Tag: stock market

Shares of Avid Technology Inc. slumped 1.9% in morning trade Monday, after the media technology company said it terminated former Chief Executive Officer Louis Hernandez, effective immediately, for “violations of company policies related to workforce conduct.” The company appointed President Jeff Rosica as CEO. Hernandez also resigned from Avid’s board, and Nancy Hawthorne was elected chairman. The company said after an investigation by a special committee into allegations of “improper non-financially related workplace conduct,” the company unanimously concluded that the findings warranted “immediate termination” of Hernandez’s employment. “The board is committed to the company’s core values and to upholding an environment of the utmost respect and integrity,” Hawthorne said. Avid’s stock has plunged 36% over the past three months, while the S&P 500 has gained 6.2%.

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U.S. stock benchmarks trade higher Monday morning, as worries about the inflation picture and rising rates recede. The Dow Jones Industrial Average rose about 215 points, or 0.9%, at 25,524, while the S&P 500 index was up 0.7% at 2,765. The Nasdaq Composite Index climbed 0.8% to 7,391. The Nasdaq is less than 2% shy of its Jan. 26 record, while the Dow is about 4.1% from its all-time peak, while the S&P 500 is just 3.7% short of its late January record, highlighting the recent rally for those benchmarks since tumbling by at least 10% on Feb. 8. Concerns that inflation could be returning to markets, and that the U.S. central bank may have to more aggressively raise interest rates to combat such a scenario, has been the primary driver of trading in recent weeks, even eclipsing a strong earnings season. In corporate news, United Parcel Service Inc. announced it is suing the European Union’s antitrust watchdog for $2.15 billion plus interest over its decision to block a $7 billion merger with Dutch-based TNT Express NV in 2013.

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Shares of Nxt-ID Inc. rocketed 60% on heavy volume in premarket trade Monday, after the company said its FitPay Inc. subsidiary entered into a network services agreement with Discover Financial Services . Volume topped 1.9 million shares ahead of the open, making the stock the most actively traded ahead of the open. The agreement will allow Discover cardholders to make secure “contactless payment transactions” at retail locations with wearable devices. Under the agreement, FitPay’s payment and digital wallet platform will be integrated with DDX, which is Discover’s tokenization platform. “Consumers should have options in how they pay, and this agreement makes cutting-edge payment devices available to Discover cardholders,” said Nxt-ID Chief Operating Officer Michael Orlando. Discover’s stock was inactive in premarket trade. Over the past three months, Nxt-ID’s stock has run up 59.1%, Discover shares have gained 21.4% and the S&P 500 has tacked on 5.6%.

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AMC Networks Inc. said on Monday that it plans to acquire the outstanding shares of RLJ Entertainment Inc. not already owned by AMC Networks or entities affiliated with media magnate and co-founder of BET, Robert L. Johnson. AMC is buying the shares for $4.25 a share in cash, in a deal valuing RLJ Entertainment at roughly $60 million. The offer price represents a 10% premium to RLJ’s Friday closing price. In the acquisition, AMC plans for RLJ Entertainment to become a privately owned subsidiary, with a minority stake held by Robert L. Johnson. Last October, AMC Networks formed a strategic partnership with RLJ Entertainment, investing $65 million in the company in the form of loans. The company said that Citigroup Global Markets is serving as financial advisor and Sullivan & Cromwell LLP is acting as legal counsel to AMC Networks for the transaction. Shares of AMC Networks have declined nearly 15% in the last 12 months, while shares of RLJ Entertainment have climbed more than 68%. By comparison, the S&P 500 index is up 16% and the Dow Jones Industrial Average is up roughly 22%.

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Shares of HRG Group Inc. soared 13% and Spectrum Brands Holdings Inc. rallied 2.1% in premarket trade Monday, after the companies announced an agreement to merge in a deal valued at $10 billion. Spectrum Brands is a consumer products company with brands that include Black & Decker, George Foreman and Rayovac, while HRG is a holding company in which its principal holding is Spectrum Brands shares. Spectrum said the deal, which is expected to close by the end of June, will not have an impact on the previously announced pending sale of its global battery business to Energizer Holdings Inc. . After closing, Spectrum will will be an independent public company with no controlling shareholder, and will also have “certain favorable tax attributes of HRG.” Spectrum Brands’ stock has shed 8.7% over the past three months through Friday, while HRG shares have lost 5.8% and the S&P 500 has gained 5.6%.

