Tag: stock market

Okta Inc. , an identity management company, set a price range of $13 to $15 Monday for its initial public offering. The company plans to sell 11 million shares, which would raise $165 million at the high end of its range. Okta was last valued at $1.2 billion in the private market. If it prices at the high end of its range, it would have a public market cap of $1.36 billion.

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Macy’s Inc. said Monday that it has signed an exclusive agreement with G-III Apparel Group Ltd. to become the exclusive U.S. department store retailer of DKNY women’s apparel, handbags and shoes, along with men’s and women’s outerwear and swim. DKNY is the line founded by Donna Karan in 1989. G-III acquired DKNY in December 2016. Under the deal, Macy’s and DKNY will work together on exclusives and brand extensions, and there are plans for additional and upgraded shop-in-shops. G-III will continue to operate global DKNY stores and the line’s website. And G-III will maintain agreements will license partners and distributors outside of the U.S., as well as licensees for merchandise outside of the aforementioned categories. Macy’s shares are down 0.8% in premarket trading and down 35.2% for the past year. G-III shares are down 13.2% in premarket trading and 49.5% for the last 12 months. The S&P 500 index is up 15.1% for the past year.

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Vivus Inc. shares rose 4.6% in premarket trade Monday after the company said it would regain the right to commercialize and promote erectile dysfunction drug Stendra in Africa, the Middle East, Turkey and Russia from Sanofi S.A. . Sanofi got commercial rights for Stendra in those countries in late 2013, and the return of the rights to Vivus were decided as part of a March 23 agreement, according to a 8-K filed by Vivus on Monday. Vivus shares have declined 7.6% over the last three months and Sanofi shares have risen 9.2%, compared with a 3.3% rise in the S&P 500 .

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All but one of the Dow Jones Industrial Average’s 30 components trading before Monday’s open are declining, with five of those components falling more than 1%. Among the biggest losers, shares of J.P. Morgan Chase & Co. slumped 2.1%, of Goldman Sachs Group Inc. dropped 2.1%, of Caterpillar Inc. shed 1.8% of American Express Co. slid 1.4% and of Nike Inc. lost 1.2% and Visa Inc. gave up 1%. The long gainer was DuPont & Co.’s stock , which ticked up 0.1% in light trade. Dow industrials futures tumbled 159 points.

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Shares of Allergan Plc and Paratek Pharmaceuticals Inc. rose premarket Monday, after the companies reported positive results for a trial of a treatment for moderate to severe acne. The companies said two Phase 3 trials of sarecycline met their primary endpoints. Allergan is planning to seek U.S. Food and Drug Administration approval for the drug in the second half. “Sarecycline is a narrow spectrum antibiotic, which we believe can offer meaningful clinical benefits for patients afflicted with acne,” Paratek Chief Medical Officer Evan Loh said in a statement. Paretek shares rose 11% premarket, while Allergan was up 0.3%.

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Shares of G-III Apparel Group Ltd. plunged 9.9% toward a four-year low in premarket trade Monday, after the branded apparel and accessories maker reported a wider-than-expected fiscal fourth-quarter loss and provided a downbeat outlook. For the quarter to Jan. 31, G-III swung to a net loss of $20.1 million, or 42 cents a share, from a profit of $8.0 million, or 17 cents a share, from the same period a year ago. Excluding non-recurring items, the adjusted per-share loss was 16 cents, compared with the FactSet loss consensus of 10 cents. Revenue rose to $603.3 million from $527.4 million, but missed the FactSet consensus of $622.8 million. For the current fiscal year, G-III’s EPS outlook of 80 cents to 90 cents was below the FactSet consensus of $1.34, and the sale guidance of “approximately” $2.73 billion was below expectations of $2.89 billion. ” Our non-outerwear wholesale business performed well in the face of significant headwinds as the traditional retail environment has become increasingly disrupted as a result of evolving consumer buying behavior and continued penetration of e-commerce,” said Chief Executive Morris Goldfarb. The stock has tumbled 22% year to date through Friday, while the S&P 500 has gained 4.7%.

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Food packaging company Sealed Air Corp. said Monday it has agreed to sell its Diversey Care division and the food hygiene and cleaning business of its food care division to private-equity firm Bain Capital in a deal worth about $3.2 billion. Sealed Air will use the proceeds to pay down debt, buy back shares and fund growth initiatives, including possible acquisitions for its food and product care divisions. The company’s board has approved an additional $1.5 billion for its share buyback authorization, bringing the total to about $2.2 billion. The sale of New Diversey is expected to close in the second half. The business has about 8,600 workers globally and along with the food hygiene business generated sales of about $2.6 billion in 2016. Sealed Air shares were flat premarket, but are down 1.5% in the year so far, while the S&P 500 has gained 4.7%.

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Shares of Snapchat parent Snap Inc. surged 3.6% in premarket trade Monday, after a number of Wall Street analysts started coverage of the social media company with bullish ratings and price targets. No less than eight analysts initiated coverage of Snap, according to FactSet, with five of them giving the company the equivalent of buy ratings, and three placing hold ratings, with price targets ranging from $23 to $31. That brings the average rating of the 25 analysts surveyed by FactSet to hold, and the average price target to $23.27, which was 2.3% above Friday’s closing price of $22.74. Analyst Mark Mahaney at RBC Capital, which was not among the lead underwriters, initiated Snap at outperform and set the highest of the price targets at $31, saying the company has become an innovation leader for consumers and advertisers in the fastest advertising medium, mobile. “We believe that if it sustains its current level of innovation, it can sustain premium growth for a long time and scale to profitability,” Mahaney wrote in a note to clients. Through Friday, the stock has lost 7.1% since its closed at $24.48 on its first day of trade, which was 44% above its IPO price of $17. The S&P 500 has lost 1.6% over the same time.

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EBay Inc. founder Pierre Omidyar on Monday informed PayPal Holdings Inc. he won’t stand for re-election to the payment company’s board, PayPal said in a filing Friday. Omidyar’s term expires at the company’s shareholder meeting later this year. Omidyar’s decision “was not a result of any disagreement with the company,” PayPal said. PayPal, spun off from eBay in 2015, held last year’s annual meeting in May and so far does not appear to have scheduled its 2017 meeting. Shares of the company were flat in late trading after ending the regular session down less than 0.1%.

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U.S. stocks ended mostly lower on Friday as House Republicans withdrew the American Health Care Act after determining that they did not have enough votes to pass the bill. The withdrawal is a major setback for President Donald Trump who had made the repeal and the replacement of the existing Affordable Care Act one of his main campaign pledges. The S&P 500 dropped 1 point to close at 2,344, down 1.4% for the week. The Dow Jones Industrial Average fell 57 points, or 0.3%, to end at 20,599 for a weekly decline of 1.5%. The Nasdaq Composite bucked the trend to rise 11 points, or 0.2%, to close at 5,828 but finished out the week 1.2% lower.

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