Tag: stock market

NBCUniversal, a division of Comcast Corp. , said on Thursday it has reached an agreement to acquire DreamWorks Animation in a deal valued at $3.8 billion. Under the terms of the deal, NBCUniversal will pay $41 in cash for each DreamWorks shares outstanding, which is a 27% premium to Wednesday’s closing price. The animation studio will become part of the Universal Filmed Entertainment Group, which includes Universal Pictures, Fandango and NBCUniversal Brand Development, the company said in a news release. “DreamWorks will help us grow our film, television, theme parks and consumer products businesses for years to come,” said NBCUniversal Chief Executive Steve Burke in a statement. The acquisition is expected to close by the end of 2016, and is subject to antitrust approvals in the U.S. and abroad. DreamWorks chief and co-founder Jeffrey Katzenberg will become Chairman of DreamWorks New Media. Shares of DreamWorks were halted premarket, while shares of Comcast were down 1.6%.

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.

…read more

From:: Stock Market News

Sarepta Therapeutics Inc. surged as much as 20% in pre-market trade Thursday, after a media report suggested the biotechnology company can still secure approval for its muscular dystrophy treatment despite a negative panel vote. The report, titled “How Sarepta Can Secure Speedy FDA Drug Approval Despite a Negative Panel Vote, by TheStreet.com’s Adam Feurstein came on the heels of a Food and Drug Administration committee’s Monday vote against recommending Sarepta’s Duchenne muscular dystrophy drug, eteplirsen, for accelerated drug approval and against the drug’s effectiveness. Feuerstein pointed out supportive statements made by the FDA’s Dr. Janet Woodcock, as well as the official’s meeting with patients and their families after the panel. Meanwhile, WBB Securities LLC President Steve Brozak reiterated his company’s “strong buy” recommendation and a 12-month price target of $40 in a note Tuesday, saying the mixed nature of the panel’s vote “reflects what the FDA calls a Type Two Mistake – failure to approve a beneficial drug.” Brozak also cited Woodcock’s words encouraging panel members to consider the data in whole, saying “we believe there is a good chance the FDA will ultimately grant conditional approval to eteplirsen and demand a post-approval trial by Sarepta Therapeutics, Inc.”

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.

…read more

From:: Stock Market News

The dollar remained lower against its main rivals Thursday after a report on first-quarter gross domestic product came in slightly below expectations. GDP grew at a rate of 0.5%, slightly below a consensus forecast for 0.7% growth from a survey of economists conducted by MarketWatch. The dollar traded at 108.24 yen, compared with 111.53 yen late Wednesday in New York. The euro traded at $1.1347, compared with $1.1325 Wednesday. The pound traded at $1.4580, compared with $1.4539 Wednesday. The data — which was foreshadowed by a series of weak economic reports, including a disappointing reading on March durable-goods orders released earlier in the week — continued a trend of weak first-quarter growth that has emerged in recent years.

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.

…read more

From:: Stock Market News

Duke Energy Corp. said Thursday that it has raised its renewable energy goal by 33% and now expects to own or purchase 8,000 megawatts of wind, solar and biomass by 2020. As of the end of 2015, the energy company owned or purchased nearly 4,400 megawatts of wind, solar and biomass. It operates more than 52,000 megawatts of generating capacity in the U.S. Duke Energy’s new sustainability report is now available online. The company’s shares are down 0.7% in premarket trading, but up 9.3% for the year so far. The S&P 500 is up 2.5% for the year to date.

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.

…read more

From:: Stock Market News

Altria Group Inc. reported first-quarter net income of $1.22 billion, or 62 cents per share, up from $1.02 billion, or 52 cents per share, for the same period last year. Adjusted earnings were 72 cents per share, beating the FactSet consensus of 68 cents per share. Revenue for the quarter totaled $6.07 billion, up from $5.80 billion and ahead of the FactSet consensus of $5.99 billion. Revenue from smokeable products totaled $5.42 billion, up from $5.22 billion for the same period last year. The company estimates that pre-tax restructuring charges for the productivity initiative announced in January are estimated to be about $140 million. The company reaffirmed its full-year 2016 adjusted EPS guidance between $3.00 and $3.05. Altria shares are up 0.4% in Thursday premarket trading, and up 19% for the past 12 months. The S&P 500 is down 0.9% for the last year.

