Breaking Stock Market and Financial News

EU to extend economic sanctions on Russia after leaders meet on December 15

Top Reuters News - Fri, 12/09/2016 - 09:22
BRUSSELS (Reuters) - The European Union will extend by six months its main economic sanctions on Russia over the conflict in Ukraine after the bloc's leaders meet in Brussels on Dec. 15, diplomatic sources and officials said on Friday.

Stillwater's stock soars in active trade after buyout deal with Sibanye Gold

MarketWatch Market Pulse - Fri, 12/09/2016 - 09:21

Shares of Stillwater Mining Co. soared 19% in active premarket trade Friday, after the platinum miner agreed to be acquired by Sibanye Gold Ltd. in a deal valued at about $2.2 billion. Under terms of the deal, Sibanye will pay $18 in cash for each Stillwater share outstanding, which represents a 23% premium to Thursday's closing price. The deal is expected to close in the second quarter of 2017. Trading volume in Stillwater's stock spiked to 4.1 million shares ahead of the open, already more than double the full-day average, and enough to make it the most actively traded in the premarket. Sibanye shares plunged 16% in premarket trade. Year to date, Stillwater shares have soared 71%, while Sibanye's stock has climbed 37%, the VanEck Vectors Gold Miners ETF has surged 56% and the S&P 500 has gained 9.9%.

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Royal Caribbean to set sail for Cuba in April 2017

MarketWatch Market Pulse - Fri, 12/09/2016 - 09:14

Royal Caribbean Cruises Ltd. said Friday that its cruise ship Empress of the Seas will make its first visit to Cuba during a five-night trip leaving Miami on Apr. 19, 2017. Thereafter, the ship will head to Havana during a seven-night trip on April 30, and during a five-night trip on May 20. Tampa will be the ship's home port for the summer season for four- and five-night trips that include port calls in Cuba. Royal Caribbean shares are up 0.3% in premarket trading, but down 15.3% for the year so far. The S&P 500 index is up nearly 10% for 2016 to date.

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Synergy Pharmaceuticals surges 16% in pre-market trade on positive late-stage clinical trial results

MarketWatch Market Pulse - Fri, 12/09/2016 - 09:10

Synergy Pharmaceuticals Inc. surged 15.9% in pre-market trade Friday after the company said that its treatment for irritable bowel syndrome with constipation had positive phase 3 trial results. The drug, plecanatide, met the trial's primary endpoint at two different dose levels, with diarrhea being the most common adverse event in a small percentage of patients. Results from another phase 3 trial are expected later this month, and Synergy plans to file with the FDA for IBS-C in the first quarter of 2017, the company said. The drug "may represent an important new treatment option for the millions of patients currently suffering with IBS-C," said Synergy Chief Executive Officer Gary Jacob. Shares of Synergy were valued at $5.54 per share at Thursday's close. The company's stock had dropped 2.3% year-to-date, compared with a 9.9% rise in the S&P 500 .

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Marriott Vacation to boost dividend 17%

MarketWatch Market Pulse - Fri, 12/09/2016 - 09:09

Marriott Vacations Worldwide Corp. said Friday that it will raise its quarterly dividend by 17% to 35 cents a share from 30 cents a share. The vacation ownership company's new dividend will be payable Jan. 4, 2017 to shareholders of record on Dec. 22. Based on Thursday's stock closing price of $86.42, new annual dividend rate of $1.40 a share implies a dividend yield of 1.62%, compared with the aggregate S&P 500 dividend yield of 2.07%, according to FactSet. "The over 15 percent increase in our dividend reflects our continued commitment to return capital to shareholders through a balanced approach of quarterly dividends and opportunistically buying back shares," said Chief Executive Stephen Weisz. The stock, which was still inactive in premarket trade, has soared 52% year to date, while the S&P 500 has gained 9.9%.

