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Estee Lauder expects additional restructuring charges of $89.7 mln External Link

Estee Lauder Cos. said late Tuesday it will introduce additional measures as part of its restructuring effort that will result in charges of $89.7 million. The beauty products company earlier this month announced it will cut its workforce by up to 1,200 positions in line with its plan to streamline operations. At the time, the company had estimated restructuring costs of $600 million to $700 million. Shares of Estee Lauder were flat in after hours after gaining 1.6% to $92.14 during 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.


Tue, 24 May 2016 21:21:43 GMT
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Selecta Biosciences files for IPOExternal Link

Selecta Biosciences Inc. said it plans to raise up to $75 million in an initial public offering, according to a Securities and Exchange Commission filing late Tuesday. The Watertown, Mass.-based biotech uses synthetic vaccine nanoparticles to develop treatments for rare and serious diseases. Selecta reported $6 million in grant and collaboration revenue for a loss of $3.88 a share for 2015. The company plans to trade on the Nasdaq under the ticker "SELB". UBS Investment Bank and Stifel are listed among underwriters for the IPO.

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.


Tue, 24 May 2016 21:12:51 GMT
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Oil prices rally as API data show U.S. crude supply down 5.1 million barrels: sourcesExternal Link

Oil futures rallied in electronic trading Tuesday after the American Petroleum Institute reported that U.S. crude supplies fell by 5.1 million barrels for the week ended May 20, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a decline of 3.3 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Wednesday. July crude was at $49.21 a barrel in electronic trading, up from the contract’s settlement of $48.62 on the New York Mercantile Exchange.

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.


Tue, 24 May 2016 20:48:23 GMT
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Hewlett Packard Enterprise surges on move to merge services unit with CSCExternal Link

Shares of Hewlett Packard Enterprise soared 10% after the company said late Tuesday that it will spin off its enterprise services unit and merge it with CSC . The union will create a "a pure-play, global IT services powerhouse," said HP Enterprise in a statement. CSC Chief Executive Mike Lawrie will become the chairman, president and CEO of the new entity and Meg Whitman will join the board. Once the deal is finalized by March, shareholders of HP Enterprise will own a 50% stake in the newly created company. Separately, Hewlett Packard Enterprise reported second-quarter earnings of $320 million, or 18 cents a share, from $305 million, or 16 cents a share, a year earlier. Year-ago results are calculated as if the company was already independent then. On an adjusted basis, HP Enterprise would have earned 42 cents a share. Revenue grew 1% to $12.7 billion. Analysts surveyed by FactSet had projected earnings of 42 cents a share on revenue of $12.34 billion. For the current quarter, the company projected adjusted EPS of 42 cents to 46 cents. CSC shares surged 23% on the news. [Updated with CSC stock move.]

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.


Tue, 24 May 2016 20:47:03 GMT
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Gilead Sciences names Kevin Young COOExternal Link

Gilead Sciences Inc. said late Tuesday that it was appointing Kevin Young as chief operating officer. Young served for 10 years as Gilead's vice president of commerical operations and most recently has been a senior advisor to the biotech company. Gilead shares rose 0.2% to $86.35 after hours.

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.


Tue, 24 May 2016 20:43:51 GMT
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