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Teekay Tankers sets $45 million program to buyback shares
Teekay Tankers Ltd. said Friday it has launched a $45 million stock repurchase program. At Thursday's stock closing price of $1.44, the program would allow the company to buy back 31.25 million shares, which represents 19% of the shares outstanding. "This program is being put in place as another lever to create shareholder value, allowing us to opportunistically take advantage of dislocations in the capital markets when we have excess capital," said Chief Executive Kevin Mackay. The stock, which was inactive in premarket trade, has tumbled 36.3% year to date, while the S&P 500 has gained 11.5%. Separately, the tanker operator has entered into an agreement with its second largest shareholder, Huber Capital Management LLC, in which Huber will vote its shares in favor of increasing the authorized number of shares outstanding to permit more issuance so the company can complete its proposed merger with Tanker Investments Ltd.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.
H&R Block shares slide 8%; management declines to offer update of plans on earnings call
Shares of H&R Block Inc. slid 8% Wednesday to lead S&P 500 decliners, after the tax preparer failed to offer a full update of strategy or plans for the 2018 tax season on its earnings conference call. The company late Tuesday posted a slightly wider-than-expected loss for its fiscal first quarter. H&R Block said it lost 63 cents a share, against a 62 cents-a-share consensus. Revenue rose 10% to $138 million, primarily on increased U.S. assisted tax preparation fees and revenues from the company's Peace of Mind service plan. Analysts polled by FactSet had expected sales of $129 million. The first quarter typically represents less than 5% of annual revenues and less than 15% of annual expenses. Interim CEO Thomas Gerke welcomed new CEO Jeff Jones, who was appointed last week to take the helm in October. But he said the company's strategy remains unchanged, and declined to offer detailed guidance for the next tax season. Analyst Jeffrey Silber at BMO Capital Markets said the numbers were in line in a seasonally light quarter. "We would not read too much into these results," he said in a note late Tuesday. Shares have gained about 17% in 2017, while the S&P 500 has gained about 10%. 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.
China reclaims spot as No. 1 holder of Treasurys after 8-month hiatus
China overtook Japan as the top holder of Treasurys in June, according to the Treasury International Capital report. The last time China was the top holder was back in last October. China's holdings of U.S. government paper rose to $1.147 trillion, up more than $44 billion from the previous month. Japan's holdings slipped $20.5 billion to $1.09 trillion. The report comes amid the yuan's strengthening in the past three months against the greenback. The dollar bought 6.68 yuan on Tuesday, compared with 6.90 yuan back in May. The yuan has been supported by efforts of the People's Bank of China, its central bank, to beat off currency speculators. A steadying economy and attempts to stem capital flight have helped to prop up the yuan, too. A strengthening currency and growing exports can lead to a rapid accumulation of Treasurys. 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.
Apple's stock set up for 10th straight gain
Apple Inc.'s stock edged up 0.2% in premarket trade Thursday, which sets it up to post a 10th straight gain. The technology giant's stock has had a 10-session win streak since the 10-day stretch ending Oct. 18, 2010. Qualcomm Inc. commentary late-Wednesday while reporting quarterly results suggests the chip maker's patent dispute with Apple wasn't likely to reach a settlement for at least a year, according to BMO Capital analyst Tim Long. Apple's win streak comes as the Nasdaq 100 is also on track to post a 10th straight gain to another record, with e-mini Nasdaq 100 futures up 0.1% ahead of the open. Apple's stock has rallied 30.4% year to date through Wednesday, while the Nasdaq 100 has run up 21.6% and the Dow Jones Industrial Average has climbed 9.5%.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.
AMD's stock reverses sharply lower on heavy volume, as ethereum prices extend selloff
Shares of Advanced Micro Devices (AMD) erased earlier gains to turn sharply lower in active trade Thursday, bucking the gains in the broader tech sector. What may be weighing on the chip maker, the price of cryptocurrency ethereum was plunging 10% from Thursday's close, and has plummeted 35% so far this month. AMD's graphics chips are the "gold standard" for mining ethereum, according to RBC Capital analyst Mitch Steves, and rocketing ethereum prices through mid June had propelled AMD...
AMD's stock surges to lead S&P 500 gainers in active trade
Shares of Advanced Micro Devices Inc. surged 3.9% in active midday trade Friday, enough to pace the S&P 500's gainers, amid a broad rally in semiconductor stock. Volume topped 49 million shares within two hours after the open, which is already more than half the full-day average, and enough to make the stock the most actively traded on major U.S. exchanges. The PHLX Semiconductor Index hiked up 1.6%, as the stocks of three other chip companies were among the top S&P 500's gainers: Lam Research Corp.'s ran up 3.1%, Applied Materials Inc.'s climbed 3.0% and Nvidia Corp.'s rallied 2.1%. Morgan Stanley analyst Joseph Moore raised his stock price target for Applied Materials to $52 from $47, and for Lam Research to $168 from $135. Moore said he believes capital spending in chips and display is continuing to improve, and that memory strength is driving an "unprecedented" memory cash flow. AMD's stock has now rallied 19% year to date, while the SOX has rallied 16% and the S&P 500 has gained 8.2%.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.
UPDATE 3-Short seller Cohodes hits Canada again with latest target -Exchange Income
NEW YORK/TORONTO, July 5 (Reuters) - Short seller Marc
Cohodes, who has bet against the shares of six Canadian-based
companies including Valeant Pharmaceuticals International Inc
and Home Capital Group Inc, said on Wednesday
that he is targeting yet another Canadian firm - Exchange Income
AMD's stock slips toward its second 6-session losing streak in June
Advanced Micro Devices Inc.'s stock slipped 0.2% in afternoon trade Friday, putting it in danger of a sixth-straight loss, amid growing worries over competition in the cryptocurrency market. Although this would mark the second six-session losing streak this month--the other ended on June 16--the stock was still up 12.4% in June. The chip maker's monthly gain was supported by two four-session win streaks, one ending June 8 that added 18%, and another ending June 22 that added 26%. On Friday, RBC Capital analyst Mitch Steves fueled the competition fears, by saying if AMD faced a crytocurrency battle with Nvidia Corp. , "we think Nvidia would win." Nvidia's stock was up 1.0% in June. Meanwhile the PHLX Semiconductor Index has lost 4.8% and the S&P 500 has tacked on 0.6% this month.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.
Action against Home Capital given class status for settlement purposes
June 28 (Reuters) - Home Capital Group Inc said on
Wednesday that the Ontario Superior Court has certified as a
class action an action against the company and certain former
officers for settlement purposes only.
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