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Coca-Cola CEO Kent to step down in May

MarketWatch Market Pulse - Fri, 12/09/2016 - 08:58

Coca-Cola Co. said Friday that Chief Operating Officer James Quincey will succeed Muhtar Kent as chief executive, effective May 1, 2017. Kent will continue as chairman of the board. Quincey will stand for election as a board director at the shareowners meeting in April. Quincey, who has held a number of positions at Coca-Cola since joining in 1996, has been COO since August 2015. Coca-Cola shares are up 1% in premarket trading, but down 4% for the past year. The Dow Jones Industrial Average is up 12.1% for the last 12 months.

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Superconductor Technologies stock plunges after stock offering prices at deep discount

MarketWatch Market Pulse - Fri, 12/09/2016 - 08:58

Shares of Superconductor Technologies Inc. plummeted 31% in premarket trade Friday, after the maker of superconducting wires announced a public stock offering that would essentially triple its shares outstanding. The company said it raised $10.2 million as it priced the stock offering at $1.50 a share, implying a sale of 6.8 million shares. The company had about 3.1 million shares outstanding as of Oct. 1, according to the company's third-quarter report. The pricing represented a 26% discount to Thursday's closing price of $2.02. The company said that with each share of common stock sold, it included one five-year warrant to buy one share of stock at $2.00. The company plans to use the proceeds from the offering for working capital and general corporate purposes. The stock had tumbled 36% year to date through Thursday, while the S&P 500 has gained 9.9%.

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Axis Capital unveils $1 billion share buyback program, raises quarterly dividend by 8%

MarketWatch Market Pulse - Fri, 12/09/2016 - 08:35

Axis Capital Holdings Ltd. said Friday it's board has approved a share buyback program of up to $1 billion. The new authorization will replace the existing one, which has $264.9 million available. The company is also raising its quarterly dividend by 8% to 38 cents a share. The new dividend will be payable Jan. 17 to shareholders of record as of Dec. 30. Shares were not yet active in premarket trade, but are up 12% in the year to date, while the S&P 500 has gained 10%.

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Coty raises dividend, moves to quarterly payout schedule

MarketWatch Market Pulse - Fri, 12/09/2016 - 08:11

Coty Inc. said Friday that it was increasing its dividend payout by 82%, as the fragrance, hair and cosmetics products seller moves to a quarterly payout schedule. The first quarterly dividend of 12.5 cents a share will be payable Dec. 28 to shareholders of record on Dec. 19. Based on Thursday's closing price of $19.07 for Coty's stock, the expected annual dividend of 50 cents a share implies a dividend yield of 2.62%, compared with the aggregate S&P 500 dividend yield of 2.07%, according to FactSet. "The increase in our dividend, and the transition of the timing to a quarterly payout schedule, enhances the company's ability to return cash to shareholders throughout the year," said Chief Financial Officer Patrice de Talhouet. The stock, which slipped 0.4% in premarket trade, has plunged 26% year to date through Thursday, while the S&P 500 has gained 9.9%.

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Charter jumps 5% premarket after fund manager picks stock as key call

MarketWatch Market Pulse - Fri, 12/09/2016 - 08:10

Shares of Charter Communications Inc. jumped 5% in thin premarket trade on Friday after a top European hedge fund manager recommended buying the stock. Chris Hohn, founder of TCI Fund Management, said Charter shares could double or triple in coming years as the company continues to grow "its top-line strongly through subscriber growth and pricing." Hohn was speaking at the Sohn conference in London on Thursday. The TCI manager also said Charter is likely to buy back 35% of its shares in coming years at higher prices than where they are today.

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Cheniere Energy ends talks to acquire Cheniere Energy Partners LP

MarketWatch Market Pulse - Fri, 12/09/2016 - 08:08

Cheniere Energy Inc. said Friday it has ended talks to acquire Cheniere Energy Partners LP Holdings LLC after failing to reach agreement with the board and a specially created conflicts committee. Talks had stretched over six weeks, during which time Cheniere Energy raised its offer to 0.54 shares for each share of Cheniere Energy Partners owned from an original offer of 0.50 shares. "Cheniere has determined that no acceptable definitive agreement can be reached with the conflicts committee at this time," the company said in a statement. Neither stock was active in premarket trade.

