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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.
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.
Zions Bancorp seeks to shed 'systemically important' tag
Zions Bancorp(ZION) on Monday said it would become the first bank to attempt to shake off its "systemically important" regulatory label, which carries with it heightened oversight and capital requirements. Salt Lake City, Utah-based Zions announced plans to simplify its corporate structure by merging the parent company into its banking business.
UPDATE 2-Zions Bancorp seeks to shed 'systemically important' tag
Nov 20 (Reuters) - Zions Bancorp on Monday said it
would become the first bank to attempt to shake off its
"systemically important" regulatory label, which carries with it
heightened oversight and capital requirements.
BRIEF-First Horizon and Capital Bank agree to sell 2 branches to Apex Bank
* First Horizon and Capital Bank agree to sell 2 branches to
Source text for Eikon:
Further company coverage:
Caesars to acquire Centaur Holdings for $1.7 billion
Caesars Entertainment Corp. said late Thursday that it is buying Centaur Holdings LLC for $1.7 billion in cash. Caesars stock is up less than 1% to $12.85 in late trading. The acquisition will add two Indiana-based Hoosier Park Racing and Casino and Indiana Grand Racing and Casino to the company's Total Rewards network, Caesars said in a statement. Executives expect the transaction to close in the first half of 2018. "We believe the acquisition of Centaur is the best use of capital to support our growth plans and the long-term value of Caesars Entertainment," Chief Executive Mark Frissora said in a statement. "Our network expansion plan is off to a great start with this strategic transaction and we continue to have a strong financial position with solid cash flows to pursue other expansion opportunities with attractive returns." Caesars stock has gained 50% this year, with the S&P 500 index rising 15%.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-First Round Capital sells 110,482 shares of Blue Apron Holdings Inc's Class A common stock between Nov 13-14
Blue Apron Holdings Inc(APRN). * First Round Capital IV, L.P. reports open market sale of 110,482 shares of Blue Apron Holdings Inc's Class A common stock between Nov 13-14 - SEC filing Source text: Further company coverage:
Lyft announces plan to launch in Toronto in December
Ride-sharing service Lyft said Monday it is planning to launch in Toronto in December in its first foray outside of the U.S. The company and Uber rival announced the news in a blog posting. "We've been looking forward to taking our brand of ridesharing international for some time," said the blog post, titled "Canada, here we come." In October, Lyft raised $1 billion in funding in a round led by the venture-capital fund of Google parent Alphabet Inc., that gave it a valuation of $11 billion. Lyft has raised $3.6 billion in funding since it launched in 2012, compared with the roughly $15 billion raised by Uber, which has a valuation of about $68 billion, according to The Wall Street Journal. 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.
Santander Keeps Credit Risk Conservative in First FCA Lease ABS
Santander Consumer USA this week issued its first-ever lease securitization from the company’s Chrysler Capital division, and the credit risks look to be in line or slightly less than its peers in the captive space, according to an analysis by S&P Global. The pool is backed by 34,000 lease contracts valued at $872 million, […]
Priceline's stock plunges toward biggest-ever price decline after 'typical' downbeat guidance
Shares of Priceline Group Inc. plunged 11% in morning trade Tuesday, and were on track to suffer their biggest-ever price decline, as investors and analysts failed to give the online travel service company a pass for its usual practice of providing downbeat earnings guidance. The stock's price decline of $210.01 is the biggest since Priceline went public in March 1999, passing the previous record of $158.06 suffered on June 24, 2016. It was on track to close below the $1,700 mark for the first time since Feb. 27, 2017. Priceline reported late Monday third-quarter earnings and revenue that beat expectations, but provided a fourth-quarter EPS outlook that was below the FactSet consensus. But that was the fourth-straight quarter that guidance was below expectations, and the 13th quarter of the past 15 quarters. RBC Capital analyst Mark Mahaney said Priceline's "conservatism" was "typical." Still, 13 of 31 analysts surveyed by FactSet cut their price targets, moving the average target down to $2.021.07 from $2,116.5 at the end of October. Priceline's stock has still gained 15.6% year to date, while the S&P 500 has climbed 15.7%.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.
BRIEF-Walter Investment, units enter commitment letter with Credit Suisse First Boston Mortgage Capital
Walter Investment Management Corp(WAC): * On November 6, co with units entered commitment letter with Credit Suisse First Boston Mortgage Capital llc - SEC filing. * Letter regarding terms of DIP Warehouse Master Refinancing Agreement,DIP guarantees relating to DIP Warehouse Facility Agreements. * DIP Warehouse Facilities provide that during chapter 11 case,up to $750 million will be ava...
U.S. Fed approves bid by First Horizon to buy Capital Bank
WASHINGTON, Oct 30 (Reuters) - The Federal Reserve announced
on Monday it had approved a bid by First Horizon National
Corporation to acquire Capital Bank Financial Corp
of Charlotte, as the regional bank looks to expand its
presence in the U.S. southeast.
BRIEF-Emblem announces $25 mln bought deal
Emblem Corp(EMMBF). * Emblem announces $25 million bought deal. * Emblem - to use net proceeds of offering for construction of first 100,000 sq. ft. * Emblem-entered agreement with Eight Capital,Eight Capital to buy 5.7 million units,co's 15,000 convertible debentures at $1.75 per unit,$1000 per debenture Source text for Eikon: Further company coverage:
VoIP provider Bandwidth files IPO documents
Bandwidth Inc. hopes to raise $85 million in its initial public offering, according to documents filed with the Securities and Exchange Commission late Friday. The Raleigh, N.C.-based company said it intends to list on Nasdaq under the ticker symbol "BAND" and will have two share classes. Bandwidth is a cloud-based communications platform that offers VoIP services, as well as text messaging to enterprise-sized customers. For the first six months of 2017 the company logged a net income of $4.9 million on sales of $79.2 million. The company said it has 865 customers, and includes Microsoft Corp. and Alphabet Inc. . Morgan Stanley, Keybanc Capital Markets and Baird are among the underwriters listed.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.
OptiNose shares surge 22% in their stock market debut
Shares of OptiNose Inc. surged more than 20% in the first ten minutes of trading on the Nasdaq Friday, as the maker of products for ear, nose and throat conditions made its stock market debut. The stock was last up $2.57, or 16%, at $18.57. OptiNose priced its initial public offering late Thursday at $16 a share, the midpoint of its $15 to $17 range, according to Renaisannce Capital, an IPO investment manager. The company, which has developed a nasal spray treatment for chronic rhinosinusitis, offered 7.5 million shares to raise $120 million, after increasing the offer from an original plan to sell 6.3 million shares. Shares are trading on the Nasdaq under the ticker symbol "OPTN." Jefferies, Piper Jaffray, BMO Capital Markets and RBC Capital Markets were lead managers on the deal. 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-Bradmer Pharmaceuticals, First Coin Capital announce proposed transaction
* Bradmer Pharmaceuticals Inc announces proposed transaction
with First Coin Capital Corp
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