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BRIEF-Canopy Growth Corp Announces $175 Million Bought Deal Financing
Canopy Growth Corp(TWMJF): * CANOPY GROWTH CORPORATION ANNOUNCES $175 MILLION BOUGHT DEAL FINANCING. * Canopy Growth Corp(TWMJF) - UNDERWRITERS TO PURCHASE, ON BOUGHT DEAL BASIS, 5.1 MILLION COMMON SHARES OF CO AT $34.60 PER COMMON SHARE. * Canopy Growth Corp (TWMJF) - INTENDS TO USE NET PROCEEDS FROM OFFERING FOR CAPITAL EXPENDITURES FOR CAPACITY EXPANSION Source text for Eikon: Further company coverage:
BRIEF-Sagittarius Capital Announces Letter Of Intent With Israeli-Based Irri-Al-Tal
Sagittarius Capital Corp: * SAGITTARIUS CAPITAL ANNOUNCES LETTER OF INTENT WITH ISRAELI-BASED IRRI-AL-TAL LTD. * SAGITTARIUS CAPITAL SAYS IRRI-AL-TAL WILL EXCHANGE ALL ITS ISSUED AND OUTSTANDING COMMON SHARES FOR COMMON SHARES IN CAPITAL OF SAGITTARIUS. * SAGITTARIUS CAPITAL SAYS IRRI-AL-TAL WILL BECOME A WHOLLY-OWNED SUBSIDIARY OF SAGITTARIUS Source text for Eikon: Further company coverage:
Ciena stock rises after Goldman Sachs upgrades to buy
Shares of telecom equipment supplier Ciena Corp. rose 3.2% in Tuesday morning trading following an upgrade to buy from analysts at Goldman Sachs. "We view Ciena as a key beneficiary of a more bullish
outlook on US carrier capital expenditures, improving competitive environment, and a lower bar of expectations as investors adjust to an environment of decelerating optical market growth," wrote the analysts, led by Doug Clark. Ciena has heavy exposure to AT&T and Verizon, he wrote. Stein thinks that tax reform and 5G investments could also provide a boost to the stock. Ciena shares have lost 7.5% in the past 12 months, while the S&P 500 has gained 23%. 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.
AveXis shares drop 6% on company's plans to offer up to $400 mln shares in public offering
AveXis Inc. shares dropped 6.4% in moderate morning trade Tuesday after the company announced plans for an up to $400 million secondary offering. AveXis also plans to grant the underwriters -- joint book-running managers Goldman Sachs, Jefferies and BofA Merrill Lynch and lead manager BMO Capital Markets -- an option to buy up to $60 million in additional shares of common stock at the public offering price. AveXis also announced on Tuesday plans to expand its clinical development program for spinal muscular atrophy gene therapy candidate AVXS-101. AveXis shares have surged 7.8% over the last three months, compared with a 9.7% rise in the S&P 500 and a 12.4% rise in the Dow Jones Industrial Average. 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.
Amazon stock rises after BMO raises price target to new Street high
Shares of Amazon.com Inc. gained 1.8% in Tuesday morning trading after analysts at BMO Capital Markets raised their price target on shares to $1,600, the highest among analysts tracked by FactSet. The analysts, led by Daniel Salmon, are upbeat about Amazon's advertising opportunities and believe that the ad business represents an $18 billion total addressable market "in the midterm." He thinks Amazon could eventually generate 22% of its total gross merchandise value from direct response ads. Separately, analysts at Oppenheimer raised their price target to $1,450 and named Amazon their "top large-cap pick" for the year. "Amazon is best positioned among our large-cap universe to benefit from secular trends - shift to e-commerce, public cloud, automation and digital advertising - further supported by an improving global macroeconomic backdrop and domestic tax reform," wrote the analysts, led by Jason Helfstein. Amazon shares have gained 11.6% so far this year, compared with a 4.8% gain for the S&P 500 Index .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.
