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  • 09/18/2017 06:45:41

    Applied Materials' stock rallies after RBC raises rating, price target

    Shares of Applied Materials Inc. rallied 1.4% in premarket trade Monday, after the chip equipment company was upgraded at RBC Capital, which was upbeat about the company's wafer front end (WFE) business. Analyst Amit Daryanani raised the rating to outperform from sector perform and boosted the price target to $55 from $48. Daryanani said that with about 34% of revenue coming from display and services, Applied Materials is better positioned to deal with WFE cyclicality compared with its peers. "While we understand cyclical concerns, we think current WFE levels are sustainable for a longer time frame" given a material shift in capital intensity, which should allow the company to guide fiscal 2020 earnings per share to above $4.00 at the analyst day scheduled for Sept. 27. The stock has run up 9.4% over the past three months through Friday, while the PHLX Semiconductor Index has climbed 7.4% and the S&P 500 has gained 2.8%.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.

  • 09/15/2017 05:11:32

    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.

  • 08/30/2017 13:42:00

    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.

  • 08/21/2017 05:20:01

    Build-A-Bear completes strategic review, to buy back $20 million of its own shares

    Build-A-Bear Workshop Inc. said Monday it has concluded a review of its strategic alternatives and decided to buy back up to $20 million of its own shares. "Adoption of the share repurchase program reflects our belief that our stock represents an attractive investment opportunity," Chief Executive Sharon Price John said in a statement. The company has returned to sustained profitability and has strong cash flow and a flexible capital structure, she said. "We believe Build-A-Bear Workshop will have the capacity to repurchase our stock while still deploying capital to facilitate the attainment of our next stated objective of sustained profitable growth," she said. The strategic review was comprehensive, she said, without providing details. Build-A-Bear has about 400 stores worldwide where children and adults can create and dress their own toy bears. Shares were not active premarket, but have fallen 37% in 2017, while the S&P 500 has gained 8.3%. 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.

  • 08/18/2017 15:44:08

    BRIEF-RXi Pharmaceuticals files for sale of up to 7.3 mln shares

    * RXi Pharmaceuticals Corp- files for sale of up to 7.3 million shares of common stock by Lincoln Park Capital Fund Llc - SEC filing‍​ Source text: (http://bit.ly/2vQLno4) Further company coverage:

  • 08/17/2017 17:55:58

    Energy Capital Partners nears $17 billion deal to buy Calpine: report

    Calpine Corp. shares shot up more than 9% in after-hours trading late Thursday after a Wall Street Journal report that Energy Capital Partners is closing in on a $17 billion deal to acquire it. Energy Capital, a private-equity firm specializing in energy infrastructure, would pay $15.25 a share for the power-generating company, sources told the Journal, which would value Calpine at $5.5 billion. Including debt, the deal would be valued at about $17 billion, the Journal said, and may be announced as soon as Friday. Calpine is known mostly for its natural-gas power plants, and provides power for about 6.5 million residential customers across the U.S. 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.

  • 08/17/2017 08:01:58

    ADP's stock could more than double in less than 4 years, Ackman's Pershing Square says

    Shares of Automatic Data Processing Inc. could more than double in less than four years, if the payroll services company fulfill's its potential, according to hedge fund Pershing Square Capital Management, which is run by billionaire activist investor Bill Ackman. In a presentation to investors, Pershing said the value of ADP's stock, which was down 1.4% at $109.54 in morning trade, can rise to $221 to $255 a share by June 21, with "not changes in the credit rating, capital structure, dividend policy, or clients funds investment strategy." Pershing said ADP's "buy" instead of "build" strategy has led to weak product offerings, most notably in enterprise, and inefficient legacy back-end infrastructure. "ADP's focus on 'hitting the numbers' has led to value-destructive decisions with negative long-term consequences," Pershing wrote in the presentation. ADP diclosed earlier this month that Pershing, which owns 36.8 million ADP shares, or an 8.3% stake, was seeking to take five board seats and change the CEO. In an interview on CNBC last week, ADP CEO Carlos Rodriguez called Ackman "a spoiled brat." stock has gained 22% over the past 12 months, while the S&P 500 has rallied 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.

