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Bed Bath & Beyond shares tank after earnings, sales miss

Thu, 22 Jun 2017 20:28:58 GMT

Shares of Bed Bath & Beyond Inc. tanked 12% late Thursday after the retailer reported fiscal first-quarter earnings and sales that missed expectations, citing "softness" in in-store sales. Bed Bath & Beyond said it earned $75.3 million, or 53 cents a share, compared with $122.6 million, or 80 cents a share, in the year-ago period. Sales reached $2.74 billion, flat in relation to the prior-year quarter. Analysts polled by FactSet had expected earnings of 66 cents a share on sales of $2.79 billion. The company saw "strong growth" in digital channels in the quarter, but in addition to in-store softness, it also faced higher direct-to-customer shipping expenses, coupon expenses, and advertising costs during the quarter, it said in a statement. "It remains to be seen whether these challenges were more pronounced in, or unique to, the first quarter due to the smaller sales base in this period, and/or a later start to the summer selling period," it said. Shares ended the regular trading session up 0.2%.

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Dow, S&P 500 book 3rd straight loss, even as oil and health care rally

Thu, 22 Jun 2017 20:09:21 GMT

The Dow industrials and the S&P 500 on Thursday logged their third straight finish in the red, despite crude-oil prices gaining after a recent sell-off, and as health-care stocks lured buyers. Still, sharp gains in the health-care sector wasn't enough for the Dow Jones Industrial Average and the S&P 500 index to halt a recent downtrend. The Dow closed little changed but enough for the index to end off 0.1% lower at 21,397, the S&P 500 index [: SPX] closed down, 1 point, or less than 0.1%, at 2,434, while the Nasdaq Composite Index logged a slight gain of less than 0.1% at 6,236. Health-care was the start of the day's action, with the sector, as measured by the exchange-traded Health Care Select Sector SPDR ETF on pace to book its best weekly gain, up 9.3%, since the period ended Nov. 11. A popular biotechnology ETF, the iShares Nasdaq Biotechnology ETF , also was on track for its best weekly gain since November. Those moves came as lawmakers released a draft of the GOP-led, health-care bill that is aimed at overhauling Obamacare. Among companies, health-care names Johnson & Johnson and Merck & Co. Inc. [: MRK] were among the best performers among blue chips. Looking ahead, the Federal Reserve's test of the banking sectors financial health will be released after the close, which could influence trade for banks including Goldman Sachs Group , and J.P. Morgan Chase & Co. . Meanwhile, crude-oil prices , advanced 0.5%, to settle at $42.74 a barrel on the New York Mercantile Exchange.

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Oil recoups some of its recent loss; strong U.S. output remains a key concern

Thu, 22 Jun 2017 18:41:40 GMT

Oil prices rose Thursday, recouping only small portion of the more than 2% decline they saw as strong U.S. crude output remained a key concern. The energy market will get a weekly update on the number of active U.S. rigs drilling for oil on Friday. August WTI crude tacked on 21 cents, or 0.5%, to settle $42.74 a barrel on the New York Mercantile Exchange following two straight sessions of declines.

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UPDATE: Health-care ETFs on pace for best weekly gain in months

Thu, 22 Jun 2017 17:49:45 GMT

Popular funds used to invest in the health-care and biotech sectors on Thursday were on track for the best weekly advance in seven months, according to FactSet data. The iShares Nasdaq Biotechnology ETF was up 1.8% on the day and looking at a 10% weekly advance, which would mark its best such gain since the week ended Nov. 11 when the ETF surged 14.4%. The entire health-care complex was on the rise, with the Health Care Select Sector SPDR ETF also on track for its best weekly gain, up 4.2%, since November, with a 1.5% daily climb in sight. Gains in the IBB were being aided by a 13% rise in shares of XBiotech Inc. and a 8% jump in Sangamo Therapeutics Inc. [: SGMO]. The moves come as the U.S. Senate offered a glimpse of a draft of a health-care bill and as President Donald Trump has talked about making changes to drug pricing. Health-care stocks, led by Gilead Sciences were the best performer in the S&P 500 index . The S&P 500 was trading up 5 points, or 0.2%, at 2,440, while the Dow Jones Industrial Average was up 0.1% at 21,435. The Nasdaq Composite Index , meanwhile, where biotech is a big component, was trading 0.3% higher at 6,253.

