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Exclusive: Citigroup tops eight-bank group for Petrobras unit IPO - source
SAO PAULO (Reuters) - Citigroup Inc and seven other banks will underwrite the initial public offering of Petróleo Brasileiro SA's fuel distribution unit, which will likely occur in November, a person with direct knowledge of the plan said on Thursday.
ABC signs former 'Lost' showrunner Carlton Cuse to multi-year deal to create new shows
Walt Disney Co. TV network ABC said on Wednesday it's signed a multi-year deal with former "Lost" co-showrunner Carlton Cuse to create and produce new shows across all network, cable and streaming platforms. The news comes days after "Grey's Anatomy" and "Scandal" creator Shonda Rhimes was poached by Netflix Inc. from ABC, which was expected to be a blow to the network. "Forming a partnership with a writer/producer/director as talented and prolific as Carlton Cuse is a major victory for ABC Studios," president of ABC Studios Patrick Moran said in a statement. The Hollywood Reported wrote that the deal is said to be a worth more than $20 million, plus a percentage of the back-end on programming created under the partnership. Cuse spent six years at ABC with "Lost" and has since created shows such as "Bates Motel" and "The Strain." His current show "The Colony" was recently renewed for a second season on USA, and he also wrote the screenplay for "San Andreas," starring Dwayne Johnson. This new partnership comes as Disney gears up to launch its own stand alone streaming service to house its content by 2019. "I am very excited to be working alongside wonderful and iconic Disney brands like Marvel, Pixar and Lucasfilm to create and bring entertaining and compelling stories to the screen." Cuse said in a statement. "The very best part of my job is working with other writers to come up with cool ideas, solve story problems and get stories made." Shares of Disney are down 2% in the year to date, while the S&P 500 index is up more than 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.
CAG raps govt-owned banks for understating non-performing assets
The Comptroller and Auditor General of India (CAG) has slammed the managements and statutory auditors of 12 public sector banks (PSBs) for over-stating their net profit, by underestimating non-performing assets (NPAs) and under-providing for these bad assets during 2016-17. Also, there were differences in the classification of and provisioning for assets between five banks and the Reserve Bank (RBI) but as the divergence did not fall within the criteria fixed by the latter, it had not been disclosed by these lenders, the audit watchdog said in its report, presented to Parliament on Friday.The 12 PSBs are Allahabad Bank, Bank of Maharashtra, Central Bank of India, Corporation Bank, Dena Bank, Syndicate Bank, Vijaya Bank, Punjab National Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab and Sind Bank, and United Bank of India. The highest underestimation was made by Bank of Maharashtra, by Rs 3,034 crore, followed by Central Bank of India (Rs 2,097 crore), Corporation .
U.S. Bank’s Lease Portfolio Jolts Up 35% in 2Q
U.S. Bank saw its auto lease outstandings grow by 34.8% in the second quarter compared to the same time a year prior, and has done so without expanding credit criteria, Terry Dolan, vice chairman and chief financial officer for the bank, said during its Wednesday earnings call. “In the autoRead More
Dick's Sporting Goods launching price match program, closing Chelsea Collective stores
Dick's Sporting Goods Inc. confirmed Tuesday that it is launching a price match program. According to the company's website, to qualify for the "price match guarantee" the item must be the same brand, model and color; the product must be immediately available at a retailer like Macy's Inc. , Amazon.com Inc. , Wal-Mart Stores Inc. or Kohl's Corp. ; and it must meet certain other criteria for eligibility. For example, markdown items aren't included. Dick's also announced that it will be closing its Chelsea Collective stores on August 6. Chelsea Collective was a fitness boutique for women that focused on apparel, shoes and accessories. There were just two stores open for two years. "We opened Chelsea Collective stores as a lab to more thoroughly understand the women's specialty athletic business. As the leases at both locations are expiring soon, we have concluded the very successful experiment," Dick's said in a statement. Dick's shares closed Tuesday down 2.5%, and are down 30.3% for the year so far. The S&P 500 index is up nearly 10% 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.
Abercrombie & Fitch, Rite Aid Walk into Wednesday’s 52-Week Low Club
General Electric, Rite Aid Slip into Thursday’s 52-Week Low Club
Endo will remove opioid from market, following FDA request
Endo International PLC said on Thursday that it will voluntarily remove the opioid pain medication Opana ER from the market, in response to a Food and Drug Administration request last month. Endo expects an about $20 million pre-tax impairment charge in the second quarter "to write-off the remaining net book value of its Opana ER intangible asset." Opana ER sales amounted to about $160 million last year and nearly $36 million in the first quarter, the company said. Endo also said that it continues to believe in the drug's safety and efficacy when used as intended. Opana ER was reformulated in 2012 to prevent abuse through snorting or injecting. However, the drug was being abused after reformulation via injection, the FDA said in June. Public health consequences of that abuse included a serious outbreak of HIV and Hepatitis C and cases of a harmful blood disorder, the FDA said then. Endo shares declined 2.2% in afternoon trade, compared with a 0.5% decline in the S&P 500 . Shares have declined 1.2% over the last three months, compared with a 2.7% rise in the S&P 500 .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.
