Tag: stock market

The U.K.’s ambassador to the European Union, Ivan Rogers, has unexpectedly quit after tensions with Prime Minister Theresa May’s office, according to media reports on Tuesday. Rogers was expected to play a significant role in the Brexit negotiations with Brussels this spring and his resignation has left officials in shock, The Financial Times reported. U.K. Prime Minister Theresa May said she plans to trigger the so-called Article 50 that kicks off the official EU exit talks by the end of March. Rogers had a longstanding relationship with the prime minister, but had in recent months started to fall out with members of May’s team, according to reports.

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From:: Stock Market News

The U.K.’s ambassador to the European Union, Ivan Rogers, has unexpectedly quit after tensions with Prime Minister Theresa May’s office, according to media reports on Tuesday. Rogers was expected to play a significant role in the Brexit negotiations with Brussels this spring and his resignation has left officials in shock, The Financial Times reported. U.K. Prime Minister Theresa May said she plans to trigger the so-called Article 50 that kicks off the official EU exit talks by the end of March. Rogers had a longstanding relationship with the prime minister, but had in recent months started to fall out with members of May’s team, according to reports.

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.

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Tribune Media Co. on Tuesday unveiled a $500 million special dividend to be paid in February from the company’s existing cash. The company said it will a special cash dividend of $5.77 per share of class A and class B common stock. Warrant holders will receive a cash payment equal to the amount of the dividend paid per common share for each share such warrants can be exercised into, the company said. The dividend will be paid Feb. 3 to shareholders and warrantholders of record as of Jan. 13. Shares rose 2.8% in premarket trade.

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PayPal Holdings Inc. shares rose 1.6% in premarket trade Tuesday, after Monness Crespi Hardt upgraded the stock to buy from neutral. “We’ve wanted to turn positive on PayPal for a while,” analysts wrote in a note. “While this may not be the perfect price to pull the trigger, we like the risk-reward at these levels.” PayPal has a few tailwinds at the moment, including an improving regulatory environment, the potential for more deals with issuers and the continued trend for a cashless society, said the note. While PayPal’s business model relies on being able to strike deals, “the ability to deliver outsized growth versus peers off this large of a base, while trading at a discount, deserves constructive scrutiny,” said the note. PayPal has a 50% higher growth rate than card networks and is trading at a 5% discount, according to Monness Crespi Hardt. Analysts set a $50 price target for the stock, or about 27% above its closing level Friday.

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Shares of biotech Inotek Pharmaceuticals Corp. slumped about 66% in premarket trade Tuesday, after the company said a late-stage trial of a treatment for glaucoma failed to meet its main goal. The clinical-stage company said the Phase 3 trial of trabodenoson for the treatment of primary open-angle glaucoma did not meet its primary endpoint. The drug is the company’s leading clinical candidate, but the trial found a placebo response that was greater than observed in the Phase 2 trial, the company said. “We are disappointed that the primary endpoint of superiority at all 12 time points was not achieved,” Chief Executive David P. Southwell said. The company will see further data later this quarter and will determine its next steps at that time.

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Shares in General Motors Co. fell 0.7% in premarket action on Tuesday after President-elect Donald Trump criticized the car maker in a tweet. “General Motors is sending Mexican made model of Chevy Cruze to U.S. car dealers tax free across border,” Trump said on Twitter. “Make in U.S.A. or pay big border tax!”

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Delek US Holdings Inc. said Tuesday it has agreed to acquire the shares of Alon USA Energy Inc. it does not already own in an all-stock transaction with an equity value of $464 million, and an enterprise value of $675 million, including debt and other items. The combined entity will be a Permian Basin play with an enterprise value of about $2.8 billion. Delek expects the deal to boost earnings in 2018, its first full year of operation. The Delek board has further approved a $150 million share buyback program. Delek owned about 33.7 million shares of Alon stock. The deal is expected to close in the first half. Alon shares surged 10.5% in premarket trade, while Delek was still inactive.

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President-elect Donald Trump has tapped Robert Lighthizer to be U.S. Trade Representative, Trump’s transition team announced Tuesday. Lighthizer was deputy U.S. Trade Representative under President Ronald Reagan, and Trump said in a statement he will do “an amazing job helping turn around the failed trade policies which have robbed so many Americans of prosperity.”

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Islamic State has claimed responsibility for an attack on a Turkish nightclub that claimed the lives of at least 39 people and injured dozens, media reports said on Monday. In the early hours of New Year’s Day, a lone attacker with a long-barreled weapon killed a police officer and another bystander before entering Reina, a club on the Bosporus, and opening fire on the crowd inside.
A statement was distributed Nashir News, which publishes propaganda for Islamic State, which had been urging followers to target holiday celebrations in the run-up to the attack, The Wall Street Journal reported. Turkish authorities are still searching for the attacker.

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No. 2 ranked Clemson knocked off No. 3 Ohio State 31-0 Saturday to secure its place in the college football championship game Jan. 9. The Tigers, 13-1, will face No. 1 Alabama, undefeated at 14-0, in Glendale, Ariz. for the title. Clemson won the ACC championship; Alabama was the SEC champ.

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