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GOP health bill boosts hospital, health insurer and drug stocks

Thu, 22 Jun 2017 17:31:15 GMT

Hospital system stocks rallied as much as 8% on Thursday following the release of the Senate GOP health bill, which appears to be more favorable to hospitals than the House of Representatives bill passed in early May. Tenet Healthcare Corporation shares jumped 8%, Community Health Systems Inc. shares skyrocketed 8.2%, HCA Healthcare Inc. shares rose 3.6% and Universal Health Services Inc. shares lifted 2.6% in midday trade, compared with a 1.6% rise in the Health Care Select Sector SPDR . Health insurer stocks also rose Tuesday, with UnitedHealth Group shares up 1.4%, Aetna Inc. stock rising 1.1%, Humana Inc. shares lifting 1.3% and Anthem Inc. shares up 0.9%, compared with a 0.2% rise in the S&P 500 . The Senate health bill "tries to phase in the pain" of changes to the Affordable Care Act like Medicaid spending cuts, said Spencer Perlman, director of health-care research at Veda Partners, who described the Senate plan as having "the same architecture" but "nicer furnishings." Still, the benefit for hospitals is only in the short-term and thus probably overdone, he said. "Clearly, the Senate bill is viewed as less disruptive than the House bill to the number of people currently receiving insurance," said Stefanie Miller, senior analyst at Height Securities. But "the initial reaction may have oversimplified how different this bill is," she said, predicting that stocks that have risen on the news may be "rebalancing" in the coming days. Drug stocks also rose in Tuesday trade, with the SPDR S&P Pharmaceutical ETF rising 1.7% and the SPDR S&P Biotech ETF rising 1.6%, which could be happening because the health bill has given investors confidence in Republicans achieving another legislative priority, tax reform, Miller said. Shares of the Health Care Select Sector SPDR have risen 8.7% over the last three months, compared with a 3.9% rise in the S&P 500 .

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Trump tweets that he didn't tape conversations with ex-FBI Director Comey

Thu, 22 Jun 2017 17:13:20 GMT

President Donald Trump on Thursday addressed a long-festering question about his private conversations with former FBI Director James Comey. In a tweet on Thursday afternoon, Trump said: "With all of the recently reported electronic surveillance, intercepts, unmasking and illegal leaking of information, I have no idea whether there are 'tapes' or recordings of my conversations with James Comey, but I did not make, and do not have, any such recordings, I did not make, and do not have, any such recording." He did leave open the possibility that such tapes exist. Questions around the existence of tapes of Trump's conversations with Comey emerged after another Trump tweet, in which he implied that tapes of his one-on-on talks with the intelligence chief may exist: "James Comey better hope that there are no 'tapes'," Trump wrote. In a hearing with the Senate Intelligence Committee Comey on June 8, Comey said: "Lordy, I hope there are tapes." Comey fired by the president in May as he was investigating Russia's alleged ties with members of Trump's administration.

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Theft and other 'shrink' at retailers totaled $48.9 billion in 2016, up from 2015: NRF

Thu, 22 Jun 2017 16:30:41 GMT

The National Retail Federation said Thursday that theft and other inventory "shrink" at retailers totaled $48.9 billion in 2016, up from $45.2 billion in 2015. The rise in losses coincided with flat or declining retail security budgets, the group said. Nearly half of the retailers surveyed (48.8%) said inventory shrink increased. Shoplifting accounted for the biggest losses at $798.48 per incident, double the $377.00 average in 2015. The NRF attributes some of the rise to an increase in the threshold for felony crimes, with only larger thefts reported. Employee theft also increased to $1,922.80 from $1,233.77 in 2015. Retailers were asked about return fraud for the first time, reporting an average loss of $1,766.27. The NRF and University of Florida polled 83 loss prevention executives between March 29 and May 1. The SPDR S&P Retail ETF is down 11.1% for the year so far while the S&P 500 index is up 9% for the period.