  • 08/15/2017 09:33:56

    Transocean's stock hits all-time low after $3.4 billion deal to buy Norway's Songa Offshore

    Shares of Transocean Ltd. tumbled 6.3% in active midday trade Tuesday, after the oil services company announced a stock an agreement valued at $3.4 billion, including debt, to buy Norway's Songa Offshore in a stock and convertible debt deal. Volume reached 25.4 million shares, already well above the full-day average of 16.2 million shares. The stock hit an all-time intraday low of $7.55 earlier in the session before paring some losses. Under terms of the deal, Songa Offshore shareholders will receive consideration comprised of 50% newly issued Transocean common shares and 50% in bonds convertible into common shares. RBC Capital analyst Kurt Hallead expects Transocean to issue 128.2 million shares, including convertibles, to raise the total share count, or dilute current shareholders, by 32% to 524.7 million shares. Songa shares rocketed 29% to a 17-month high. Transocean's stock has plunged 47% year to date, while the VanEck Vectors Oil Services ETF has shed 33% and the S&P 500 has gained 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.

  • 08/14/2017 14:38:26

    BRIEF-Berkshire Hathaway takes share stake in Store Capital Corp

    Berkshire Hathaway Inc(BRK/A) : * Berkshire Hathaway (BRK/A) takes share stake of 18.6 million shares in Store Capital Corp (STOR) - sec filing‍​. * Berkshire Hathaway (BRK/A) cuts share stake in American Airlines Group Inc (AAL) by 4.6 percent to 47.0 million shares - sec filing‍​. * Berkshire Hathaway (BRK/A) cuts share stake in United Continental Holdings Inc (UAL) by 2.6 percent to 28.2 million shares - sec filing‍​. * Berkshir...

  • 08/10/2017 11:06:47

    PayPal acquires small-business lender Swift Financial for undisclosed sum

    PayPal Holdings Inc. announced Thursday that it is acquiring small-business lender Swift Financial. The online lender's shares were down 2.8% in early afternoon trading. PayPal did not disclose the deal's terms and said the acquisition would close by the end of the year. Delaware-based Swift Financial offers credit to businesses through loans and advances, and the deal will increase small-business owners' access to capital via loans of up to $500,000, and credit to merchants not using its services. PayPal has operated its own Working Capital unit since 2013, and has loaned more than $3 billion to small-businesses in total. PayPal shares have climbed more than $35% year-to-date, while the S&P 500 index has gained 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.

  • 08/07/2017 16:02:17

    BRIEF-Ares Capital Corporation prices public offering of $750.0 million 3.500 percent notes due 2023

    * Ares Capital Corporation prices public offering of $750.0 million 3.500 percent notes due 2023 Source text for Eikon: Further company coverage:

  • 08/04/2017 09:57:27

    Shares of theater chain AMC gain 10% as investors shrug off disappointing Q2 earnings

    Shares of AMC Entertainment Holdings Inc. rose as much as 10% on Friday from Thursday's close, despite the company reporting softer-than-expected revenue and a slightly wider loss in the second quarter than Wall Street was expecting. Investors seemed to shrug off the earnings miss, after AMC issued a profit warning earlier in the week and shares tanked as much as 27%. They focused on the company's $100 million buyback announcement and the cinema chain's plans to stabilize the business in the face of volatile box office returns. AMC Chief Executive Adam Aron said, "I also plan individually to buy AMC stock on the open market with personal monies within the next 60 days." In the company's quarterly report Aron laid out plans for confronting the challenges ahead, including streamlining operating costs and seeking revenue enhancement opportunities. AMC management is also looking to reduce capital expenditures by $100 million in the latter half of 2017 and an additional $100 million in 2018, while identifying roughly $400 million in non-strategic assets that could be monetized over the next two years. AMC is doubling down on its investment in concessions and premium recliner seating, and is positive on the industry's future and the company's position in it. "We remain optimistic about our ability to deliver meaningful value to our shareholders," Aron said in a statement. "Consumer demand to go to the movies was robust as 2017 started out in the first quarter. And just ahead of us is a strong fourth quarter film slate, that creates the opportunity to lessen the angst surrounding box office weakness industry-wide in the second and third quarters of 2017." Shares of AMC have lost more than 52% in the year so far, while the S&P 500 index has gained nearly 11%.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.

  • 08/04/2017 05:41:44

    ADP's stock surges after activist Bill Ackman seeks to take control

    Shares of Automatic Data Processing Inc. rose 2.9% in premarket trade Friday, after the business consulting company disclosed that activist investor William Ackman's Pershing Square Capital Management is seeking to take control. ADP said Pershing, which owns 8% of the company's shares outstanding, is seeking to extend the deadline for nomination directors by up to 45 days, as Ackman would like to take five board seats. Ackman is also seeking a change of the chief executive officer. "The Board has unanimously determined that it is not in the best interests of ADP or its other shareholders to accede to Pershing Square's last-minute request for an extension," the company said in a statement. ADP said in the six years that Carlos Rodriquez has been CEO, ADP's total shareholder return (TSR) has been 202%, while the S&P 500's TSR has been 128% and Pershing's TSR has been 29%. Over the past year, ADP's stock has rallied 26.4% while the S&P 500 has gained 14%.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.

