Tag: stock market

Ford Motor Co. said Tuesday it will introduce more than 50 new vehicles in China by 2025. The automaker’s China growth plan includes the assembly of five more vehicles in China, starting in 2019, and an increase in engineering and research and development capabilities locally to support the growth plan. The new vehicles in China will include eight SUVs, at least 15 electrified vehicles from Ford and Lincoln and the Zotye-Ford JV will launch a new range of affordable all-electric vehicles. Ford said it will continue to work with China-based internet company Baidu Inc. to develop driverless cars. “China is not only the largest car market in the world, it’s also at the heart of electric vehicle and SUV growth and the mobility movement,” said Chairman Bill Ford. The stock, which tacked on 0.3% in premarket trade, has rallied 11% over the past three months, while the shares of rival General Motors Co. have climbed 16% and the Dow Jones Industrial Average has gained 12%.

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Sealed Air Corp. said Tuesday it is raising the prices of its food care products in Europe, the Middle East and Africa by 2.5% to 5.0% effective Jan. 1, 2018. “The price adjustment is the result of escalation of notable increases in the Company’s raw materials costs including a 19% rise in the price of polyethylene, a 16% rise in nylon and a 35% rise in polystyrene as well as other non-materials costs such as power, labor and transportation in the range of 1-4%,” Karl R. Deily, President of Sealed Air Food Care division, said in a statement. Switzerland and the U.K. are exempted, because the company raised prices there earlier this year. The changes include increases on all shrink bags, rollstock products, food films and vertical pouch packaging. Shares were not yet active premarket, but are up 6% in 2017, while the S&P 500 has gained 18%.

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McDonald’s Corp. said Tuesday it will launch a new value menu with $1, $2 and $3 menu options, in participating restaurants beginning Jan. 4. Each menu tier will include breakfast, burger, chicken and drink options. The $1 menu will include sausage burritos, McChicken and Cheeseburger, and any size soft drink. The $2 menu will include Sausage McGriddles, two-piece buttermilk Crispy Tenders, Bacon McDouble and a small McCafe drink. The $3 menu will include Sausage McMuffin with egg, a new Classic Chicken Sandwich, Triple Cheeseburger and Happy Meal. “We built this new menu with variety and value firmly in mind,” said Chris Kempczinski, president of McDonald’s USA. “Whatever our guests crave – a delicious meal, a new taste, a mid-day snack or a family treat – they will find that $1 $2 $3 Dollar Menu provides them with value and choice.” McDonald’s gained 1% i premarket trade. It has run up 40% year to date through Monday, while the Dow Jones Industrial Average has climbed 23%.

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G-III Apparel Group Ltd. shares surged 6% in premarket trade Tuesday, after the company topped profit estimates for the third quarter and raised its guidance for the full year. The company said it had net income of $81.6 million, or $1.65 a share, in the quarter, up from $70.6 million, or $1.50 a share, in the year-earlier period. Excluding charges relating to the acquisition of Donna Karan International which closed in December of 2016, the company had EPS of $1.67, well ahead of the $1.54 FactSet consensus. Sales rose 16% to $1.02 billion, compared with a FactSet consensus of $1.03 billion. The company said it is now raising its full-year profit guidance and expects EPS of $1.33 to $1.43, up from prior guidance of $1.11 to $1.21. Adjusted EPS is forecast at $1.42 to $1.52, up from prior guidance of $1.28 to $1.38. The company is expecting operating losses of about $23.9 million and additional interest expense of $22.8 million relating to the Donna Karan business. Shares have gained 2% in 2017 through Monday’s close, while the S&P 500 has gained 18%.

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Buckle Inc. said it will pay a special cash dividend of $1.75 a share, on Jan. 26 to shareholders of record on Jan. 12. With 48.9 million shares outstanding, that represents a cash payout of about $85.5 million The apparel and accessories retailer said that is in addition to its regular quarterly dividend of 25 cents a share, which is also payable Jan. 25 to shareholders of record on Jan. 12. Separately, the company said it elected Chief Financial Officer Thomas Heacock to its board of directors. The stock, which was still inactive in premarket trade, has soared 50% over the past three months, but has lost 4.6% year to date. In comparison, the SPDR S&P Retail ETF has gained 1.0% year to date and the S&P 500 has climbed 18%.

