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Delaware sues opioid manufacturers, distributors over epidemic
Delaware on Friday became the latest state to file a lawsuit accusing corporations of helping fuel the national opioid epidemic, suing a wide range of companies involved in making, distributing and selling prescription painkillers.
ADT's stock opens below IPO price, which was already well below expectations
ADT Inc.'s stock opened at $12.65 on the NYSE at 10:21 a.m. ET, or 9.6% below the initial public offering price of $14. Since the open, the stock has traded in a range of $12.55 to $12.97. The home security services company's IPO had priced late Thursday well below the expected range of $17 to $19. The company sold 105 million shares in the IPO, before options granted to underwriters, to raise $1.47 billion, and to give the company a $10.5 billion valuation. ADT's IPO comes at a time when the Renaissance IPO ETF has gained 5.5% over the past three months and the S&P 500 has rallied 9.4%.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.
ADT prices IPO below target
ADT Inc. said Thursday that it is pricing its initial public offering at $14 a share, which is below the $17 to $19 range the company targeted. The company is expected to start trading Friday and is listed on the New York Stock Exchange under the ticker "ADT." At $14 a share, the company has raised about $1.6 billion, suggesting a market capitalization of just over $10 billion. Morgan Stanley, Goldman Sachs, Barclays, Deutsche Bank Securities, and RBC Capital Markets are acting as joint book-runners for the IPO. Private equity firm Apollo Global Management took the firm private in a $6.9 billion leveraged buyout in February 2016. Apollo will continue to own a majority stake, making it a "controlled company" under NYSE rules. According to the company's prospectus, a survey found that ADT has 95% brand awareness. ADT hasn't yet released its 2017 financial results and has only been able to offer investors expectations ahead of the IPO.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.
Home security company ADT Inc's IPO priced at $14/share
ADT Inc, a provider of security monitoring services, said on Thursday that its initial public offering was priced at $14 per share, below the expected range of $17 to $19. The 105 million share offering raised about $1.47 billion, the company said. Even at the lower valuation, the IPO is likely one of the largest in the first part of 2018.
NY Fed chief tells FT that central bank should review inflation target
New York Fed President Bill Dudley told the Financial Times the central bank should review its inflation target, which is 2%. In the context of how the Fed could act if rates again approach zero, he said it was worth considering whether to shift to a price-level target. The report also said the Fed could consider moving to an inflation target range of 1.5% to 2.5%. Dudley told the newspaper he was against increasing the inflation target to 4%.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.
Cannae Holdings says its portfolio company Ceridian has filed for an IPO
Cannae Holdings Inc. said Wednesday that its portfolio company, ceridian HCM Holding Inc., a human resources services company, has confidentially filed for an initial public offering. Cannae, which owns majority and minority stakes in a number of companies, including food services company American Blue Ribbon Holdings LLC, said the number of shares and price range have not yet been determined. Cannae shares were not yet active premarket, but have gained 31% in the last 12 months, while the S&P 500 has gained 22%. 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.
BRIEF-New Residential Investment Sees Q4 Net Income To Be In Range Of $0.90 To $0.98 Per Diluted Share
New Residential Investment Corp(NRZ): * NEW RESIDENTIAL INVESTMENT-FOR Q4 OF 2017, SEES NET INCOME TO BE IN THE RANGE OF $0.90 TO $0.98 PER DILUTED SHARE -SEC FILING.