Blank-check co. Crescent Funding seeks up to $288 million in IPO
Crescent Funding Inc. seeks to raise up to $288 million in an initial public offering, according to a filing late Friday with the Securities and Exchange Commission. The Los Angeles-based blank check company plans to sell up to 28.75 million shares at $10 a piece. The company formed to effect "a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses," but has yet to identify and potential targets. UBS Investment Bank, Bank of America Merrill Lynch, and Stifel are listed among the underwriters. 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-Capgen Capital Group VI LLC Reports 7.3 Pct Stake In Union Bankshares
Union Bankshares Corp(UBSH): * CAPGEN CAPITAL GROUP VI LLC REPORTS 7.3 PERCENT STAKE IN UNION BANKSHARES CORP AS OF JANUARY 1 - SEC FILING. * CAPGEN CAPITAL GROUP VI LLC SAYS ACQUIRED UNION BANKSHARES' COMMON STOCK FOR INVESTMENT PURPOSES Source text : http://bit.ly/2EyhUmn Further company coverage:
AMC stock downgraded, as analyst says 2018 box office revenue could be flat
Shares of theater chain AMC Entertainment Holding Inc. were down more than 2% in premarket trade on Wednesday after being downgraded to sector perform from outperform at RBC Capital Markets. RBC analysts wrote in a note that their tepid view of the 2018 box office and AMC's high leverage make for a challenging combination for the company. "We'd likely get more bullish on AMC if the box office outlook (given its leverage) and, or there was traction on the international IPO," lead analyst Leo Kulp wrote. "As was evidenced in 2017, AMC's leverage makes it very susceptible to changes in multiple. We estimate a one point EV/EBITDA multiple change has a 36% impact on the stock price. While this is a positive in an up year for the box office, the uncertainty around the 2018 box office makes us more conservative." Kulp expects that the 2018 box office will be flat compared with 2017, which was down slightly from the last two years. They said they see fewer big event films being released this year, and instead more non-sequel content, which could be a negative or a positive depending on how the shift in the box office is received. Shares of AMC have declined more than 59% in the last 12 months, while the S&P 500 index is up more than 21% and the Dow Jones Industrial Average is up nearly 28%.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-Nanya Technology disposes stake in Micron Technology for $19.1 mln
Nanya Technology Corp. * Says it disposes 451,000 shares of Micron Technology Inc (MU), at the average price of approximately $42.430093 per share, for approximately $19.1 million in total, for working capital supplement and loan repayment. * Gains from the stake sale is about $11.3 million. Source text in Chinese:https://goo.gl/LCedSq. Further company coverage:
Cannabis company India Globalization Capital shares soar on blockchain announcement
Shares of India Globalization Capital Inc. rocketed 135% in premarket trading Tuesday after the company announced that it would begin using blockchain in its business. The firm, which is working on a cannabis treatment for Alzheimer's disease, said in a release that it would "leverage its existing team of technology and healthcare experts to develop methods utilizing blockchain in areas such as product identification assurance." India Globalization Capital becomes the latest company to see its shares soar after announcing an interest in using blockchain. As of Friday's close, its stock was up 136% this year. The S&P 500 Index is up 20% so far in 2017.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-Nanya Technology disposes 779,403 shares of Micron Technology for $34.7 mln
Nanya Technology Corp. * Says it disposes 779,403 shares of Micron Technology Inc (MU), at the price of $34.7 million in total, for working capital supplement and loan repayment. * Says gain on sales of these shares about $21.2 million. Source text in Chinese: https://goo.gl/ftbECS. Further company coverage:
Bed Bath & Beyond shares tumble 12.3% after "weak" earnings announcement
Bed Bath & Beyond Inc. shares fell 12.3% in Thursday trading after the home goods retailer reported third-quarter earnings that Credit Suisse analysts call "weak." Earnings per share of 44 cents beat the 37-cents FactSet consensus, but were down from 85 cents last year. Earnings before interest and taxes (EBIT) was down 350 basis points, "the largest decline to date, validating our concerns on the rising cost of doing business in this sector." Credit Suisse rates Bed Bath & Beyond shares neutral with a $25 price target. KeyBanc Capital Markets also highlighted the "significant competitive headwinds" that will put pressure on the margins over the near-term. "Factors that have pressured results in recent years are likely to continue," analysts wrote. KeyBanc rates Bed Bath & Beyond shares underweight with a $17 price target. "[M]anagement highlighted that it is going to place more emphasis on its value proposition to consumers, including returning to price match guarantees, more responsive pricing at the brick & mortar stores, and adding more low-priced/treasure hunt items to emulate concepts that have succeeded in the current environment such as dollar stores," wrote BTIG analysts. They rate the company's shares neutral. Bed Bath & Beyond shares are down 52.7% for the past year while the S&P 500 index is up 18.8% for the period.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.