Exclusive: Dropbox seeks to hire IPO underwriters - sources
(Reuters) - Data-sharing business Dropbox Inc is seeking to hire underwriters for an initial public offering that could come later this year, which would make it the biggest U.S. technology company to go public since Snap Inc , people familiar with the matter said on Friday.
Walgreens abandons Rite Aid bid, will instead buy nearly half of stores
Walgreens abandoned plans to acquire Rite Aid after regulators scrutinized the deal and will instead buy nearly half of the drugstore chain's stores.
Walgreens scraps Rite Aid merger, will instead buy half its stores
(Reuters) - Drugstore chain Walgreens Boots Alliance Inc scrapped its deal to buy Rite Aid Corp after failing to win antitrust approval, but said it would instead buy nearly half of the smaller rival's U.S. stores for $5.18 billion.
Walgreens Boots Alliance scraps plans to buy Rite Aid
Walgreens Boots Alliance says it will buy more than 2,000 Rite Aid stores instead.
Walgreens ends its attempt to buy Rite Aid
Walgreens ends pursuit of Rite Aid buyout, strikes new deal to buy stores and inventory
Fred's stock plunges after deal to buy some Rite Aid stores was terminated
Shares of Fred's Inc. plunged 27% in premarket trade Thursday, after the agreement to buy 865 Rite Aid Corp. was terminated. The agreement was originally announced on Dec. 20, 2016. The termination comes after Rite Aid agreed to sell 2,186 stores to Walgreens Boots Alliance Inc. , which also terminates the companies' merger agreement. Fred's said it will receive a $25 million termination fee. "This is a disappointing outcome; however, the termination of the transaction has no impact on the Company's transformation strategy or our ability to execute," said Chief Executive Michael Bloom. The pharmacy and general merchandise chain's stock selloff puts it on track to open at the lowest level seen since Nov. 16, 2016. The stock had tumbled 34% year to date through Wednesday, while the S&P 500 had gained 9.0%.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 1-FTC staff to advise blocking Walgreens deal to buy Rite Aid -Capitol Forum
June 9 (Reuters) - The Federal Trade Commission's staff is
prepared to recommend that the agency sue to stop Walgreens
Boots Alliance Inc from buying rival drugstore chain
Rite Aid Corp, policy news company Capitol Forum
reported on Friday.
FTC to advise blocking Walgreens deal to buy Rite Aid - CNBC
June 9 (Reuters) - Regulatory authorities are set to advise
blocking U.S. drugstore chain Walgreens Boots Alliance Inc's
deal to buy smaller rival Rite Aid Corp, CNBC
reported on Friday, citing a report.
Pandora to sell Ticketfly for $200 million
Pandora Media Inc. announced Friday a $200 million deal to sell its Ticketfly business to Eventbrite, which includes $150 million in cash and a $50 million note payable to Pandora. The announcement comes after Sirius XM Holdings Inc. announced a deal to make a $480 million investment in Pandora, through the purchase of Series A preferred stock. Pandora said it expects the Ticketfly deal to close in the third-quarter of 2017. Separately, Pandora affirmed its second-quarter revenue outlook of $360 million to $375 million and its 2017 outlook of $1.50 billion to $1.65 billion. "Pandora is now poised to advance to the next stage of the company's lifecycle," said Pandora Director Tim Leiweke. "We are pleased that the conclusion of our strategic review resulted in a major investment by a world class company like SiriusXM, and with the sale of Ticketfly, we will now redouble our focus on execution supported by a strong balance sheet." The stock surged 3.9% in morning trade, but has tumbled 33% year to date, while the S&P 500 has gained 8.9%.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.
Exact Sciences stock falls after share offering
Shares of Exact Sciences Corp. fell more than 3% Tuesday after the company said it entered an agreement with Jefferies LLC, Bank of America Merrill Lynch, and Robert W. Baird & Co. to sell 7 million shares of its common stock. The underwriters will also have an option to buy additional shares. The company intends to use the net proceeds of this offering to fund its expansion, including to increase laboratory, manufacturing and customer service capacity, to fund product development efforts, and for general corporate and working capital purposes, it said in a statement. Shares had ended the regular session down 1.3%.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.
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