Tag: stock market

The U.S.-listed shares of Hong Kong-based Tencent Holdings Ltd. slumped 1.4% in premarket trade Wednesday, knocking the gaming and messaging giant’s market capitalization back below Facebook Inc.’s market cap after climbing above it for the first time the previous session. At Tencent’s current price of $55.10, the market cap would be $523.39 billion, while Facebook shares inched up 0.1% to $181.97 ahead of the open, implying a market cap of $528.77 billion. Tencent is still valued above China-based e-commerce giant Alibaba Group Holding Ltd., as Alibaba shares rose 0.5% in premarket trade to $191.83, for a market cap of $490.30 billion. Tencent’s stock had rocketed 128.5% year to date through Tuesday, while Facebook shares had rallied 58.1%, Alibaba’s stock had climbed 117.4% and the S&P 500 had gained 16.1%.

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

Apple Inc. has acquired Vrvana, maker of an augmented reality headset called Totem, for about $30 million, TechCrunch reported, citing two unnamed sources. The headset got strong reviews, but never shipped, the website reported. Apple declined to comment, but did not deny the story, said TechCrunch. Apple is reported to be preparing to ship an AR headset by 2020. Apple shares were slightly higher in premarket trade, and have gained 49% in 2017, while the Dow Jones Industrial Average has gained 19% and the S&P 500 has gained 16%.

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

Waddell & Reed Financial Inc. said Wednesday that Brent Bloss, who has been chief financial officer since March 2014, will be chief operating officer, effective immediately. Bloss will also serve as CFO until the 2017 annual report is filed. The mutual fund company said it plans to name Benjamin Clouse, who has been chief accounting officer since February 2017, to the CFO role in 2018. Separately, the company said Thomas Butch has stepped down as chief marketing officer. The stock, which was still inactive in premarket trade, has lost 1.6% year to date, while the SPDR Financial Select Sector ETF has rallied 13% and the S&P 500 has gained 16%.

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

Rockwell Automation Inc. said Wednesday its board has unanimously rejected the unsolicited bid for the company from Emerson Electric Co. , determining that it is not in the best interests of shareholders. “Emerson’s proposal undervalues Rockwell Automation and its prospects for continued growth and value creation, presents significant long-term risk for Rockwell Automation’s shareowners, and would create a company that is not well-positioned to compete successfully in the evolving market,” Rockwell said in a statement. Chief Executive Blake Moret said the management team is confident about the company’s strategic direction and ability to create value. The bid is now worth just $218.48 a share, according to Rockwell’s calcuations, based on Emerson’s closing price on November 17, equal to a 16.8% premium to Rockwell’s stock price on October 30, the last trading day before the original bid was made. Last week, Emerson upped that bid to $225 a share in cash and stock. Rockwell shares were down 0.5% in premarket trade, while Emerson was up 0.7%.

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 Deere & Co. shot up 2.4% in premarket trade Wednesday toward a record high, after the farm and construction equipment maker reported fiscal fourth-quarter profit and sales that rose above expectations. Net income for the quarter to Oct. 29 increased to $510.3 million, or $1.57 a share, from $285.3 million, or 90 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was $1.47. Total revenue rose 23% to $8.02 billion, above the FactSet consensus of $7.92 billion. Agriculture and turf sales increased 22% to $5.44 billion, beating the FactSet consensus of $5.35 billion, and construction and forestry sales growth of 37% to $1.66 billion topped expectations of $1.58 billion. The company expects first-quarter equipment sales to grow 38% from a year ago and for 2018 to increased 22%. “We saw higher overall demand for our products with farm machinery sales in South America making especially strong gains and construction equipment sales rising sharply,” said Chief Executive Samuel Allen. The stock has run up 18.5% over the past three months and 35.1% year to date, while the S&P 500 has gained 16.1% so far this 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

Former Bosnian Serb commander Ratko Mladic was found guilty Wednesday of genocide in the 1990s Bosnian war, the BBC and other news outlets reported. Known as the “Butcher of Bosnia,” he faced 11 charges, including crimes against humanity, at the UN tribunal. Mladic, now 74, was convicted of the massacre of more than 7,000 Bosnian Muslim men and boys at Srebrenica in 1995 and the siege of Sarajevo, in which more than 10,000 people died, the BBC reported. Mladic was sentenced to life in prison. Judges had rejected a request by his lawyer to halt the proceedings on health grounds.

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

A U.S. Navy airplane flying to the USS Ronald Reagan aircraft carrier with 11 passengers and crew crashed into the Pacific Ocean on Wednesday, according to multiple published reports. Japan’s defense minister said eight of the people have been found, but it’s unclear if they’re alive, according to an AP report. The C-2 Greyhound plane, which was taking part in a joint U.S.-Japan naval exercise, went down in waters southeast of Japan’s Okinawa island and may have had engine trouble, a Reuters report said.

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

Actor, singer and former teen idol David Cassidy died Tuesday at 67, his publicist announced. Cassidy suffered from dementia and died of organ failure, his publicist, Jo-Ann Geffen said. Known for his good looks and lush hair, Cassidy gained pop culture fame in the early 1970s as a co-star on the TV musical “The Partridge Family,” and in 1970 sang the No. 1 Billboard pop hit, “I Think I Love You.” “On behalf of the entire Cassidy family, it is with great sadness that we announce the passing of our father, our uncle, and our dear brother, David Cassidy,” his family said in a statement released by Geffen. “David died surrounded by those he loved, with joy in his heart and free from the pain that had gripped him for so long. Thank you for the abundance and support you have shown him these many years.”

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

Special counsel Robert Mueller’s investigation into Russian election-meddling is looking into Jared Kushner’s interactions with foreign leaders before President Donald Trump’s inauguration, the Wall Street Journal reported Tuesday. That includes the role Kushner, a top White House adviser and Trump’s son-in-law, played in a United Nations dispute last December involving Israel. The incoming Trump administration had been asked by Israel to intervene to block a resolution condemning Israeli settlements in disputed territories. The resolution eventually passed, after the Obama administration did not move to block it. Kushner originally disclosed earlier this year on his security-clearance application he had no contacts with foreign government officials. He later amended that disclosure three times, admitting more than 100 contacts from more than 20 countries.

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

Portola Pharmaceuticals Inc. shares declined in the extended session Tuesday after the drug maker said the Food and Drug Administration needs more time to review company manufacturing changes to a drug already approved. Portola shares declined 3.5% to $49.01 after hours. Portola said the FDA needs time to review the entire Prior Approval Supplement submission for Bevyxxa, approved to treat venous thromboembolism patients in June. The review time pushes out the release of Bevyxxa to February, given that the FDA is required to act by Jan. 30.

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