Net Element's stock soars 144% after announcing launch of blockchain business
Shares of Net Element Inc. more than doubled on heavy volume in premarket trade Wednesday, after the electronic payments company said it was launching a blockchain-focused business unit. The company said it has partners with Bunker Capital to develop a decentralized crypto-based ecosystem that will act as a framework for services that can connect merchants and consumers directly using blockchain technology. "We believe that we're at the dawn of a new evolution where additional digital payment methods are being introduced," said Net Element Chief Executive Oleg Firer. The stock traded up 144% on volume of 875,000 shares ahead of the open, compared with the full-day average for volume of 458,000 shares. The stock had tumbled 30.5% year to date through Tuesday, while the S&P 500 had climbed 19.8%.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.
BRIEF-Nanya Technology disposes 4.5 mln shares of Micron Technology for $195.2 mln
Nanya Technology Corp. * Says it disposes 4.5 million shares of Micron Technology Inc (MU) at the price of $195.2 million in total, for working capital supplement and loan repayment. Source text in Chinese: https://goo.gl/CqCvgY. Further company coverage:
BRIEF-Nanya Technology disposes 856,586 shares of Micron Technology for $36.3 mln
Nanya Technology Corp. * Says it disposes 856,586 shares of Micron Technology Inc (MU) at the price of $36.3 million in total, for working capital supplement and bank loan repayment. Source text in Chinese: https://goo.gl/PvRhfS. Further company coverage:
PayPal stock rises as analyst cheers Venmo opportunities
Shares of PayPal Holdings Inc. gained 0.5% in premarket trading Thursday after an analyst at KeyBanc Capital Markets named the payment-processor a "key idea" for 2018. KeyBanc's Josh Beck is upbeat on the company's efforts to monetize its Venmo peer-to-peer payment platform by letting users pay for e-commerce items using the Venmo app. " The Pay with Venmo opportunity brings in incremental customers with higher profit margins and is well positioned to scale," he wrote in a note to clients Wednesday. Beck has a $90 price target on PayPal shares. His other "key idea" in payments is Vantiv Inc. , as he sees opportunities for the company to drive better-than-expected synergies from its Worldpay deal. PayPal shares have gained 88% so far in 2017, while Vantiv's stock is up 23%. The S&P 500 also rose 23% in that time.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-Brookfield Capital Partners Says Co And Certain Affiliates Bought 122.6 Mln Common Shares Of CWC Energy Services
Cwc Energy Services Corp(CAWLF): * BROOKFIELD CAPITAL PARTNERS LTD SAYS IT AND CERTAIN OF ITS AFFILIATES ACQUIRED 122.6 MILLION COMMON SHARES OF Cwc Energy Services Corp(CAWLF). * BROOKFIELD CAPITAL PARTNERS - BROOKFIELD CAPITAL ACQUIRED THE SHARES OF CWC ENERGY SERVICES AT $0.20 PER COMMON SHARE FOR ABOUT $24.5 MILLION.
Micron stock rises after analyst calls it a 'favored' name for 2018
Shares of Micron Technology Inc. rose 1% in premarket trading Wednesday after analysts at Susquehanna Financial Group named the company one of their "favored" memory picks for 2018. "Cloud demand is expected to remain a key secular trend in '18 with ripple effects across the entire storage/memory supply chain," wrote the analysts, led by Mehdi Hosseini. "Data growth, and rapid migration of workloads from on-prem environments to public cloud, is not expected to abate, and we favor Micron and Western Digital Corp. as our top component names expected to benefit from cloud demand." Hosseini added that Facebook Inc. has announced plans to nearly double its capital expenditures for next year and Amazon.com continues to bring AWS to new regions. He's also upbeat about memory demand given increased interest in smartphone content. Micron shares have gained 91% so far in 2017, while WDC's stock is up 20%. The Philadelphia Semiconductor Index has risen 36%, and the S&P 500 has gained 19%.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-Altice Nv Altice Intends To Reduce Its Share Capital By Cancelling Treasury Shares
* On June 28, 2017, the general meeting of Altice N.V.
