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Explosion, fatalities at U.K.'s Manchester Arena during Ariana Grande concert

1 hour ago

Authorities warned people to avoid Manchester Arena in the U.K. late Monday following reports of an explosion during a concert. Manchester police said they are responding to a "serious incident" that occurred at the time of a concert by pop singer Ariana Grande. "There are a number of confirmed fatalities and others injured," Greater Manchester Police said in a statement on Twitter. Concertgoers reported hearing a loud explosion and several videos posted online showed concertgoers emptying the complex and several ambulances heading to the arena.

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Hyatt shares tick lower as Goldman Sachs funds to sell large stake

4 hours ago

Hyatt Hotels Corp. shares ticked lower in the extended session Monday after the hotel operator said investment funds associated with Goldman Sachs Group Inc. are selling off a large chunk of shares. Hyatt shares declined 2.4% to $57.01 after hours on light volume. The company said that the funds are selling 4 million shares of Hyatt under a secondary offering and that Hyatt will not receive proceeds from the sale. Hyatt has 125.5 million shares outstanding.

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Take-Two plunges after 'Red Dead Redemption 2' officially delayed

4 hours ago

Take Two Interactive Software Inc. shares dropped more than 8% Monday afternoon after the video game maker announced that a highly awaited game, "Red Dead Redemption 2," would be delayed. The company's Rockstar Games label announced on Twitter that the game is now scheduled for release in spring of 2018, months later than the previous October target for the sequel. Investors have high expectations for the game, after the first game was very successful and Rockstar's "Grand Theft Auto" series continues to perform well. "Red Dead Redemption 2, along with its online companion game, should be the largest driver for the year with an estimated 15 million units shipped and net recurrent digital revenue of $50 million," MKM Partners analyst Eric Handler wrote earlier Monday in a preview of Take Two's earnings report, while bumping his price target on the stock from $63 to $80. Take Two shares fell to less than $64 in after-hours trading Monday, after closing with a 2.2% gain at $69.04. The company is scheduled to report quarterly earnings Tuesday afternoon.

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Agilent shares up 4% on company earnings beat

4 hours ago

Shares of Agilent Technologies Inc. rose more than 4% late Monday after the lab company reported earnings and revenue above Wall Street expectations. Agilent said it earned $164 million, or 50 cents a share, in the fiscal second quarter, compared with $91 million, or 28 cents a share, in the year-ago period. Revenue reached $1.1 billion, up 8% from $1 billion a year ago. Analysts polled by FactSet had expected per-share earnings of 48 cents on sales of $1.05 billion. "We saw a strong pick up in the chemical and energy business after modest gains last quarter, and strong growth in pharma and Europe also contributed to the upside," the company said in a statement. The stock ended the regular trading session down 0.1%.

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Dow industrials book longest win streak in 12 weeks

4 hours ago

The Dow Jones Industrial Average on Monday put in its lengthiest streak of gains--three in a row--since February, according to FactSet data. The Dow's third straight finish in the green is notable because the blue-chip gauge had gone 60 straight trading sessions without stringing together a series of wins that long. Its longest streak this year was a 12-session rally on Feb. 27. From that point, the Dow has moved in fits and starts as doubts about President Donald Trump's ability to implement a pro-growth agenda, including tax cuts and a boost to infrastructure spending, have intensified, threatening a mulitmonth climb in risk assets that had been propelled by those presidential campaign promises. Worries about the president's ability to gain sufficient consensus in Congress to get his policies passed into law have escalated since Trump fired then-director of the Federal Bureau of Investigation, James Comey, two week ago, sparking a firestorm inside and outside of Washington. On Monday, U.S. equity markets were attempting to bounce back from a downbeat week, highlighted by sharp losses on May 17. However, since last Wednesday, the broader stock market has erased much of its losses, suggesting that a general uptrend for equities may still be intact. The Dow finished up 0.4% at 20,894, the S&P 500 index closed 0.5% higher at 2,394, while the Nasdaq Composite Index registered a rise of 0.8% at 6,133.

