Tag: stock market

Activision Blizzard Inc. announced on Wednesday it’s launching a new consumer products division and is bringing in Tim Kilpin to take on the role of chief executive. Kilpin most recently served as president and chief commercial officer at Mattel Inc. and was at the Walt Disney Co. before that, where he oversaw global cross-category franchise plans for Disney Princess, Mickey Mouse and Pixar properties. Activision Blizzard expects its new consumer products division to expand the company’s ability to offer its portfolio of game franchises and characters to audiences and attract consumers. The company said it plans to do so through, among other things, interactive content, TV and film, competitive gaming and mobile. “Inspiring play, competition and community underpins everything we do, and giving audiences new ways to experience our franchises is core to this commitment,” Ativision Blizzard CEO Bobby Kotick said in a statement. “Under [Tim Kilpin’s] leadership, we will elevate our consumer product offerings to the same level of exceptional quality as our games and transform the ways audiences connect with the characters they love in their everyday lives.” Shares of Activision Blizzard are up more than 15% in the last 12 months, while the S&P 500 Index is up nearly 18%.

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Hillary Clinton is writing a book that will touch on her failed 2016 run for the presidency, the Associated Press reported, citing Simon and Schuster. The book, which is as yet untitled, will be a collection of personal essays, the AP said. It didn’t elaborate. Clinton won the popular vote but lost the Electoral College to Donald Trump in an upset. Simon and Schuster is a unit of CBS Corp. . For more about books and publishing: BookWatch.

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Ford Motor Co. said total vehicle sales in January fell 0.6%, as a sharp drop in car sales offset increases in trucks and sport-utility vehicles. Trucks sales rose 5.5% to 72,579 vehicles, with F-Series truck sales surging 12.5% to 57,995 vehicles. Ford SUV sales grew 6% to 58,732 vehicles, with Escape sales rising 7.1% and Explorer sales increasing 7.2%. Car sales tumbled 17.5% to 41,301 vehicles, with Fusion sales down 21.9%, Focus sales plunging 26.2% and Taurus sales dropping 9.6%, while Fiesta sales jumped 39.6%. Ford said average transaction prices rose $2,500 to a near-record in January, compared with an industry average increase of $550. The stock, which gained 0.4% in morning trade, has advanced 2.8% over the past 12 months, while the S&P 500 has gained 18%.

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U.S. stocks opened slightly higher Wednesday, with sentiment boosted by upbeat earnings by Apple Inc. as well as stronger-than-expected private-sector hiring data. Private-sector employers added 246,000 new jobs in January, well above expectations. The S&P 500 opened up 9 points, or 0.4%, at 2,287. The Nasdaq Composite began the session up 39 points, or 0.7% higher at 5,653. The Dow Jones Industrial Average added 81 points or 0.4%, to 19,945 at the open.

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Apple Inc.’s earnings beat Tuesday and subsequent stock gains did not appear to be carrying over to its suppliers Wednesday. While shares of Apple were up 5% in premarket trade Wednesday, shares of Micron Technology Inc. , a semiconductor company, were up 1%. Shares of Analog Devices , another semiconductor company, were up 0.4%. Shares of FoxConn , an electronic contract manufacturing company, were up 0.8%. Shares of Jabil Circuit Inc. , which makes iPhone casings for Apple, were flat in premarket trade, as were shares of semiconductor company Cirrus Logic . Shares of Qualcomm Inc. were up 0.5% in premarket trade Wednesday, despite the fact that Apple recently filed a lawsuit against the company and offered commentary on it on the call Tuesday. The S&P 500 was down 0.1% in premarket trade Wednesday.

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Standard Motor Products Inc. said Wednesday it is raising its quarterly dividend to 19 cents a share from 17 cents. The New York-based maker of engine parts said the new payment will be made March 1 to shareholders of record as of Feb. 15. Shares were not yet active premarket, but have gained 34% in the last 12 months, outperforming the S&P 500 , which is up 17.5%.

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Synergy Pharmaceuticals Inc. shares sunk 12.5% in pre-market trade Wednesday after the company said it would offer 20 million shares of its common stock at $6.15 per share. Synergy shares were priced at $7.07 as of Tuesday’s close. The company said its public offering will fund commercialization of chronic constipation treatment Trulance, which was approved by the Food and Drug Administration in late January. The offering is expected to close around Feb. 6. Synergy shares have risen 50.8% over the last three months, compared with a 7.9% rise in the S&P 500 .

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The U.K. government will issue a white paper outlining its strategy for the Brexit process on Thursday, British Prime Minister Theresa May said Wednesday. The white paper — a government policy document on an upcoming Act of Parliament — will arrive after Wednesday evening’s first vote in parliament on whether lawmakers will authorize the government in triggering Article 50 to set Brexit in motion. The pound hit an intraday hit of $1.2653 in afternoon trade before moving back to $1.2626. Sterling late Tuesday bought $1.2569.

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The Madison Square Garden Co. on Wednesday said it has taken a 62.5% stake in newly formed TAO Group in hopes of strengthening its portfolio of live entertainment. The majority stake cost MSG $181 million, plus a potential performance earn-out of up to $25.5 million, according to a news release. TAO Group’s management team retains the remaining 37.5% and will run the day-to-day operations of the dining, entertainment and nightlife business. TAO Group owns and operates 19 venues in New York City, Las Vegas and Sydney, Australia. “TAO Group is a unique and attractive business that furthers our focus on the ‘live experience’ while also exposing us to new areas of growth,” said MSG Executive Chairman James Dolan in a statement. MSG over the summer moved into the music festival business, buying controlling interest in entertainment production company Boston Calling Events and MSG already holds 50% ownership in the Tribeca Film Festival. Shares of MSG have gained more than 14% in the trailing 12-month period, while the S&P 500 Index is up 17% in the same time.

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Catabasis Pharmaceuticals Inc. shares sunk 69.0% in pre-market trade Wednesday after the company said its mid-stage clinical trial for its Duchenne muscular dystrophy drug failed to meet its primary endpoint. The company said results weren’t statistically significant at either the 100 mg/kg/day dose level or the 67 mg/kg/day dose level. Another clinical trial for the drug, edasalonexent, is ongoing, with results expected this year. The mid-stage clinical trial enrolled 31 boys with the rare degenerative disease DMD. Catabasis shares were priced at $4.04 as of market close Tuesday. Catabasis shares have risen 14.8% over the last three months, compared with a 7.9% rise in the S&P 500 .

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