Market News

Reports Mattress Firm Exploring Bankruptcy Seen as Positive For Tempur Sealy International

Reports Mattress Firm Exploring Bankruptcy Seen as Positive For Tempur Sealy International

Reports that Mattress Firm (MFRM) is exploring bankruptcy is positive for Tempur Sealy International (TPX) as the company likely would capture some share of sales that would otherwise go to the struggling retailer, Wedbush said in a note to clients on Tuesday. A Reuters report on Monday said Steinhoff and Mattress Firm hired Alix Partners, potentially to prepare for Chapter […]

Goldman Reiterates Positive Outlook on Suncor, Canada Pacific, Phillips 66 Amid Widening Western Canadian Crude Differentials

Goldman Reiterates Positive Outlook on Suncor, Canada Pacific, Phillips 66 Amid Widening Western Canadian Crude Differentials

Goldman reiterates its supportive outlook on Suncor Energy (SU), Canada Pacific (CP), Phillips 66 (PSX) and Marathon Petroleum (MRO) as these companies will benefit from widening Western Canadian heavy crude oil differentials. Western Canadian heavy crude oil differentials have re-widened from a period of seasonally tighter spreads in the second quarter amid a faster-than-anticipated production ramp, planned refining downtime and […]

Tyson Foods’ Price Target From RBC Cut to $77

Tyson Foods’ Price Target From RBC Cut to $77

Tyson Foods (TSN) received a price-target reduction Tuesday from RBC Capital Markets, which cited greater-than-anticipated softness in chicken demand as the firm reduced its earnings estimates for the food company known for its namesake, Jimmy Dean and Hillshire Farm brands. The cut comes a day after Tyson Foods reported fiscal Q3 adjusted earnings per share above analysts’ expectations but its […]

Bemis to Be Acquired by Australian Rival Amcor in $6.8 Billion Deal

Bemis to Be Acquired by Australian Rival Amcor in $6.8 Billion Deal

Bemis Company (BMS) is poised to be taken over by Australian rival Amcor in an all-stock deal valued at $6.8 billion that will see Amcor list shares on the New York Stock Exchange. Shareholders of Neenah, Wisconsin-based Bemis will own 29% of the combined consumer packaging firm and Amcor investors will take 71%, the companies said in a statement on […]

European Equity Benchmarks Close Mixed; Investors Favor Financials, Automotive Stocks Over Mining, Industrials

European Equity Benchmarks Close Mixed; Investors Favor Financials, Automotive Stocks Over Mining, Industrials

The broad-based major European indices closed relatively flat in Monday trading as the UK market edged higher, while the continental markets moved slightly lower. In economic news, July data signaled a disappointing start to Q3 for the UK service sector, according to IHS Markit, with business activity and incoming new work rising at softer rates than in June. Higher staff […]

Kosmos Energy Enters Gulf of Mexico With Acquisition of Deep Gulf Energy

Kosmos Energy Enters Gulf of Mexico With Acquisition of Deep Gulf Energy

Kosmos Energy (KOS) said Monday it will acquire Deep Gulf Energy, a deepwater firm operating in the Gulf of Mexico, for $1.225 billion. The company said the acquisition will add to its deepwater Atlantic Margin portfolio and will be immediately accretive. The deal will enhance the scale of the company and is expected to generate “significant” free cash flow that […]

Indra K. Nooyi (PRNewsfoto/PepsiCo, Inc.)

PepsiCo CEO Nooyi to Step Down Effective Oct. 3

Indra Nooyi will step down as chief executive of PepsiCo (PEP) on Oct. 3 and will be replaced by Ramon Laguarta, the company said on Monday. Nooyi will step down on Oct. 3 after 24 years with Pepsi, including the past 12 as chief executive. She will retain her role as chairman until early 2019 to ensure a “smooth and […]

Ironwood Pharmaceuticals Q2 Loss of $0.28 Misses Street View

Ironwood Pharmaceuticals Q2 Loss of $0.28 Misses Street View

Ironwood Pharmaceuticals (IRWD) reported a Q2 non-GAAP net loss per share of $0.28, unchanged from the year-ago quarter but worse than the Capital IQ consensus forecast of a loss of $0.23. Revenue for the quarter was $81.1 million, up from $65.1 million during the same period last year, and below the analyst forecast of $82.6 million. Ironwood said it planned […]

Payrolls Miss Tempered by Upward Revisions

Payrolls Miss Tempered by Upward Revisions

The 157,000 July payroll gain undershot the 190,000 expected (with “whisper” numbers well above 200,000), but 59,000 in upward revisions left a slightly higher-than-expected July payroll level on net, just as hours-worked fell 0.2% in July after a sharp June boost to 0.5% from 0.2% also left that metric in line with July expectations. There was the expected 0.3% hourly […]