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Nielsen is expanding its ad measurement service to YouTube's mobile app

Thu, 22 Jun 2017 16:22:55 GMT

Nielsen said on Thursday that it is going to start measuring advertisements on YouTube's mobile app. Nielsen already uses its digital ad ratings service for Alphabet Inc.-owned YouTube's desktop and mobile web browsers, but will now include data and cross-device measurements of advertising audiences on YouTube's app as well. It's a necessary move for Nielsen's marketing clients as younger viewers increasingly watch content on mobile devices. YouTube's app is among the top-five free apps in the Apple Inc. App store. Nielsen will provide access to age and gender demographics for users viewing ads on YouTube's app, as well as reach frequency and gross rating points, which measures the size of an ad campaign. "As more people watch video across digital platforms and devices, Nielsen's comprehensive measurement of YouTube through digital ad ratings is crucial to provide a complete picture of media consumption," said David Wong, Nielsen's senior vice president of digital product leadership, in a statement. Nielsen Holdings Plc. shares have declined more than 11% in the year to date, while shares of Alphabet have gained more than 23% and the S&P 500 index has increased nearly 9%.

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Senate Republicans release draft Obamacare repeal bill

Thu, 22 Jun 2017 15:17:13 GMT

Senate Republicans posted online Thursday their 140-page bill that would repeal and replace Obamacare. The measure, broadly similar to the House bill, will cut Medicaid funding and repeal taxes on the wealthy. The measure would end penalties for people who don't have insurance. In a speech on the Senate floor, Senate Majority Leader Mitch McConnell said legislation was needed because Obamacare "teeters on the edge of total collapse." Senate Minority Leader Charles Schumer, a Democrat from New York, said the measure would end Medicaid "as we know it." The bill would "strip away health care benefits and protections from Americans who need it most in order to give a tax break to Americans who need it least," Schumer said.

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Natural-gas prices pare gains as U.S. supplies rise more than expected

Thu, 22 Jun 2017 14:41:56 GMT

Data from the U.S. Energy Information Administration Thursday showed that domestic supplies of natural gas rose by 61 billion cubic feet for the week ended June 16. Analysts surveyed by S&P Global Platts forecast a build of 58 billion cubic feet. Total stocks now stand at 2.770 trillion cubic feet, down 324 billion cubic feet from a year ago, but 207 billion cubic feet above the five-year average, the government said. July natural gas up a penny, or 0.4%, from Wednesday's settlement to $2.903 per million British thermal units. It traded at $2.917 before the data.

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Altice's stock trades above issue price in year's second-largest IPO

Thu, 22 Jun 2017 14:28:39 GMT

Shares of Altice USA were trading at $32 Thursday morning, above its issue price, as the cable-operator made its debut on the New York Stock Exchange as the second-largest initial public offering of the year. Altice sold 63,943,029 shares at $30 each to raise $1.9 billion, putting it just behind Snap Inc. , which raised $3.9 billion in March. The $30 issue price gave Altice a public market capitalization of more than $20 billion. Altice sold about 12 million of those shares, while the rest were sold by shareholders. BC Partners and the Canada Pension Plan Investment Board have granted underwriters a 30-day option to buy 7.78 million additional shares.J.P. Morgan, Morgan Stanley, Citigroup and Goldman Sachs & Co. are the underwriters on the offering.

