Tag: stock market

Shares of electronics manufacturing services companies were broadly lower Monday, after Sanmina Corp. reported preliminary fourth-quarter earnings and provided an outlook that were below analyst expectations. Sanmina’s stock plummeted 24% to top the Nasdaq’s losers list, to trade at a three-month low. Among Sanmina’s peers, shares of Flex Ltd. shed 2.1%, Celestica Inc. slid 1.5%, Jabil Inc. dropped 4.2%, Benchmark Electronics Inc. fell 2.4% and TTM Technologies Inc. gave up 1.8%. Sanmina had reported after Friday’s close fourth-quarter adjusted EPS of 64 cents, which was below the FactSet consensus of 76 cents. For the first quarter, Sanmina expects EPS of 68 cents to 72 cents, below the FactSet consensus of 78 cents. Sanmina’s stock has not shed 24% over the past 12 months, while the S&P 500 has climbed 24%.

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.

…read more

From:: Stock Market News

The largest exchange-traded fund to track the biotechnology sector rallied on Monday, supported by a pair of multibillion-dollar deals. The iShares Nasdaq Biotechnology ETF jumped 1.8%. At current levels, the fund is trading at its highest level since October. However, if it ends the day at its current price, that would represent its highest close since December 2015. The ETF is up 6.8% thus far this year, above the 5.1% advance of the S&P 500 . In the day’s deal news, Juno Therapeutics Inc. jumped 27% after Celgene Corp. agreed to buy the company for $9 billion. Bioverativ Inc. soared 63% after Sanofi SA said it would buy it for $12 billion.

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.

…read more

From:: Stock Market News

FirstEnergy Corp. shares surged 8% Monday, after the company said it is getting a $2.5 billion equity investment from a group led by Elliott Management Corp. The investment includes $1.62 billion of mandatory convertible preferred equity and $850 million of common equity. The preferred equity has an initial conversion price of $27.42 per shares and will receive dividends payable on FirstEnergy common stock on an as-converted basis and be mostly non-voting. The common equity was priced at $28.22 a share. The proceeds of the deal will be used to reduce debt, for the pension fund and general corporate purposes. FirstEnergy had said it would issue at least $1.5 billion of common equity through 2019, but no longer needs to do so. The company will form a restructuring working group to work to transform the company into a fully regulated utility. Shares have gained 6.5% in the last 12 months, while the S&P 500 has gained 24%.

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.

…read more

From:: Stock Market News

Xerox Corp.’s stock rallied 3.1% in morning trade Monday, after the Carl Icahn and Darwin Deason, two of the document and communication services company’s three largest shareholders, called for the company to explore strategic alternatives and for the immediate removal of Chief Executive Jeff Jacobson. Icahn disclosed Monday that he owned 24.76 million shares of Xerox, or 9.7% of the shares outstanding, while Deason disclosed ownership of 15.32 million, or 6.0%, of Xerox shares. Regarding the report in The Wall Street Journal over the weekend that Xerox and Fujifilm are discussing a range of potential deals, Icahn and Deason implored the company to not allow Jacobson to lead the negotiations, saying in a joint statement that Jacobson is “neither qualified nor capable of successfully running this company, let alone negotiating a major strategic transaction that will do more more than save his own job.” Last week, Icahn has urged Xerox to revise or terminate its Fuji Xerox joint venture in the wake of an accounting scandal. Xerox’s stock has lost 2.7% over the past three months but has rallied 17% the past 12 months, while the S&P 500 has gained 9.1% the past three months and run up 24% the past 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.

…read more

From:: Stock Market News

U.S. stocks fell modestly at the open on Monday, as investors found few reasons to keep pushing shares higher following a push to repeated records, and as the government shutdown provided another element of uncertainty to markets. The Dow Jones Industrial Average fell 72 points, or 0.2%, to 26,011. The S&P 500 declined 1 point to 2,809, a drop of less than 0.1%. The Nasdaq Composite Index was unchanged at 7,336. Both the S&P and the Nasdaq are coming off closing records, while the Dow is close to its own peak. While government shutdowns have historically not been big selling catalysts, uncertainty over when the government would reopened appeared to dampen buying enthusiasm. The Senate was expected to hold a procedural vote at noon Eastern Time on a measure that would keep the government funded through Feb. 8, but it wasn’t clear if it would have enough support to advance. In company news, Juno Therapeutics Inc. jumped 27% after Celgene Corp. agreed to buy the company for $9 billion. Bioverativ Inc. soared 63% after Sanofi SA said it would buy it for $12 billion.

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.

