Tag: stock market

Fiserv Inc.’s stock price has been adjusted to reflect a 2-for-1 stock split, which went into effect after Monday’s close. The financial services technology company’s stock closed Monday at a pre-split price of $147.24, which would be the equivalent of a post-split price of $73.62. The stock was changing hands about 1.2% above that price in premarket trade Tuesday. The last stock split, also a 2-for-1 split, occurred on Dec. 17, 2013. The stock, which reached a record pre-split close of $148.44 on March 16, has rallied 26.2% over the past 12 months, while the S&P 500 has gained 14.3%.

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Specialty chemicals company Ashland Global Holdings Inc. said Tuesday it is reviewing options for its composites segment, along with a butanediol (BDO) manufacturing facility in Marl, Germany. BDO is a colorless liquid that is used as a solvent or in the manufacturing of plastics and elastic fibers. “Ashland intends to evaluate all options with respect to these assets, including a potential sale,” the company said in a statement. It will retain its BDO plant in Lima, Ohio, to ensure it had a supply for its own needs. The company said it would use the proceeds of any deal for debt reduction and to buy back shares. The company’s board has approved a new $1 billion share buyback program. Shares rose 3% premarket, and have gained 21% in the last 12 months, while the S&P 500 has gained 14%.

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TPG Pace Energy Holdings Corp. announced Tuesday a deal with funds managed by EnerVest Ltd. to buy the oil and gas assets within EnerVest’s South Texas Division for $2.66 billion in cash and stock. As part of the deal, TPG Pace, a special-purpose acquisition vehicle, will partner with EnerVest to create a new publicly traded company, Magnolia Oil & Gas Corp., in which EnerVest will retain a “significant” ownership stake. The new company’s stock is expected to trade on the NYSE, after the deal closes late in the second quarter of 2018. “In creating Magnolia, we have a unique opportunity to build a new company anchored by what we consider to be some of the highest quality oil producing acreage in the country,” said Steve Chazen, the former chief executive of Occidental Petroleum Corp. who now leads TPG Pace, and who will be CEO of Magnolia. TPG Pace’s stock, which was still inactive in premarket trade, is unchanged over the past three months, while the SPDR Energy Select Sector ETF has shed 5.8% and the S&P 500 has gained 1.3%.

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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From:: Stock Market News

Specialty chemicals company Ashland Global Holdings Inc. said Tuesday it is reviewing options for its composites segment, along with a butanediol (BDO) manufacturing facility in Marl, Germany. BDO is a colorless liquid that is used as a solvent or in the manufacturing of plastics and elastic fibers. “Ashland intends to evaluate all options with respect to these assets, including a potential sale,” the company said in a statement. It will retain its BDO plant in Lima, Ohio, to ensure it had a supply for its own needs. The company said it would use the proceeds of any deal for debt reduction and to buy back shares. The company’s board has approved a new $1 billion share buyback program. Shares were not yet active premarket, but have gained 21% in the last 12 months, while the S&P 500 has gained 14%.

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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Roku Inc. said Tuesday the Roku Channel will be available as an app on select Samsung smart TVs in the U.S. later this summer. The Roku Channel features films from its content partners and is ad-supported, offering about half the advertising per programming hour as is shown on traditional TV. Roku completed its initial public offering last September to some fanfare, but the stock has struggled in recent months. It was up 4.8% premarket, but is down 35% in 2018 to date, while the S&P 500 has gained 1.5%.

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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FedEx Corp. said Tuesday that it will put 500 FedEx Office locations in select Walmart Inc. stores over the next two years. Customers will be able to pack, ship and print from the locations. Customers can also send packages to any Walmart-based Fedex Office location to store for up to five business days. The two companies piloted the program in 47 locations in six states. The effort is part of an expansion of the FedEx network. FedEx shares are up nearly 30% for the last year while Walmart shares are up 25% for the period. The Dow Jones Industrial Average is up 17.7% for the last 12 months, outpacing the S&P 500 index , which has risen 14.3% for the period.

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Shares of Oracle Corp. sank 8.4% in premarket trade Tuesday, after the software company’s fiscal third-quarter results prompted downgrades by Wall Street analysts. The company reported late Monday profit that beat expectations but sales that missed, amid disappointing growth in its cloud computing business. Stifel Nicolaus analyst Brad Reback cut his rating to hold, after being at buy since at least June 2015, saying the “lackluster” results come in face of strong results from other software companies, including Microsoft Corp. , Salesforce.com Inc. and Adobe Systems Inc. . He said even Oracle’s profit beat was driven largely by a lower-than-expected tax rate. KeyBanc Capital’s Monika Garg downgraded Oracle to sector weight from overweight. Garg said the transition to the cloude is taking “much longer to play out” then expected, after a third-straight quarter that cloud results and guidance has disappointed, and as execution risk has increased given “larger cloud competitors are growing faster.” The stock has rallied 14.9% over the past 12 months, while the technology-heavy Nasdaq 100 has run up 26.8% and the S&P 500 has gained 14.3%.

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Chinese peer-to-peer lender Golden Bull priced its initial public offering Tuesday at $4 a share. The company sold 1.55 million shares to raise $6.2 million. Underwriter ViewTrade Securites Inc. has a 45-day option to buy up an additional 232,500 shares. The stock will start trading later Tuesday on the Nasdaq, under the ticker symbol “DJNR.” Proceeds of the deal will be used to expand marketing in China to reach more potential borrowers and lenders, according to the company’s prospectus. The company is also planning to beef up its online platform and mobile app and will use about $600,000 to hire additional employees. Golden Bull arranges loans of 30 days to 90 days secured by borrower’s cars, according to its prospectus.

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Shares of Children’s Place Inc. were indicated down more than 5% in premarket trade Tuesday, as a sales miss and downbeat outlook offset a profit beat, a new stock buyback program and a raised dividend. For the quarter to Feb. 3, the childrens apparel retailer swung to a net loss of $9.9 million, or 57 cents a share, from a profit of $34.2 million, or $1.86 a share, in the same period a year ago. Excluding non-recurring items, such as a $51.8 million charge resulting from recent tax legislation, adjusted earnings per share came to $2.52, above the FactSet consensus of $2.49. Revenue rose to $570.0 million from $520.8 million, but was below the FactSet consensus of $572.0 million, as same-store sales growth of 8.2% missed expectations of an 8.5% rise. The company expects first-quarter EPS to rise to $2.12 to $2.22 from adjusted EPS of $1.95 a year ago, compared with the FactSet consensus of $2.39. Separately, the company set a new $250 million stock repurchase program and increased the quarterly dividend by 25% to 50 cents a share, with the new dividend payable April 27 to shareholders of record on April 16. The stock has gained 1.1% over the past three months through Monday, while the SPDR S&P Retail ETF has lost 1.8% and the S&P 500 has gained 1.3%.

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A package reportedly exploded outside a FedEx Inc. depot in Schertz, Texas, just after midnight on Monday, injuring one employee, according to media reports. The Federal Bureau of Investigation is investigating the blast, and agents believe that it’s likely is linked to four other bombs that have gone off in recent weeks in Austin, the Associated Press reported. Two people have died so far from those blasts, and investigators have been hunting for what they believe is a “serial bomber.” Three of those devices were believed to have been hidden inside packages, while another blast involving a tripwire occurred in a residential neighborhood of Austin on Sunday evening, injuring two persons.

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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