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Qatar Airways could join Warren Buffett as 10% stakeholders of American Airlines

Thu, 22 Jun 2017 14:17:44 GMT

If Qatar Airways buys a 10% stake in American Airlines Group Inc. , like it told the air carrier that it plans to do, the company will be tied with Warren Buffett's Berkshire Hathaway Inc. as American's third-largest shareholder. Berkshire owned 49.3 million shares of American, or a 10.0% stake, as of the end of March. That's behind T. Rowe Price Associates Inc., which owned a 10.9% stake, and Primecap Management Co., which owned a 10.2% stake, according to FactSet. American Airlines' stock rallied $1.55, or 3.2%, in morning trade, meaning Buffett's stake could be worth $76.4 million more than it was Wednesday. American's stock has run up 24% over the past three months, while the NYSE Arca Airline Index has gained 7.0% and the S&P 500 has tacked on 3.7%.

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Amazon joins the board of the Sports & Fitness Industry Association

Thu, 22 Jun 2017 14:08:29 GMT

The Sports & Fitness Industry Association said Thursday that Amazon.com Inc. has joined the board of directors, represented by Fouzan Mansuri, the director for sports and fitness at the e-commerce giant. The Sports & Fitness Industry Association is the global trade association for manufacturers, retailers and marketers in the sports products and fitness industry. This is an interim appointment, but Amazon will be included for election to a three-year term during the annual election in the fall. Other board members include Jason LaRose, president of North America for Under Armour Inc. and Sal LaRocca, president of global operations and merchandising for the NBA. Nike Inc. will begin selling certain merchandise directly on Amazon, The Wall Street Journal reported on Wednesday. Amazon shares are nearly flat in Thursday trading, but up 33.6% for the year so far. The S&P 500 index is up 8.8% for 2017 to date.

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U.S. leading indicators climb 0.3% in May; economy steady

Thu, 22 Jun 2017 14:03:20 GMT

WASHINGTON - The leading economic index climbed 0.3% in May and offered further proof the U.S. continues to grow at a steady clip, according to a survey produced by the Conference Board. "The U.S. LEI continued on its upward trend in May, suggesting the economy is likely to remain on, or perhaps even moderately above, its long-term trend of about 2% growth for the remainder of the year," said Ataman Ozyildirim, director of business cycles research at the board. A measure of​ current conditions rose 0.1%. A "​lagging" index increased by the same amount. The LEI is a weighted gauge of 10 indicators designed to signal business-cycle peaks and valleys.

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Carnival beats profit expectations and lifts outlook, but stock eases back from record close

Thu, 22 Jun 2017 13:53:50 GMT

Shares of Carnival Corp. slipped 0.3% morning trade, pulling back slightly from the prior session's record close of $66.43, although the cruise operator reported better-than-expected fiscal second-quarter results and provided an upbeat outlook. Net profit for the quarter to May 31 fell to $379 million, or 52 cents a share, from $605 million, or 80 cents a share, in the same period a year ago. Excluding non-recurring items, such as unrealized gains from derivatives contracts, adjusted earnings per share rose to 52 cents from 49 cents, beating the FactSet consensus of 47 cents. Revenue rose to $3.95 billion from $3.71 billion, above the FactSet consensus of $3.88 billion, as both passenger ticket and onboard and other revenue topped expectations. The company said it expects third-quarter adjusted EPS of $2.16 to $2.20, compared with the FactSet consensus of $2.14, and revised its full-year adjusted EPS outlook higher to $3.60 to $3.70 from $3.50 to $3.70. The stock has run up 27.5% year to date, while the S&P 500 has gained 8.8%.

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Stocks flat to slightly higher as oil prices stabilize

Thu, 22 Jun 2017 13:32:32 GMT

Stocks edged marginally higher in early action Thursday as investors kept a wary eye on volatile oil prices. The S&P 500 rose 0.1% to 2,437.52, while the Dow Jones Industrial Average rose 3 points. The Nasdaq Composite was up 0.1%. Oil futures bounced higher after hitting a 10-month low on Wednesday. Shares of American Airlines Group Inc. rose 3.8% after Qatar Airways expressed interest in buying a large stake in the carrier.