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Stocks gain for third session as tech stocks rally

5 hours ago

U.S. stocks rose Monday as strong tech shares and so-called defensive sectors led the market higher for a third session. Defensive stocks are those that are viewed as less sensitive to the economic cycle such as utilities and consumer staples. However, trading volume remained subdued amid lingering concerns about political uncertainty surrounding President Donald Trump's administration. The S&P 500 added 12 points, or 0.5%, to close at 2,393. The Dow Jones Industrial Average rose 90 points, or 0.4%, to end at 20,894 while the Nasdaq Composite Index climbed 49 points, or 0.8%, to close at 6,133.

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S&P 500's rally puts it within reach of last week's pre-collapse level

5 hours ago

The S&P 500 index on Monday was just about six points shy of its Tuesday closing levels--the day before the overall stock market endured its sharpest daily collapse in months. The S&P 500 was recently trading up about 13 points, or 0.6%, at 2,394, which puts the broad-market gauge just shy of its close of 2,400.67 last Tuesday. The Dow Jones Industrial Average was up 0.5% at 20,903, about 75 points from its Tuesday finish at 20,979.75, while the Nasdaq Composite Index , which endured the sharpest decline of the major U.S. equity benchmarks on Wednesday, was up 0.9% at 6,135, compared with 6,169.87 at the close of trade Tuesday. The trading action marks a relatively rapid rebound for the U.S. equity market, which is on track to log its third straight advance after suffering its worst one-day decline of 2017, following heightened worries about President Donald Trump's ability to make good on promises to put forth market-friendly policies. A series of reports, implying that he obstructed justice in firing then-director of the Federal Bureau of Investigation, James Comey, who had been investigating ties between Russia and members of Trump's presidential campaign, has been at the heart of Wall Street's recent concerns.

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Oil prices settle at one-month high

6 hours ago

Oil prices climbed Monday to settle at their highest level in about a month on growing expectations that members of Organization of the Petroleum Exporting Countries will agree to extend production cuts beyond the end of this year. June West Texas Intermediate crude rose 40 cents, or 0.8%, to settle at $50.73 a barrel on the New York Mercantile Exchange. The contract expired at the session's end. July WTI crude , which is now the front-month contract, settled at $51.13, up 46 cents, or 0.9%.

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AMD's stock slumps after CEO pooh-poohed speculation of Intel license deal

7 hours ago

Shares of Advanced Micro Devices Inc. sank 4.9% in active trade Monday, after the company seemed to confirm that it has not, and would not, license its graphics technology to rival chip maker Intel Corp. Volume topped 57 million shares in early afternoon trade, enough to make the stock the second-most actively traded on major U.S. exchanges. When Chief Executive Lisa Su was asked Monday at the J.P. Morgan Technology, Media & Telecom conference about recent speculation over a potential licensing deal with Intel , Su responded by saying, "We're not looking at enabling a competitor to compete against our products," according to a transcript of the event provided by FactSet. Speculation about a license deal has been around for months, but became more rampant last week ahead of AMD's analyst meeting. The stock sold off after the meeting when AMD made no mention of a deal, and analysts dispelled the speculation. The stock was still up 8.1% over the past two weeks. But after rocketing nearly 4 fold in 2016, it has tumbled 24% year to date, while the PHLX Semiconductor Index has run up 18% and the S&P 500 has gained 6.9%.

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Gold prices settle at a three-week high

7 hours ago

Gold prices climbed Monday to settle at their highest level in three weeks. The yellow metal found support as the euro strengthened, pressuring the U.S. dollar index, as German Chancellor Angela Merkel blamed the European Central Bank policies for marking the single currency "too weak." June gold rose $7.80, or 0.6%, to settle at $1,261.40 an ounce. Prices settled at their highest since April 28, according to FactSet data.

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Nutanix's stock soars after Goldman Sachs turns bullish

8 hours ago

Share of Nutanix Inc. soared 11% in midday trade Monday, after Goldman Sachs turned bullish on the cloud computing company, saying the sharp selloff in the stock this year has provided an "attractive entry point" for new investors. Analyst Simona Jankowski raised her rating to buy, after starting coverage of the recent IPO at neutral on Oct. 25. After being one of the hottest IPOs of 2016, closing its second-day of trading at $44.46 on Oct. 3, or nearly triple the $16 IPO price, the stock tumbled to a low close of $14.46 on May 1, in the wake of a disappointing fiscal second-quarter earnings report and concerns over competition in the hyperconverged market, particularly following Hewlett Packard Enterprise Co.'s acquisition of SimpliVity. But Jankowski believes those concerns are overdone. "We view this as a very attractive opportunity to buy the leader in hyperconverged infrastructure, which we view as the biggest trend in IT since public cloud," Jankowski wrote in a note to clients. She said new accounting rules that allows Nutanix to recognize software revenue upfront, rather than deferring them, should also help boost the stock. The shares were still down 33% year to date, while the Nasdaq Composite has rallied 14% and the S&P 500 has gained 6.9%.

