Tag: stock market

Dentsply Sirona Inc. announced Monday sweeping leadership changes, as Chief Executive Jeffrey Slovin, Executive Chairman Bret Wise and Chief Operating Officer Christopher Clark have all resigned. The dental products maker said in a statement that the resignations were “not related to any issues or disagreements regarding the company’s financial disclosures, accounting policies and practices.” Dentsply named Mark Thierer as interim CEO and Bob Size as interim COO, and named Eric Brandt as non-executive chairman. The company reiterated its adjusted earnings per share guidance of $2.65 to $2.75, which surrounds the FactSet consensus of $2.69. “Dentsply Sirona’s Board of directors strongly believes that the Company is well-positioned to achieve its business objectives and deliver value for its shareholders, and that new leadership is critical to achieving success,” Brandt said. The stock, which was inactive in premarket trade, has tumbled 7.8% over the past three months, but edged up 0.6% over the past 12 months. The S&P 500 has climbed 16% over the past 12 months.

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International Paper Co. said Monday it agreed with Prudential Insurance Company of America to buy a group annuity contract and transfer $1.3 billion of its U.S. qualified pension plan benefit obligations. Prudential will assume responsibility for pension benefits and annuity administration for about 45,000 former employees, or their beneficiaries, who are receiving less than $450 in monthly benefit payments. The deal is expected to close on Oct. 3. International Paper expects to record a $400 million pension settlement charge in the fourth quarter. “First and foremost we are committed to ensuring our retirees’ benefits are secure and maintained,” said Chief Financial Officer Glenn Landau. “This transaction achieves that goal, while at the same time enabling International Paper to better manage future costs associated with our pension plan.” International Paper’s stock has gained 7.1% year to date through Friday, while Prudential’s stock has edged up 2.2% and the S&P 500 has climbed 12.5%.

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Cal-Maine Foods Inc. reported Monday a fiscal first-quarter net loss which narrowed to $16.0 million, or 33 cents a share, from $30.9 million, or 64 cents a share, in the same period a year ago. The FactSet consensus was for a per-share loss of 18 cents. Revenue for the quarter to Sept. 2 rose to $262.8 million from $239.8 million, missing the FactSet consensus of $264.1 million. Dozens of eggs sold increased to 249,464 from 242,325 and the net average selling price per dozen increased to $1.017 from $0.952, while the net average price of specialty eggs decreased to $1.878 per dozen from $1.973. “While we are disappointed to report a loss for the quarter, we are encouraged by the year-over-year improvement in our performance,” said Chief Executive Dolph Baker. “Our results reflect continued solid retail demand and a modest increase in both volumes and prices compared with the first quarter of fiscal 2017.” The stock, which was inactive in premarket trade, has climbed 3.8% over the past three months while the S&P 500 has gained 4.0%.

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A gunman opened fire at a country-music concert in Las Vegas on Sunday evening, causing scenes of panic and chaos in the crowd, according to reports on news and social media. Police in Las Vegas said they are “investigating reports of an active shooter near/around Mandalay Bay Casino,” asking people to avoid the area. Parts of Interstate 15 freeway were closed off, and some flights destined for McCarran Airport in Las Vegas have been diverted. So far, 20 people have been treated for gunshot wounds, a hospital spokesperson said, the BBC reported

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Altice USA cable customers can breathe easy — they won’t lose their ESPN. The cable company and Walt Disney Co. reached a tentative agreement late Sunday to keep ESPN, ABC and other Disney channels on the air to millions of subscribers in the New York area. The companies had been in a dispute over how much Altice would pay for the Disney channels. “We have reached an agreement in principle and have extended the deadline accordingly to try and finalize the terms,” the companies said in a joint statement. The contract between Disney and Altice, the fourth-largest cable operator in the U.S., expired Saturday.

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The legendary soccer club FC Barcelona opted to play Sunday’s match against Las Palmas before an empty stadium as the city and its Catalonian region descended into chaos over an independence referendum that the Spanish Constitutonal Court had ruled illegal. Leo Messi scored two goals in a 3-0 league win over the Canary Islands side. FC Barcelona decided just 25 minutes before kickoff to play behind closed doors at the 99,000-plus-capacity Camp Nou, according to a BBC report, after the La Liga rejection of a club request that the match be postponed in light of the atmosphere outside the ground, which by then reportedly featured a violent national-police crackdown on demonstrators and voters. The league, according to the BBC report, was believed to have threatened a penalty against league-table leader Barcelona equivalent to a stripping away of two victories for a unilateral decision to postpone the match.

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Two women were killed Sunday at a train station in Marseille, France, by an attacker with a knife, according to media reports. The assailant was shot dead by police, but not before he stabbed one woman to death and cut the throat of the other woman, the BBC reported. The station has been evacuated, and an investigation has been opened, according to officials, the Associated Press reported.

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A top Mormon leader reaffirmed the religion’s opposition to same-sex marriage on Saturday during a conference watched by members around the world, the Associated Press reported. Dallin Oaks, a member of a top governing body called the Quorum of the Twelve Apostles, urged members to follow church teachings that dictate marriage should be reserved for heterosexual men and women. He said that’s the ideal home for children to be raised. He acknowledged that view contradicts federal protections under legalized gay marriage in the United States. “We have witnessed a rapid and increasing public acceptance of cohabitation without marriage and same-sex marriage. The corresponding media advocacy, education and even occupational requirements pose difficult challenges for Latter Day Saints,” Oaks said, according to the AP. “We must try to balance the competing demands of following the gospel law in our personal lives and teachings even as we seek to show love for all.” After the Utah-based church received backlash in 2008 for helping lead the fight for California’s Proposition 8 constitutional ban on gay marriage, religious leaders have said they had worked to develop a more empathetic LGBT tone, but in 2015 the church adopted new rules banning children living with gay parents from being baptized until age 18.

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A Texas chemical plant where flooding during Hurricane Harvey caused multiple explosions is under criminal investigation. The Houston Chronicle reported late Friday that the Harris County district attorney’s office confirmed it had opened a criminal investigation into Arkema’s actions before the explosions that sent fire and columns of black smoke shooting into the air. Authorities had evacuated a 1.5-mile radius around the plant in Crosby, about 25 miles northeast of Houston. In at least one separate case, first responders are suing the company, claiming they were left vomiting and gasping for breath because of the fumes from the explosion of volatile organic peroxides. Their suit says Arkema did not have proper procedures to keep the chemicals cooled in case of a flood or emergency. Arkema declined to comment on the suits or the investigation to the Chronicle, but has repeatedly said the explosions did not pose a safety concern if residents obeyed the evacuation.

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The Securities and Exchange Commission charged a businessman and two of his companies for defrauding investors in an alleged initial coin offering scheme, the agency said late Friday. The SEC said it charged Maksim Zaslavskiy along with REcoin Group Foundation and DRC World with selling unregistered cryptocurrency securities reputedly backed by investments in real estate and diamonds, when it found no such investments had taken place. The SEC said it obtained an emergency court order to freeze the assets of Zaslavskiy and his companies.

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