BRIEF-Leucadia National Expects Q4 Results To Reflect Charge Of About $450-$500 Mln
Leucadia National Corp(LUK): * LEUCADIA NATIONAL(LUK) - ANTICIPATE RESULTS FOR Q4 OF 2017 WILL REFLECT A CHARGE IN APPROXIMATE RANGE OF $450-$500 MILLION FROM IMPACT OF TAX ACT - SEC FILING Source text - http://bit.ly/2DGKClq Further company coverage:
BRIEF-A10 Networks Sees Q4 2017 Revenue $55.5 Mln To $56 Mln
A10 Networks Inc(ATEN): * A10 NETWORKS ANNOUNCES PRELIMINARY FOURTH QUARTER 2017 RESULTS. * SEES Q4 2017 REVENUE $55.5 MILLION TO $56 MILLION. * SEES Q4 2017 NON-GAAP EARNINGS PER SHARE $0.05 TO $0.06. * - EXPECTS Q4 GAAP EARNINGS PER SHARE IN RANGE OF BREAK-EVEN TO $0.01 PER SHARE Source text for Eikon: Further company coverage:
BRIEF-Sequans Communications Expects Revenue For Quarter Ended Dec. 31 To Be $11.1 Mln To $11.3 Mln
Sequans Communications Sa(SQNS): * - EXPECTS REVENUE FOR QUARTER ENDED DECEMBER 31, 2017 TO BE IN THE RANGE OF $11.1 MILLION TO $11.3 MILLION. * - EXPECTS NON-IFRS NET LOSS PER DILUTED SHARE/ADS TO BE BETWEEN $0.07 AND $0.08 FOR QUARTER ENDED DEC 31, 2017. * - EXPECTS REVENUE FOR QUARTER ENDED MARCH 31, 2018 TO BE APPROXIMATELY FLAT WITH QUARTER ENDED DEC 31, 2017 - SEC FILING.
A10 Networks shares drop as revenue forecast cut
A10 Networks Inc. shares dropped in the extended session Tuesday after the network software company cut its revenue outlook for the quarter. A10 shares dropped 17% to $6.05 after hours. The company forecast fourth-quarter revenue of $55.5 million to $56 million, down from its prior forecast range of $64 million to $67 million. A10 expects earnings of 5 cents to 6 cents a share, compared with a previous estimated range of 1 cents to 7 cents a share. Analysts surveyed by FactSet had estimated earnings of 3 cents a share on revenue of $65.1 million. "We are disappointed with our revenue results for the quarter, which were below our guidance primarily due to a shortfall in North America sales as we experienced lower than expected seasonal demand trends in the region," said Lee Chen, A10 president and chief executive, in a statement.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.
We rented a Tesla Model 3 from a new owner: Call it spartan, high-tech and compelling
The new Model 3 is a striking mid-priced sedan with 310-mile battery range and a spartan high-tech interior.
GE credit ratings affirmed at Moody's, with 'stable' outlooks
General Electric Co.'s credit ratings were affirmed Tuesday at Moody's Investors Service, based on the plans GE Capital plans to take in response to the billions in insurance-related charges and statutory capital contributions announced before the market's open. The long-term debt rating is A2 and the short-term rating is P-1, and the outlooks on the ratings are "stable." The actions GE Capital plans to undertake to restore capital adequacy and preserve liquidity in the face of the charges and capital contributions include the suspension of dividends to GE and a further reduction of assets. "Together with the increase in insurance reserves, this will moderate asset and refinancing risks and strengthen capital levels," Moody's said in a statement. "Moody's estimates that GE Capital's plan will restore leverage to the company's September levels within two years and to within a more acceptable long-term range of 11% to 12% within three years." Earlier, Fitch Ratings affirmed GE's rating, but said the risk of a downgrade increased after the insurance charge. The stock dropped 3.7% in midday trade. It has plunged 23% over the past three months, while the Dow Jones Industrial Average has climbed 13%.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.
BRIEF-Illumina Sees Non-GAAP Diluted EPS Attributable To Illumina Stockholders In Range Of $4.50-$4.60 For Fiscal Year ...
Illumina Inc(ILMN): * Illumina Inc(ILMN) - SEES NON-GAAP DILUTED EPS ATTRIBUTABLE TO ILLUMINA STOCKHOLDERS IN RANGE OF $4.50 - $4.60 FOR FISCAL YEAR 2018. * ILLUMINA (ILMN) - SEES SEES GAAP DILUTED EPS ATTRIBUTABLE TO ILLUMINA STOCKHOLDERS IN RANGE OF $4.14 - $4.24 FOR FISCAL YEAR 2018- SEC FILING Source text: [http://bit.ly/2AObRYh] Further company coverage:
Uber's Chinese rival Didi Chuxing recruits in Mexico ahead of launch
Chinese ride-hailing company Didi Chuxing has advertised online for a range of jobs in Mexico as it prepares to break into the country, one of rival Uber's regional strongholds. Didi Chuxing plans this year to launch a smartphone app in Mexico and to recruit drivers to the platform, Reuters reported last month. A spokesman for Didi declined to comment.