  • 07/31/2017 14:32:07

    Texas Roadhouse shares up nearly 7% after earnings

    Shares of Texas Roadhouse Inc. rose nearly 7% late Monday after the restaurant chain reported second-quarter sales above expectations and per-share earnings in line with forecasts. Texas Roadhouse said it earned $37.6 million, or 53 cents a share, in the quarter, compared with $33.6 million, or 47 cents a share, in the year-ago period. Revenue rose to $566.2 million, from $508.1 million a year ago. Analysts polled by FactSet had expected per-share earnings of 53 cents a share on sales of $563 million. Comparable-restaurant sales rose 4% at company restaurants and 3.6% at domestic franchises, Texas Roadhouse said. The company reiterated its expectations of comparable-restaurant sales growth for the year, as well as food costs deflation between 1% and 2% and total capital expenditures of about $170 million. The shares ended the regular trading session down 0.8%. 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.

  • 07/27/2017 11:02:58

    ADP stock jumps 10% in midday trade on reports of Ackman stake

    Shares of Automatic Data Processing Inc. jumped more than 10% in Thursday afternoon trade following a Bloomberg News report that Bill Ackman's Pershing Square Capital Management had taken a stake in payroll company ADP . Bloomberg cited people familiar with the matter, indicating that Ackman had recently bought shares in ADP and that he may increase his position. The report didn't specify the size of the activist investor's position. ADP's shares have climbed 13.1% so far this year, compared with a 10.1% year-to-date return for the Dow Jones Industrial Average, a 10.6% rise for the S&P 500 index thus far in 2017, and a 20% surge for the Nasdaq Composite Index over the same period. Ackman has been notably linked to recent bullish bets on Valeant Pharmaceuticals International Inc. , which he exited in March after racking up a $4 billion loss on his investment. He is also notoriously wagering that nutritional-supplement company Herbalife Ltd.'s shares will fall to zero. However, that company's stock is up 40% so far this year.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.

  • 07/20/2017 14:15:55

    Capital One shares up 5% after earnings beat

    Shares of Capital One Financial Corp. rose 5% late Thursday after the credit-card company reported second-quarter earnings above expectations and revenue in line with forecasts. Capital One said it earned $1 billion, or $1.94 a common share, in the quarter, compared with $942 million, or $1.69 a share, in the second quarter of 2016. Adjusted for one-time items, including costs related to the anticipated close of the Cabela's acquisition, the company earned $1.96 a share in the quarter. Analysts polled by FactSet had expected adjusted earnings of $1.90 a share on sales of $6.66 billion. The shares ended the regular session down 0.5%. 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.

  • 07/20/2017 13:36:38

    AMC shares bounce following tough week of losses

    Shares of theater operator AMC Entertainment Holdings Inc. were up 5% intraday on Thursday. AMC stock has been beaten up recently after Barclays downgraded the stock on Wednesday following a Wall Street Journal report earlier in the week saying Chinese regulators had warned that funding the company received from parent company Dalian Wanda Group violated government capital rules. AMC has since denied receiving funding for acquisitions. As this has unfolded, AMC and other cinema stocks have also been beaten up due to poor box office performance and the threat of collapsing theatrical windows. B. Riley analyst Eric Wold said AMC's stock paring losses points to some rational thoughts coming back to AMC investors. "We believe that some of the sell-side concerns around [premium video on demand] have been stretch concerns without a basis in reality around both what is best for the industry or, more importantly, catering to what consumers actually desire," Wold said in an email. "As for the Wanda situation, once AMC made it clear that Wanda has not been involved in the company's financing or acquisition activity, the issues around Wanda should be centralized to Wanda and have no impact on AMC." Shares of AMC have declined more than 38% in the year to date, while the S&P 500 index is up nearly 11%.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.

