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President Barack Obama will nominate John King to be secretary of the Department of Education, the White House said Thursday. King, currently acting secretary of the department, would replace Arne Duncan, who stepped down in December. King’s nomination would have to be confirmed by the Senate.
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President Barack Obama will nominate John King to be secretary of the Department of Education, the White House said Thursday. King, currently acting secretary of the department, would replace Arne Duncan, who stepped down in December. King’s nomination would have to be confirmed by the Senate.
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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Activision Blizzard Inc. shares dropped in the extended session Thursday after the video-game publisher’s quarterly results and outlook fell short of Wall Street expectations. Activision shares plunged 16% to $25.68 after hours. The company reported adjusted fourth-quarter earnings of 83 cents a share on revenue of $2.12 billion. Analysts surveyed by FactSet had forecast 86 cents a share on revenue of $2.2 billion. The company forecast adjusted first-quarter earnings of 11 cents a share on revenue of $800 million, assuming the close of the acquisition of King Digital Entertainment PLC later this month. Analysts had estimated 19 cents a share on revenue of $756.3 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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American International Group Inc. late Thursday reported it swung to a fourth-quarter operating loss of $1.3 billion, or $1.10 a share, from an operating income of $1.4 billion, or 97 cents a share, in the year ago period. Operating income is a closely watched metric in the industry that excludes investment gains or losses. The company also reported a net loss of $1.8 billion, or $1.50 a share, compared with a net profit of $644 million, or 46 cents a share, a year earlier. Shares of AIG were mostly unchanged in after-hours trade.
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Dr Pepper Snapple Group Inc. said Thursday its board of directors approved a dividend of 53 cents a share, a 10.4% increase in the dividend rate. The dividend is payable on April 5 to shareholders on the books as of March 15. The company also said its board authorized an additional $1 billion share buyback program, bringing the total to $5 billion in share repurchases. Shares of Dr Pepper Snapple rose 0.3% in late trading Thursday after ending the regular trading session down 0.4%.
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Oil futures settled at their lowest level in almost 13 years Thursday as expectations for weaker demand and a bigger glut of supplies pulled prices back below $27 a barrel. March West Texas Intermediate crude lost $1.24, or 4.5%, to settle at $26.21 a barrel on the New York Mercantile Exchange. That was the lowest settlement since early May 2003.
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Pandora Media Inc.’s stock swung sharply higher in afternoon trade Thursday, after The New York Times reported that the music streaming service has held talks about selling the company. The stock soared 11% on volume of more than double the full-day average, according to FactSet, after being down as much as 8% earlier in the session. The Times report, which cited people briefed on the talks, said Pandora was working with Morgan Stanley to meet potential buyers. The talks were still preliminary, and might not lead to a deal, the report said. The stock’s surge comes three days after the stock closed at the lowest price since December 2012, amid growing concerns over competition and lower ad loads. The stock was still down 30% year to date, compared with a 16% decline in the Nasdaq Composite.
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Fresh Market Inc.’s stock soared 14% in active afternoon trade, after Reuters reported that supermarket chain Kroger Co. was seeking to acquire the company. Volume was about 3 million shares at 2:20 p.m. ET, or nearly five times the full-day average over the past 30 days, according to FactSet. The surge comes about 2 1/2 weeks after the stock closed at a record low of $18.46, on Jan. 25. Reuters reported, citing people familiar with the matter, that Kroger is in the second round of an auction, and is competing with other bidders such as private-equity firms Apollo Global Management LLC and KKR & Co. L.P. . Kroger’s stock slipped 0.8% in afternoon trade. In October, Fresh Market said it would conduct a strategic review of its business, that could lead to a potential sale of the company. The stock was still down 42% over the past 12 months, while while Kroger shares were up 2.1% and the S&P 500 had lost 12%.
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Gold futures jumped 4.5% on Thursday to settle at their highest level in about a year as steep losses in global stock markets helped to lift the metal’s investment appeal. April gold rose $53.20 to settle at $1,247.80 an ounce on Comex, after tapping an intraday high of $1,263.90. The settlement was the highest since Feb. 5, 2015.
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.
From:: Stock Market News
Gold futures jumped 4.5% on Thursday to settle at their highest level in about a year as steep losses in global stock markets helped to lift the metal’s investment appeal. April gold rose $53.20 to settle at $1,247.80 an ounce on Comex, after tapping an intraday high of $1,263.90. The settlement was the highest since Feb. 5, 2015.
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.
From:: Stock Market News