Tag: stock market

Sterling Bancorp announced Tuesday a deal to buy Astoria Financial Corp. in a stock deal valued at about $2.2 billion, to create a regional bank serving the New York City metropolitan area. Under terms of the deal, Sterling will exchange 0.875 of its shares for each Astoria share outstanding. Based on Monday’s closing prices, the deal values Astoria shares at $21.92 each, or an 18.6% premium. After the merger closes, which is expected in the fourth quarter of 2017, Sterling shareholders will own 60% of the combined company, which will be known as Sterling Bancorp. The deal is expected to boost Sterling’s tangible book valued per share by 12%, increase earnings per share by 9% in 2018 and by 16% in 2019, and generate $100 million synergies. Astoria’s stock surged 8.6% in premarket trade after a halt was lifted, while Sterling shares were still inactive. Over the past three months through Monday, Astoria’s stock has gained 4.2%, Sterling shares have tacked on 3.5%, the SPDR S&P Regional Banking ETF has climbed 5.1% and the S&P 500 has advanced 6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Brown-Forman Corp. said Tuesday it had net income of $182 million, or 47 cents a share, in its fiscal third quarter to Jan. 31, after earnings of $190 million, or 47 cents a share, in the year-earlier quarter. The distributor of Jack Daniel’s whiskey and Finlandia vodka said sales fell to $808 million from $809 million. The FactSet consensus was for EPS of 48 cents and sales of $802 million. “The company believes that fiscal 2017 is on track to be another year of continued growth in underlying net sales and operating income, despite the significant uncertainty that currently exists around the global economic and geopolitical environment, not to mention foreign exchange volatility,” the company said in a statement. It is now expecting 2017 sales growth of 3% to 4% and EPS of $1.71 to $1.76. The FactSet consensus is for 2017 EPS of $1.84. Shares were not yet active in premarket trade, but are up 44% in the last 12 months, while the S&P 500 has gained about 19%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Dick’s Sporting Goods Inc. fell more than 6% after the company reported earnings for the fourth quarter and presented guidance below Wall Street expectations. The company reported net income of $90.2 million, or 81 cents per share, down from $129.0 million, or $1.13 per share during the same period a year ago. Adjusted earnings per share were $1.32, above the FactSet consensus of $1.29. Revenue for the quarter hit $2.5 billion, compared with $2.2 in the year-earlier period. Analysts tracked by FactSet had forecast for revenue of $2.5 billion. And fourth quarter same-store sales were up 5%. Looking to the first quarter, Dick’s expects per-share earnings to be between 48 cents to 53 cents, below FactSet’s expectation of 61 cents. The company expects same-store sales to increase 3% to 4%. Shares of Dick’s Sporting Goods are up 18.7% in the trailing 12-month period. The S&P 500 index is also up 18.7% during the same time frame.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

ProPetro Holding Corp. said Tuesday in filing that its 20 million-share initial public offering is expected to price between $16 share and $19 a share, which would raise up to $380 million. Of the total, 10.6 million shares are being sold by the Texas-based hydraulic fracturing services company, which would bring in up to about $201.4 million for the company, and 9.4 million shares are being sold by selling shareholders. The stock has been approved to list on the New York Stock Exchange under the ticker symbol “PUMP.” The company will grant the underwriters of the IPO options to buy up to an additional 3 million shares from the selling shareholder. Goldman Sachs and Barclays are the lead underwriters. The IPO is coming at time when the energy sector has been underperforming the broader stock market, as the SPDR Energy Select Sector ETF has lost 5% over the past three months while the S&P 500 has gained 6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Media and publishing company Gannett Co. Inc. said on Tuesday it expects revenue for 2017 to land in the range of $3.15 billion to $3.22 billion. That range is within FactSet expectations, where analysts forecast revenue will hit $3.19 in the year. The USA Today owner also said it expects capital expenditures of roughly $65 million to $75 million, not including real estate projects. “While we anticipate more challenging year-over-year comparisons in the first half of this year due to certain strategic investments and the negative impact resulting from the weaker British pound, we expect our cost operational improvements to more meaningfully impact the second half of the year,” Gannett Chief Executive Robert Dickey said in a statement. Shares of Gannett were inactive in premarket trade on Tuesday, but have fallen more than 47% in the trailing 12-month period, while the S&P 500 index is up more than 18% during the same period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

The Michaels Cos. shares jumped 7% in premarket trade Tuesday, after the company beat fourth-quarter earnings estimates and offered a higher-than-expected outlook for 2017. The arts and crafts store chain said it had net income of $195.3 million, or 95 cents a share, in the quarter, up from $183.7 million, or 87 cents a share, in the year-earlier period. Adjusted per-share earnings came to 96 cents, ahead of the FactSet consensus of 95 cents. Sales rose 4.1% to $1.8 billion, matching the FactSet consensus. For 2017, the company is expecting sales growth of 2.5% to 4.0% and same-store sales to be flat to up 1.5%. It’s expecting 2017 EPS to range from $2.05 to $2.17. For the first quarter, the company is expecting same-store sales to be flat to down 1% and for EPS of 38 cents to 40 cents. The FactSet consensus is for full-year EPS of $2.02 and first-quarter EPS of 39 cents. Shares have fallen 14% in the last 12 months, while the S&P 500 has gained 19%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of TerraForm Global Inc. were indicated up over 16% in premarket trade Tuesday, after the renewable energy company agreed to be acquired by Brookfield Asset Management for $787 million in cash and the assumption of $455 million in debt. Under terms of the deal, Brookfield will buy all the TerraForm Class A shares for $5.10 each, which represents a 20% premium to Monday’s closing price of $4.25. The deal is expected to close in the second half of 2017, subject to the approval of shareholders and the court overseeing the bankruptcy of SunEdison Inc. , which TerraForm had been spun off from. TerraForm had announced on Sept. 16 that it was exploring strategic alternatives to maximize shareholder value, and said in January that it entered into an exclusive deal with Brookfield to negotiate a potential buyout. TerraForm’s stock had gained 7.6% over the past three months through Monday, while Brookfield’s had advanced 7.6% and the S&P 500 had climbed 6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Halliburton Co. said late Monday its financial chief, Mark McCollum, left the company to become the chief executive of oil and gas exploration company Weatherford International Ltd. . Weatherford shares jumped 11% to $6.56 following the announcement after hours. Effective immediately, Halliburton’s general counsel, Robb Voyles, will serve as CFO in the interim until an executive search can be completed. Halliburton shares slipped 0.7% to $53.40 after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

House Republicans released a bill late Monday that is intended to repeal and replace the Affordable Care Act, otherwise known as “Obamacare.” The 66-page bill calls for cutting off federal funds for Planned Parenthood, freezes the expansion of Medicaid in 2020, and repeals taxes in the ACA starting in 2018, when the new legislation would be expected to take effect.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Dish Network Corp. [d: dish] jumped in the extended session Monday after S&P Dow Jones Indices said the pay-TV service company would join the S&P 500 index . Dish shares surged 5% to $64.31 after hours. S&P said Dish will join the index next Monday, before the market open. Dish replaces Linear Technology Corp. , which is being acquired by Analog Devices Inc.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News