authority to the Board to cancel common shares A and common
shares B in the share capital of the company held by the
BRIEF-Silence Therapeutics Says Sold Further Part Of Holding In Arrowhead Pharmaceuticals Inc
SILENCE THERAPEUTICS PLC(SLNCF): * HAS SOLD A FURTHER PART OF ITS HOLDING OF COMMON SHARES IN ARROWHEAD PHARMACEUTICALS INC. * HAS NOW SOLD 4,041,157 COMMON SHARES ON OPEN MARKET REALISING PROCEEDS OF $14.7 MILLION. * COMPANY WILL USE PROCEEDS FROM SALE OF COMMON SHARES TO FUND COMPANY'S WORKING CAPITAL REQUIREMENTS Source text for Eikon: Further company coverage:
Adtalem's stock soars after deal to transfer DeVry Univ. ownership to Cogswell for 'no consideration'
Shares of Adtalem Global Education Inc. , formerly known as DeVry Education Group Inc., soared 9% in midday trade Tuesday toward the highest close since February 2015, after the for-profit education company essentially gave DeVry University and Keller Graduate School to Cogswell Education LLC. Adtalem said late Monday that "no consideration" will be paid at the deal's closing, which is expected in 2018. The deal includes, however, an earn-out for Adtalem based on DeVry University's performance over a multi-year period, but also a commitment from Adtalem to provide DeVry with a minimum working capital balance. Adtalem changed its name from DeVry in May 2017. The "transfer of ownership" deal of DeVry University comes about about 14 months after a settlement was reached with the Obama administration over claims that it ran misleading advertisements. Adtalem's stock has rallied 42% year to date, while the S&P 500 has gained 18%.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.
Ann Taylor parent Ascena shares drop 21% after 'fashion missteps' sink earnings
Ascena Retail Group Inc. shares are down 21% in Tuesday trading after the apparel company said "fashion missteps" derailed its first-quarter earnings. Ascena's portfolio of brands includes Ann Taylor, Maurices and Dressbarn. "We were unable to capitalize on the improving macro traffic trends due to fashion missteps that we cannot afford in today's environment," said Chief Executive David Jaffe on the earnings call, according to a FactSet transcript. Still, KeyBanc Capital Markets analysts led by Edward Yruma are optimistic. "Management is showing a sense of urgency regarding execution and sequentially improving traffic could provide a more favorable backdrop," analysts wrote in a note. Analysts highlight cost reduction opportunities and internal restructuring. "We maintain that intense focus on cost savings is prudent in a difficult environment," the note said. Ascena shares are down more than 71% for the past year while the S&P 500 index is up 20.1% for the period.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.
Tesla stock downgraded to sell from hold at Cascend on lagging customer demand
Tesla Inc. shares were downgraded to sell from hold by analyst Eric Ross at Cascend on Tuesday, who said his measurement of customer demand is beginning to flag. New customers who have not already preordered can't get new vehicles until 2019, he said, and are beginning to go elsewhere. "Additionally, all the known issues of capital burn/raises, Model 3 production issues, and increased competition," Ross wrote in a note. "We have BUY ratings on Ford and GM , he added. "If you want risk, buy CME bitcoin futures on Sunday." The electric-car field is growing and all of the major car makers are now Tesla competitors, along with other companies, he said. Tesla shares were down 0.6% premarket, but have gained 43% in 2017, while the S&P 500 has gained 18%.
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-Newmark Group Sees IPO Of 30 Mln Shares Of Class A Common Stock Priced Between $19 And $22 Per Share
Newmark Group Inc: * NEWMARK GROUP INC SEES IPO OF 30.0 MILLION SHARES OF CLASS A COMMON STOCK PRICED BETWEEN $19 AND $22 PER SHARE - SEC FILING. * NEWMARK GROUP - ADDS PNC CAPITAL MARKETS LLC, MIZUHO SECURITIES, CAPITAL ONE SECURITIES AND KEEFE, BRUYETTE & WOODS TO AMONG THE UNDERWRITERS TO IPO.