  • 07/18/2017 15:20:41

    Abercrombie & Fitch shares higher after hedge fund urges buyback

    Shares of Abercrombie & Fitch Co. rose more than 2% late Tuesday after hedge fund SLS Capital Management LLC made public a letter to the retailer's board of directors urging a share buyback and other measures to lift the stock. The board hasn't been "aggressive enough" in maximizing shareholder value, SLS said in the letter, which goes on to mention earlier letters to Abercrombie as well as meetings with management to urge a "Plan B" for the company. Given the current conditions, Abercrombie should be buying back stock and reducing its share count, it said. There's "a time in every company's life for buybacks and a time for dividends. With the stock trading at current valuations and a margin of safety from the value of non-core assets, this is the time for buybacks," SLS said. Abercrombie shares ended the regular session up 0.1%. 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.

  • 07/17/2017 12:31:48

    StoneMor shares slide 11% after company says it is in default on a credit agreement

    Shares of cemetery and funeral home operator StoneMor Parnters L.P. slid more than 10% Monday, after the company said it is in default on its revolving credit agreement after failing to file its annual 10-K with the Securities and Exchange Commission by a July 15 deadline. The delay was caused by an accounting review that has not yet been completed. Trevose, Pennsylvania-based StoneMor said that makes it likely that it will miss a separate SEC deadline for its quarterly 10-Q for the March period. "The Partnership has communicated with all its lenders that it will be seeking a waiver or other relief to extend the time for filing the Form 10-K and expects to seek similar relief to extend the time for filing the Second Quarter 10-Q," the company said in a statement. StoneMor said it still expects the review to lead to a net decrease in deferred revenue and selling costs and an increase in partners' capital on its balance sheet. It does not expect any material impact on cash flows for the three years ended December 31, 2016. StoneMor is the only publicy traded death care company that is structured as a partnership. Shares are down 10% for 2017 so far, while the S&P 500 has gained 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.

  • 07/17/2017 11:39:03

    Mining and metals stocks rally on higher copper, gold prices; Freeport McMoRan up 3.5% to lead S&P 500

    Shares of mining and metals companies got a boost Monday from rising copper prices, after Chinese GDP and industrial production data beat expectations. Copper for September delivery rose 1.7% to $2.7355 a pound on the Comex division of the New York Mercantile Exchange, their highest level since early March. Gold was also higher with August contracts up 0.5% at $1,233.50 a troy ounce. Adding to the updraft, Jefferies on Friday said it expects a significant increase in capital returns from metals and mining companies this earnings season as balance sheets are strong and cash is abundant. Jefferies named Freeport McMoRan as one of its top picks. Freeport stock surged 3.8% to lead S&P 500 gainers. Newmont Mining rose 1.2%, and Southern Copper Corp. gained 2.3%. Rio Tinto ADRs were up 1%. The iPath Bloomberg Copper Subindex Total Return ETN was up 1.1%, while the S&P 500 was flat. 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.

  • 07/14/2017 10:46:23

    BRIEF-Urbana converts all non-equity interests in HighView Financial Holdings into shares of HighView

    * Says has converted all of its non-equity interests in HighView Financial Holdings into shares of HighView as part of capital restructuring of HighView Source text for Eikon: Further company coverage:

  • 07/13/2017 13:35:31

    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...

  • 07/10/2017 14:44:59

    Citrix shares down 1% after company 's CEO ousted

    Shares of Citrix Systems Inc. fell more than 1% late Monday after the Fort Lauderdale, Fla., company said its board of directors has appointed David J. Henshall, Citrix's chief financial officer and chief operating officer, as the company's president and chief executive officer, in addition to board member, effective immediately. Henshall's appointment follows the "mutual separation decision" between the board and CEO Kirill Tatarinov, the company said in a statement. "The Citrix board has identified the leadership team to drive the company's long-term strategy and growth, led by David Henshall," the company said. Citrix is committed to operational efficiency and value creation, and this includes "a series of strategic initiatives intended to drive operating margin expansion, increase capital return and facilitate further investment in accelerating Citrix's transformation to a cloud-based subscription business and in high-growth areas, such as data security and analytics services," it said. The company will discuss its plan at its second-quarter earnings call. Citrix is scheduled to report results on July 26. The stock had ended the regular session up 0.8%. 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.

  • 07/07/2017 09:37:26

    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.

  • 07/06/2017 14:26:51

    Synchronoss Technologies up 9% after company considers selling itself

    Shares of Synchronoss Technologies Inc. rose 9% late Thursday after the Bridgewater, N.J., company said its board of directors had started to "evaluate potential strategic alternatives to maximize shareholder value," which may include a sale, the company said in a statement. Synchronoss disclosed a non-binding indication of interest from Siris Capital Group, LLC in June to buy the company. The company has not set a timetable to complete the review process and does not plan to disclose "developments related to the process unless and until the Board approves a transaction or specific action," the company said. The stock ended the regular session down 2.3%. 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.