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Eli Lilly to pay AstraZeneca $30 million as part of a collaboration on an Alzheimer's treatment

MarketWatch Market Pulse - Fri, 12/09/2016 - 07:12

Eli Lilly & Co. and AstraZeneca PLC announced Friday an agreement to develop a potential treatment for Alzheimer's disease that is currently in Phase 1 trials. As part of the agreement, Lilly will make a $30 million upfront payment to AstraZeneca. Lilly will record a 2 cents-a-share charge to earnings in the fourth quarter as a result of the payment. The agreement builds on a current collaboration related to a potential treatment currently in Phase 3 trials. "We are pleased to be expanding our alliance with AstraZeneca to further build our pipeline of potential medicines and diagnostic agents," said Jan Lundberg, president of Lilly Research Laboratories. AstraZeneca's stock climbed 1.4% in premarket trade, while Lilly shares were still inactive. AstraZeneca's stock has tumbled 23% year to date through Thursday, while Lilly shares have dropped 20%, the SPDR Health Care Select Sector ETF has shed 5.6% and the S&P 500 has gained 9.9%.

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BRIEF-Black Springs Capital to buy Géomines

Reuters Us Markets - Fri, 12/09/2016 - 07:09
* Black Springs Capital - upon completion of acquisition, combined entity will continue to carry on business of Géomines as currently constituted

Congo blocks Tenke mine administrator appointment

Reuters Us Markets - Fri, 12/09/2016 - 07:09
KINSHASA, Dec 9 (Reuters) - The appointment of a temporary administrator to run the Tenke copper has been blocked by an appeals body, the mine said on Friday, removing a hurdle to a takeover by China...

Over 1,000 Russian athletes benefited from conspiracy to conceal doping: McLaren report

Top Reuters News - Fri, 12/09/2016 - 07:09
LONDON (Reuters) - More than 1,000 Russian athletes competing in summer, winter and paralympic sport were involved in or benefited from an institutional conspiracy to conceal positive doping tests, a WADA report said on Friday.

GLOBAL MARKETS-World stocks hold near 16-month highs after strong week

Reuters Us Markets - Fri, 12/09/2016 - 07:09
LONDON, Dec 9 (Reuters) - World stocks held near 16-month highs on Friday, set for a strong weekly gain, while the euro fell further after the European Central Bank's decision to extend its stimulus...

BRIEF-Gran Colombia Gold provides update on 2016 production

Reuters Us Markets - Fri, 12/09/2016 - 07:08
* Gran Colombia Gold Corp- expects that total gold production for 2016 will reach upper half of its latest guidance for fy of 144,000 to 150,000 ounces

BRIEF-Stillwater Mining says termination fee of $16.5 mln plus expenses in Sibanye deal

Reuters Us Markets - Fri, 12/09/2016 - 07:08
* Stillwater Mining - to pay Sibanye break-up fee of $16.5 million plus reimbursement of expenses up to $10 million if deal is terminated in certain circumstances

Eli Lilly and AstraZeneca to co-develop Alzheimer's Disease treatment

MarketWatch Market Pulse - Fri, 12/09/2016 - 07:08

Eli Lilly & Co. and AstraZeneca Plc said Friday they have entered an agreement to jointly develop an Alzheimer's Disease treatment. The companies will work together on MEDI1814, an antibody selective for amyloid-beta 42, which is currently in Phase 1 trials. As part of the agreement, Eli Lilly will make an upfront payment of $30 million to AstraZeneca. Eli Lilly will book a pretax charge of $30 million in the fourth quarter, equal to an after-tax charge of 2 cents a share. Eli Lilly shares were not yet active premarket. AstraZeneca ADRs were up 1.4%, but are down 26% in the year so far, while the S&P 500 has gained about 10%.

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Nasdaq launches new Copenhagen index to reflect DONG, Nets IPOs

Reuters Us Markets - Fri, 12/09/2016 - 07:07
COPENHAGEN, Dec 9 (Reuters) - Stock exchange operator Nasdaq will replace Denmark's main C20 CAP index with a new index of 25 companies to reflect a higher market capitalisation and turnover...

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