Less heroic: A filepic of GoPro founder and CEO Nick Woodman (centre) celebrating GoPro Inc's IPO with family and staff last June. GoPro shares slid nearly 8% to end at US$23.15 on the Nasdaq exchange, a far cry from its highs of US$90 in the months following its IPO last year.
MarketWrap: US stocks ended with big gains for November on Wednesday thanks to a sharp post-election rally, but the S&P 500 finished the day flat as drops in utilities and technology offset energy's surge. - Reuters
The DJIA was up 1.98 points, or 0.01%, to 19,123.58, the S&P 500 lost 5.85 points, or 0.27%, to 2,198.81 and the Nasdaq dropped 56.24 points, or 1.05%, to 5,323.68.
Forex summary
*The ringgit lost 0.06% to 4.4690 per US$
*It was 0.52% higher at 4.7342 per euro
*Down 0.24% to 5.5919 per pound sterling
*Up 0.51% to 3.1346 per Singapore dollar
*1.11% higher to 3.3017 per Aussie
*Up 0.01% to 3.9016 per 100 yen
Energy
Oil prices jumped around 9% on Wednesday as Opec members sealed a deal to cut production, while upbeat US economic data and comments from the US Treasury Secretary nominee triggered a bond market sell-off, marking a miserable November for Treasuries. Brent crude settled up US$4.09, or 8.82%, at $US50.47 a barrel. - Reuters
Top foreign stories
Actelion shares fall on report it rejects J&J offer: Shares in Swiss biotech company Actelion fell more than 6% after news outlet streetinsider.com reported on Wednesday the company had rejected a full takeover offer by US healthcare group Johnson & Johnson and may sell a unit. _ Reuters
GoPro to cut 15% of workforce amid sales slump: Wearable action-camera maker GoPro Inc said on Wednesday it would cut about 15%t of its workforce and shutter its entertainment business, as the one-time Wall Street favourite cuts costs to help it return to profitability. - Reuters
Cook ups Apple support for fight against AIDS: Cook ups Apple support for fight against AIDSApple Inc is expanding its support for the fight against AIDS through the (RED) charity founded by rock singer Bono, chief executive Tim Cook said in an interview ahead of World Aids Day. Over the next week, the company will expand its line of (RED) products and donate US$1 for each transaction made using mobile payment Apple Pay in its physical and online stores, up to a total of US$1 million. Bank of America will contribute up to that sum for Apple Pay transactions using its cards. - Reuters
Top local stories
Yuan slide weighs on ringgit: The ringgit continues to hover near record lows as the weakening of the yuan continues to loom large over emerging-market currencies. Bank Negara acknowledged the yuan’s downward trend as a contributing factor to the ringgit’s weakness. - StarBiz
TSH wants to take Ekowood private: Sabah-based plantation group TSH Resources Bhd
has proposed to take its 67.46% loss-making unit Ekowood International Bhd private at 40 sen per share. TSH has submitted a formal plan to Ekowood for the proposed privatisation and the latter has to revert by Dec 19 on whether to put forward the plan to shareholders. - StarBiz
BIMB third-quarter profit jumps 17%: BIMB Holdings Bhd recorded a 17.3% increase in net profit to RM140.6mil for the third quarter, while revenue was up 9.8% to RM881.4mil compared to a year ago. - StarBiz
SC and bank begin probe on Vivocom research report: An investigation has started to determine how a research report by an investment bank analyst on Vivocom International Holdings Bhd, a construction company, could be almost identical to its latest quarterly results. it is learnt that the analyst has been relieved of duties. - StarBiz
Strong take-up rate for phase 1 of Eco Ardence: Eco World Development Group Bhd’s Eco Ardence project has recorded a strong take-up rate of 85% for its first phase since its September launch. The first phase comprised 432 units of semi-Ds and bungalows, priced from RM1.3mil to RM3mil. - StarBiz
Ajinomoto yet to decide on award: Ajinomoto (M) Bhd has yet to decide whether to accept the compensation offer from the Kuala Lumpur land administrator. In a filing with Bursa Malaysia, it said it would be premature at this juncture for the board to confirm the intended usage of the proceeds, which include, inter alia, the amount of dividend to be declared to the shareholders arising from the acceptance of the compensation award. - StarBiz
Better earnings seen next year: After a year of a wavering local stock market marred by soft corporate results, Aberdeen Islamic Asset Management Sdn Bhd expects corporate earnings to improve by 5%-10% next year. - StarBiz
MRCB working towards disposal of EDL: Malaysian Resources Corp Bhd (MRCB) is trying its best to resolve the possible sale of the Eastern Dispersal Link (EDL). “We are trying our hardest to resolve this because it does repre- sent about 37% of our debt,” says chief corporate officer Amarjit Chhina. - StarBiz
Affin records better results in third quarter: Affin Holdings Bhd improved results in the third quarter, with earnings up 36.4% to RM139.65mil, boosted by Affin Bank’s higher profits. Revenue increased by 9.7% to RM504.39mil. - StarBiz
Boustead earnings soar disposal gains: Boustead Holdings Bhd’s net profit for the third quarter soared to RM44mil, from RM6mil a year earlier, mainly due to gains on disposals. Revenue came in at RM2.02bil compared with RM2.12bil previously. Boustead declared a third interim dividend of five sen per share for the current financial year ending Dec 31, 2016. - StarBiz
Better showing by Malaysia Airlines in Q3: Malaysia Airlines Bhd (MAB) announced a “marked improvement” in revenue and passenger loads in the third quarter. Without revealing the actual revenue figure, MAB said passenger revenue rose 12% over the previous quarter due to aggressive sales campaigns. - StarBiz
KUB, Masteel terminate JV for RM1.23b intercity rail plan: KUB Malaysia Bhd and Malaysia Steel Works (KL) Bhd (Masteel) have mutually agreed to terminate their joint-venture agreement for the proposed RM1.23 billion intercity rail transit system project in Iskandar Malaysia, Johor. - Edge FD
Destini, TH Heavy form JV for offshore patrol vessels: Destini Bhd has formed a 50:50 joint venture company with TH Heavy Engineering Bhd to undertake an offshore patrol vessel project for the Malaysian Maritime Enforcement Agency. - Edge FD
Bursa reprimands MyEG for breaching listing requirements: Bursa Malaysia has publicly repri- manded MyEG Services Bhd and its managing director Wong Thean Soon for breaching listing requirements. The regulator fined Wong RM50,000. Bursa said MyEG announced it had received a contract for renewal of foreign worker permits before informing the regulator.. - StarBiz
MRCB Q3 net profit surges more than five times: Malaysian Resources Corp Bhd (MRCB) saw its net profit surge more than five times to RM29.39 million in its third quarter ended, mainly due to contributions from its property development and investment, and engineering, construction and environment segments. Revenue rose 47.4% to RM551.22 million. - Edge Fd
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