Real-time equity news
U.S. stock market report
1534 ET 21June2010
Cadence to buy Incline Therapeutics
Cadence Pharmaceuticals Inc said it entered into an option to acquire privately held Incline Therapeutics Inc to expand its product pipeline.
Under the deal, Cadence may acquire Incline for an amount not exceeding $135 million before commencement of the second option period -- 12 months or the date on which Incline gets its second tranche of its Series A financing, whichever is earlier.
For details, see
Shares of Cadence rose 2.2 percent to $7.02 in extended trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1526 ET 21June2010
Patriot Coal shares down, closes Harris mine
Shares of Patriot Coal Corp fell 4.3 percent to $15.50 in extended trading on Monday after the company announced the closure of its Harris No. 1 mine.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1650 ET 21June2010
PetSmart gets board nod to raise dividend
PetSmart Inc Monday said it got its board's nod to raise the quarterly dividend by 25 percent and to buy back up to $400 million of its shares.
The company will pay shareholders dividend of 12.5 cents a share, up from 10 cents a share, on Aug. 13.
The company's board also authorized a new share repurchase plan worth $400 million, which replaces the retailer's current $350 million buyback plan, including $103 million the company has left under the current plan.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1643 ET 21June2010
Wall Street ends lower as China yuan euphoria fades
U.S. stocks once again succumbed to late-day selling in light trading on Monday as hopes China's newfound dedication to yuan flexibility turned to doubts about the speed and magnitude of Beijing's intentions.
For details, see
The Dow Jones industrial average fell 8.23 points, or 0.08 percent, at 10,442.41. The Standard & Poor's 500 Index was down 4.30 points, or 0.38 percent, at 1,113.21. The Nasdaq Composite Index was down 20.71 points, or 0.90 percent, at 2,289.09.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1517 ET 21June2010-Amazon, Barnes & Noble shares down as e
reader prices cut
Shares of Amazon.com and Barnes & Noble fell $3.75 and $0.51, respectively, after both companies announced they would slash the prices of their electronic book readers.
Amazon.com's shares fell 3 percent, to $122.07, after it announced it would cut the price of its Kindle e-reader to $189 from $259.
The announcement came after Barnes & Noble slashed the price of its Nook e-reader to $149 for a Wi-Fi enabled version and $199 for a 3G enabled version.
Shares of Barnes & Noble were also down 3 percent, to $16.57, in afternoon trading.
Reuters Messaging: matt.lynley.reuters.com@reuters.net
1451 ET 21June2010
SPX cash at 1121 is 50 pct retracement of bear market
To quantify the important technical level we're now at in the S&P 500 cash, 1121 is the 50 percent retracement of the entire bear market which began in Oct '07 and ended in March '09, said Peter Boockvar, equity strategist at Miller Tabak + Co in New York. 'The action in commodities this afternoon is possibly sending a message for now that their prices will trade more on the short term concerns of slowing global growth in Europe and the US and less on the reality of a Yuan revaluation because of the slow process it will be,' he said. He added the same price action can be said with US Treasuries which are now almost back to flat on the day. Boockvar said another reality of China's announcement, in addition to the growing pressure to raise wages in China, is the cost of imported goods, particularly those sold by US retailers to US consumers, can only go up from here.
Reuters Messaging: angela.moon.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
U.S. stock market report
1534 ET 21June2010
Cadence to buy Incline Therapeutics
Cadence Pharmaceuticals Inc said it entered into an option to acquire privately held Incline Therapeutics Inc to expand its product pipeline.
Under the deal, Cadence may acquire Incline for an amount not exceeding $135 million before commencement of the second option period -- 12 months or the date on which Incline gets its second tranche of its Series A financing, whichever is earlier.
For details, see
Shares of Cadence rose 2.2 percent to $7.02 in extended trading.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1526 ET 21June2010
Patriot Coal shares down, closes Harris mine
Shares of Patriot Coal Corp fell 4.3 percent to $15.50 in extended trading on Monday after the company announced the closure of its Harris No. 1 mine.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1650 ET 21June2010
PetSmart gets board nod to raise dividend
PetSmart Inc Monday said it got its board's nod to raise the quarterly dividend by 25 percent and to buy back up to $400 million of its shares.
The company will pay shareholders dividend of 12.5 cents a share, up from 10 cents a share, on Aug. 13.
The company's board also authorized a new share repurchase plan worth $400 million, which replaces the retailer's current $350 million buyback plan, including $103 million the company has left under the current plan.
For details, see
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1643 ET 21June2010
Wall Street ends lower as China yuan euphoria fades
U.S. stocks once again succumbed to late-day selling in light trading on Monday as hopes China's newfound dedication to yuan flexibility turned to doubts about the speed and magnitude of Beijing's intentions.
For details, see
The Dow Jones industrial average fell 8.23 points, or 0.08 percent, at 10,442.41. The Standard & Poor's 500 Index was down 4.30 points, or 0.38 percent, at 1,113.21. The Nasdaq Composite Index was down 20.71 points, or 0.90 percent, at 2,289.09.
Reuters Messaging: ryan.vlastelica.reuters.com@reuters.net
1517 ET 21June2010-Amazon, Barnes & Noble shares down as e
reader prices cut
Shares of Amazon.com and Barnes & Noble fell $3.75 and $0.51, respectively, after both companies announced they would slash the prices of their electronic book readers.
Amazon.com's shares fell 3 percent, to $122.07, after it announced it would cut the price of its Kindle e-reader to $189 from $259.
The announcement came after Barnes & Noble slashed the price of its Nook e-reader to $149 for a Wi-Fi enabled version and $199 for a 3G enabled version.
Shares of Barnes & Noble were also down 3 percent, to $16.57, in afternoon trading.
Reuters Messaging: matt.lynley.reuters.com@reuters.net
1451 ET 21June2010
SPX cash at 1121 is 50 pct retracement of bear market
To quantify the important technical level we're now at in the S&P 500 cash, 1121 is the 50 percent retracement of the entire bear market which began in Oct '07 and ended in March '09, said Peter Boockvar, equity strategist at Miller Tabak + Co in New York. 'The action in commodities this afternoon is possibly sending a message for now that their prices will trade more on the short term concerns of slowing global growth in Europe and the US and less on the reality of a Yuan revaluation because of the slow process it will be,' he said. He added the same price action can be said with US Treasuries which are now almost back to flat on the day. Boockvar said another reality of China's announcement, in addition to the growing pressure to raise wages in China, is the cost of imported goods, particularly those sold by US retailers to US consumers, can only go up from here.
Reuters Messaging: angela.moon.reuters.com@reuters.net Keywords: MARKETS STOCKSNEWS
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.