Tag: stock market

The selloff that rocked the technology sector at the end of last week looks set to continue, as shares of the so-called FAANG stock are all lower in premarket trade Monday. Facebook Inc.’s stock shed 1.1% in premarket trade, after falling 3.3% on Friday. Apple Inc. shares slumped 2.4% ahead of the open, with help from a downgrade at Mizuho to neutral from buy, after tumbling 3.9% on Friday. Shares of Amazon.com Inc. dropped 1.3%, Netflix Inc. shed 1.9% and Google parent Alphabet Inc. declined 0.8% in premarket trade. The SPDR Technology Select Sector ETF lost 1.2% ahead of the open, after losing 2.5% on Friday. Nasdaq 100 Index futures were down 1.1%, while S&P 500 futures eased 0.3%.

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The Queen’s Speech that had been planned for June 19 has been delayed for a few days, according to a BBC report. That speech by the monarch is typically part of a state opening of parliament, marking the formal start of the legislative year as the government sets out its agenda. The delay comes as the U.K. faces the prospect of prolonged political uncertainty after last week’s inconclusive election cast doubt on Prime Minister Theresa May’s ability to stay in office or govern effectively. A delay to the opening of parliament would give May’s Conservative Party more time to negotiate with a potential ally, the Democratic Unionist Party, after it had to backtrack over the weekend on a statement it had reached a deal with the Northern Irish party.

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Mack-Cali Realty Corp. said Monday it will raise its quarterly dividend by 33% to 20 cents a share, from 15 cents a share, marking the first increase since 2006. The new dividend will be payable July 14 to shareholders of record on July 6. Based on Friday’s stock closing price of $27.62, the new annual dividend rate implies a dividend yield of 2.90%, compared with the SPDR Real Estate Select Sector ETF’s implied yield of 3.71% and the aggregate S&P 500 yield of 1.99%, according to FactSet. “We feel that our operations, specifically distributable cash flow, have improved significantly to the point that we felt that our shareholders should receive an increase on their cash return,” said Mack-Cali Chief Executive Michael DeMarco. The stock, which was still inactive in premarket trade, has shed 4.8% year to date, while the real estate ETF has gained 4.7% and the S&P 500 has tacked on 8.6%.

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Of all companies that remain in the Dow Jones Industrial Average since Sept. 7, 2001, when Jeffrey Immelt took over as chief executive officer of General Electric & Co. , GE’s stock has been by far the worst performer, and one of only two that have declined. GE’s stock has plunged 29.6% since Immelt took control through Friday, while the second-worst performer, which is AT&T Inc. shares , has lost 5.4%. Meanwhile the Dow has more than doubled, rising 121.5%, and the best performer has been McDonald’s Corp.’s stock , which has soared more than five-fold, or 405.6%. GE has sold off $198 billion worth of assets since it announced its GE Capital Exit Plan in April 2015, as the company looked to shift its focus on its industrial businesses. The stock surged 4.2% in active premarket trade Monday, after GE announced Immelt was retiring. Year to date, it has shed 11.6%, while the SPDR Industrial Select Sector ETF has gained 9.1% and the Dow has tacked on 7.6%.

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Golden Entertainment Inc. said Monday it will buy American Casino & Entertainment Properties LLC for $850 million. Under terms of the deal, Golden Entertainment will pay $781 million in cash and and four million Golden Entertainment shares to American Casino’s current owner, private-equity fund Whitehall Street Real Estate Partners 2007. American Casino operates three properties in Las Vegas and a property in Laughlin, Nev. The deal is expected to close by the end of 2017. “This transaction significantly increases the size of our operations and allows us to access the capital markets more efficiently while enhancing our ability to further expand our leading presence in distributed gaming,” said Chief Financial Officer Charles Protell. The stock, which was been halted for news until 7:30 a.m. ET, has soared 40% year to date through Friday, while the S&P 500 has gained 8.6%.

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Jeff Immelt is retiring and will be replaced as chief executive of GE by John Flannery as of Aug. 1, the industrial conglomerate said Monday. Immelt will stay on as chairman of the board through the end of his retirement from the company on Dec. 31, 2017, GE said in a statement. Flannery will then be CEO and chairman, effective Jan. 1, 2018. Flannery is currently president and CEO of GE Healthcare. GE also announced that Jeff Bornstein, currently chief financial officer at GE, has been promoted to vice chair of the company. GE shares rose 2.2% in premarket trade after the news.

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From:: Stock Market News

Jeff Immelt is retiring and will be replaced as chief executive of GE by John Flannery as of Aug. 1, the industrial conglomerate said Monday. Immelt will stay on as chairman of the board through the end of his retirement from the company on Dec. 31, 2017, GE said in a statement. Flannery will then be CEO and chairman, effective Jan. 1, 2018. Flannery is currently president and CEO of GE Healthcare. GE also announced that Jeff Bornstein, currently chief financial officer at GE, has been promoted to vice chair of the company. GE shares rose 2.2% in premarket trade after the news.

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Alleging violation of constitutional anti-corruption clauses, District of Columbia and Maryland’s attorney generals plan to announce a lawsuit against President Donald Trump on Monday, according to media reports. The suit will claim that Trump violated a constitutional provision called the emoluments clause, which states U.S. officials can’t accept gifts or benefits from foreign governments. “The emoluments clauses command that… the president put the country first and not his own personal interest first,” said Maryland Attorney General Brian E. Frosh (D), in comments to the Washington Post. Along with D.C. Attorney General Karl A. Racine (D), they say Trump has failed to separate his duties as president from his private businesses.

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The Pittsburgh Penguins won their second straight NHL Stanley Cup championship Sunday night, defeating the Nashville Predators, 2-0, in Game 6, to win the series four games to two. The Penguins broke the game open in the final minutes Sunday in Nashville, Tenn., when Patric Hornqvist ended a scoreless tie with just over two minutes left in the game. Carl Hagelin scored an empty-net goal about a minute later. It was the fifth Stanley Cup title for the Penguins, who became the first team to defend their championship since the Detroit Red Wings in 1997-’98. Sidney Crosby won his second straight Conn Smythe trophy, as the postseason’s most valuable player. It was Crosby’s third NHL championship.

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Rafael Nadal won the French Open for a record 10th time Sunday, easily dispatching 2015 champion Stan Wawrinka 6-2, 6-3, 6-1, in Paris. It was the 15th career Grand Slam victory for Nadal, 31, who now trails only Roger Federer, who holds the all-time mark with 18. After years of nagging injuries, Nadal continued his dominance on clay courts — the Spaniard is 79-2 in his French Open career, and 102-2 on clay courts overall. Speaking of dominance, Nadal’s run at Roland Garros was one of the most impressive in history — he did not lose a set in any of his seven matches, and dropped just 35 games overall, the second-fewest ever in a Grand Slam.

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