Tag: stock market

Shares of Exelon Corp. and Pepco Holdings Inc. rose Monday, after the utilities companies proposed moves that might appease regulators and secure approval of Exelon’s acquisition of Pepco. After the stocks resumed trading, following halts for news, Exelon’s climbed 1.5% and Pepco’s tacked on 1%. In October, the companies had reached an agreement with the Public Service Commission of the District of Columbia in which $25.6 million would be set aside to offset residential customer rate increases. On Monday, the companies proposed a $45.6 million fund, including an additional $20 million set aside for rate credits, low-income customer assistance or grid modernization. “This alternative proposal provides flexibility in determining a path forward for the merger, addressing the guidance the Commission provided in its order and the desire to protect District residents, including those most in need, from rate increases,” said Exelon Chief Executive Chris Crane. The merger was originally announced in April 2014. Last Tuesday, Pepco’s stock tumbled 13% after a rate-payer group in DC said they opposed a merger. Exelon’s shares have run up 22% year to date, while Pepco’s has dropped 6.5% and the S&P 500 Index has declined 3.8%.

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

Don’t judge a market solely by its indexes, as most stocks trading on the Nasdaq exchange are rising even though the Nasdaq Composite Index is falling more than the other major market indexes in morning trade Monday. Nasdaq stocks that are gaining ground outnumbered decliners by a score of about 1,558 to 868, according to FactSet, while the Nasdaq Composite was down 0.6%. There were similar divergences last week, when the major market indexes were down but breadth was positive, and eventually the indexes bounced to close higher. Since the technology-friendly index is weighted by market-capitalization, that suggests that on balance, larger-cap Nasdaq stocks are weak relative to smaller-cap stocks. To support that point, the Russell 2000 index of small-cap stocks was running up 0.5%, while the S&P 500 Index of large-cap stocks was down 0.3%.

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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U.S. stocks opened lower Monday, on track to snap a three-day winning streak, as stocks take a breather after climbing to two-month highs late last week. The S&P 500 dropped 8 points, or 0.5%, to 1,991.26. The Dow industrials fell 44.11 points, or 0.3%, to 16,959.46, while the Nasdaq Composite shed 25.37 points, or 0.5%, to 4,692.30.

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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ComScore Inc.’s stock dropped 6.8% in premarket trade Monday, after the audience measurement services company said it will miss the deadline to file its annual report, and that it would suspend its dividend. The company’s audit committee, which the ComScore had previously said was looking into “certain potential accounting matters,” determined over the weekend that it will not complete its review in time to have the company file its Form 10-K annual report before the extended deadline of March 15. Because of the ongoing review, the company said it would postpone its investor day, previously scheduled for March 16, and suspend its share repurchase program. The company had announced on Feb. 17 that it would buy back up to $125 million worth of its stock. ComScore shares had slumped 6.1% over the past three years, while the S&P 500 have slipped 3.7%.

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 AMC Networks Inc. saw a more than 1% pop in premarket trade Monday after the company’s board of directors pushed through a share buyback program of up to $500 million. The network behind TV hits such as, “The Walking Dead” and “Better Call Saul” said the timing and amount of any buybacks has yet to be determined, but it will evaluate market conditions and share price, along with other factors. AMC also said there is no established closing date and the buyback program can be suspended or discontinued at any time. The Wall Street Journal reported this is AMC Networks’ first buyback program since being spun off from Cablevision Corp. in 2011. AMC Chief Executive Josh Sapan said in a statement the buyback shows the network’s confidence in the future and its commitment to enhancing long-term shareholder value, but some analysts have said they are skeptical how companies are deploying buyback programs. AMC shares are down nearly 11% in the year so far, underperforming the S&P 500 index, down 2%.

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

Shares of AMC Networks Inc. saw a more than 1% pop in premarket trade Monday after the company’s board of directors pushed through a share buyback program of up to $500 million. The network behind TV hits such as, “The Walking Dead” and “Better Call Saul” said the timing and amount of any buybacks has yet to be determined, but it will evaluate market conditions and share price, along with other factors. AMC also said there is no established closing date and the buyback program can be suspended or discontinued at any time. The Wall Street Journal reported this is AMC Networks’ first buyback program since being spun off from Cablevision Corp. in 2011. AMC Chief Executive Josh Sapan said in a statement the buyback shows the network’s confidence in the future and its commitment to enhancing long-term shareholder value, but some analysts have said they are skeptical how companies are deploying buyback programs. AMC shares are down nearly 11% in the year so far, underperforming the S&P 500 index, down 2%.

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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Apple Inc. users may have suffered a cyberattack through a downloading software on the Mac over the weekend, in what security researchers at Palo Alto Networks are calling the first known ransomware attack against the company. The malicious actors gained access through the open-source Transmission BitTorrent installer on OS X, which enables people to download large swaths of software. Apple has revoked the abused certificate and updated its XProtect antivirus software, while Transmission Project has removed the malicious installers from its website. Ransomware is a type of cyberattack in which malicious actors encrypt data on targeted machines then require users to pay a ransom – usually a monetary sum in the form of a hard-to-trace currency – to retrieve their data.

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

Apple Inc. users may have suffered a cyberattack through a downloading software on the Mac over the weekend, in what security researchers at Palo Alto Networks are calling the first known ransomware attack against the company. The malicious actors gained access through the open-source Transmission BitTorrent installer on OS X, which enables people to download large swaths of software. Apple has revoked the abused certificate and updated its XProtect antivirus software, while Transmission Project has removed the malicious installers from its website. Ransomware is a type of cyberattack in which malicious actors encrypt data on targeted machines then require users to pay a ransom – usually a monetary sum in the form of a hard-to-trace currency – to retrieve their data.

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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Celldex Therapeutics Inc.’s stock plunged 51% in active premarket trade Monday, after an independent panel recommended that the company discontinue the late-stage trial of its brain cancer treatment following disappointing trial results. Volume was already over 760,000 shares about 75 minutes before the open, to make it the fourth-most active stock in the premarket session. An independent data safety and monitoring board has determined that the Phase 3 study of Rintega will not reach its primary endpoint statistical significance for overall survival. Celldex said it would discontinue the study. “We are extremely disappointed for patients that the ACT IV study was not successful,” said Chief Executive Anthony Marucci. “While this is certainly not the desired outcome, we remain steadfast believers in the power of immunotherapy to transform the future of cancer treatment.” The stock had tumbled 48% year to date through Friday, and 72% over the last year, while the S&P 500 has slipped 4.8% in the 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.

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Valeant Pharmaceuticals International Inc. said Monday it will hold a conference call and live webcast on March 15 to disclose its preliminary fourth-quarter earnings and update investors on its outlook for 2016. The company was originally scheduled to release fourth-quarter earnings on Feb. 29, but announced the evening before that it was delaying their release and withdrawing its 2016 guidance. The same day, the company said it was being investigated by the Securities and Exchange Commission. It also disclosed investigations from U.S. Attorney’s offices in New York and Massachusetts and from Congress. Chief Executive Micheal Pearson returned to work after a two-month medical leave. “Now that I have returned, I have been working diligently to review the business so that I can share our latest performance and outlook with shareholders,” Pearson said in a statement Monday. Shares rose 2.8% in premarket trade, but are down 69% in the last 12 months as the company has struggled with questions about its drug pricing and accounting practices, while the S&P 500 has lost 3.4%.

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