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Dow Jones Futures: Cloudera Hortonworks Merger, Tilray Offering, Barnes & Noble Sale Mulled

Dow Jones futures fell modestly late Wednesday, along with S&P 500 futures and Nasdaq futures. Cloudera (CLDR) and Hortonworks (HDP) xxxx on a merger deal. Marijuana stock IPO Tilray (TLRY) announced a convertible debt offering. HP Inc. (HPQ) raised its dividend and gave fiscal 2019 earnings guidance. Long-suffering Barnes & Noble (BKS) said it may put itself up for sale.




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Dow Jones Futures Today

Dow Jones futures fell 0.15% vs. fair value. S&P 500 futures retreated 0.25%. Nasdaq 100 futures slid 0.3%. Remember that Dow futures and other overnight action don’t necessarily translate in actual trading in the next regular session.

In Wednesday’s stock market trading, the Dow Jones hit a record high intraday but closed up just 0.2% as the 10-year Treasury yield soared to a 7-year high. The S&P 500 index clung to a gain of less than 0.1%. The Nasdaq composite rose 0.3%.

Many top software stocks rebounded from their 50-day or 10-week lines, including Workday (WDAY), Sendgrid (SEND), Realpage (RP) and Twilio (TWLO). Top stocks finding support at key technical levels is nice, but in almost all cases the gains came on below-average volume.

Cloudera Hortonworks Merger

Cloudera and Hortonworks agreed on a merger of equals, combining their cloud-based expertise in data analytics, AI and more. Hortonworks stockholders will receive 1.305 common shares of Cloudera for each share of Hortonworks stock owned. At Wednesday’s close, that would value Hortonworks stock at 22.29. But Cloudera stock jumped 23.5% to 21.10. Hortonworks stock popped 23% to 26.95.

Tilray Stock Falls On Convertible Debt Offering

Marijuana IPO Tilray late Wednesday announced plans for a $400 million convertible debt offering. The Canadian marijuana producer, which is furiously reaching deals ahead of Canada’s Oct. 17 legalization of recreational cannabis use, said Q3 revenue was likely $10 million to $10.5 million.

Tilray stock fell 5.2% late, after spiking 13.5% to 156.83 in the regular session.

HP Dividend Hike

PC-and-printer giant HP said it plans to hike its fiscal 2019 dividend by 15%. For the year, HP sees adjusted earnings per share of $2.12 to $2.22 vs. views for $2.10.

HP stock rose 4.9% late. Shares closed down 0.1% to 26.06 after hitting an 18-year high intraday.

Barnes & Noble Mulls Sale

Barnes & Noble said it’s mulling “strategic alternatives” following multiple “expressions of interest” from various parties interested in making an offering to buy the bookstore chain. The company also cited “rapid material accumulations” of its stock by unidentified investors.

Barnes & Noble stock shot up 22%. Shares hit record lows earlier this year.

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