Dockers at a protest against what they say is a lack of job stability in Lisbon, Portugal.Reuters/Rafael Marchante
Here is what you need to know.
EU referendum campaigns have been suspended. The campaigns for both Leave and Remain have been suspended after the killing of Labour Party lawmaker Jo Cox. For now, the vote on whether Britain will leave the European Union is still on track to take place next Thursday. Cox was 41.
Oil is gaining for the first time in 7 days. West Texas Intermediate crude oil trades up 1.5% at $46.90 a barrel. Friday’s gain has the energy component higher for the first time in seven sessions. The losing streak dropped WTI 10.9% from a June 8 high of $51.23.
Revlon is buying Elizabeth Arden. Revlon is buying Elizabeth Arden for $870 million, or $14 a share. The deal represents a 50% premium to Thursday’s closing price. In a joint statement, the companies said, “Revlon will benefit from greater scale, an expanded global footprint, and a significant presence across all major beauty channels and categories, including the addition of Elizabeth Arden’s growing prestige skin care, color cosmetics, and fragrances.”
Smith & Wesson crushed estimates. The gunmaker earned an adjusted $0.63 a share, easily surpassing the $0.54 that analysts were expecting. Revenue surged 22.2% to $221 million, beating the $214.6 million Bloomberg consensus. Smith & Wesson sees full-year adjusted earnings per share of $1.83 to $1.93 and full-year revenue of $740 million to $760 million, both above analyst estimates.
Oracle posted a mixed quarter. The company announced adjusted EPS of $0.81, missing the $0.82 Bloomberg estimate. Revenue slipped 1.1% to $10.6 billion, but that was better than the $10.47 billion that analysts were anticipating. Oracle’s cloud revenue totaled $859 million, up 49% in dollar terms. “We expect that the SaaS and PaaS hyper-growth we experienced in FY16 will continue on for the next few years,” CEO Larry Ellison said in the earnings release.
Sumner Redstone is reshuffling Viacom’s board. Redstone has removed five members from Viacom’s board of directors, including CEO Philippe Dauman. According to Reuters, the board members will keep their positions until Redstone’s decisions are affirmed by the court. Dauman will remain CEO, at least for the time being.
UBS’ hedge fund unit is hiring.UBS Asset Management’s multistrategy fund unit “has hired seven portfolio managers for new roles in New York, Chicago, and London,” Reuters reported after seeing an internal UBS memo. The firm successfully poached talent from Point72 Asset Management, the Citadel unit Surveyor Capital, and GLG Partners. The new hires come under the leadership of chief investment officer Kevin Russell, who joined the firm in November.
Pimco is trimming its workforce. The investment firm is eliminating 68 jobs, or 3% of its workforce. In a memo to employees obtained by Business Insider, Pimco said it was letting go its dividend team as it converts its “dividend” strategy to a “research affiliates equity income” strategy. The company has seen assets under management fall to about $1.5 trillion after peaking at about $2 trillion in 2013. Cofounder Bill Gross left the firm in September 2014.
Stock markets around the world are bouncing back. Japan’s Nikkei (+1.1%) led the overnight gains, and Spain’s IBEX (+1.8%) paces the advance in Europe. S&P 500 futures are down 2.00 points at 2,077.25.
US economic data is light. Housing starts and building permits will be released at 8:30 a.m. ET. The US 10-year yield is up 3 basis points at 1.61%.
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