondie, that has 4.5% alcohol by volume, a level commonly found in other beer brands. SodaStream shares are down 7.9% for the past year, but up 19.7% for the year to date. The S&P 500 is up 2.7% for the year so far.

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Shares of Micron Technology Inc. ran up 2.5% in premarket trade Tuesday, after Robert W. Baird & Co. turned bullish on the memory chip maker, citing an improving outlook for PCs and the Chinese smartphone market and a positive outlook for NAND flash memory. Analyst Tristan Gerra raised his rating to outperform, after being at neutral for the last nine months. He raised his stock price target to $18, which is 46% above Friday’s closing price of $12.31, from $12. “Samsung may shift meaningful capacity from DRAM to NAND this second half,” Gerra wrote in a note to clients. “Near term, PC units are rebounding above expectation–off a dismal 1Q–while the China smartphone market is also rebounding.” Gerra said he believes Micron’s gross margin will begin to stabilize, then rebound somewhat in the second half of the year. The stock has tumbled 13% year to date through Friday, while the PHLX Semiconductor index has climbed 4.9% and the S&P 500 has gained 2.7%.

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