Tag: stock market

Walt Disney Co.’s stock tumbled more than 5% in premarket trade Wednesday, enough to push the Dow Jones Industrial Average firmly into negative territory, on the heels of disappointing quarterly results. The shares shed $5.50, or 5.1%, ahead of the open, which would shave about 38 points off the Dow’s price. Dow futures were down 45 points. The stock is on track to open at the lowest price seen during regular session hours since April 18.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Walt Disney Co.’s stock tumbled more than 5% in premarket trade Wednesday, enough to push the Dow Jones Industrial Average firmly into negative territory, on the heels of disappointing quarterly results. The shares shed $5.50, or 5.1%, ahead of the open, which would shave about 38 points off the Dow’s price. Dow futures were down 45 points. The stock is on track to open at the lowest price seen during regular session hours since April 18.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Turning Point Brands Inc. said Wednesday it priced its initial public offering at $10 a share. The provider of alternative tobacco products such as snuff and smokeless products sold 5.4 million shares to raise $54 million. The stock will start trading today under the symbol “TPB”. Cowen & Co. LLC and FBR Capital Markets & Co. were joint leads on the deal.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Staples Inc. announced plans for change after the office-supply company’s $6.3 billion merger deal with Office Depot Inc. was called off Tuesday. The company, which will pay a $250 million breakup fee in the wake of the failed merger fight, said in a news release that it is initiating a $300 million cost-reduction plan, cancelling a deal to sell $550 million in corporate contracts to Essendant Inc. , and exploring strategic alternatives for its European operations. Staples also said it will now “pursue acquisitions of business-to-business service providers and companies specializing in categories beyond office supplies to build scale and credibility and accelerate growth in these areas.” Staples said that it expects to close 50 stores in North America and repurchase roughly $100 million in stock this year. Staples stock fell more than 10% in late trading Tuesday before being halted.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Office-supply retail giants Staples Inc. and Office Depot Inc. announced Tuesday that they are calling off a proposed $6.3 billion combination after an antitrust fight with the federal government, an ending similar to the two companies’ attempt to merge nearly 20 years ago. Office Depot announced that the two companies would terminate their merger agreement on May 16, after a judge Tuesday ruled for the Federal Trade Commission in granting a preliminary injunction halting the deal on antitrust grounds. “While we are respectful of the Court’s decision to grant the FTC’s request for a preliminary injunction to prevent our merger with Staples, we are disappointed by this outcome and strongly believe that a merger would have benefitted all of our customers in the long term,” Office Depot Chief Executive Roland Smith said in Tuesday’s announcement, adding the companies would not appeal. Staples and Office Depot also called off a merger attempt in 1997 after the FTC fought it in court. The two stocks were halted in after-hours trading after plunging in response to the judge’s decision, with Staples falling more than 10% and Office Depot losing more than 26% before the halt.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Staples Inc. and Office Depot Inc. both plunged in late trading Tuesday after a judge reportedly blocked the two office-supplies retailers from merging. The U.S. Federal Trade Commission had requested a preliminary injunction blocking the merger on antitrust grounds, and a judge Tuesday approved that request, according to The Wall Street Journal. The two retail chains agreed to merge in a $6.3 billion deal announced in February. The stocks were halted after plunging in after-hours trading, with Staples declining more than 10% and Office Depot dropping more than 26% before the halt.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Alaska Air Group Inc. shares ticked higher in the extended session Tuesday after S&P Dow Jones Indices said the airline would join the S&P 500 Index . Alaska Air shares advanced 1.1% to $70.10 after hours. The airline will replace SanDisk Corp. , which is being acquired by Western Digital Corp. , at the close of trading Thursday.

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Oil futures edged lower in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies rose by 3.45 million barrels for the week ended May 6, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a climb of 300,000 barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. June crude was at $44.52 a barrel in electronic trading, down from the contract’s settlement of $44.66 on the New York Mercantile Exchange.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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Shares of the Walt Disney Co. tanked in late trading Tuesday after the media company missed fiscal second-quarter sales and earnings expectations. Disney said it earned $2.1 billion, or $1.30 a share, in the quarter, compared with $2.1 billion, or $1.23 a share, in the year-ago period. Adjusted for one-time items, the media company earned $1.36 a share in the quarter, up from $1.23 a share a year ago. Sales reached $13 billion, up from $12.5 billion a year ago. Analysts polled by FactSet had expected the media company to report earnings of $1.39 a share on sales of $13.2 billion. Disney shares fell 6% after ending the regular trading day up 1.2%. The company said its sales from media networks were flat at $5.8 billion, while cable-network sales fell 2% and broadcasting revenue rose 3%. Revenue from Disney’s parks and resorts businesses rose 4%. Attendance at Disney’s theme parks was flat, the company said.

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Planet Fitness Inc. shares rose in the extended session Tuesday after the gym operator topped Wall Street estimates for the quarter. Planet Fitness shares advanced 5.6% to $16.50 after hours. The company reported adjusted first-quarter earnings of 15 cents a share on revenue of $83.3 million. Analysts surveyed by FactSet had forecast earnings of 13 cents a share on revenue of $78.8 million. For the year, Planet Fitness sees adjusted earnings of 62 cents to 65 cents a share on revenue of $360 million to $370 million. Analysts had forecast earnings of 62 cents a share on revenue of $361.4 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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