No key U.S. economic data is set for release Tuesday, but shareholders will get numerous readings on the labor market later in the week. Friday’s release of the February jobs report is predictable to show the economy added 240,000 new jobs, according to economists reviewed by The Wall Street Journal.
Insights about U.S. Stocks that are active during the recent trade, are depicted underneath:
Springleaf Holdings Inc (NYSE:LEAF) shares picked up 27.55%, and is now trading at $48.52, soon after the news release that a leading personal finance company providing loan products to customers nationwide, recently declared that it has reached a definitive contract to attain OneMain Financial from CitiFinancial Credit Company, a wholly-owned partner of Citigroup (NYSE:C), for total consideration of $4.25 billion, in an all-cash transaction.
On a pro forma basis, as of September 30, 2014, the combined company would have had $13.96 billion in core consumer net finance receivables. At closing, the combined company is predictable to have 1,967 branches across 43 states.
The transaction, which was approved by the Boards of Directors of both Springleaf and Citigroup, is predictable to close in the third quarter 2015, subject to customary closing conditions and regulatory approvals. Upon closing, the transaction is predictable to be accretive to Springleaf’s 2015 after-tax earnings, not including one-time charges related to the attainment. Accretion is estimated to reach about $470 million for 2017.
With roots dating back to 1912, OneMain is a nationwide provider of personal loan solutions, counting one-on-one, local service through a network of more than 1,100 neighborhood branches across 43 states. Founded originally as Commercial Credit, the company has a long history in the personal finance business and over the years has attained companies such as The Associates and Washington Mutual Finance. Headquartered in Baltimore, OneMain has about 5,600 employees.
Jay Levine, President and Chief Executive Officer of Springleaf, said, “This is a transformational transaction, bringing together two best-in-class personal finance businesses to create a combined company that we believe is financially strong and optimized for growth. With complementary branch networks, a leading digital presence, and an ongoing commitment to responsible lending practices, we are positioned to serve a noteworthy portion of Americans.”
Springleaf Holdings, LLC (NYSE:LEAF), through its subsidiaries, offers consumer finance and credit insurance products and services. The company provides personal loans secured by automobiles, consumer household goods, and other items of personal property; and unsecured loans.
McDermott International (NYSE:MDR) raised 22.61%, and is now trading at $3.20, soon after McDermott International Inc., declared financial results for the fourth quarter and full year ended December 31, 2014. The Company stated fourth quarter 2014 net revenue of $8.2 million, or $0.03 per fully diluted share, contrast to a net loss of $326.2 million, or $1.38 per diluted share, in the preceding-year quarter. For the year ended December 31, 2014, the Company stated a net loss of $76.0 million, or $0.32 per fully diluted share, contrast to a net loss of $508.9 million, or $2.15 per diluted share, in the preceding year.
“McDermott is in a much stronger position recently, contrast to a year ago, as a result of our turnaround efforts. With the recapitalization of the Company in early 2014, we raised the liquidity needed to work through our legacy contracts, capital expenditure commitments and initiatives for 2014 and for the foreseeable future,” said David Dickson, President and Chief Executive Officer of McDermott.
McDermott also declared the results of a major review of the Company’s cost structure, which is predictable to drive an improvement in profitability and flexibility through reducing fixed and variable costs.
The three key components of the plan comprise:
Raised organizational efficiency, commencing in the first quarter of this year, with predictable savings starting in the second quarter of 2015
Centralization of various front- and back-office functions
Operational cost initiatives leveraging McDermott’s global scale and the outsourcing of some non-core business activities
The Company anticipates annual cash savings in 2015, before restructuring costs, of about $50 million, with an annualized predictable cash savings of $100 million, starting in 2016. McDermott anticipates to incur $25 million to $35 million in restructuring costs in 2015, as a result of the review.
McDermott International Inc. (NYSE:MDR), operates as an engineering, procurement, construction, and installation (EPCI) company worldwide. The company operates in three segments: Asia Pacific, Atlantic, and the Middle East.
Orexigen Therapeutics, Inc (NASDAQ:OREX) enhanced 23.66%, and is now trading at $7.16, soon after the news release that Orexigen Therapeutics, Inc., declared business and financial results for the fourth quarter and year ended December 31, 2014.
Orexigen’s partner for North America, Takeda Pharmaceuticals, launched Contrave in the United States on October 20, 2014. U.S. net sales for the fourth quarter, recorded by Takeda, were $6.5 million, for which Orexigen earned $1.3 million in royalties. Gross sales for the quarter were $12.3 million.
Contrave is indicated as an adjunct to a reduced-calorie diet and raised physical activity for chronic weight administration in adults with an initial body mass index (BMI) of 30 kg/m2 or greater (obese) or 27 kg/m2 or greater (overweight) in the presence of at least one weight-related comorbid condition (eg, hypertension, type 2 diabetes mellitus, or dyslipidemia).
Financial results for the three months ended December 31, 2014:
For the three months ended December 31, 2014, Orexigen stated a net profit of $0.6 million, or $0.00 per share, as contrast to a net loss of $21.5 million, or $0.21 per share, for the fourth quarter of 2013.
Total operating expenses for the fourth quarter of 2014 were $20.6 million contrast to $21.8 million for the fourth quarter of 2013.
Financial results for the year ended December 31, 2014:
For the year ended December 31, 2014, Orexigen stated a net loss of $37.5 million, or $0.32 per share, as contrast to a net loss of $77.7 million, or $0.80 per share, for 2013. Total operating expenses for 2014 were $86.1 million contrast to $80.6 million for 2013. This overall rise in operating expenses primarily reflects an raise in raw materials, inventory, and manufacturing-related expenses and in stock based compensation expense. The overall raise was partially offset by a decrease in research and development expenses associated with the conduct of the Light Study, the Contrave cardiovascular outcomes trial. While Orexigen is responsible for manufacturing Contrave, Takeda will reimburse Orexigen for manufacturing related costs, counting finished goods.
As of December 31, 2014, Orexigen had $104.2 million in cash and cash equivalents and an additional $101.3 million in marketable securities, for a total of $205.5 million.
Orexigen Therapeutics, Inc. (NASDAQ:OREX), a biopharmaceutical company, focuses on the development of pharmaceutical product candidates for the treatment of obesity. Its product candidates comprise NB32, which has accomplished Phase III clinical trials and is being studied in a cardiovascular outcomes trial; and Empatic that has accomplished Phase II clinical trials.
Biocept Inc (NASDAQ:BIOC) rose 5.23%, and is now trading at $3.82, soon after the news release that a molecular oncology diagnostics company specializing in biomarker analysis in circulating tumor cell (CTC) and circulating tumor DNA (ctDNA), recently declared that Michael Nall, Biocept President and CEO, is planned to present a corporate overview at the 27th Annual ROTH Conference on March 11, 2015 at The Ritz-Carlton Hotel in Laguna Niguel, California.
Biocept Inc (NASDAQ:BIOC) a cancer diagnostics company, develops and commercializes proprietary circulating tumor cell (CTC) and circulating tumor DNA tests utilizing a standard blood sample.