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Puma Biotech stock surges 50% on favorable FDA release for breast cancer drug

10 hours ago

Puma Biotechnology Inc. shares surged 49.2% to $56.30 in morning trade Monday after the Food and Drug Administration released favorable briefing documents for an advisory committee meeting this week that will review Puma Biotech's breast cancer drug. The benefits of the drug, which addresses an unmet need after the standard of care second-line cancer therapy, outweigh its risks, according to the FDA briefing documents. The most common side side effect of the drug was diarrhea, with 95% of patients in clinical trials experiencing it, and 40% of patients experienced serious, or what's called grade 3, diarrhea, the documents said. The FDA's oncologic drugs advisory committee is scheduled to meet on Wednesday. Advisory committee recommendations are considered by the FDA when deciding whether to approve a drug. Puma Biotech shares have surged 64.6% over the last three months, compared with a 1.1% rise in the S&P 500 .

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Supreme Court says North Carolina drew racially-gerrymandered congressional maps

10 hours ago

The Supreme Court on Monday said North Carolina excessively used race in drawing congressional maps. The decision upheld a lower court ruling.

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Fast-food chains like McDonald's gain on fast-casual as affordability becomes more important

10 hours ago

McDonald's Corp. , Wendy's Co. , Burger King, a Restaurant Brands International Inc. brand], and other traditional fast-food chains are closing the gap with fast-casual as factors like affordability gain significance with customers, according to the latest RBC Capital Markets report. "Quality ingredients" are still a top driver for customer visits, but RBC and its partner Mission Measurement found that price, such as the value tiers at fast-food restaurants, have also become more important. "[C]onsumers are now increasingly prioritizing affordability and taste after a previous rise in the importance of healthiness," the report said. "These findings seem to endorse the view that chains such as McDonald's should focus on making a better cheeseburger rather than extending the menu into 'healthy food'." RBC found that brand perception of large, traditional fast-food chains is improving compared with fast-casual chains. Fast-casual includes Panera Bread Co. and Chipotle Mexican Grill Inc. . The three "best-in-class" fast-food operators, according to RBC, are Chick-fil-A, In-N-Out and Culver's. McDonald's still has a way to go towards improving "sales-driving attributes" like quality, taste and service, but changes that are coming through its "experience of the future" revamp, including self-ordering kiosks and new menu ingredients, means they are "poised to rise significantly over the next year," said RBC. McDonald's shares are up 22.1% for the year so far, Wendy's is up 19.6% for the period, and Restaurant Brands has increased 27.6% for 2017 to date. The S&P 500 index is up 6.6% for the year so far.

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UPDATE: Amgen Inc. stock drops 2% on drug's cardiovascular risk; no approval expected this year

10 hours ago

Amgen Inc. shares dropped 1.9% in morning trade Monday after the company said that it has observed new cardiovascular risks for its Evenity drug, which is intended to reduce risk of fractures in patients with osteoporosis, and that it does not expect the drug to get approved this year. Shares of its partner on the drug, UCB , declined 17.9%. Amgen said it saw this new cardiovascular safety signal in its late-stage trial for the drug, with Evenity having an imbalance in serious cardiovascular adverse events as compared with the current standard of care in osteoporosis, alendronate. Sean Harper, Amgen's executive vice president of research and development, said that "the newly observed cardiovascular safety signal will have to be assessed as part of the overall benefit:risk profile for Evenity" and that it would work with UCB to evaluate the data with global regulators and medical experts. The latest results are "clearly negative, and very surprising," said EvercoreISI analyst Umer Raffat. The clinical trial met its two primary endpoints and its key secondary endpoint, Amgen also said. Amgen shares have dropped 11.1% over the last three months, and UCB shares have declined 8.2%, compared with a 1.1% rise in the S&P 500 .