Chemours stock erases sharp early loss to close higher after 5-fold dividend hike, new stock buyback plan
Shares of Chemours Co. used a late rally to close up 0.9% Friday, erasing earlier sharp losses, after the chemistry-based technology company announced a more than five-fold increase in its dividend and a new share repurchase agreement at its first investor day since the spinoff from Dupont. The company raised its quarterly dividend to 17 cents a share from 3 cents, payable March 15 to shareholders of record on Feb. 15. The company also authorized a $500 million share buyback program, which extends through 2020. Based on Friday's closing price of $51.84, that could represent about 5.2% of the shares outstanding. The company said the new capital allocation strategy comes after the completion of transformation plan, which helped lower its debt position to a leverage ratio of two-times adjusted EBITDA, below its previously-announced leverage target of three-times. Earlier Friday, the stock fell as much as 5.2%, as the company's 2018 free cash flow target of $500 million to $600 million was below some analyst expectations. The stock has now tacked on 3.7% over the past three months, but has more than doubled year to date, while the S&P 500 has gained 18% 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.
SoftBank says Benchmark ready to sell some Uber stock
A consortium led by SoftBank Group Corp (SFTBF) on Tuesday launched its tender offer for shares of Uber Technologies Inc and the Japanese company said that some early Uber investors including venture capital firm Benchmark planned to sell stock.
Teladoc shares down 8% after company announces secondary offering
Shares of Teladoc Inc. fell nearly 8% after the Purchase, N.Y.-based company said it plans to sell shares of its common stock, 3.25 million shares offered by the company and 830,000 shares offered by certain stockholders. Underwriters have the option to buy up to an additional 612,000 shares from Teladoc, the company said. Proceeds of the primary portion of the offering will go to prepay debt, with the remaining proceeds used as working capital and for general corporate purposes, the company said. Teladoc will not receive any proceeds from the shares sold by the stockholders. Teladoc stock ended the regular trading day 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.
Christopher & Banks' stock soars after exploring sale, leaseback real estate deal
Shares of Christopher & Banks Corp. soared 21% in premarket trade Tuesday, after the women's apparel retailer said it was exploring the sale and leaseback of its corporate facility in Minnesota. The company said it has engaged a "leading commercial real estate company" to solicit interest for a deal, which it believes would unlock additional capital and improve its liquidity position. The company estimates the value of the building to be in the low-to-mid-teen million dollar range. Separately, the company said it swung to a fiscal third-quarter net loss of $1.6 million, or 5 cents a share, from a profit of $3.5 million, or 9 cents a share, in the same period a year ago. Revenue fell 7.7% to $98.5 million from $106.7 million, as the number of stores operated declined 6% to 473. Same-store sales decreased 5.0%, after rising 4.5% a year ago, while e-commerce sales increased 8.5% after rising 16.3% last year. The stock had plunged 59% year to date through Monday, while the SPDR S&P Retail ETF has lost 5.6% and the S&P 500 had gained 16%.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-Medpace Holdings Announces Commencement Of Proposed Secondary Offering Of Common Stock By Selling Shareholder
Medpace Holdings Inc(MEDP): * MEDPACE HOLDINGS(MEDP), INC. ANNOUNCES COMMENCEMENT OF PROPOSED SECONDARY OFFERING OF COMMON STOCK BY SELLING SHAREHOLDER. * MEDPACE HOLDINGS-PROPOSED SECONDARY OFFERING OF 4 MILLION SHARES OF COMMON STOCK BY INVESTMENT FUNDS AFFILIATED WITH CINVEN CAPITAL MANAGEMENT GENERAL PARTNER LTD Source text for Eikon: Further company coverage:
Nutanix's stock surges; RBC boosts price target ahead of results
Shares of Nutanix Inc. surged 1.9% in premarket trade Friday, putting them on track to open at a 9-month high, after RBC Capital raised its price target ahead of what is expected to be "solid" fiscal first-quarter results due out next week. Analyst Matthew Hedberg raised his target to $37, which is 29% above Wednesday's closing price, from $34. He's had a outperform rating on the stock since he started covering it Oct. 25, 2016, about a month after the company went public. "Sentiment around the stock has improved since last quarter, but we still think expectations and valuation remain reasonable as we look for the opportunity around the pivot to software to be outlined and understood by investors," Hedberg wrote in a note to clients. Nutanix is scheduled to report quarterly results after the Nov. 30 close, with analysts surveyed by FactSet expected to report a per-share loss that narrows to 26 cents from 37 cents a year ago, and revenue that rises to $266.9 million from $166.8 million. The stock has soared 55.5% over the past three months, while the S&P 500 has rallied 6.5%.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.
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