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Starz, Lions Gate gain after report of advanced acquisition talksExternal Link

Starz and Lions Gate Entertainment Corp. both gained in late trading Wednesday after Bloomberg News reported that the two entertainment companies were in advanced talks to merge. Lions Gate was close to acquiring Starz for more than $30 a share and a deal could be announced in the next few days, Bloomberg reported. Rumors of a deal between the two media companies has circulated for more than a year, after Starz's largest investor, Liberty Media Corp. Chairman John Malone, swapped out a stake in Starz for one in Lions Gate and took a seat on the company's board. Lions Gate produces film and television content, while Starz owns a premium cable network. Starz shares gained more than 6% in late trading Wednesday to top $30 a share after closing at $28.25; Lions Gate stock added 5% to $22.

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.


Wed, 29 Jun 2016 22:07:44 GMT
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Care.com shares soar as Google Capital takes major stake External Link

Google Capital, a venture capital fund financed by Alphabet Inc. , bought a stake in Care.com Inc. for $46.35 million to become its biggest shareholder, the company said in a statement late Wednesday. Care.com issued convertible preferred shares to Google Capital at an initial conversion price of $10.50 a share, which represents roughly a 20% premium to the stock's closing price of $8.13 on June 27. Shares of Care.com soared 12% after hours. Care.com is an online marketplace for managing family care.

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.


Wed, 29 Jun 2016 20:43:19 GMT
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Seagate cutting 1,600 jobs as cost-saving measureExternal Link

Seagate Technology PLC said late Wednesday it was cutting 3% of its workforce to save about $100 million a year. Seagate said it plans to cut 1,600 jobs, which will result in $62 million in charges in the fourth quarter, according to a filing with the Securities and Exchange Commission. The company expects cost savings to begin in September, with an estimated annual savings of $48 million in cost of revenue and $52 million in operating expenses. Seagate shares rose 0.2% to $23.99 after hours, following a 6.3% rally in the regular session.

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.


Wed, 29 Jun 2016 20:33:13 GMT
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Tractor Supply trims 2016 financial outlook on weak same-store sales External Link

Tractor Supply Co. late Wednesday said it expects second-quarter earnings in a range of $1.15 to $1.16 after its same-store sales in the quarter shrank 0.5%. Analysts surveyed by FactSet are projecting adjusted quarterly EPS of $1.26. The company blamed weak sales of spring seasonal products for the sharp drop in comparable sales. However, net sales rose 4.5% to $1.85 billion. The retailer, whose range of products include tractor parts to animal feed, cut its 2016 net sales outlook to $6.8 billion to $6.9 billion from a range of $6.9 billion to $7 billion and lowered its EPS target to $3.35 to $3.40 versus $3.40 to $3.48. It also trimmed the full year same-store sales forecast to 2.5% to 3.5% from 3.5% to 5.0%. Tractor Supply is scheduled to announce its second-quarter earnings on July 20. Shares of Tractor Supply were halted after hours after rising 1.1% to close at $95.17.

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.


Wed, 29 Jun 2016 20:26:13 GMT
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U.S. stocks rise for second session as Brexit takes backseat to oil rally External Link

U.S. stocks extended gains for a second session on Wednesday as a rally in crude oil upstaged Brexit worries, pushing key indexes back toward levels prior to the U.K. vote to leave the European Union. August West Texas Intermediate crude jumped 4.2% to $49.88 a barrel as data showed a continued decline in supplies. The S&P 500 added 35 points, or 1.7%, to close at 2,071 and the Dow Jones Industrial Average gained 284 points, or 1.6%, to finish at 17,693. The Nasdaq rose 87 points, or 1.9% to close at 4,779.

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.


Wed, 29 Jun 2016 20:02:10 GMT
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