Overstock.com names new CEO, revises retail guidance as tariffs weigh

Viela Bio to offer 7.5 million shares in IPO, priced at $19 to $21 a pop

Viela Bio VIE, +0.27% set terms for its planned initial public offering on Monday, saying in a regulatory filing that it plans to offer 7.5 million shares priced at $19 to $21 each. The company would raise $157.5 million at the top of that range. Goldman Sachs, Morgan Stanley and Cowen are lead underwriters on the deal with Guggenheim acting as co-manager. "We are a clinical-stage biotechnology company pioneering treatments for autoimmune and severe inflammatory diseases, which we collectively refer to as autoimmune diseases," the company said in its prospectus. "Our approach seeks to redefine the treatment of autoimmune diseases by focusing on critical biological pathways shared across multiple indications." Proceeds of the deal will be used to fund clinical trials and for working capital and other general purposes. The company has applied to list on Nasdaq, under the ticker symbol "VIE."

DHX Media To Change Its Name; Posts Wider Loss In Q4 – Quick Facts

DHX Media (DHX.TO, DHXM), a global kids’ and family content and brands company, said it will change name to WildBrain. The change also includes a new logo and website. The company’s YouTube business has been renamed WildBrain Spark. DHX Media also plans to change its ticker on the Toronto Stock Exchange and NASDAQ to, WILD.

For the fourth-quarter, net loss per share was C$0.47 compared to a loss of C$0.16 per share, a year ago. On average, seven analysts polled by Thomson Reuters expected the company to report a loss per share of C$0.05, for the quarter. Analysts’ estimates typically exclude special items.

Fourth-quarter revenue rose 12 percent year-on-year to C$108.8 million. Analysts expected revenue of C$104.16 million for the quarter.

As part of the company’s management and business reorganization, Aaron Ames, Chief Operating Officer, has been appointed CFO effective immediately, succeeding Doug Lamb.

Gold Prices Inch Higher As Growth Worries Resurface

Gold prices inched higher on Monday as Middle East tensions persisted and business activity readings from across the euro zone suggested growth had ground to a halt.

Hopes of any China-U.S. trade war resolution appear to be waning after U.S. President Donald Trump said he didn’t need a trade deal with China before the 2020 election.

Spot gold rose 0.15 percent to $1,519.12 per ounce, while U.S. gold futures climbed 0.8 percent to $1,526.55.

U.S. President Donald Trump approved the deployment of additional U.S. troops and air defense assets to Saudi Arabia, following last week’s attack on Saudi oil facilities.

Iran’s President Hassan Rouhani said that he will present a security plan for the Gulf at the United Nations General Assembly this week to ensure regional stability and to avoid a conflict with the United States and its allies.

Speaking to Fox News Sunday, U.S. Secretary of State Mike Pompeo said the additional troops ordered to be deployed in the Gulf region are for “deterrence and defense.”

Pompeo added that he was confident Trump would take action if such deterrence measures fail and that this was well understood by the Iranian leadership.

A U.S.-China trade breakthrough seemed unlikely after a Chinese delegation canceled a planned visit to U.S. farm states.

What is a recession?

  • A technical recession is a decline of Gross Domestic Product or GDP – for two consecutive quarters.
  • Recessions usually last about a year
  • Between 1960 and 2007, there were 122 recessions – in 21 advanced economies.

The last time there was a global recession was in the late two thousands.

The scale and timing of that 'Great Recession', as it's now known, varied from country to country. But on a global level, it was the worst financial crisis since the Great Depression of 1929.

Now a decade later, some people are worried the next worldwide downturn may just be around the corner.

So what exactly is a recession?

For more watch the full video above

Actuant to change name to Enerpac, stock ticker to ‘EPAC’

Actuant Corp. ATU, -0.58% said Monday it will change its business name to Enerpac Tool Group, as the expected divestiture of its engineered components and systems business in the fourth quarter will leav it a "pure play" industrial tools and services company. The company said its stock ticker symbol will change to "EPAC" on Oct. 7. The legal name is expected to change, subject to shareholder approval, after the annual shareholder meeting in January. The stock, which was still inactive in premarket trading, has lost 19.2% over the past 12 months while the Dow Jones Industrial Average DJIA, -0.59% has gained 0.7%.

BREAKING Erskine bridge closed as man’s body pulled from water below

A spokeswoman for Police Scotland told Daily Star Online: "Police Scotland can confirm that the body of a man has been recovered from the River Clyde near the Erskine Bridge.

Overstock.com names new CEO, revises retail guidance as tariffs weigh

Overstock.com Inc. OSTK, -3.85% said Monday it has named insider Jonathan Johnson as its chief executive, replacing former CEO Patrick Byrne, who resigned in August and last week sold all of his Overstock stock. Johnson joined the company in 2002 as general counsel and has held various roles, including five years as president. The company named Robert Hughes as acting chief financial officer from his role as president of Medici Land Governance. Hughes was senior vice president finance and risk management at Overstock for fives years and vice president and controller for four years, starting in late 2008. The company further said it is reducing its guidance for adjusted EBITDA from its retail business in 2019, which previously forecast "significant positive EBITDA" but is now only at break-even. It cited five reasons for the revision; increased costs caused by tariffs on goods made in China; higher insurance premium, waning consumer confidence that has hurt conversion on high dollar purchase active across the retail industry; the recent bankruptcy of in-home delivery vendor Watkins and the delayed integration of a new freight carrier that has increased freight costs; and increased search traffic that has taken longer to turn into purchases. Shares rose 1.6% premarket and have gained 10% in 2019, while the S&P 500 SPX, -0.49% has gained 19%.