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The U.S. Patent Trial and Appeal Board has denied a motion to terminate patent challenges against patents for Allergan’s [:s: AGN] dry eye medication Restasis. Allergan previously made a deal with the New York state American Indian tribe the St. Regis Mohawk Tribe to protect Restasis from competition using the tribe’s sovereign immunity as a shield against patent challenges, a deal that was widely criticized, including by lawmakers. Generic drugmaker Mylan made the patent challenge against Allergan’s Restasis, which targets six patents. Mylan Chief Executive Health Bresch called Allergan’s deal with the tribe “a sham.” The tribe had not established that its sovereign immunity applied to the specific patent challenge proceedings, the PTAB said, and that even if it did apply, the challenge could continue because Allergan was still involved as an owner of the patents. An oral hearing on the case is tentatively scheduled for April 3, and a final written decision is expected by June 6. A Texas district court judge also previously ruled against Allergan on similar issues last fall. Allergan shares have dropped 6.6% over the last three months and Mylan shares have surged 10.9%, compared with a 5.6% rise in the S&P 500 .

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Bank of America said it would ask its clients who manufacture assault rifles how they can help end mass shootings, according to media reports. “We are joining other companies in our industry to examine what we can do to help end the tragedy of mass shootings, and an immediate step we’re taking is to engage the limited number of clients we have that manufacture assault weapons for non-military use to understand what they can contribute to this shared responsibility,” the bank said in a statement released to several media outlets. That move comes as other companies, including airlines like United and Delta , are severing ties with the National Rifle Association in response to the recent shooting in Parkland, Florida. Bank of America’s stock has jumped 32% over the past 12 months, beating the S&P 500 .

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Dean Foods Co. shares slid 10% in premarket trade Monday, after the company missed earnings estimates for the fourth quarter and offered guidance that was below consensus. The company said it had net income of $52.3 million, or 54 cents a share, in the quarter, up from $32.8 million, or 36 cents a share, in the year-earlier period. Adjusted per-share earnings came to 25 cents, below the FactSet consensus of 26 cents. Sales fell to $1.49 billion from $1.52 billion, also below the FactSet consensus of $1.96 billion. The company unveiled plans for a cost cutting program that is targeting annual run-rate savings of $150 million by 2020. “We are making important choices in 2018 and taking aggressive but necessary steps to drive our strategic plan, reset our company to make Dean Foods more competitive, and enable us to deliver solid and consistent earnings and cash flow over the long term,” Chief Executive Ralph Scozzafava said in a statement. “We must dramatically reduce our cost structure to match our smart volume today, creating the right network and cost base with an eye toward the future.” Because of timing of some actions, first-quarter earnings are expected to be “disproportionately” lower than the fourth quarter, he said. For full-year 2018, it is expecting EPS to range from 55 cents to 80 cents, compared with a FactSet consensus of 86 cents. Shares have fallen 45% in the last 12 months, while the S&P 500 has gained 16%.

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CBS Corp. said on Monday that it’s launching a new 24-hour streaming service for sports news. The new direct-to-consumer service, called CBS Sports HQ, will offer news, highlights and analysis for free on connected devices, according to a news release. CBS Sports HQ is another step in CBS streaming distribution strategy. The company already has streaming services in CBS All Access and Showtime OTT. CBS Sports HQ will be available on CBSSports.com and the the CBS Sports app on Amazon Fire TV, Apple TV and Roku, as well as the mobile app and the CBS All Access subscription service. “As with CBSN, which continues to attract a growing audience of digital consumers, we also think there’s a tremendous advantage in being first to market with this type of service in a crown jewel category,” said CBS Chief Digital Officer Jim Lanzone. Shares of CBS have declined nearly 18% in the last 12 months, while the S&P 500 index is up 16% and the Dow Jones Industrial Average is up roughly 22%.

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Qualcomm Inc. shares are up 2.6% in premarket trading Monday after the company said that it held a second meeting with Broadcom Ltd. regarding its merger proposal on Feb. 23. “The Qualcomm Board believes the meeting led to further progress toward a possible negotiated transaction on key issues other than price,” the company said in a statement. Qualcomm also said that it had gotten board approval to send Broadcom a markup of the “previously released draft merger agreement that, if agreed to by Broadcom, would resolve all issues between the two companies other than price.” Broadcom lowered its bid for Qualcomm to $79 per share last week, in response to Qualcomm’s raised offer for NXP Semiconductors NV , though Broadcom said it would revert back to the original $82/share offer if the NXP deal were not to go through. Qualcomm said its board believes both Broadcom offers undervalue the company and said that Broadcom noted at the Feb. 23 meeting that the $79/share offer was its final proposal. Qualcomm shares are up 11% over the past 12 months, while Broadcom shares have gained 21% and the S&P 500 Index is up 16%.

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