Tag: stock market

U.S. stocks opened lower on Tuesday, with energy shares leading the decline after a report from the Organization of the Petroleum Exporting Countries showed production out of Saudi Arabia rose, which could lead to a price-depressing level of oversupply. The Dow Jones Industrial Average fell 0.3%, or 45 points, to 20,837. The S&P 500 lost 8 points, or 0.3%, to 2,366. The Nasdaq Composite Index slid 19 points, or 0.3%, to 5,857. Among major energy names, Exxon Mobil lose 0.4% while Chevron Corp. sank 1.2%. Trading may be unusually light as a massive winter storm across the Northeast could keep many traders away from their desks. Investors were also holding back from making big bets with major indexes near records and the Federal Reserve set to start a two-day meeting that is widely expected to result in higher interest rates.

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Air Methods Corp. said Tuesday it has agreed to to be bought out by American Securities LLC, in a deal with a total enterprise value of about $2.5 billion, including debt. Under terms of the deal, American Securities will pay $43 in cash for each Air Methods share outstanding, which is 3.9% above Monday’s closing price of $41.40. At the buyout bid price, the air medical transport provider would have a market capitalization of about $1.57 billion, according to FactSet data. The deal is expected to close by the end of the end of June. Air Method’s stock is currently halted for news, and is set to resume trade at 9:00 a.m. ET. It had run up 30% year to date through Monday, while the S&P 500 had gained 6%.

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Editas Medicine Inc. surged 8.4% in premarket trade Tuesday after it announced a $90 million research and development deal with Allergan . Under the agreement, Allergan will receive exclusive access and a licensing option for up to five of Editas’ genome-editing ocular programs focusing on serious diseases, including a lead, pre-clinical program called LCA10 for Leber Congenital Amaurosis, a rare degenerative eye disease that causes blindness. The agreement also includes additional payments for LCA10 milestones, along with the possibility of development and commercial milestones and royalty payments, and Editas can co-develop and co-promote up to two optioned products in the U.S. Editas benefited greatly from a February court decision related to the gene-editing technique CRISPR. Eye care is one part of Allergan’s aesthetics business, which is seen as one of its most valuable assets. Company shares have surged 48.6% over the last three months, compared with a 5.3% rise in the S&P 500 .

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Pacira Pharmaceuticals Inc. shares rose 2% in premarket trade Tuesday after the company said its medication intended for postsurgical pain and opioid reduction met primary endpoints in a phase 4 clinical trial. A pain regimen with the drug, Exparel, was tested against a bupivacaine-based pain regimen involving other drugs in 139 patients undergoing knee replacement surgery. Pacira said the drug met two key secondary endpoints and that further analysis was being done of other secondary endpoints. Pacira shares have surged 50.7% over the last three months, compared with a 5.3% rise in the S&P 500 .

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IT consulting firm Cognizant Technology Solutions Corp. said Tuesday it has entered into an accelerated $1.5 billion share buyback agreement with Barclays Bank PLC, Citibank N.A., and UBS AG, London Branch. Under terms of the deal, Cognizant will receive about 21.5 million shares on March 14. The final number will be based on the volume-weighed average stock price less a discount and other potential adjustments. The final settlement of the agreement is expected to take place during or before the third quarter. The company will fund the repurchases using cash and its existing credit facility. Shares were indicating higher premarket, and have gained about 2% in the last 12 months, underperforming the S&P 500’s 17.5% gain.

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Shares of MoneyGram International Inc. soared 20% in premarket trade Tuesday, after the money transfer services company received a buyout bid from Euronet Worldwide Inc. that is 15% higher than MoneyGram’s current buyout deal with Ant Financial Services Group. Euronet’s bid of $15.20 a share in cash is 20% above Monday’s closing price of $12.66, and which Euronet says will value the company at over $1 billion. The Ant Financial bid MoneyGram agreed to in January was $13.25 a share. Euronet’s proposal includes the assumption of $940 million of MoneyGram’s debt. MoneyGram’s stock has doubled over the past 12 months through Monday, while Euronet shares have rallied 18.1% and the S&P 500 has climbed 17.5%.

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Discount shoe retailer DSW Inc. said Tuesday it had net income of $30.5 million, or 38 cents a share, in its fiscal fourth quarter to Jan. 28, up from $11.7 million, or 14 cents a share, in the year-earlier period. Adjusted per-share earnings came to 20 cents, ahead of the FactSet consensus of 16 cents. Same-store sales fell 7%, while net sales rose to $674.6 million from $672.0 million. The FactSet consensus was for for same-store sales to fall 5.2% and for net sales of $692 million. “After making fundamental changes to our core business last year, we are laser focused on driving comp growth through our merchandise and allocation initiatives and the elevation of our customer’s digital experience,” Chief Executive Roger Rawlins said in a statement. The company is investing in Ebuys and Town Shoes and aiming to harness synergies across its retail brands, he said. DSW is now expecting fiscal 2017 EPS to range from $1.45 to $1.55, compared with a FactSet consensus of $1.53. Shares were indicating slightly higher premarket, but are down 28% in the last 12 months, while the S&P 500 has gained 17.5%.

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Amid blizzard conditions in the Northeast and snowfall elsewhere, cancellations of flights within, into or out of the U.S. on Tuesday reached 5,414 as of about 6:30 a.m. Eastern, according to FlightAware’s live tracking tool. At least American Airlines , United Airlines and Delta Air Lines have issued travel alerts and generally began waiving rebooking fees for flights within affected regions. AAL, DAL and UAL shares, as well as Southwest , had not yet registered a premarket trade.

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Solar-power company Sungevity Inc. has filed for chapter 11 bankruptcy protection and agreed to sell its assets to an investment group, the company said Monday. Sungevity said the investors, led by Minnesota-based private equity firm Northern Pacific Group, would “acquire substantially all of the company’s assets.” The filing in Delaware bankruptcy court hopes to “facilitate a financial and corporate restructuring to strengthen its balance sheet and recapitalize the company,” Oakland, Calif.,-based Sungevity said in a statement. The investment group will provide about $20 million to help finance the restructuring, and Sungevity said it hopes to close the asset sale by the end of April. The residential solar-installation company said day-to-day operations would not be impacted, although it reportedly laid off two-thirds of its staff last week. “We believe that this represents a step forward for the company,” Sungevity Chief Executive Andrew Birch said in a statement.

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Synopsis Inc. is set to become a part of the S&P 500 index , S&P Dow Jones Indices said late Monday. The automation software company will replace Harman International Industries, which was acquired by Samsung. The change to the index will occur before the open of trade on Thursday, S&P said. Synopsys shares rose 0.2% to $72.23 in after-hours trading.

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