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DryShips' stock extends plunge after reverse stock split takes effect

Thu, 22 Jun 2017 13:15:25 GMT

Shares of DryShips Inc. changed hands at $3.74 in premarket trade as the reverse stock split took effect, tumbling 12% from the split-adjusted close of $4.25. The stock had closed at 85 cents on Thursday, before the 1-for-5 reverse split took effect. The stock had plunged 51% the past three sessions, after ocean-going cargo vessel company announced the reverse split ahead of Monday's open. That stock had already lost 99.9% of its value year to date through Wednesday, while the S&P 500 has gained 8.8%.

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Ritz-Carlton to launch a luxury cruise service

Thu, 22 Jun 2017 13:13:07 GMT

Ritz-Carlton, a Marriott International Inc. brand, said Thursday that it's launching a luxury cruise service with three yachts in the fourth-quarter of 2019. The Ritz-Carlton Yacht Collection's first ship will cruise to places including the Mediterranean, Northern Europe, the Caribbean and Latin America, depending on the season. The ships are small-capacity vessels that accommodate 298 passengers with 149 suites each with a private balcony, and two penthouses. Because of the intimate size of the yachts, ships will be able to call at locations like Capri and Portofino that are inaccessible to large cruise ships. The yachts are also available for private charter. Reservations open in May 2018. Marriott shares are unchanged in premarket trading and up 53.7% for the last year. The S&P 500 index is up 16.8% for the last 12 months.

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Sears Canada seeks creditor protection

Thu, 22 Jun 2017 12:52:09 GMT

Sears Canada Inc. said Thursday that it has applied to the Ontario Superior Court of Justice for creditor protection as it pursues a corporate restructuring. Over the past 18 months, the company has rebuilt its technology platform, revamped its assortment, and rebooted its branding and customer service, the company said. If the creditor protection is granted, Sears Canada says it would like to exit "as soon as possible in 2017." Sears Canada shares are halted in premarket trading, and are down 84.6% for the last year. Sears Holdings Corp. owns an 11.7% stake in Sears Canada, according to FactSet. Sears Holdings shares are unchanged in premarket trading, and down 53.1% for the past 12 months. The S&P 500 index is up 16.8% for the past year.

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Barnes & Noble's stock rallies after results beat expectations

Thu, 22 Jun 2017 12:49:11 GMT

Shares of Barnes & Noble Inc. ran up 3.1% in premarket trade Thursday, after the bookseller reported a narrower-than-expected fiscal fourth-quarter loss and sales that beat expectations. The net loss for the quarter to April 29 was $13.4 million, or 19 cents a share, compared with a loss of $30.6 million, or 42 cents a share, in the same period a year ago. The FactSet consensus for losses per share was 23 cents. Revenue fell to $821.2 million from $876.7 million, but was above the FactSet consensus of $783 million. Same-store sales fell 6.3% from a year ago, while online sales increased 2.9%. For fiscal 2018, the company expects same-store sales to decline in the "low single digits" percentage range, an improvement from the fiscal 2017 decline of 6.3%. "In fiscal 2018, we are focusing on ways to improve the business and reignite sales through an aggressive test and learn process and companywide simplification process that will take out costs," said Chief Executive Demos Parneros. The stock had plunged 42% year to date through Wednesday, while the SPDR S&P Retail ETF has lost 12% and the S&P 500 has gained 8.8%.

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Airline stocks rally after Qatar Airways discloses interest in buying American Airlines stake

Thu, 22 Jun 2017 12:35:35 GMT

Shares of airline companies rallied in premarket trade Thursday, after Qatar Airways expressed interest in buying a large stake in American Airline Group Inc. . American said Qatar had interest in buying 10% of its common stock outstanding. Based on American's market capitalization as of Wednesday's close, a 10% stake would be worth about $2.39 billion. American's stock ran up 5.3% in premarket trade. Among other air carriers, shares of United Continental Holdings Inc. rose 1.3%, Delta Air Lines Inc. climbed 1.4%, Southwest Airlines Co. gained 1.9%, JetBlue Airways Corp. advanced 1.2% and Alaska Air Group Inc. tacked on 1.1%. The NYSE Arca Airline Index has gained 3.8% year to date, to close Wednesday 2.5% below the near 16-year high hit on June 7. The S&P 500 has gained 8.8% year to date.

