Tag: stock market

Ariad Pharmaceuticals Inc. said Monday it has agreed to be acquired by Takeda Pharmaceutical Co. Ltd. in a deal with an enterprise value of about $5.2 billion. Takeda will pay $24 in cash for each Ariad share owned for a premium of about 75% over Ariad’s closing price on Jan. 6. The deal is expected to close by the end of February and is structured as an all cash tender offer. Ariad shares were halted for news pending, but have gained 158% in the last 12 months, while the S&P 500 has gained 18%.

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Urban Outfitters Inc.’s stock were indicated down more than 10% in premarket trade Monday, after the apparel and lifestyle merchandise retailer said same-store sales at its retail stores during the holidays were less than expected, which prompted the company to increase promotional activity. The company, which store brands include Anthropologie, Free People and Urban Outfitters, said total sales for the two months ending Dec. 31 increased 3% over the same period a year ago. Total same-store sales rose 1.5%, as a double-digit percentage increase in direct-to-consumer sales was partially offset by lower-than-expected retail same-store sales. Same-store sales increased 3.6% at Urban Outfitters stores and 2.9% a Free People stores, but fell 1% at Anthropologie. The company said it expects gross margins to be affected more than previously expected as lower store sales required higher promotional activity to boost demand. The stock has plunged 25% over the past three months through Friday, while the SPDR S&P Retail ETF has slipped 0.3% and the S&P 500 has gained 5.7%.

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Lululemon Athletica Inc. said Monday it now expects fourth-quarter revenue to range from $775 million to $785 million, narrower than its previous guidance of $765 million to $785 million. The FactSet consensus is for revenue of $782 million. The retailer of yoga gear said it expects same-store sales to rise in the mid-single digits on a constant dollar basis. The company is expecting per-share earnings of 99 cents to $1.01, compared with a previous range of 96 cents to $1.01. The FactSet consensus is for EPS of $1.00. “We had a strong holiday season in both our store and digital channels driven by our assortment, operational execution and guest experience,” Chief Executive Laurent Potdevin said in a statement. Shares were down 0.8% in premarket trade, but have gained 26.6% in the last 12 months, while the S&P 500 has gained 18%.

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CHICAGO, (MarketWatch) – Dallas Fed President Rob Kaplan said Friday sounded a bit uncertain over whether the U.S. central bank would be able to raise interest rates gradually. The Fed should be raising interest rates, and “I think we can do it gradually and patiently,” Kaplan said during a panel discussion sponsored by the National Association for Business Economics. Minutes of the Fed’s December meeting released earlier this week showed that many officials thought the Fed might have to accelerate the pace of rate hikes if the jobless rate fell below a sustainable level. Kaplan is a voting member of the Fed’s policy committee this year.

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Stage Stores Inc. shares sank 17.5% in Friday after-hours trading after the retailer announced a holiday season same-store sales decline and revised their guidance lower. The retailer, which operates 817 specialty department stores including Goody’s and Stage across 38 states, said same-store sales for the the nine-week holiday period ending Dec. 31, 2016 fell 7.3%. Weak traffic caused by ongoing pressure in oil states and border states were a key factor, according to Chief Executive Michael Glazer. The company revised its fourth-quarter earnings per share guidance to 20 cents to 35 cents, down from 65 cents to 90 cents. Fiscal year per share loss is now expected to be 70 cents to 85 cents. The previous guidance was for an earnings per share loss of 15 cents and 40 cents. Stage Stores shares are down 54.6% for the past year while the S&P 500 index is up 14.4% for the same period.

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U.S. stocks notched new closing records Friday following a solid jobs report as the Dow industrials came within a fraction of breaching the 20,000 mark. The Dow Jones Industrial Average rose 64.51 points, or 0.3%, to finish at 19,963.80, just short of its previous closing record of 19,974.62, led higher by shares of Nike Inc. and Walt Disney Co. . Earlier in the session, the blue-chip average reached an intraday record of 19,999.63. The S&P 500 index closed up 7.98 points, or 0.4%, at a record 2,276.98, with the tech and industrials sectors the strongest performers. The Nasdaq Composite index finished up 33.12 points, or 0.6%, at a record 5,521.06.

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Oil futures edged higher Friday, with ongoing signs that major oil producers are sticking to their pledge to cut back output helping prices tally a weekly gain of roughly 0.5%. However, expectations for higher output from Libya and the U.S., which aren’t part of the production cut agreement, kept price gains in check. February West Texas Intermediate crude rose 23 cents, or 0.4%, to settle at $53.99 a barrel.

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Theranos Inc. announced Friday that it has cut 155 of its core employees as it tries to commercialize its miniLab testing platform. It will keep 220 staffers. Teams have been organized around product development, regulatory and commercial benchmarks, the company said on Friday. Theranos is involved in a number of lawsuits, including a $140 million case filed by Walgreens Boots Alliance Inc. alleging breach of contract, the fallout from infractions discovered at the blood-testing company’s lab last year, as the Wall Street Journal reported. Theranos was valued at $9 billion at its peak in 2014.

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President-elect Donald Trump said Friday there was “absolutely no effect” on the outcome of the election despite consistent attempts by hackers to break into U.S. governmental institutions. Trump met with U.S. intelligence officials on Friday, a day after they told Congress Russia was responsible for pre-election hacking. Trump has disagreed with that conclusion. Trump said he will appoint a team to give him a cybersecurity plan within 90 days of taking office.

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Multiple people have been shot and killed Friday at the Fort Lauderdale-Hollywood International Airport, according to multiple reports. According to a tweet from the Broward County Sheriff’s Office and CNN, a gunman is being held in custody. CNN reported that at least nine people were injured in the shooting. The news comes amid heightened concerns about global terrorism and as the Dow Jones Industrial Average is attempting to crack a psychological milestone of 20,000.

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