Tag: stock market

Shares of MoviePass-owner Helios & Matheson Analytics Inc. were up nearly 9% in premarket trade after the data and technology company said it would raise $100 million in convertible notes in order to increase its stake in MoviePass. The conversion price of the notes is $12.06 per share. The deal will allow Helios and Matheson to pay the remaining $5 million balance the company owes MoviePass after closing its previous securities purchase agreement back in August. The financing will also be used to pay MoviePass an additional $20 million to exercise its option to increase its investment in the movie theater subscription service. Canaccord Genuity served as the sole placement agent for the financing, and Palladium Capital Advisors acted as a financial advisor to Helios and Matheson in the financing. “This investment should allow us to further augment our data science capabilities and platform to respond to the needs of studios and exhibitors and their challenges in better understanding their customers,” MoviePass Chief Executive Mitch Lowe said in a statement. MoviePass recently said its subscriber base has reached 600,000; up from 20,000 before its subscription price cut back in August. Shares of Helios and Matheson are up more than 192% in the year to date, while the S&P 500 index is up close to 16% and the Dow Jones Industrial Average is up more than 19%.

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

Michael Kors Holdings Ltd. shares rose 9.3% premarket on Monday after the company reported second-quarter profit and revenue beats. Earnings for the latest quarter rose to $202.9 million, or $1.32 per share, from $160.9 million, or 95 cents per share in the year-earlier period. Adjusted earnings-per-share were $1.33, above the FactSet consensus of 83 cents. Revenue rose to $1.15 billion from $1.09 billion, above the FactSet consensus of $1.05 billion. Michael Kors also raised its 2018 profit and revenue outlook. The company now expects 2018 revenue of about $4.59 billion, which include $215 million to $225 million of Jimmy Choo revenue, compared with previous guidance of $4.28 billion; Michael Kors also expects 2018 earnings of $3.85 to $3.95, compared with previous guidance of $3.62 to $3.72. The company also expects third-quarter 2018 revenue of $1.36 billion to $1.39 billion, including $105 million to $110 million of Jimmy Choo revenue, and third-quarter EPS of $1.22 to $1.27, including 4 cents of expected dilution from Jimmy Choo. Michael Kors shares have surged 29.4% over the last three months, compared with a 4.5% rise in the S&P 500 .

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 Advanced Micro Devices Inc. shot up 7.4% in active premarket trade Monday, after The Wall Street Journal reported that the graphics chip maker was teaming up with long-time rival Intel Corp. to fend off their common competitor Nvidia Corp. . Trading volume in AMD topped 3.5 million shares with less than 40 minutes before the open, making the stock the second-most actively traded in the premarket. Intel’s stock gained 1.5% while Nvidia shares shed 1.4%. AMD’s stock recently changed hands at $11.94, which would put it on track to retrace about 33% of what the stock had lost since reporting disappointing third-quarter results. AMD’s stock has lost 1.9% year to date through Friday, while Intel shares have rallied 27%, Nvidia’s stock has soared 96%, the PHLX Semiconductor Index has climbed 43% and the S&P 500 has advanced 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

Federal Reserve Bank of New York President William Dudley will retire next year, around six months earlier than scheduled, the Fed’s regional New York bank confirmed Monday in a statement. A search for Dudley’s successor will start with an eye toward the finding one in mid-2018. Dudley’s term ends in January of 2019 when he reaches a 10-year policy limit in the role, a release from the FBoNY said. “I have deeply appreciated Bill Dudley’s enormous contributions to the [Federal Open Market Committee], his wise counsel and warm friendship throughout the years of the financial crisis and its aftermath,” said Fed Chairwoman Janet Yellen in the Moonday statement. “The American economy is stronger and the financial system safer because of his many thoughtful contributions. The Federal Reserve System and the country owe him a debt of gratitude.” The announcement comes after President Donald Trump last week nominated Fed. Gov. Jerome Powell to replace Yellen when her term as head of the U.S. central bank ends in February. Powell’s policy stance is considered to be mostly aligned with his would-be predecessor. Dudley’s retirement is believed to be unrelated to Yellen’s expected departure from the Fed.