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American Airlines's stock surges after Qatar Airways discloses 'significant' investment interest

Thu, 22 Jun 2017 12:20:32 GMT

Shares of American Airlines Group Inc. jumped 5.5% in premarket trade Thursday, after the air carrier disclosed that it received unsolicited notice that Qatar Airways intended to make a "significant investment." In a filing with the Securities and Exchange Commission, American said Qatar has submitted a filing regarding a potential investment under the Hart-Scott-Rodino Act, which would be required for an acquisition of more than $81 million worth of American's common stock. The notice said Qatar plans to buy at least $808 million worth of American common stock, and has indicated interest in acquiring a 10% stake. American's market capitalization as of Wednesday's close was $23.86 billion. "The proposed investment by Qatar Airways was not solicited by American Airlines and would in no way change the company's Board composition, governance, management or strategic direction," American stated in the filing. The stock has gained 3.u% year to date through Wednesday, while the NYSE Amex Airline Index has tacked on 3.8% and the S&P 500 has gained 8.8%.

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Accenture's stock slips after results; sales beat but GAAP margin outlook trimmed

Thu, 22 Jun 2017 11:23:11 GMT

Shares of Accenture PLC declined 1.3% in premarket trade Thursday, after the business consulting company reported a fiscal third-quarter profit that matched expectations, but trimmed its margin outlook. Net profit for the quarter to May 31 fell to $692.5 million, or $1.05 a share, from $939.8 million, or $1.41 a share, in the same period a year ago. Excluding non-recurring items, such as a pension settlement charge, adjusted earnings per share came to $1.52, in line with the FactSet EPS consensus of $1.52. Net revenue rose to $8.87 billion from $8.43 billion, above the FactSet consensus of $8.82 billion, as both consulting and outsourcing revenue were slightly above expectations. New bookings were $9.8 billion. Looking ahead, company revised the fiscal 2017 GAAP EPS outlook to $5.37 to $5.44 from $5.31 to $5.48, but cut the GAAP operating margin outlook to 13.3% from previous guidance of 13.5% to 13.7%. The adjusted margin outlook was revised to 14.8% from previous guidance of 14.7% to 14.9%. Adjusted EPS is now expected to be $5.84 to $5.91, compared with the FactSet consensus of $5.88. The stock has rallied 8.5% year to date through Wednesday, while the S&P 500 has gained 8.8%.

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European stocks face third straight loss as oil shares slump

Thu, 22 Jun 2017 07:18:40 GMT

European stocks lost ground Thursday, with the oil and gas sector lower as crude prices languished in a bear market. The Stoxx Europe 600 fell 0.3% to 387.40, on track for a third straight session of declines. Oil prices were back in focus, extending losses from Wednesday, when they dropped to their lowest in 10 months. European oil and gas stocks overall gave up 1.2% on Thursday. On major benchmarks, the U.K.'s FTSE 100 moved lower by 0.4% to 7,417.03. France's CAC 40 was off 0.4% at 5,253.47, and Germany's DAX 30 shed 0.3% at 12,733.72. Biggest decliner on the Stoxx 600 was oil producer Tullow Oil PLC as shares fell 2.8%, while Swedish engineering firm Alfa Laval AB topped the index by rising 3.2%. Late Thursday, U.K. Prime Minister Theresa May is expected in Brussels to present Britain's plans for European Union citizens living in the U.K. as part of Brexit negotiations.

