Tag: stock market

U.S. stocks opened lower Monday amid a spate of weak earnings reports as investors looked ahead to meetings of the Federal Reserve and Bank of Japan later in the week. The S&P 500 dropped 4 points, or 0.2%, to 2,086, led lower by energy shares as oil prices flirted with declines. The Dow Jones Industrial Average slid 50 points, or 0.3%, to 17,946. The Nasdaq Composite shed 15 points, or 0.3%, to 4,891. KKR & Co. and Xerox Corp. shares tumbled after both companies reported weaker than expected results.

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From:: Stock Market News

Valeant Pharmaceuticals International, Inc. named Joseph Papa as chairman and chief executive officer Monday, effective early May. Papa, who resigned as CEO of Perrigo Company plc Sunday, is taking over for CEO and director J. Michael Pearson. Papa has worked in the sector for more than 35 years, including 20 years of working with branded prescription drugs, the company said. Valeant shares were up 2.1% in pre-market trade.

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Bank of Hawaii announced Monday that it increased the quarterly dividend to 48 cents a share up from 45 cents a share. The dividend will be paid on June 14 to shareholders of record as of May 31. The Board also increased its buyback program by $100 million, to bring the total buyback authorization to $2.1 billion. Shares of Bank of Hawaii have gained 22.5% in the past three months, compared to the S&P 500’s gain of 11.4%.

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From:: Stock Market News

Bank of Hawaii announced Monday that it increased the quarterly dividend to 48 cents a share up from 45 cents a share. The dividend will be paid on June 14 to shareholders of record as of May 31. The Board also increased its buyback program by $100 million, to bring the total buyback authorization to $2.1 billion. Shares of Bank of Hawaii have gained 22.5% in the past three months, compared to the S&P 500’s gain of 11.4%.

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

Bank of Hawaii announced Monday that it increased the quarterly dividend to 48 cents a share up from 45 cents a share. The dividend will be paid on June 14 to shareholders of record as of May 31. The Board also increased its buyback program by $100 million, to bring the total buyback authorization to $2.1 billion. Shares of Bank of Hawaii have gained 22.5% in the past three months, compared to the S&P 500’s gain of 11.4%.

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

Valeant Pharmaceuticals International Inc. said Monday it has received additional notices of default on its debt due to the delayed filing of its 10-K. In a filing with the Securities and Exchange Commission, the company said it had received notices on a series of notes due 2020, 2021 and 2022. The company has until June 21, or 60 days from receipt of the notices, to file its 10-K, which would cure the default. The company had announced on April 12 the first receipt of a notice of default on notes due 2023, and in that instance, has until June 11 to file the form. “The company is working diligently and is on schedule to file its Form 10-K on or before April 29, 2016,” it said in the filing. Shares were trading up 4.5% in premarket trade, after news that Joseph Papa has resigned as CEO of Perrigo Co. Plc. The Wall Street Journal has reported that Valeant wants to make Papa its CEO.

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Tribune Publishing Co.’s stock soared 59% in premarket trade Monday, after it confirmed that it received an unsolicited buyout bid from Gannett Co. Inc. Tribune said it has engaged Goldman Sachs & Co. and Lazard as financial advisors to evaluate Gannett’s bid. Tribune, which brands include the Los Angeles Times and the Chicago Tribune, said that while it will review Gannett’s proposal, it believes the transformation it has undertaken this year put its in position to create value for shareholders. Earlier, Gannett said it made a bid to buy Tribune for $12.25 a share in cash, which is 63% above Friday’s closing price, and the highest price seen for Gannett’s stock since Aug. 11. Tribune’s stock has tumbled 18% year to date, while the S&P 500 has gained 2.3%.

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From:: Stock Market News

Perrigo Company plc said early Monday that chief executive officer Joseph Papa had resigned and left the company Sunday. Valeant Pharmaceuticals International Inc. plans to name Papa as its next CEO, The Wall Street Journal has reported Friday. Perrigo appointed John Hendrickson as CEO in his stead, effective immediately. Hendrickson had served as president since Oct. 2015, and worked at Perrigo for 27 years, the company said. Perrigo also updated its 2016 guidance in light of reduced pharmaceutical pricing expectations “due to industry and competitive pressures in the sector,” projecting adjusted EPS for the year of between $8.20 and $8.60, compared with the FactSet consensus of $9.52. The company said it may take an impairment charge within its branded consumer healthcare business acquired in March 2015 and set a May 12 deadline to determine if and to what extent an impairment exists.

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From:: Stock Market News

Gannett Co. Inc. said it proposed to buy Tribune Publishing Co. in a deal valued at $815 million, including the assumption of $390 million in debt. Under terms of the deal, Gannett, which includes brands such as USA Today, will pay $12.25 a share in cash for each Tribune share outstanding, which is 63% above Friday’s closing price of $7.52. The unsolicited per-share bid values Tribune at about $387.8 million, according to FactSet data on shares outstanding. In a letter to Tribune Chief Executive Justin Dearborn, Gannett Chief Executive Robert Dickey said he was “disappointed” by Tribune’s response to the bid it originally made on April 12, as he feels it is “highly compelling” to Tribune’s shareholders. Gannett said it believes a merger, which would close quickly without any financing condition, would lead to synergies of $50 million a year. Tribune’s stock, which was still inactive in premarket trade, has tumbled 18% year to date, while Gannett’s has lost 3.2% and the S&P 500 has gained 2.3%.

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Bristol-Myers Squibb Company said early Monday that the Food and Drug Administration would expedite the development and review of its head and neck cancer drug Opdivo on the strength of its phase 3 trial results. Opdivo, which received the special status for the potential indication of recurrent or metastatic squamous cell carcinoma of the head and neck after therapy, also previously got the designation for the purposes of Hodgkin lymphoma, previously treated advanced melanoma, previously treated non-squamous non-small cell lung cancer and advanced or metastatic renal cell carcinoma. According to Bristol-Myers Squibb, nearly all of head-and-neck cancers are classified as squamous cell carcinoma. The company’s stock was up 0.5% in pre-market trade.

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From:: Stock Market News