Tag: stock market

Shares of Stitch Fix Inc. rallied in their debut, a pleasant surprise after the online clothing service’s initial public offering priced well below the expected range. The online clothing service’s stock opened at $16.90 at 10:26 a.m. ET, or 12.7% above the $15 IPO price, and was recently trading up 15.0%. The IPO priced late Thursday below the expected range of $18 to $20. Stitch Fix sold 8 million shares in the IPO to raise $120 million before options granted to underwriters. Stitch Fix went public at a time when the Renaissance IPO ETF has gained 9.3% over the past three months and the S&P 500 has tacked on 6.2%.

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Shares of MoviePass majority owner Helios and Matheson Analytics Inc. surged almost 8% Friday, after the company announced its latest offer for the movie theater subscription service. The company is offering a one-year subscription plan for $89.95, or $6.95 a month with a $6.55 processing fee. Existing MoviePass customers will get a 25% savings from their current $9.95 a month plan if they sign up, the company said in a release. The new offer will only be available for a limited time. Helios and Matheson hares have gained 305% in 2017, while the S&P 500 has gained 15%.

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Sen. Lisa Murkowski, the Alaska Republican who opposed her party’s efforts to repeal and replace Obamacare, said her vote on the tax legislation making its way through the upper chamber is content on passing a separate bill to stabilize the individual health insurance market. “If the Congress is going to move forward with repeal of the individual mandate, we absolutely must have the Alexander-Murray piece that is passed into law,” Murkowski said, according to Roll Call. The Senate tax bill includes a provision that would repeal the mandate to buy health insurance or face a tax.

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SailPoint Technologies Holdings Inc. shares rallied in their first day of trading Friday after the enterprise identity-management company priced its initial public offering late Thursday. SailPoint shares surged 21% to $14.46 in early trading. Late Thursday, the Austin, Texas-based company priced its IPO at $12, above the expected range of $9 to $11 a share. The company offered 14.3 million shares with private-equity firm Thoma Bravo and insiders offering another 5.7 million shares.

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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Shares of diesel engine maker Cummins Inc. tumbled 4.1% in morning trade Friday toward a 2 1/2-month low, in the aftermath of Tesla Inc.’s unveiling of its new electric-powered Semi truck. Stifel Nicolaus analyst Michael Baudendistel said at Cummins’ analyst workshop ending Thursday morning–Tesla’s unveiling was after Thursday’s close–Cummins made a case that it was more than just a diesel engine company. In addition, Baudendistel said that Cummins indicated that the vehicle type that was not well suited for electrification is long-haul, over-the-road heavy duty trucks, basically what Tesla unveiled. Cummins’ stock has rallied 17% year to date, while Tesla shares have soared 51% and the Dow Jones Industrial Average has run up 18%.

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U.S. stocks saw a mixed open Friday, with major indexes endangering weekly gains as investors digested more corporate earnings and economic data, while keeping an eye on tax-cut legislation moving through Congress. The S&P 500 fell 0.1% to 2,583, while the Dow industrials declined 82 points, or 0.3%

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Chinese solar company JA Solar Holdings Co. said Friday it has agreed to be taken private by an investor consortium in an all-cash deal with an equity value of about $362.1 million. Holders of the company’s ordinary shares will receive $1.51 per share, while holders of the American Depositary Shares, which represent five shares, will receive $7.55. The price is an 18.2% premium over the closing price of the ADS on June 5, the last trading day before the announcement of the receipt of a going-private proposal. The consortium is headed by Baofang Jin, CEO of the Jinglong, a British Virgin Islands company, and other rollover shareholders. The deal will be financed with a mixture of debt and equity and is expected to close in the first quarter of 2018. Shares were halted for the news, but have gained 44% in 2017, while the S&P 500 has gained 15%.

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Yum Brands Inc. announced Friday a new $1.5 billion stock buyback program. The Taco Bell, KFC and Pizza Hut restaurant chain parent said the program is in addition to prior outstanding authorizations. Based on Thursday’s stock closing price of $78.54, the new program could repurchase 19.1 million shares, which would represent 5.7% of the shares outstanding. Yum’s stock, which was little traded in the premarket, has run up 24.0% year to date, while the S&P 500 has gained 15.5%.

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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From:: Stock Market News

Yum Brands Inc. announced Friday a new $1.5 billion stock buyback program. The Taco Bell, KFC and Pizza Hut restaurant chain parent said the program is in addition to prior outstanding authorizations. Based on Thursday’s stock closing price of $78.54, the new program could repurchase 19.1 million shares, which would represent 5.7% of the shares outstanding. Yum’s stock, which was little traded in the premarket, has run up 24.0% year to date, while the S&P 500 has gained 15.5%.

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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Tesla Inc.’s stock ran up 4.3% in premarket trade Friday, with Morgan Stanley analyst Ravi Shanker saying the “new age of trucking begins today,” after the unveiling of the new Tesla Semi truck. Late Thursday, Tesla unveiled its new semi-autonomous electric-powered big rig, with a 500-mile range per charge, on tap for production in 2019. “The Tesla truck appears to best current diesel truck performance in almost every measurable way,” Shanker wrote in a note to clients. “Comfort and connectivity will likely be unparalleled as well.” He said that while Tesla didn’t announce any launch partners as expected, product development head Jerome Guillen briefly thanked customers for many orders. Earlier Friday, J.B. Hunt Transportation Inc. said it has made reservations to buy “multiple” Semi trucks. Tesla’s stock had fallen 11.2% over the past three months through Thursday, while the Dow Jones Transportation Average has gained 4.8% and the Dow Jones Industrial Average has climbed 7.9%.

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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