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Gold futures finished lower on Tuesday, as a rally in the U.S. stock market dulled the precious metal’s investment appeal. April gold fell $3.60, or 0.3%, to settle at $1,230.80 an ounce on Comex.
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Avon Products Inc. said Tuesday that Cerberus Capital Management LP has agreed to invest $435 million in its convertible perpetual preferred stock as part of a new strategic partnership. Avon will separate its North America business into a privately-held company that will be majority owned and managed by Cerberus. The private-equity firm will invest $170 million in the new entity and hold an 80% stake. “The partnership, along with other actions we are taking, also further increases our financial flexibility,” Avon Chief Executive Sheri McCoy said in a statement. “We have significant capital resources and liquidity with which to fund working capital, restructuring costs, and opportunistic debt retirement.” Avon has $1 billion in cash including the proceeds from the two transactions, she said. Avon shares were trading down 3% in afternoon trade, while the S&P 500 was up 2%.
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Oil futures turned decidedly higher on Tuesday after Russian news agency TASS reported that a decision by major producers to stabilize oil output could be made later this month. Russia’s Energy Minister Alexander Novak said Tuesday that 15 nations, producing 73% of oil across the globe, support a decision to stabilize oil production, according to TASS. The minister also said that such a decision would be efficient even without Iran. April West Texas Intermediate oil traded at $34.48 a barrel on the New York Mercantile Exchange, up 73 cents, or 2.2%. Earlier, it was seesawing between modest losses and gains.
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Target Corp. was initiated at buy at Buckingham Research Group, with analysts saying they are “impressed” with signs of improved merchandising and execution. The price target is $96. Target shares are trading at about $80 on Tuesday. Free cash flow was spurred by the company’s decision to exit Canada and the sale of its pharmacy business, analysts said. Increasing dividends and share repurchases (estimated at $4 billion for fiscal 2016, up from $3.4 billion in fiscal 2015) were also cited in the Tuesday note.”The company has addressed e-commerce
competition and refocused on core categories including fashion (style), baby, kids, and wellness,” analysts wrote. “The result has been 30% e-commerce revenue growth and comps at core categories increasing in the mid-to-high single-digit range,” analysts said. Target shares are up 2.3% in Tuesday trading and 10.6% for the year-to-date. The S&P 500 is down 4% for the year so far.
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Ocwen Financial Corp.’s stock plunged 34% in very-active morning trade Tuesday, as concerns over widening losses at mortgage servicing company, coupled with intense regulatory scrutiny, has put the shares on track to close at an eight-year low. Volume was 12.4 million shares just before 11 p.m. Eastern, or nearly five times the full-day average over the past 30 days, according the FactSet. The stock’s selloff extends the 38% tumble on volume of 12.8 million shares on Monday, which came in the wake of a much wider-than-expected loss and sharp drop in revenue. That marked the 15th time in the last 16 quarters that Ocwen had missed bottomline estimates. The stock has plummeted 64% year to date, while the S&P 500 has slipped 4.3%
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The Rolling Stones will give a free concert in Havana, Cuba, on March 25, following its current tour in Latin America, the band announced Tuesday. It would be the first open-air concert in the country by a British rock band, the group said. “We have performed in many special places during our long career but this show in Havana is going to be a landmark event for us, and, we hope, for all our friends in Cuba too,” the band said in a statement. The concert would come on the heels of U.S. President Barack Obama’s trip to Cuba, planned for March 21-22.
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U.S. stocks opened higher Tuesday tracking a global stock rally as oil prices rose. The S&P 500 gained 10 points, or 0.5%, at 1,942. The Dow Jones Industrial Average added 72 points, or 0.4%, to 16,586. Meanwhile, the Nasdaq Composite began the day up 42 points, or 0.9%, to 4,599. Stocks closed out the month of February with the first monthly gain for the Dow since November, while the S&P and Nasdaq each posted three-straight monthly falls for the first time since 2011.
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Anadarko Petroleum Corp. announced plans on Tuesday to cut its capital expenditures by nearly 50% in 2016 and monetize up to $3 billion in assets. The company’s onshore activities will be reduced the most, by almost $2.5 billion in capex year-over-year. Those plans include reducing its onshore rig count by 80% to five operated rigs from an average of 25 in 2015. In the Gulf of Mexico, the company will shift its focus to tieback oil opportunities, which it says are more capital-efficient and offer returns of more than 30% today’s strip prices. In international markets, Anadarko will focus efforts to advance its Paon oil discovery offshore Cote d’Ivoire to potential development. Its shares, while inactive in premarket trade, are down more than 37% over the last three months and 55% over the last year, vastly underperforming the S&P 500.
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Shares of United Technologies Corp. dropped 4.2% in premarket trade Tuesday, after Honeywell International Inc. said it was ending its pursuit of a merger with the rival industrial conglomerate, because of United Tech’s “unwillingness to engage in negotiations.” Honeywell’s stock climbed 2.2% in premarket trade. Honeywell said it strongly disagreed with United Tech’s assertion that there was a high risk that a merger of the companies would be blocked by antitrust regulators. Honeywell said it believes a merger would have created considerable value through $3.5 billion in cost synergies, and did not believe the regulatory environment would have presented any material obstacles. “However, continuing to try to negotiate with an unwilling partner is inconsistent with our disciplined acquisition process,” said Honeywell Chief Executive Dave Cote.
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Shares of United Technologies Corp. dropped 4.2% in premarket trade Tuesday, after Honeywell International Inc. said it was ending its pursuit of a merger with the rival industrial conglomerate, because of United Tech’s “unwillingness to engage in negotiations.” Honeywell’s stock climbed 2.2% in premarket trade. Honeywell said it strongly disagreed with United Tech’s assertion that there was a high risk that a merger of the companies would be blocked by antitrust regulators. Honeywell said it believes a merger would have created considerable value through $3.5 billion in cost synergies, and did not believe the regulatory environment would have presented any material obstacles. “However, continuing to try to negotiate with an unwilling partner is inconsistent with our disciplined acquisition process,” said Honeywell Chief Executive Dave Cote.
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