Tag: stock market

Ride-hailing company Uber Technologies is planning to pull out of Denmark on April 18, because of a taxi law that includes the requirement that drivers use mandatory fare meters, according to media reports Tuesday. The company has been active in Denmark since 2014 but has faced opposition from local taxi driver unions, companies and politicians, who have argued that if offers unfair competition. “For us to operate in Denmark again the proposed regulations need to change. We will continue to work with the government in the hope that they will update their proposed regulations and enable Danes to enjoy the benefits of modern technologies like Uber,” Uber said in a statement quoted by Reuters.

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From:: Stock Market News

Yext disclosed Tuesday that it expects its initial public offering of 10.5 million shares to price between $8 and $10 a share. The company would raise up to $105 million before fees. The location-synching company granted the underwriters of the IPO options to buy up to and additional 1.585 million shares to cover overallotments. Yext has applied to have its shares listed on the NYSE and to trade under the symbol “YEXT.” Morgan Stanley, J.P. Morgan and RBC Capital Markets are the lead underwriters of the IPO. The company reported revenue for the fiscal year ended Jan. 31, 2017 of $124.3 million, up from $89.7 million the previous year, while reporting net losses that widened to $43.1 million from $26.6 million.

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Royal Bank of Scotland Group PLC has proposed a 43.5 pence-per-share settlement with the RBoS Shareholder Action Group over the lender’s cash call in 2008, said a Sky News report on Tuesday. That is up slightly from a 41.5p-per-share settlement reached by the U.K. bank with four other claimant groups, Sky noted. The RBoS Shareholder Action Group is the last remaining claimant seeking redress over the £12 billion ($15 billion) cash call that came before RBS collapsed into government control.

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Tesco PLC has agreed to pay a fine of £129 million ($162 million) for overstating its expected profits in a trading statement in August 2014. The supermarket operator must also fulfill other requirements under the deferred prosecution agreement with the Serious Fraud Office announced Tuesday. In addition, Tesco has agreed to a finding of market abuse by the U.K.’s Financial Conduct Authority, the company said in a statement. As part of the deal with the FCA, Tesco has set up a compensation scheme for certain investors who bought stocks or bonds between 29 August and 19 September, 2014. The scheme will provide compensation of 24.5 pence per share purchased, plus interest of 1.25% per year for institutional investors or 4% a year for retail investors.

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Whole Foods Market Inc. has experienced a 3% traffic decline over the last year and a half, or about 14 million customers, according to a Barclays note published Monday. Traffic has declined six consecutive quarters, according to their analysis. Barclays estimates that the loss is in the range of 9 million to 14 million transactions annually, with an average basket size in the range of $30 to $50. Kroger Co. , with $16 billion in natural and organic sales, has the “most meaningful overlap” with Whole Foods and stands to gain the most, the note said. Barclays calls the loss “staggering” because “as most retailers know, once traffic has been lost, those patterns rarely reverse.” And nearly half of Kroger’s stores (47%) are within three miles of a Whole Foods. More than half (51.8%) are within five miles. Analysts say it would be a headwind for Kroger if Whole Foods manages a turnaround. Whole Foods shares closed down 1.4% and are down 11.2% for the past year. Kroger shares closed Monday down 0.6% and are down 23.2% for the last 12 months. The S&P 500 index is up 15% for the past year.

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Elevate Credit , which had postponed its initial public offering in January 2016, set a $12 to $14 price range for its offering Monday. Elevate plans to sell 7.7 million shares to raise up to $107.8 million. The venture-backed company is an online service that offers small loans and has been criticized for the high interest rates it charges. The stock has been approved to list on the New York Stock Exchange under the symbol “ELVT.”

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Red Hat Inc. shares rose in the extended session Monday after the software company’s forecast for the year topped Wall Street estimates and it reported higher-than-expected revenue for the quarter. Red Hat shares advanced 3.8% to $85.30 after hours. The company reported adjusted fiscal fourth-quarter earnings of 61 cents a share on revenue of $629 million. Analysts surveyed by FactSet had estimated earnings of 61 cents a share on revenue of $618.6 million. For the year, Red Hat expects adjusted earnings of $2.60 to $2.64 a share on revenue of $2.72 billion to $2.76 billion. Analysts estimate earnings of $2.59 a share on revenue of $2.71 billion.

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Tesaro Inc. shares rose 5.9% in after hours trade Monday after the company said its ovarian cancer drug Zejula, also called niraparib, had been approved by the Food and Drug Administration. Zejula was approved for maintenance treatment of women with several kinds of recurrent ovarian cancer, including epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have undergone chemotherapy. Zejula is the first of a class of cancer drugs called PARP inhibitors to gain approval without being limited to patients with certain biomarkers, such as a BRCA mutation. Tesaro also said Monday afternoon that it would be developing Zejula for metastatic ovarian, breast and lung cancers. Tesaro shares, which closed at $156.73 on Monday, have risen 14.7% over the last three months, compared with a 3.2% rise in the S&P 500 .

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Darden Restaurants Inc gained in late trading Monday after the parent company of restaurant chains including Olive Garden and LongHorn Steakhouse beat earnings expectations. The Orlando, Florida, company reported net income from continuing operations of $165.6 million, or $1.32 a share, on revenue of $1.88 billion in its fiscal third quarter, with more than $1 billion coming from Olive Garden. Analysts on average expected earnings of $1.27 a share on sales of $1.87 billion. The company also slightly raised its earnings expectations for the full year, to $3.95 to $4 a share from $3.87 to $3.97 a share. The stock topped $78 in late trading after closing with a 1.5% decrease at $75.58.

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Shares of Sears Holding Corp. shot up 9.7% toward a 2-month high in afternoon trade Monday, after the troubled department store chain’s largest shareholder disclosed that he bought more shares over the past few sessions. That came after the retailer’s second-largest shareholder also boosted its stake. Chief Executive Edward Lampert said disclosed late Friday in a filing with the Securities and Exchange Commission that he bought 507,936 shares last week, to increase his stake to 31.84 million shares, or about 29.8% of the shares outstanding. He bought 327.879 shares on Wednesday at an average of $7.829, 178,109 shares at $8.072 and 19,948 shares at $8.3934. Late on Wednesday, Fairholme Capital Management disclosed that it bought 613,900 shares at a weighted average of $8.17 over the past three sessions, to bring the hedge fund’s stake to 28.56 million shares, or 26.7% of the shares outstanding. The stock, on track to close at the highest level since Jan. 24, has gained 0.3% year to date, while the SPDR S&P Retail ETF has lost 6.4% and the S&P 500 has gained 4.6%.

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