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U.S. stocks open slightly higher

11 hours ago

U.S. stocks opened slightly higher on Monday, with investors treading cautiously and waiting for the next big catalyst to jolt the markets. The main indexes finished last week lower. The S&P 500 opened 6 points, or 0.3%, higher at 2,388. The Nasdaq Composite was up 19 points, or 0.3%, to 6,103 at the open. The Dow Jones Industrial Average began the session up 74 points, or 0.4%, at 20,878. Among the best performers on Wall Street, Ford Motor Company rose more 1.5% after the carmaker replaced its chief executive Mark Fields with Jim Hackett.

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UPDATE: Defense stocks rally premarket after Trump signs $350 billion of arms deals

12 hours ago

Defense and aerospace stocks extended an early rally in premarket trade Monday, after Saudia Arabia and other Gulf states signed arms deals worth $350 billion with the U.S. over the weekend. President Donald Trump and King Salman bin Abdulaziz Al Saud of Saudi Arabia signed some of the deals during Trump's visit to Riyadh on Saturday. "The package of defense equipment and services supports the long term security of Saudi Arabia and the entire Gulf region in particular in the face of malign Iranian influence and Iranian-related threats, which exists on Saudi Arabia's borders on all sides," U.S. Secretary of State Rex Tillerson told reporters, The Wall Street Journal reported. Lockheed Martin Corp. shares jumped 3.1%, Raytheon Corp. climbed 3.4% and Boeing Co. was up 1.9%. General Dynamics Corp. was up 1.8% and Northrop Grumman Corp. rose 2%.

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Apple could top $1 trillion in market cap within a year: RBC

12 hours ago

Apple Inc. has "multiple levers" that could propel the technology giant above $1 trillion in market capitalization in the next 12 to 18 months, said RBC Capital analyst Amit Daryanani. He raised his share-price target to $168, which is 9.8% above Friday's closing price, from $157 while reiterating his outperform rating. At Friday's close, Apple's market cap was $798.03 billion, according to FactSet. Among the potential upside catalysts, Daryanani sees potential for increased revenue growth and margin expansion, driven by higher average selling prices with the launch of a premium-priced iPhone 8 later this year. He said expanded share repurchases could reduce share count by 400 million to 500 million shares, which could boost earnings per share by $1.30 to $1.35. Share-count reduction could accelerate if tax-policy changes lead to repatriation of profits held overseas. Apple's stock rose 0.4% in premarket trade Monday. It has soared 32% in 2017, while the SPDR Technology Select Sector ETF has climbed 14% and the Dow Jones Industrial Average has gained 5.3%.

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G-III Apparel and PVH sign license agreement for DKNY menswear

12 hours ago

G-III Apparel Group Ltd. announced Monday that it has entered into a licensing agreement with PVH Corp. for DKNY menswear. G-III acquired the Donna Karan brand in 2016. This is the fourth agreement between the two companies, which have licensing deals for products in the Calvin Klein and Tommy Hilfiger brands, among others. PVH will now design and distribute DKNY merchandise including sportswear, dress shirts, ties, jeans and DKNY Sport for Men in the U.S. and Canada. The first collections will launch in spring 2018 and will be sold in department stores. G-III shares are up 1.2% in premarket trading, but down nearly 49% for the past year. PVH shares are unchanged in premarket, but up nearly 13% for the last year. The S&P 500 index has risen 16.1% for the past 12 months.

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Ford confirms Jim Hackett will replace CEO Mark Fields

12 hours ago

Ford Motor Co. confirmed that Chief Executive Mark Fields will retire after 28 years with the auto maker. Fields will succeeded by Jim Hackett, who was the executive chairman of Ford Smart Mobility for the past 14 months. Hackett was previously the CEO of Steelcase Inc. . Hackett will report to Executive Chairman Bill Ford. "We're moving from a position of strength to transform Ford for the future," said Ford. "Jim Hackett is the right CEO to lead Ford during this transformative period for the auto industry and the broader mobility space." The Wall Street Journal reported earlier Monday that Hackett would replace Fields, amid a declining share price and pressure on profit. Ford's stock, which rallied 1.8% in premarket trade, has dropped 10.4% year to date through Friday, while shares of rival General Motors Co. have lost 6.1% and the S&P 500 has gained 6.4%.