  • 07/06/2017 06:45:18

    GE's stock drops after J.P. Morgan slashes price target

    Shares of General Electric Co. slumped 1.8% in premarket trade Thursday, after J.P. Morgan slashed its price target, citing an uncertain outlook and a lack of growth potential. Analyst C. Stephen Tusa reiterated his bearish underweight rating on the industrial conglomerate, and cut his stock price target to $22, which is 20% below Wednesday's closing price of $27.35, from $27. The stock traded at $26.85 ahead of the open; the stock hasn't closed below $27 since Oct. 5, 2015. Tusa said the GE narrative "is as open and undefined as it's been in decades," with the new CEO likely to set the course over the second half of the year on a material restructuring that includes setting portfolio priorities, a change in the capital allocation strategy and new long-term growth targets. While a fresh start is expected under John Flannery, who will become CEO on Aug. 1, but "we don't see a quick or easy fix to the current predicament," Tusa wrote in a note to clients. "Unlike other resets where the multiple expands, we don't see the future growth potential as a catalyst here, and are cutting our price target to $22 and remain [underweight]." The stock has dropped 13.5% year to date through Wednesday, while the Dow Jones Industrial Average has gained 8.7%.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.

  • 07/05/2017 12:18:29

    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 Corp.

  • 06/29/2017 14:03:37

    U.S. stocks end sharply lower as tech shares sell off again

    U.S. stocks fell sharply on Thursday, with both the Dow and the S&P 500 suffering their biggest one-day decline since May as the technology sector resumed its downward trend, overshadowing positive news in the financial sector. The Dow Jones Industrial Average ended down 156 points, or 0.7%, to 21,247. The S&P 500 lost 20 points to close at 2,419, a decline of 0.8%. The Nasdaq Composite Index sank 1.7%, or 100 points, to 5,663.75. Thursday marked the third straight session where the Nasdaq moved 1% in either direction, volatility that is almost entirely due to the tech sector , to which the Nasdaq is heavily weighted, and which ended 1.8% lower on Thursday. Among the biggest tech decliners of the day, Apple Inc. fell 1.5% while Facebook Inc. was off 1.4% and Microsoft Corp. shed 1.9%. On the upside, financial shares rose 0.7% after the 34 biggest U.S. banks passed the Federal Reserve's stress test and received a green light for plans to return capital to shareholders. Citigroup Inc. gained 2.8%.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.

  • 06/28/2017 15:05:30

    Bank of America shares rise in after-hours trade after passing Fed test

    Bank of America shares climbed more than 1.3% in after-hours trading on Wednesday, following the Charlotte, N.C. lender's passing of a broad test of the banking systems' ability to withstand a big market shock. The bank's passage on Wednesday garnered it approval from the the Federal Reserve to lift its dividend 60% to 12 cents and announce a $12 billion share repurchase plan. All 34 of the financial-service firms tested passed their so-called stress test and received green lights for plans to return capital to shareholders. The exchange-traded Financial Select Sector SPDR ETF , a popular way to invest in the biggest U.S. banks, rose 1.1% in after-hours trade. Check out a live blog of the results from the stress test. 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.

  • 06/28/2017 08:08:17

    Paychex shares fall 3% after company offers below-consensus guidance

    Shares of payroll services company Paychex Inc. fell 3% Wednesday, after the company offered guidance for its next fiscal year that lagged estimates. Rochester, N.Y.-based Paychex said it had net income of $175.3 million, or 54 cents a share, in its fiscal fourth quarter, up from $178.1 million, or 49 cents a share, in the year-earlier period. Revenue rose to $798.6 million from $753.9 million. The FactSet consensus was for EPS of 53 cents and revenue of $798 million. The company said it now expects total revenue to rise about 5% in fiscal 2018 and for adjusted EPS to rise by 7% to 8%. Current FactSet consensus numbers are for EPS growth of 8.2% and revenue growth of 6%. BMO Capital Markets analyst Jeffrey Silber said the guidance implies slowing growth, and would likely weigh on the stock price. "Adjusted EBITDA margin of 42.7% was much better than the consensus 40.5%, but in line with our 42.7% estimate," he wrote in a note. "The upside (we believe vs. consensus) was driven by leverage from both operating expense and SG&A expenses." Shares have fallen 6% in 2017, while the S&P 500 has gained 8.7%.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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