…read more

From:: Stock Market News

BioCryst Pharmaceuticals Inc. and Idera Pharmaceuticals Inc. announced early Monday plans to merge into a rare disease company. Shares of both companies were halted in premarket trade. Under the deal, which is expected to be completed by the second quarter of 2018, shares of BioCryst will be exchanged for 0.5 shares of the new company’s stock and Idera shares will be exchanged for 0.2 shares of the new company’s stock. The combined company, which will be renamed, will be led by Idera Chief Executive Vincent Milano, with BioCryst Chairman Robert Ingram serving at chairman of the new company’s board and BioCryst Chief Executive Jon Stonehouse serving on the board of directors. The new company’s pipeline will include two phase 3 drug candidates and two phase 2 drug candidates, with many catalysts expected in 2018, the companies said. BioCryst shares have surged 16.5% over the last three months to $5.59 and Idera shares have surged 8% to $2.55, compared with a 9.1% rise in the S&P 500 and a 11.8% rise in the Dow Jones Industrial Average .

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.

…read more

From:: Stock Market News

Priceline Group Inc. said Monday it has appointed David Goulden as chief financial officer, effective March 1, to replace Daniel Finnigan, who announced his retirement last year. Goulden was more recently at Dell Technologies, where he was president of the company’s infrastructure solutions group. Goulden grew up in Manchester, England, obtaining a bachelor’s degree in physics at Durham University and a master’s degree in business administration at Cranfield School of Management.Shares of the online travel services company, which slipped 0.1% in premarket trade, have lost 1.6% over the past three months through Friday, while the S&P 500 has gained 9.1%.

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.

…read more

From:: Stock Market News

Abercrombie & Fitch Co. shares jumped 3.7% in Monday premarket trading after the retailer raised its fourth-quarter guidance. Abercrombie & Fitch’s portfolio includes the namesake chain and Hollister. It now expects same-store sales to rise in the high-single digits and sales are expected to be up in the low-teens. The previous guidance was for a low-single-digit same-store sales increase, and a mid-to-high-single-digit rise in sales. Abercrombie & Fitch expects a “significant” income tax charge largely related to a one-time repatriation tax. In addition, the retailer announced that Arthur Martinez, 78, will step down as executive chairman of the board on Feb. 3, 2018, the end of the fiscal year. He is retiring as director and will not stand for re-election at the company’s annual meeting in June. Terry Burman, 72, lead independent director and chair of the nominating and board governance committee, will become non-executive chairman at that point. Both executives joined the board in January 2014. The company plans to release fourth-quarter and full-year fiscal 2017 results on March 7. Abercrombie & Fitch shares are up 67.4% for the past year, outpacing the S&P 500 index , which is up 23.7% for the period.

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.

…read more

From:: Stock Market News

Shares of Nuance Communications Inc. shot up 8.1% toward a 7-month high in premarket trade Monday, after the voice and language services company provided a fiscal first-quarter profit and sales outlook that was above expectations. The company expects net earnings per share of 15 cents to 18 cents a share, compared with a loss of 8 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted EPS is expected to be 26 cents to 27 cents, above the FactSet consensus of 22 cents. Net revenue is expected to be $500.0 million to $503.0 million, up from $487.7 million a year ago. Adjusted revenue is expected to be $507 million to $510 million, which would beat the FactSet consensus of $493 million. Separately, Nuance said it was reorganizing its mobile division, as its mobile communications service provider business will be merged into the enterprise division. The company also confirmed that Chief Executive Paul Ricci will retire on or before March 31. The stock has gained 8.1% over the past 12 months, while the S&P 500 has rallied 24%.

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.

…read more

From:: Stock Market News

Teva Pharmaceutical Industries Ltd. shares slid 3% premarket Monday, after the company said a late-stage trial of an asthma treatment failed to meet its main goal. The company said the therapy, subcutaneously administered reslizumab, failed to meet its primary endpoint in two phase 3 studies, one of which focused on reducing frequency of clinical asthma exacerbations and the other of which focused on reducing daily oral corticosteroid dose in patients with OCS-dependent asthma. Teva said that the results were disappointing and that it plans to review the data to figure out follow-up steps. Meanwhile, the company’s intravenous formulation of the therapy continues to have a “positive impact” for patients, Teva Senior Vice President Tushar Shah said. The results are just the latest blow for the beleaguered company, which announced a swathe of cuts — including sweeping layoffs — in a bid for survival late last year. Teva shares have surged nearly 40% over the last three months to $20.70, compared with a 9% rise in the S&P 500 and a 11.8% rise in the Dow Jones Industrial Average .

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.

…read more

From:: Stock Market News