Tag: stock market

Johnson Controls Inc. and Ireland-based Tyco International PLC confirmed a deal to merge, creating a company with a combined market capitalization of $36 billion. As part of the deal, Johnson Controls shareholders will own 56% of the combined company, and receive a cash consideration of about $3.9 billion. The businesses of the two companies will be combined under Tyco International, which will be renamed Johnson Controls PLC. Shareholders of Johnson Controls may choose to receive one share of the combined company for each Johnson Controls share they own, or $34.88 a share in cash, which is 2% below Friday’s closing price of $35.60. The Wall Street Journal originally reported on Sunday that Johnson Controls was in talks to combine with Tyco. Johnson Controls’ stock has lost 21% over the past three months while Tyco’s has dropped 17% and the S&P 500 has declined 8.1%.

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Valeant Pharmaceuticals International Inc. Chief Executive Michael Pearson said Monday that unexpected complications have resulted in a longer hospital stay than he expected. Pearson made the comment in a memo to employees. The executive has been in hospital with pneumonia since late December. “I’m glad to say that I’m on the road to recovery and although the timing of my return remains uncertain, I look forward to being back at work when able,” Pearson wrote. In early January, Valeant named former finance director Howard Schiller as interim CEO. Schiller was chief financial officer at Valeant from December 2011 through June 2015 and is currently a board member. He came to the company after a 24-year stint at Goldman Sachs.

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Homebuilder D.R Horton Inc. said Monday it had net income of
$157.7 million, or 42 cents a share, in its fiscal first quarter, up from $142.5 million, or 39 cents a share, in the year-earlier period. Homebuilding revenue rose 4% to $2.4 billion and net sales orders rose 12% to $2.4 billion. The FactSet consensus was for EPS of 41 cents and sales of $2.4 billion. “With a sales backlog of 10,665 homes at the end of December, positive sales trends in January and a robust lot supply and inventory of homes available for sale, we are well-positioned for the spring selling season and fiscal 2016,” Chairman Donald R. Horton said in a statement. Shares were not yet active in premarket trade, but have gained 20% in the last 12 months, while the S&P 500 has fallen 7%.

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Siemens AG plans to buy CD-adapco, a privately held U.S. engineering software company, for about $1 billion, Reuters reported Monday, citing a person close to the deal. The all-cash deal is expected to be announced later on Monday, according to the report. The takeover comes after CD-adapco’s co-founder and CEO Steve MacDonald passed away in September last year and was succeeded by his widow Sharron MacDonald. Siemens share prices were flickering around the flat line in early European trade.

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Twitter is undergoing a major shakeup among its top executives, according to two new reports. Katie Jacobs, Twitter’s vice president of global media, and Kevin Weil, senior vice president of product, are leaving the company, Recode reported Sunday. Separately, the New York Times reported Sunday that Alex Roetter, senior vice president of engineering, is also on the way out, and that CEO Jack Dorsey will soon add two new board members. The moves are apparently part of Dorsey’s plans to reshape the company, which has been plagued by a succession of executive departures over the past year. Twitter stock has plunged almost 55% over the past year, and shares have recently fallen below their IPO price following disappointing user-growth numbers.

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AT&T Inc. said late Friday it expects to book a $2.2 billion non-cash gain before taxes related to its pension and postemployment benefit plans. “The gain was generated from an increase in our assumed discount rates used to measure our pension obligation to 4.6% and to 4.5% for our postretirement obligation; updates to other assumptions, including mortality; and demographic changes,” the telecom said in a Friday filing with the Securities and Exchange Commission. AT&T is scheduled to report quarterly results on Tuesday.

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Morgan Stanley on Friday reported it bought 4.2 million common shares, representing a 5.1% stake, in food delivery company GrubHub Inc. , the investment bank said in a filing to the Securities and Exchange Commission on Friday. The filing did not indicate the purchase price but the shares were bought on Jan. 13 when GrubHub stock closed at $21.12. The disclosure comes as Uber Technologies Inc. said it is preparing to launch a meal delivery service in 10 cities across the U.S. Shares of GrubHub were flat in after-hours trading.

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American Express Co.’s stock , which suffered the biggest-ever price decline in the 44 years it has traded publicly, according to FactSet data, took more than 50 points away from the Dow Jones Industrial Average’s gain. The stock plunged $7.58, or 12.1%, on Friday to the lowest close since November 2012, after the card issuer gave a disappointing profit outlook and outlined plans to cut $1 billion in costs. The current divisor for the Dow, which is a price-weighted index, indicates the price decline in AmEx’s stock was worth 51.91 Dow points. The Dow closed Friday up 210.83 points, or 1.3%, compared with a 2% rise in the S&P 500 Index. AmEx’s stock’s second-biggest price decline was $6.95 on Sept. 29, 2008. Friday’s percentage decline was the biggest since it fell 12.98% on April 20, 2009.

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U.S. stocks ended sharply higher Friday, scoring their first weekly gain of the new year, as oil futures surged and investors were encouraged by hints of potential central-bank stimulus in Europe and Japan after a tough week for global markets. The S&P 500 closed up 38 points, or 2%, at 1,906, with all 10 of its main sectors in positive territory, led by energy and tech. The Dow Jones Industrial Average closed 211 points higher, or 1.3%, at 16,093. The Nasdaq Composite closed up 119 points, or 2.7%, at 4,591. The indexes were still on track for heavy monthly losses, down between 7% and 9% since the beginning of the year.

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Oil production from the Organization of the Petroleum Exporting Countries fell by 130,000 barrels a day in December from a month earlier, to 32.28 million barrels a day, according to a Platts survey of OPEC oil industry officials and analysts released Friday. Platts attributed the decline to output cuts in Iraq, Nigeria and Saudi Arabia. The Saudis lowered output by 50,000 barrels a day to 10.1 million barrels a day, but haven’t given any indication that they are ready to abandon the “market-share strategy that it persuaded OPEC to adopt in November 2014,” Platts said.

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