Coca-Cola has unveiled four new flavors of Diet Coke.
USA TODAY did a taste test of Ginger Lime, Feisty Cherry, Zesty Blood Orange and Twisted Mango, which will hit store shelves on Jan. 22.
Diet Coke fizzes up its line-up with 4 new flavors
The new flavors are: Ginger Lime, Feisty Cherry, Zesty Blood Orange and Twisted Mango.
Brazilian mobile payment processor PagSeguro sets terms for $1.7 billion US IPO
PagSeguro Digital which provides online and in store payment services for small businesses in Brazil announced terms for its IPO on Wednesday The São Paulo Brazil based company plans to raise 1 7 billion by offering 92 1 million shares 53 insider at a price range of 17 50 to 20 50
Tenet Healthcare's stock drops after increased job cuts, lower adjusted profit outlook
Shares of Tenet Healthcare Corp. dropped 3.9% in afternoon trade Monday, after the health care services company increased its workforce reduction target by over 50% in an effort to cut more costs. The company said in a presentation at the J.P. Morgan Healthcare Conference in San Francisco it would cut about 2,000 jobs as it targets an annualized $250 million in cost reductions by the end of 2018. At the Bank of America Merrill Lynch Leverage Finance Conference on Nov. 29, Tenet said it would eliminate 1,300 jobs and targeted cost cuts of $150 million. Separately, the company cut its 2018 adjusted earnings-per-share guidance range to 58 cents to 97 cents from $1.07 to $1.36, because it will no be able to recognize for accounting purposes the future benefit related to excess interest expense limitation carryforward, as a result of the new tax law. The FactSet 2018 adjusted EPS consensus was $1.23. The stock has lost 5.3% over the past three months, while the SPDR Health Care Select Sector ETF has gained 2.4% and the S&P 500 has climbed 7.8%.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.
Target to launch women's denim brand Universal Thread next month
Target Corp. said Monday that it will launch its first private label of 2018 next month: Universal Thread, a women's lifestyle brand focused on denim. The line will include tops, dresses, accessories and shoes at prices ranging from $5 to about $40, which is, on average, up to 10% lower than current items. Sizes will start at 00 and run through 26W, the first time the company has launched a brand with a range of sizes this broad, Mark Tritton, Target's chief merchandising officer, said in a post on the retailer's blog. Target announced plans last year to roll out more than a dozen private brands. Among those that have already launched are A New Day and Project 62. Target shares are nearly flat in Monday trading, and up 16.6% for the last three months. The S&P 500 index is up 7.6% for the past three months.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.
Lululemon's stock set to rally after profit, revenue outlook raised
Shares of Lululemon Athletica Inc. were indicated up about 1.5% in premarket trade Monday, after the yoga-gear maker raised its fourth-quarter profit and revenue guidance ranges, citing accelerating trends during the holiday season. The company now expects adjusted earnings per share of $1.25 to $1.27, up from a previous range of $1.19 to $1.22. The revenue outlook was raised to $905 million to $915 million from $870 million to $885 million, with same-store sales expected to increase in the "high single digits" rather than the "mid-single digits" previously expected. "We are thrilled with our performance this holiday season that reflects an accelerating trend across all parts of our business, and we look forward to continued momentum in 2018 and beyond," said Chief Executive Laurent Potdevin. Separately, the company said it expects to recognize a "significant income tax expense" in the fourth quarter related to the one-time repatriation tax on accumulated foreign earnings, but said the tax reform will be favorable to the effective tax rate in 2018. The stock has rallied 29.6% over the past three months, while the SPDR S&P Retail ETF has climbed 10.7% and the S&P 500 has gained 7.6%.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.