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Iraq, Saudis in last-minute talks on duration of oil output cuts: WSJ

12 hours ago

Saudi Arabian oil minister Khalid al-Falih flew to Baghdad on Monday in an effort to convince Iraq to go along with a nine-month extension of oil output curbs ahead of a meeting of the Organization of the Petroleum Exporting Countries later this week, The Wall Street Journal reported. OPEC officials say Iraq has supported extending the agreement for six months instead of the nine months sought by the Saudis, according to the report. "All producers agree on the idea of extending the deal but the duration will be decided during the meeting," OPEC Secretary-General Mohammed Barkindo said at a news conference Monday. Oil futures remained higher, with West Texas Intermediate crude for July delivery on the New York Mercantile Exchange up 65 cents, or 1.3%, at $51.32 a barrel. OPEC and major non-OPEC producers, including Russia, have been widely expected to agree to extend an agreement struck last year that cut production by 1.8 million barrels a day.

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Apple and Visa sued by USR over alleged violation of electronic payment patents

12 hours ago

Universal Secure Registry LLC said Monday that it filed complaints against Apple Inc. and Visa Inc. for infringing on its patents for electronic payments and identity authentication. USR seeks unspecified damages. USR's complaint states that Chief Executive Kenneth Weiss was "the first in the space, and the secure payment technology that he developed goes right to the core of Apple Pay." Weiss said that he had approached Apple and Visa in 2010 about a partnership utilizing his technology, and made detail presentations of his patented technology. "USR has set forth facts in the complaint which we believe will lead to discovery that will support claims of willful infringement against both Apple and Visa," Weiss said. Apple's stock has rallied 32% year to date through Friday, while Visa shares have climbed 19% and the Dow Jones Industrial Average has gained 5.3%.

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Eyegate Pharma stock surges 11% after receiving Valeant milestone payment

12 hours ago

Eyegate Pharmaceuticals Inc. stock surged 11% in premarket trade Monday after the company said it had received its first milestone payment from Valeant Pharmaceuticals International Inc. resulting from a February licensing deal for Eyegate's EyeGate II Delivery System and its EGP-437 combination product. The delivery system is an alternative to eye drops and ocular injections, and EGP-437 is being developed for post-operative pain and inflammation in patients who have had ocular surgery. Valeant shares surged 1.6% in premarket trade. The companies did not specify the amount of the milestone payment or what it was paid specifically for. Under the agreement, Valeant paid Eyegate $4 million, with up to about $34 million for certain development and regulatory milestones and up to $65 million for certain sales-based milestones and royalties. Eyegate shares have plummeted 28.1% over the last three months and Valeant shares have dropped 17.3%, compared with a 0.8% rise in the S&P 500 .

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Celgene reports positive results in trial of multiple sclerosis treatment

13 hours ago

Celgene Corp. shares rose about 1% premarket before surrendering their gains, after the company reported positive results from a late-stage trial of a treatment for multiple sclerosis. Celgene said the phase III trial of ozanimod, an investigative treatment for patients with relapsing MS, met its primary goal of reducing the annualized relapse rate, compared with weekly interferon. The trial involved 1,313 patients in 21 countries and evaluated two doses of the drug (0.5 mg and 1 mg). "We plan to begin submitting global registration dossiers by the end of the year to bring this oral therapy to patients with relapsing multiple sclerosis," Terrie Curran, president of Celgene inflammation and immunology, in a statement. Celgene shares have gained 1% in 2017 through Friday, while the S&P 500 has gained 6%.

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Qualcomm's stock jumps after J.P. Morgan upgrade

13 hours ago

Shares of Qualcomm Inc. rallied 1.4% in premarket trade Monday, after the wireless technology and chip maker was upgraded to at J.P. Morgan, which cited improved valuation and optimism over the upcoming closure of the NXP Semiconductors NV acquisition. Analyst Rod Hall raised his rating back to overweight, after being at neutral since for the past five months, and established a $68 stock price target, which is 18% above Friday's closing price. He said that while he expects more negative news regarding the dispute with Apple Inc. , he views the stoppage of royalty payments by Apple contract manufacturers as a major milestone. "Though volatility in the shares could remain high through the summer we see the valuation gap as too large to continue to ignore with the [NXP Semiconductors] closure approaching," Hall wrote in a note to clients. "We advise investors to add to positions at current levels." The stock had rallied 9.8% since closing at a 9 1/2-month low of $52.50 on April 21 through Friday, but was still down 11.6% year to date. In comparison, the PHLX Semiconductor Index has run up 17.0% and the S&P 500 has gained 6.4%.