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Staples shares surge on report of $6 billion acquisition by Sycamore

Thu, 22 Jun 2017 02:15:19 GMT

Shares of Staples Inc. surged nearly 5% in after-hours trading late Wednesday after Reuters reported that private equity firm Sycamore Partners is in advanced talks to acquire the office supplies retailer. Reuters said Sycamore is finalizing a debt financing deal with Staples after beating out Cerberus Capital Management in an auction. A final deal, which may top $6 billion, could be announced next week, the report said. The Wall Street Journal reported in April that the troubled retailer was seeking a buyer. Staples has more than 1,200 stores in the U.S., but has been forced to close hundreds of stores in recent years due to an extended slump in sales. A proposed merger with rival Office Depot Inc. was rejected in 2016 over antitrust concerns. Staples shares are down 0.7% over the past month, and down 1.3% over the past year.

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IT defense contractor Vencore files for IPO

Wed, 21 Jun 2017 21:36:19 GMT

Virginia-based Vencore Holding Corp. has filed for an initial public offer, according to a late Wednesday filing. Vencore is a government information-technology contractor focusing primarily cybersecurity, data management, and systems support for U.S. intelligence agencies and departments such as Justice and Homeland Security, and it is the "prime contractor" for the U.S. Navy's Tomahawk program, according to the prospectus. The company reported sales of $1.17 billion in 2016, and $285 million in the first quarter of this year. Vencore is expected to trade on the New York Stock Exchange under the symbol VNCR. Private-equity group Veritas Capital Management owns Vencore.

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Altice USA prices initial public offering at $30 a share: Dow Jones Newswires

Wed, 21 Jun 2017 21:30:41 GMT

Altice USA priced its initial public offering at $30 a share on Wednesday, Dow Jones Newswires reported, citing a source. The IPO price is within its target range of $27 to $31, according to the report. The cable company earlier raised the number of shares it will sell by 37% to 63.9 million shares. Altice is seeking to secure around $2 billion via its stock offering.

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Five Prime Therapeutics founder, CEO to step down

Wed, 21 Jun 2017 20:33:27 GMT

Biotech company Five Prime Therapeutics, Inc. , said late Wednesday founder and Chief Executive Lewis T. "Rusty" Williams plans leave his post and become executive chairman of the board by next year. The board "will conduct a comprehensive search for a candidate to fill the CEO position," the company said in a statement. Williams will remain in his current role until a new CEO has been appointed, it said. Williams will also serve as chairman of Five Prime's scientific advisory board. Shares of Five Prime ended the regular session up 7%. Shares were down 1% in late trading.

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Steelcase shares plunge after office-furnishing company's earnings miss

Wed, 21 Jun 2017 20:25:36 GMT

Shares of Steelcase Inc. tanked more than 10% late Wednesday after the office-furniture maker reported first-quarter earnings below Wall Street expectations and forecast second-quarter results that would also be a miss. Steelcase said it earned $18.1 million, or 15 cents a share, in the quarter, compared with 16 cents a share, a year ago. Sales reached $735.1 million, up from $718.8 million a year ago, the company said. Analysts polled by FactSet had expected earnings of 18 cents a share on sales of $745 million. The company said it expects second-quarter revenue to be in the range of $750 million to $780 million, against analyst expectations of around $800 million. Earnings per share were seen between 21 cents and 25 cents for the second quarter. The analysts surveyed by FactSet had forecast second-quarter EPS of 36 cents. Shares of Steelcase had ended the regular session down 1.2%.

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Oracle soars toward record highs after earnings beat

Wed, 21 Jun 2017 20:13:06 GMT

Oracle Corp. beat expectations with its fiscal fourth-quarter earnings report Wednesday, posting annual earnings and revenue growth for the first time since the 2014 fiscal year and sending shares rocketing toward records. The software giant reported net income of $3.23 billion, or 76 cents a share, on sales of $10.89 billion for the final quarter in its 2017 fiscal year. After adjusting for stock-based compensation and other effects, Oracle reported profit of 89 cents a share. Analysts on average expected Oracle to report adjusted earnings of 78 cents a share on revenue of $10.46 billion, according to FactSet. Oracle shares jumped more than 8% in late trading, topping $50 a share after closing with a 1.1% gain at $46.33. Oracle stock has never traded above $46.99 in a regular trading session, according to FactSet.

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