Tag: stock market

Warrior Met Coal set the terms of its initial public offering, setting the producer and exporter of metallurgical coal to raise $364.2 million before fees. The IPO of 16.7 million shares is expected to price between $17 to $19 a share, with underwriters also granted options to buy up to 2.5 million additional shares. The stock has been approved to list on the New York Stock Exchange under the symbol “HCC.” Credit Suisse, Citigroup and Morgan Stanley are the lead underwriters. The company had total adjusted revenue of $369.0 million for the year ended Dec. 31, 2016, down from $544.7 million a year ago. The net loss narrowed $64.4 million from $310.6 million.

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Cadence Bancorp. on Monday set the terms for its planned initial public offering, saying it will offer 7.5 million shares priced at $19 to $21 a pop. The company is filing as an emerging growth company under the 2012 JOBS Act. Goldman Sachs and J.P. Morgan are lead underwriters on the deal, with Sandler O’Neill, Keefe Bruyette & Woods, Baird, Raymond James, Stephens Inc., SunTrust Robinson Humphrey, Tudor, Pickering, Holt & co. acting as joint leads. The bank is planning to lest on the New York Stock Exchange under the ticker symbol “CADE”.

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Biotech Tocagen Inc. said Monday it plans to 7.25 million shares in its initial public offering, priced at $10 to $12 a share, to raise $79.8 million at the midpoint of the range. In a filing with the Securities and Exchange Commission, the company said it plans to list on the Nasdaq under the ticker symbol “TOCA”. The company is filing as an emerging growth company under the JOBS Act of 2012. Tocagen is focused on cancer gene therapies that are designed to use a patient’s immune system against their own cancer, according to its prospectus. Leerink Partners, Evercore ISI and Stifel are lead underwriters on the deal.

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FactSet Research Systems Inc. raised Friday its earnings outlook for the fiscal third quarter ending in May, following the completion of the acquisition of Interactive Data Managed Solutions (IDMS) from NYSE parent Intercontinental Exchange Inc. . The provider of financial information and data said it now expect adjusted earnings of $1.81 to $1.87, up from previous guidance of $1.80 to $1.86, and compared with the FactSet consensus of $1.83. The revenue outlook was raised to $311 million to $317 million from $301 million to $307 million, compared with the FactSet consensus of $304.7 million. FactSet said IDMS is expected to add about $10 million to third-quarter revenue. The stock, which is still inactive in premarket trade, has tacked on 0.9% year to date, while the S&P 500 as gained 5.5%.

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South Carolina won its first women’s NCAA basketball championship Sunday in Dallas, with a 67-55 victory over Mississippi State. The underdog Bulldogs couldn’t continue their momentum after snapping Connecticut’s 111-game winning streak Friday night. A’ja Williams led the Gamecocks with 23 points, as head coach Dawn Staley won her first NCAA title. Staley, a basketball Hall of Famer, had made three trips to the Final Four as a player.

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China’s central bank raised interest rates for standing lending facility loans, it announced Saturday. These loans are aimed mainly at small- and medium-sized financial institutions. The People’s Bank of China increased the rate for overnight SLF loans by 0.2 percentage points to 3.3 percent effective from March 16, it said in a statement on its website. The bank raised the rate for 7-day loans to 3.45 percent and the 1-month rate to 3.8 percent. The facility is comparable to the Federal Reserve’s discount window and the European Central Bank’s Marginal Lending Facility.

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Mylan NV shares slumped 1.3% in after-hours trade Friday afternoon after the company said that a previously announced voluntary recall of EpiPens would include U.S. EpiPens and EpiPen Jrs. The recall was initiated after two reports from outside of the U.S. of the EpiPen failing to activate “due to a potential defect in a supplier component,” Mylan said. The two reports came from a single lot that was previously recalled, Mylan said, but the company was expanding the recall to 13 U.S. lots distributed in the U.S. between December 2015 and July 2016 as a “precautionary measure out of an abundance of caution.” Pfizer’s Meridian Medical Technologies manufactured the recalled EpiPens and Mylan distributed them. Mylan said it plans to replace the recalled EpiPens at no cost to patients. Mylan shares have risen 2.0% over the last three months, compared with a 5.5% rise in the S&P 500 .

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Emerald Expositions Events Inc. has filed for an initial public offering, according to a regulatory filing on Friday. The trade-show operator generated $323.7 million of revenue, $22.2 million of net income, $63.6 million of adjusted net income, and $89.6 million of free cash flow in 2016, making it one of the few profitable companies to have sought to go public in recent months. Emerald said all of its trade-show franchises are profitable and offered at least annually, and said its line of business offers diversification in a highly fragmented industry with “significant opportunities” for mergers and acquisitions. Main underwriters are B. of A. Merrill Lynch, Barclays, and Goldman Sachs. The company’s stock is expected to trade on the New York Stock Exchange under the symbol EEX.

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Carvana Co., a platform for buying used cars, is planning an initial public offering, according to a regulatory filing Friday. Carvana’s sales rose to $365 million last year, from $4.6 million in 2013, the company said in the filing. From its launch in January 2013 through December 2016, Carvana bought, reconditioned, sold and delivered about 27,500 vehicles, it said. The company notched a net loss of $93.1 million last year, compared with a net loss of $36.8 million in 2015. The company has not been profitable since its inception in 2012 and had an accumulated loss of about $152.6 million as of December, according to the filing. Based in Phoenix, Ariz., Carvana is expected to trade on the New York Stock Exchange under the symbol CVNA. Main underwriters are Wells Fargo Securities, BofA Merrill Lynch, Citigroup, and Deutsche Bank.

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Boeing Co. 787-10 Dreamliner, the company’s newest and longest plane in the 787 family, completed a successful five-hour flight on Friday in South Carolina, the company said. Test pilots performed checks on flight controls, systems and handling qualities, and the plane will now undergo “comprehensive flight testing” before customer deliveries begin in the first half of 2018, Boeing said. Boeing has 149 orders from nine airlines for the 787-10, including Singapore Airlines, British Airways, Etihad Airways, and United Continental Holdings Inc United Airlines. Shares of Boeing were flat late Friday after ending the regular session down 0.6%.

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