Tag: stock market

Shares of DryShips Inc. plummeted 17% in morning trade Monday, after the operator of cargo ships announced a private offering of up to $226.4 million worth of its shares, and a deal to buy six vessels. The company said it may sell the common stock to Kalani Investments Ltd., over the next 24 months. Kalani does not have the right to require the company to sell its shares, and is obligated to buy the stock as directed by DryShips. The company has also agreed to issue up to $1.5 million of its common stock as a commitment fee. Separately, DryShips said it was buying six vessels for $268 million, on built in 2012, two built in 2014 and three currently under construction. The stock has plunged 95% year to date, while the S&P 500 has gained 5.6%.

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From:: Stock Market News

U.S. stocks on Monday kicked off trade slightly higher, with investors set to take cues from a handful of economic indicators and Federal Reserve officials due to speak later. The Dow Jones Industrial Average ticked 27 points, or 0.1%, higher at 20,687, the S&P 500 index was flat at 2,360, while the Nasdaq Composite Index rose 7 points, or 0.1%, at 5,915. In corporate news, shares of Tesla Inc. climbed, with shares on track to begin trade at a seven-week high, after the electric-car maker beat expectations with 25,000 deliveries in the first quarter. Looking ahead, New York Fed President William Dudley is scheduled to speak at an economic press briefing on household borrowing, student debt and homeownership at 10:30 a.m. Eastern. Philadelphia Fed President Patrick Harker will speak on financial technology at the University of Pennsylvania at 3 p.m. Eastern. Richmond Fed President Jeffrey Lacker is scheduled to speak on the Wall Street concept of “too big to fail” at Washington & Lee University in Lexington, Va., at 5 p.m. Eastern. In economic news, the Markit manufacturing purchasing managers index for March is due for release at 9:45 a.m. Eastern, followed by the Institute for Supply Management manufacturing gauge for March and construction spending for February, both at 10 a.m. Eastern. Motor vehicle sales for March also be released throughout the session.

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Ford Motor Co. said total March sales declined 7.2% from a year ago to 236,250 vehicles, as a 24.2% tumble in car sales and a 3.4% decline in sport-utility sales offset a 2.5% increase in truck sales. Ford brand sales fell 7.5% while Lincoln sales slipped 1.4%. Within cars, Fiesta sales rose 20.6%, while Focus sales tumbled 22.5%, Fusion plunged 36.8% and Taurus declined 5.4%. In SUVs, Explorer sales declined 6.4% and Escape sales dropped 1.4%. F-Series truck sales increased 10.1%, while E-Series sales declined 18.0% and Transit sales slumped 18.3%. Average March transaction pricing in March increased by $1,800, boosted by a $2,500 increase in average F-Series transactions. The stock, which was little changed in premaket trade, has lost 4% year to date while the S&P 500 has gained 5.5%.

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Russia’s currency and stock markets on Monday were largely unmoved by reports of an explosion in the St. Petersburg subway that has killed at least 10 people and injured others. The ruble traded at 56.38 in recent trade, compared with 56.25 late Friday in New York. The Russian MICEX, a widely watched index that tracks the country’s stock market, was up nearly 3% in recent trade at 114.73. Eyewitnesses reported an explosion at Sennaya Ploschchad station and images showed a metro door blown off and injured passengers on a platform, according to a report from Tass, a Russian news agency.

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United Parcel Service Inc. said Monday that it is extending ground service to Saturday in order to get e-commerce packages delivered one business day earlier than before. Packages previously delivered on Monday will now arrive on Saturday. And ground pickups on Saturday will allow for Monday delivery. The service change is taking place without an increased investment in vehicles or buildings, but the company is adding more than 6,000 new jobs by the end of 2018. The service extension had been tested in Atlanta, Philadelphia and Los Angeles in 2016. Service will be expanded in these cities in April and further expansion is taking place in 15 metro areas including New York, Chicago and Boston. The company expects nearly 4,700 cities and towns will have the service by November, in time for the holidays. More than 5,800 cities and towns will have it by next year. UPS shares are up 0.2% in premarket trading, and up 2.2% for the past year. The S&P 500 index is up 14% for the past year.

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Syneron Medical Ltd. shares surged 4.7% in premarket trade Monday after the company announced that funds advised by private equity firm Apax Partners have agreed to acquire outstanding shares for $11 per share, with the deal valued at nearly $400 million total. Shares of Syneron, which makes aesthetic medical products for use by physicians and consumers at home, were valued at $10.55 as of Friday’s close. Apax Partners co-head Steven Dyson said the firm sees the medical aesthetics business as “a highly attractive investment area given its long-term growth prospects” and said Syneron was “well positioned” for this opportunity. Syneron shares have risen 23.4% over the last three months, compared with a 4.7% rise in the S&P 500 .

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An explosion has taken place in a St. Petersburg metro station that has caused casualties, according to Russian media reports cited by the BBC. Eyewitnesses reported an explosion and images showed a metro door blown off and injured passengers on a platform, the reports indicated. Tass news agency reported that a blast took place at Sennaya Ploschchad station and that seven metro stations have been closed.

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Hewlett Packard Enterprise on Monday lowered its adjusted profit outlook for the second quarter and full year, after completing the spinoff of its enterprise services (ES) business and merging it with Computer Sciences Corp. to create DXC Technology. The deal is expected to deliver about $13.5 billion to HPE after tax, including an equity stake in DXC, a cash dividend payment to HPE and DXC’s assumption of debt. The company lowered its adjusted earnings outlook to reflect the partial-year contribution from ES, which will no longer contribute to its financials. The company is now expecting second-quarter adjusted per-share earnings of 33 cents to 37 cents, down from a prior 41 cents to 45 cents. For the full year, it expects EPS of $1.46 to $1.56, down from a prior $1.88 to $1.98. On a GAAP basis, it expects a second-quarter loss of 7 cents to a loss of 3 cents, compared with a previous estimate of a loss of 3 cents to EPS of 1 cent. Shares rose 1.9% premarket, but are down 23% in the year so far, while the S&P 500 has gained 5%.

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Vantage Energy Acquisition Corp. has filed for an initial public offering of 40 million units, to be offered at $10 per unit to raise $400 million. The units offered include one share of Class A common stock and one-third of a warrant, in which the owner of a full warrant is entitled to buy one Class A common share for $11.50. Vantage Energy Acquisition is a blank-check company which was formed for the purpose of effecting a merger or business combination. “We have not selected any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target,” the company stated in its filing. The company has applied to list its units on the Nasdaq exchange under the symbol “VCEAU.”

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Cowen Group Inc. said Monday it has agreed to acquire Convergex Group LLC from private-equity firm GTCR, Bank of New York Mellon Corp. and other shareholders for about $116 million. The deal will make Cowen the biggest independent trading platform for equities, with research and global execution capabilities, Cowen said in a statement. The companies had combined pro forma brokerage execution revenue of more than $400 million in 2016, it said. The deal is expected to boost economic income per share in 2018. The deal is expected to close by the end of the second quarter and is not contingent on the closing of the terms of Cowen’s strategic partnership with China Energy Co. Ltd., which was announced last week. Cowen shares were halted premarket for the news, but are down 3% in the year so far, while the S&P 500 has gained 5%.

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