Tag: stock market

Shares of MSCI Inc. pulled back sharply Wednesday, after the indexes and analytics company dispelled reports that it received a buyout proposal. The stock gained 2% in midday trade, but had been up as much as 13% earlier in the session. “We do not normally comment on rumors in the market, but in response to recent media reports regarding third party interest in MSCI, we believe such reports are incorrect. We are not in discussions with any third party, and we have not received any offer or indication of interest,” the company said in a statement. The stock had rallied to record highs earlier in the session, after the U.K.’s Evening Standard reported that MSCI rejected S&P Global Inc.’s $120-a-share buyout bid because it was too low. The report said several parties appeared interested in a merger deal with MSCI. S&P Global’s stock slipped 1.5% in recent trade, but was down 2.5% at its intraday low. MSCI’s stock has rallied 42% over the past year, while the S&P 500 has gained 18%.

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The U.S. charged two Russian FSB officers and two others for computer hacking, economic espionage and other criminal offenses relating to the hacking of Yahoo. The Justice Department and the FBI said after getting unauthorized access to Yahoo’s systems to steal information from about at least 500 million accounts, the hackers used information to get at accounts of Russian journalists, U.S. and Russian government officials and private-sector employees of financial, transportation and other companies. One of the defendants also exploited his access to Yahoo’s network for his personal financial gain, by searching Yahoo user communications for credit card and gift card account numbers and also redirecting a subset of Yahoo search engine web traffic so he could make commissions.

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Shares of Ardagh Group S.A. were trading at $22.16 Wednesday morning, above the company’s $19 issue price, in the stock’s debut on the New York Stock Exchange. The Luxembourg-based food and beverage packing maker sold 16.2 million shares at $19 each to raise $307.8 million. The company had set a price range of $17 to $20 per share. Citigroup, Deutsche Bank Securities and Goldman, Sachs & Co were the lead underwriters on the offering.

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The U.S. Energy Information Administration on Wednesday reported that domestic crude-oil supplies fell for the first time in 10 weeks. Supplies declined by 200,000 barrels for the week ended March 10. The American Petroleum Institute late Tuesday reported a 531,000-barrel decline, while analysts polled by S&P Global Platts forecast a climb of 3.5 million barrels. Gasoline supplies fell by 3.1 million barrels, while distillate stockpiles dropped 4.2 million barrels last week, according to the EIA. April crude was up 78 cents, or 1.6%, to $48.50 a barrel on the New York Mercantile Exchange. It was trading at $48.70 before the supply data.

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Shares of MSCI Inc. rocketed 11% to a record high Wednesday, after reports that the market index compiler has received, and rejected, a buyout bid by S&P Global Inc. because it was too low. The U.K.’s Evening Standard reported Wednesday, citing City sources, that S&P Global approached MSCI with a buyout bid of $120 a share, which was 25% above Tuesday’s closing price of $96.33, and would imply a market capitalization of about $10.9 billion. But the company and its major shareholders are holding out for a $130-per-share bid, Evening Standard reported, which would value MSCI at about $11.8 billion. S&P Global’s stock shed 1.3% in morning trade. It is believed that there are several parties interested in buying MSCI, including exchange houses and private-equity firms, the report said. MSCI’s stock has run up 55% over the past 12 months, while S&P Global shares have rallied 40% and the S&P 500 has climbed 18%.

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Time Inc. announced on Wednesday it has named company veteran Clifton Leaf as the next editor-in-chief of Fortune. Leaf has been the deputy editor at the financial news publication since 2014, previously serving as a guest editor for the New York Times op-ed page and Sunday Review. Leaf also served as executive editor for the Wall Street Journal’s SmartMoney magazine. “Cliff Leaf has proven himself to be the perfect person to lead Fortune’s editorial efforts, in print, digital and live events,” said former Fortune Editor-in-Chief Alan Murray in a statement. Murray was named chief content officer of Time Inc. in 2016. Time Inc.’s board has been exploring the potential for a sale of the company, with Meredith Corp. being one of the leading contenders. Shares of Time Inc. have gained 31% in the trailing 12-month period, while the S&P 500 index is up nearly 18% during the same period.

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U.S. stocks opened slightly higher on Wednesday as investors prepared for an expected interest-rate hike from the Federal Reserve in the afternoon. Higher oil prices, after days of declines, lifted energy shares. WTI futures for April delivery rose 1.6%. The S&P 500 rose 5 points, or 0.2%, at 2,370. The Nasdaq Composite advanced 10 points, or 0.2% to 5,866. The Dow Jones Industrial Average gained 35 points or 0.2%, to 20,874 at the open.

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Shares of Catalyst Pharmaceuticals Inc. jumped 22% in premarket trade Wednesday, after the biotech reported positive data from a trial of a treatment for a form of myasthenia gravis, a rare neuromuscular disease, for which there is currently no treatment. The company said the investigator-sponsored trial of Firdapse as a treatment for myasthenia gravis patients with anti-MuSK antibodies met its main goals. The study was conducted in Milan, Italy. “Not only are the results statistically significant, but more importantly, there was a large clinical benefit to the patients,” Dr Renato Mantegassa, director, department of neuroimmunology and neuromuscular diseases, Fondazione Istituto Neurologico Carlo Besta, said in a statement. Catalyst shares have gained 11% in the year so far, while the S&P 500 has gained 5.7%.

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Shares Cesca Therapeutics Inc. soared 29% in active premarket trade Wednesday, after the biopharmaceutical company reported “encouraging” data from a study of its treatment of chronic non-healing ulcers. Volume was about 100,000 shares ahead of the open, which was more than double the full-day average. The company said healing was observed in patients as early as four weeks after treatment, and that no adverse events were seen. “s we continue to strengthen our team and evaluate Cesca’s clinical pipeline, these additional data points serve as useful litmus tests to determine the most valuable growth opportunities for the company,” said Interim Chief Executive Chris Xu. The stock has tumbled 17% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF has run up 12% and the S&P 500 has gained 5.7%.

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Mattress company Tempur-Sealy International Inc. said Wednesday that its board has amended its stockholder rights plan to add a provision that would allow it to accept a takeover offer if it were viewed as being in the company’s best interests. The board has added a qualified offer stockholder exemption provision to its rights plan, the company said in a statement. The board first adopted the rights plan on Feb. 8, adding a popular tool used by companies to avoid a hostile takeover. The new provision means “we believe the rights plan reaches an appropriate balance between protecting our stockholders from coercive and unfair takeover attempts and current best practices in corporate governance that give stockholders a voice in determining whether a particular acquisition offer is in their best interests,” said Chief Executive Scott Thompson. Shareholders will vote on the plan at the company’s 2017 annual shareholder meeting. Shares were not yet active premarket, but have fallen 35% in the year to date, while the S&P 500 has gained 5.7%.

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