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Mastercard Inc. on Monday announced a quarterly cash dividend of 25 cents per share, a 14% rise over its prior payout of 22 cents. The payments company also announced a new $4 billion stock buyback plan, saying it will take effect after its current $4 billion repurchase program, which has $1.5 billion remaining, is finished. Shares in Mastercard rose 0.9% Tuesday in thin premarket action.

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President Donald Trump’s former campaign manager, Paul Manafort, and a colleague with ties to Russian intelligence ghostwrote an op-ed touting Manafort’s work in Ukraine, according to a court filing Monday by prosecutors working with special counsel Robert Mueller’s investigation. According to the filing, Manafort, who was indicted by Mueller’s team in October, was working on the article as recently as last week, and hoped it would influence public opinion of him. It was unclear what name the op-ed would use as the author, or what publication it was to appear in. Prosecutors argued the article violated a gag order on the case, and said they now oppose an $11 million bail agreement that was previously reached. Prosecutors said Manafort’s co-writer, who was not named, is a longtime colleague “who is currently based in Russia and assessed to have ties to a Russian intelligence service.” Manafort is currently under house arrest and faces charges including fraud and money laundering.

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Under Armour Inc. late Monday said it named acting Chief Financial Officer David Bergman its permanent CFO, and in a separate statement announced a couple of departures from and one addition to its executive team. The company said it has appointed Michael La Guardia vice president of digital product, responsible for leading digital product development, working with other teams, “to manage the successful creation and execution of Under Armour’s digital products.” La Guardia was most recently head of product for Yahoo Finance and Yahoo Sports. Under Armour also said MyFitnessPal co-founders Mike Lee and Albert Lee will depart Under Armour in January “to pursue their next entrepreneurial ventures.” Under Armour bought the platform in 2015. Under Armour shares were flat in the late session after ending the regular trading day up 1.5%.

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DepoMed Inc. announced Monday afternoon that it will allow Collegium Pharmaceutical Inc. to handle sales of its most lucrative product, the Nucynta line of painkillers, and slash its workforce. DepoMed said that it would take royalties as Collegium markets and sells Nucynta, and eliminate its painkiller salesforce and any brand advertising for the product. The company plans to lay off 40% of its workforce, about 70 employees, and move its headquarters out of Newark, California, to a state on the East Coast or in the Midwest. “Taking these steps, in terms of headcount reductions and office relocation, will provide additional financial and strategic benefits,” DepoMed Chief Executive Arthur Higgins,who took the reins of the company earlier this year after an activist-investor battle, said in a prepared statement. DepoMed will receive a minimum royalty of $135 million a year while cutting $70 million in annual expenses, the company said. Through nine months of this year, DepoMed has reported $183.3 million in Nucynta sales, more than half of its $286.3 million in total revenue. DepoMed and Collegium shares were both halted in late trading ahead of the announcement at 4:25 p.m. Eastern time and were expected to begin trading again at 5 p.m. Eastern time.

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The Securities and Exchange Commission charged California-based audit firm Anton & Chia LLP with conducting flawed audits and reviews of financial statements for microcap companies Accelera Innovations Inc., Premier Holding Corp., and CannaVEST Corp. Accelera’s public filings, for example, allegedly included revenue, assets, and liabilities from an entirely different company and Anton & Chia allegedly facilitated the fraud. Anton & Chia’s co-owners Gregory A. Wahl and Georgia Chung as well as former partner Michael Deutchman and former audit manager Tommy Shek are being charged along with the firm for their roles in the audits and/or interim reviews. Accelera Innovations Inc. , Premier Holding Corp. , and CannaVEST Corp. have been charged with fraud by the SEC. Anton & Chia partner Richard J. Koch and former partner Rahuldev Gandhi have already settled SEC charges for their roles in the audits and interim reviews by agreeing to pay $15,000 penalties and been suspended from appearing and practicing before the SEC as an accountant for five and three years, respectively.

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