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 Qualcomm Inc. rallied 3.8% in active premarket trade Monday, as the chip maker confirmed it received an unsolicited buyout bid from Broadcom Ltd. . Volume topped 2.5 million shares less than 90 minutes before the open, compared with the full-day average of 10.9 million shares. The stock recently traded at $64.18, or 8.3% below Broadcom’s bid of $70 a share. Broadcom’s stock climbed 2.5% ahead of the open. “The Qualcomm board of directors, in consultation with its financial and legal advisors, will assess the proposal in order to pursue the course of action that is in the best interests of Qualcomm shareholders,” Qualcomm said in a statement. “Qualcomm will have no further comment until its board of directors has completed its review.” Qualcomm’s stock has shed 5.2% year to date through Friday, while Broadcom shares have soared 55%, the PHLX Semiconductor Index has run up 43% 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

Sprint Corp. and cable and internet provider Altice USA Inc. entered into a multi-year wireless partnership over the weekend that will help Altice provide phone and data services to its customers. Shares of Sprint were fell nearly 12% in premarket trade on Monday. The deal, which mirrors a mobile pact Comcast Corp. has with Verizon Communications Inc. , came a day after Sprint’s potential merger talks with T-Mobile US Inc. came to an end over the weekend without a deal. T-Mobile shares were down 5%, while shares of Verizon were down more than 2% and AT&T Inc. shares were down more than 1%. Under the Sprint-Altice agreement, Sprint will allow Altice to use Sprint’s mobile network to sell service in which Altice will control mobile features, functionality and customer experience. In exchange, Sprint will use Altice’s broadband infrastructure to shore up its network. “As content and connectivity continue to converge, we believe this approach will be a model for future strategic arrangements across multiple industries including cable, tech and others.” Shares of Sprint have declined nearly 21% in the year to date. Shares of Altice, which were inactive in premarket trade, are down more than 30% in the last three months. By comparison, the S&P 500 index is up more than 4% in the last three months and nearly 16% in the year so far, while the Dow Jones Industrial Average is up nearly 7% in the trailing three months and more than 19% in the 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

Valeant Pharmaceuticals International Inc. shares rose 2.4% premarket on Monday after the company said it will divest its Sprout Pharmaceuticals subsidiary, which makes the “female Viagra” drug Addyi, to “a buyer affiliated with former shareholders of Sprout.” Under the deal, Valeant will receive a 6% royalty on worldwide sales of Addyi beginning 18 months from the sale agreement’s signing, Valeant will no longer — as required under the original transaction — have to split future profits with the former shareholders or pay for marketing and other expenditures. Valeant bought Addyi in 2015 for $1 billion, but the product has not sold as well as expected, and Valeant announced a plan to relaunch the drug earlier this year. Some have said Addyi, which is supposed to treat low sexual desire in women, didn’t sell well because Valeant didn’t market the drug aggressively enough, while others have said that the drug simply doesn’t work for women. Litigation against Valeant will also be dismissed, the company said. Valeant will also provide a $25 million loan to fund initial operating expenses for the deal, which is expected to close by the end of the year. Valeant shares have dropped 24% over the last three months, compared with a 4% rise in the S&P 500 .

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 CVS Health Corp. rose 0.4% in light premarket trade Monday, after the drugstore chain beat third-quarter profit and same-store sales expectations. Net income fell to $1.29 billion, or $1.26 a share, from $1.54 billion, or $1.43 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.50, above the FactSet consensus of $1.48 a share. Revenue rose to $46.18 billion from $44.62 billion, in line with the FactSet consensus of $46.17 billion. Pharmacy same-store sales fell 3.4%, but beat the FactSet consensus for a decline of 3.9%, while the front-end same-store sales decline of 2.8% beat expectations of a 3.4% fall. The company said it expects fourth-quarter adjusted EPS of $1.88 to $1.92, surrounding the FactSet consensus of $1.90. CVS closed 68 retail stores during the quarter. The Wall Street Journal reported in October that CVS has bid to buy Aetna Inc. . CVS shares have shed 11% over the past three months, while the S&P 500 has gained 4.5%.

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.

…read more

From:: Stock Market News

MPM Holdings Inc. on Monday set terms for its planned initial public offering, saying it will see 14.6 million shares at $23 to $25 each. The maker of specialty silicone and fused quartz and specialty ceramics products is planning to list on the New York Stock Exchange under the ticker symbol “MPMH.” J.P. Morgan and Goldman Sachs are lead underwriters on the deal, with Credit Suisse, Deutsche Bank, UBS, Wells Fargo and BMO all acting as joint bookrunners.

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

CBS Corp. said in a filing with the Securities and Exchange Commission that it plans to purchase a group annuity contract, which will require an insurance company to pay out pension payments. The contract will reduce CBS’s outstanding pension benefit obligations by about $800 million, or 20% of the company’s total obligations, according to the filing. As part of the agreement, CBS will record a one-time settlement charge of roughly $365 million in the fourth quarter. The charge reflects the accelerated recognition of a portion of the unamortized losses in the pension plan. CBS also said it plans to make a discretionary $500 million contribution to prefund its qualified plans, expected to be partially funded by long-term debt. Shares of CBS have dropped nearly 13% in the year to date, while the S&P 500 index is up close to 16% and the Dow Jones Industrial Average is up more than 19% during the same time frame.

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