Select Energy Services sets terms for IPO to raise up to $190.8 million before options

Select Energy Services said in a filing Wednesday that it expects its initial public offering of shares to price between $15 and $18 a share. The provider of water services to the oil and gas industry is offering 10.6 million shares of Class A common stock to raise up to $190.8 million. Including options granted to underwriter to cover overallotments, the company could sell 12.19 million shares to raise up to $219.4 million. The stock was approved to list on the NYSE under the ticker symbol “WTTR.” The lead underwriters of the offering are Credit Suisse, FBR and Wells Fargo Securities.

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Tesla investors seek more independent board members

A group of major Tesla Inc. shareholders is pressing the electric-car maker to add two additional, independent board members, according to a report Tuesday. The investors say five of six current board members have personal or business ties with Tesla co-founder and chief executive Elon Musk, according to a report by Bloomberg News, presenting possible conflicts of interest. “A thoroughly independent board would provide a critical check on possible dysfunctional group dynamics, such as groupthink,” the investors said Monday in a letter to Tesla. The group of five investors includes the influential California State Teachers’ Retirement System and collectively hold more than $720 billion in assets. A Tesla spokesperson told Bloomberg that it is “actively engaged” in a search for independent board members and expects to announce “new additions fairly soon.”

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Fox News host Bill O’Reilly announces vacation amid advertiser revolt

Embattled Fox News host Bill O’Reilly announced Tuesday he’s going on vacation for about a week. O’Reilly said on the air that the vacation was pre-planned, and he expects to return April 24. His popular show, “The O’Reilly Report,” has been hit hard by an advertiser boycott following a New York Times report earlier this month that $13 million has been paid out over the years to settle five sexual harassment lawsuits against him. Tuesday night’s show had just 10 advertisers, down from a typical 33, according to Variety. While ratings for the show have not worsened, New York Magazine reported that Tuesday’s show may have been O’Reilly’s last.

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Neurocrine surges after FDA approval for neurological disorder medication

Shares of Neurocrine Biosciences Inc. surged in Tuesday’s extended session after the biotechnology company said it received Food and Drug Administration approval for Ingrezza to treat tardive dyskinesia, a neurological disorder. Ingrezza “is the first and only FDA-approved product indicated for the treatment of adults with TD,” said the company in a statement. Neurocrine shares jumped 13% after hours.

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NuStar Energy agrees to buy Navigator Energy for $1.5B in Permian Basin deal

NuStar Energy LP said late Tuesday it had agreed to buy midstream operator Navigator Energy Services LLC for $1.48 billion. Navigator owns and operates crude-oil transportation, pipeline gathering, and storage assets located in West Texas’ Permian Basin. The deal is expected to close next month, subject to regulatory approvals and other conditions, the company said. The acquisition marks “NuStar’s entry into one of the most prolific basins in the United States,” CEO Bradley C. Barron said in a statement. Shares of NuStar fell 7% in late trading after ending the regular session up 0.1%.

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Christie calls for suspension of airline overbooking authority

New Jersey Gov. Chris Christie said the U.S. Transportation Department should suspend overbooking authority until a thorough review can be done. In a letter to Transportation Sec. Elaine Chao, the Republican governor pointed out that United operates 70% of its flights from Newark airport and said the overbooking practice has become “unconscionable.” He said passengers should not be subject to bumping except in the most extreme circumstances and not to accommodate employees of United Airlines. Christie has gone further than other Republicans in Congress and in the White House.

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PC market appears more stable, HP said to retake throne

The market for personal computers appears to be stabilizing but still suffering from a drop-off in consumer demand, according to reports from two major analysis firms. International Data Corp. and Gartner differed on whether overall PC shipments declined or increased year-over-year, but the move was not large in either report, a change from severe declines in the past few years. IDC reported that PC shipments gained 0.6% from the first quarter of 2016, the first year-over-year increase the company has tracked since 2012. Gartner — which, unlike IDC, does not count Chromebooks in its PC studies — reported a 2.4% decline. The two reports also differed on the top PC company: Gartner reported that Lenovo Group Ltd. narrowly maintained its lead, while IDC proclaimed that HP Inc. took back the top spot for the first time since losing it to Lenovo in 2013. Gartner did say that HP had the best gains among the PC giants, increasing sales 6.5% to top Apple Inc.’s 4.5% increase. The two reports agreed that businesses are keeping the PC industry alive as consumers continue to put off PC purchases, and don’t expect that to change much. “Winners in the business segment will ultimately be the survivors in this shrinking market,” Mikako Kitagawa, principal analyst at Gartner, said. “Vendors who do not have a strong presence in the business market will encounter major problems, and they will be forced to exit the PC market in the next five years.” Kitagawa noted that Lenovo, HP and Dell appear to be poised well, while Apple can rely on specific verticals for survival.

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API data show weekly U.S. crude supplies down 1.3 million barrels: sources

The American Petroleum Institute late Tuesday reported a decline of 1.3 million barrels in U.S. crude supplies for the week ended April 7, according to sources. The API data also showed a drop of 3.7 million barrels in gasoline supplies and a fall of 1.6 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast an increase of 125,000 barrels in crude inventories. May crude was at $53.40 a barrel in electronic trading, unchanged from the contract’s settlement on the New York Mercantile Exchange.

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Procter & Gamble increases dividend by 3%

The Procter & Gamble Co. late Tuesday said its board of directors has authorized a 3% dividend increase to 68.96 cents a share payable May 15 to shareholders of record April 21. That’s the 61st straight year that the consumer products company increased its dividend. Shares rose 0.1% in late trading after ending the regular trading session up 0.4%.

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Dow’s decline belies bullish market breadth

The Dow Jones Industrial Average dropped 30 points in afternoon trade, but market internals suggest the broader stock market was actually rising. The number of advancing stocks was beating the number of decliners by a 1,657-to-1,244 margin on the NYSE and by a 1,505-to-1,161 score on the Nasdaq exchange. The story was very different for the Dow, which saw 22 of 30 components lose ground. Most other major market indexes also declined, with the S&P 500 down 0.3% and the Nasdaq Composite shedding 0.4%. Among the few gaining market trackers, the Russell 2000 , which tracked small-capitalization stocks, climbed 0.6%.

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