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German central bank warns Trump's tax reform would hurt U.S. economy in long run

13 hours ago

Germany's central bank on Monday said President Trump's tax plans may provide a short term boost but would likely hurt the U.S. economy and lead to a 30 percentage-point increase U.S. debt-to-gross domestic product ratio within a decade. The comments, published in the Bundesbank's monthly report, are a rare commentary by the German central bank specifically on U.S. economic policy. They come amid tensions between Berlin and the new U.S. administration over German trade surpluses. In a rough blueprint published last month, the Trump administration pushed for cutting the corporate tax rate to 15% from 35% and reducing some income and estate taxes. The plans face a tough battle in Congress, where some lawmakers are worried about adding to large budget deficits.

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Nutraceutical to be bought for 49% premium, in a deal valued at $446 million

13 hours ago

Nutraceutical International Corp. agreed Monday to be acquired by private equity firm HGGC LLC in a deal valued at $446 million, including debt. Under terms of the deal, Nutraceutical shareholders will get $41.80 in cash for each Nutraceutical share they own, representing a 49% premium to Friday's closing price of $28.00, and 16% above the Jan. 17, 2017 record close of $36.15. The bid would give the maker and seller of branded nutritional supplements a market value of $386.7 million. Nutraceutical said it expects the deal to close in the second half of the year, but will undertake a 60-day "go shop" period to field potential other bids. "We are pleased to announce this transaction, which delivers significant value to our stockholders, many of whom have been with us since our initial IPO in 1998," said Nutraceutical Chief Executive Bill Gay. The stock is currently halted for news, and is set to resume trade at 7:30 a.m. ET. It has tumbled 20% year to date, while the S&P 500 has gained 6.4%.

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Ford to hold press conference at 9.45 a.m. Eastern

13 hours ago

Ford Motor Co. said it will hold a press conference at 9.45 a.m. Eastern Monday at its headquarters in Dearborn, Michigan. The company did not provide any further detail. The Wall Street Journal, citing people familiar with the matter, reported earlier that the car maker is planning to replace Chief Executive Mark Fields with Jim Hackett, the former head of office-furniture maker Steelcase Inc. who joined Ford in 2016. The move comes after a sharp decline in the company's share price over the course of Field's reign, as well as pressure on profits and loss of market share. Ford shares rose 1.7% in premarket trade, but are down 10% in 2017 through Friday, while the S&P 500 has gained 6%.

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National Oilwell, Saudi Aramco to form JV in Saudi Arabia to build rigs and equipment

14 hours ago

National Oilwell Varco Inc. said Monday it has signed a memorandum of understanding with Saudi Aramco to form a joint venture in Saudi Arabia to build land rigs, rig and drilling equipment and offer aftermarket services. The JV will also create a center to train Saudis to maintain and operate the drilling equipment produced by the venture. National Oilwell will own a 70% interest in the JV, with Saudi Aramco owning the rest. The JV will be supported by a commitment from the Saudi Aramco Nabors Drilling company to buy 50 onshore drilling rigs over 10 years. "We are excited to bring together NOV's industry-leading technology, manufacturing expertise and rig products with Saudi Aramco's E&P capabilities," said National Oilwell Chief Executive Clay Williams. The stock, which was still inactive in premarket trade, has lost 7.0% year to date, while the VanEck Vectors Oil Services ETF has shed 16.1% and the S&P 500 has gained 6.4%.

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RBS doubles settlement offer to shareholders ahead of High Court battle: report

16 hours ago

Royal Bank of Scotland Group PLC has doubled its settlement offer to angry shareholders just a few hours before a potentially costly High Court trial is set to get underway, according to Sky News. A group of 9,000 individual investors, including some current staff, and 18 institutional investors have taken RBS to court, alleging the bank misled them about its finances when raising investment just before its near collapse. Some shareholders have already settled for over 40 pence a share, but others are said to be holding out for an offer of at least 92 pence per share, Sky News reported. If no settlement is reached, former RBS Chief Executive Fred Goodwin and a raft of other executives will be questioned over the events leading up to the lender's £45.5 billion government bailout in 2008.

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