Dialog Semiconductor reports Q4 sales above outlook
Anglo-German chipmaker Dialog Semiconductor on Monday reported preliminary sales of $463 million for the fourth quarter, above the upper end of its outlook range announced in November. Dialog, plagued by investor fears it could lose its top customer Apple (AAPL), had said on Nov. 7 it expects fourth-quarter sales of $415 million to 455 million.
BRIEF-T2 Biosystems Says Total Q4 Revenue Is Expected To Exceed Previously Guided Range Of $1.1 Mln To $1.3 Mln
T2 Biosystems Inc(TTOO): * T2 BIOSYSTEMS ANNOUNCES PRELIMINARY FOURTH QUARTER 2017 FINANCIAL RESULTS AND PROVIDES UPDATE ON T2BACTERIA PANEL. * - FDA CLEARANCE OF T2BACTERIA PANEL REMAINS ON TRACK FOR Q1 2018. * TOTAL REVENUE IN Q4 IS EXPECTED TO EXCEED PREVIOUSLY GUIDED RANGE OF $1.1 TO $1.3 MILLION Source text for Eikon: Further company coverage:
Debenhams warns on profit after disappointing Christmas sales
Debenhams PLC has warned on profit after reporting a disappointing start to its post-Christmas sale. In its Christmas trading update released Thursday, the department store chain said like-for-like sales dropped 1.8% in the 17 weeks ended Dec. 30. Sales in the six-week Christmas period were 1.2% higher, but the company had made price cuts to help spur growth after the early weeks of the quarter were disappointing. "However, the first week of post-Christmas sale was below expectations despite further markdown investment, particularly in the highly seasonal gift category," Debenhams said in a statement. The retailer said that if the "competitive and volatile environment" continues, full-year 2018 profit is now likely to be in the range of £55 million ($74.6 million) to £65 million.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.
Asia stocks flirt with historic highs on global growth cheer
SYDNEY (Reuters) - Asian stocks struck a range of new peaks on Wednesday as risk appetites were whetted by a feast of upbeat manufacturing surveys that confirmed a synchronised upturn in the world economy was well under way.
GLOBAL MARKETS-Asia stocks flirt with historic highs on global growth cheer
SYDNEY, Jan 3 (Reuters) - Asian stocks struck a range of new
peaks on Wednesday as risk appetites were whetted by a feast of
upbeat manufacturing surveys that confirmed a synchronised
upturn in the world economy was well under way.
BRIEF-Liberty Oilfield Services Inc Sees IPO Of 10.7 Million Shares Priced Between $14-$16 Per Share
Liberty Oilfield Services Inc(BDFC): * LIBERTY OILFIELD SERVICES INC SEES IPO OF 10.7 MILLION SHARES OF CO'S CLASS A COMMON STOCK PRICED BETWEEN $14.00 AND $16.00 PER SHARE - SEC FILING. * LIBERTY OILFIELD SERVICES(BDFC) - UPON CONSUMMATION OF OFFERING, BASED UPON MID-POINT OF RANGE OF IPO, INVESTORS WILL HOLD 16.1 PERCENT OF CO'S CLASS A COMMON STOCK.
The Potential Impact Of Increasing The Minimum Wage
People who work for the minimum wage in 18 states are getting a raise on Jan. 1. From Alaska to Maine, increases range from 4 cents to a dollar.
As West Coast fights homelessness, kindness is contentious
Mohammed Aly does not see why he shouldn't try to ease the lives of Orange County's homeless.
Raytheon wins $634 mln U.S. defense contract -Pentagon
Raytheon Co(RTN) has been awarded a $634 million contract for Advanced Medium-Range Air-to-Air Missiles, the Pentagon said on Thursday. It said the contract involves sales to Japan, South Korea, Morocco, Poland, Indonesia, Romania, Spain, Turkey, Bahrain and Qatar.
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