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.

…read more

From:: Stock Market News

AbbVie Inc. said Thursday it had net income of $1.35 billion, or 83 cents a share, in the first quarter, up from $1.02 billion, or 63 cents a share, in the year-earlier period. Adjusted per share earnings came to $1.15, ahead of the FactSet consensus of $1.13. Revenue rose to $5.96 billion from $5.04 billion, matching the FactSet consensus. The company revised its full-year EPS outlook to reflect the impact of the Stemcentrx acquisition, which is expected to shave 20 cents off the number. The biopharma company is now expecting EPS of $4.62 to $4.82 for the year, well below the $4.97 FactSet consensus. Shares were trading down 1.2% premarket, but are up 2.5% in the year so far, while the S&P 500 has lost 5%.

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.

…read more

From:: Stock Market News

Time Warner Cable Inc. posted first-quarter earnings ahead of expectations on Thursday, driven by what the company called “robust” customer growth. Profit for the period rose to $494 million, or $1.72 a share, up from $458 million, or $1.59 a share, in the year-ago quarter. Adjusted earnings per share climbed to $1.81 from $1.65 last year. Revenue rose 7% to $6.19 billion. Analysts surveyed by FactSet expected adjusted earnings of $1.74 a share on revenue of $6.14 billion. The cable company said customer relationships net additions were 236,000. “Our first-quarter results are the clearest indication yet that our efforts over the last 27 months are paying off. We have made our network more reliable, our products more compelling and our customer service far better,” said Chairman and Chief Executive Rob Marcus. Time Warner Cable shares were flat premarket.

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.

…read more

From:: Stock Market News

Bank of Japan Governor Haruhiko Kuroda on Thursday pledged to do “whatever it takes” to boost the country’s flagging inflation, saying there are no limits to monetary policy measures, according to Dow Jones Newswires. Speaking at a press conference after the BOJ’s unexpected decision to keep policy on hold, the governor said the bank is still strongly determined to achieve its 2% inflation in two years. Kuroda, however, warned that low oil prices will continue to keep a lid on inflation until early 2017. The Japanese central bank has been among the most aggressive institutions in using unconventional policy measures, including implementing negative interest rates. Sub-zero rates have been criticized for eroding bank profits and doing more harm than good, but Kuroda defended the measure at the meeting. He said there was plenty of room to further cut the deposit rate, but found it “appropriate” to keep policy unchanged for now to gauge the effects of negative interest rates. Japan’s Nikkei 225 index dropped 3.6% to 16,666.05, while the yen soared against most other major currencies. The dollar bought 108.23 yen, down from 111.47 yen late Wednesday in New York.

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.

…read more

From:: Stock Market News

The New Zealand dollar strengthened against the U.S. dollar Wednesday after the Reserve Bank of New Zealand, the country’s central bank, said the currency was too strong, and that investors can expect more monetary policy easing in the future. The kiwi rose to 69.29 U.S. cents after the announcement — its strongest level since Friday — up from 68.42 cents shortly beforehand and 68.94 cents late Tuesday in New York. The currency has risen slightly against the U.S. dollar since the beginning of the year, benefiting from a rebound in commodity prices.

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.

…read more

From:: Stock Market News

Marriott International Inc. said late Wednesday it earned an adjusted $226 million, or 87 cents a share, in the first quarter, up from 73 cents a share in the year-ago period. Sales reached $3.8 billion in the quarter, up from $3.5 billion a year ago, the company said. Analysts polled by FactSet had expected adjusted earnings of 84 cents on sales of $3.7 billion for the hotel chain. The acquisition of Starwood Hotels & Resorts Worldwide is on track to close by midyear, Marriott said. Citing uncertainty with the Starwood’s deal timing, the company said it was not providing 2016 EPS guidance. Shares of Marriott fell 0.3% in late trading after ending the regular session down 0.5%.

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.

…read more

From:: Stock Market News