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 World equity markets rebounded
on Friday from heavy selling the previous day after President
Donald Trump said U.S. complaints against China's Huawei
Technologies might be resolved within the framework of a
Sino-U.S. trade deal.
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 Global Payments Inc. is expected to announce a roughly $20 billion deal for peer Total System Services Inc. on Tuesday, according to CNBC. The deal is expected to be an all-stock transaction, CNBC said, citing multiple anonymous sources. Global Payments and Total System Services didn't respond to requests for comment about the potential deal. Total System Services shares are up 11.2% in midday trading Friday, while Global Payments shares are up 3.7%. "A combined TSYS-Global Payments entity would be a ~$40B market cap payments company with 8% share in U.S. merchant acquiring, and benefit from the similar customer segment focus of the two merchant acquiring business on the [small- and medium-sized business] segment," wrote MoffettNathanson analyst Lisa Ellis. However, she sees other potential deals involving Global Payments as "equally, if not more, likely" given that the company is growing more quickly than Total System Services, which has seen its shares rise 37% this year as the S&P 500 has climbed 13%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 Stocks struggle to maintain gains Friday that came after the Trump administration said could back off a harsher stance on Huawei Technologies Inc. as part of a bigger trade deal with China.
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Snap Inc. shares rose 2.7% in premarket trade Friday, after a report that the Snapchat parent is in talks with record labels on expanding the ways its users can include music in posts. The Wall Street Journal, citing people familiar with the matter, said the move comes amid competitive pressure from Facebook Inc.'s Instagram and TikTok. Snap already has case-by-case licenses to use individual artist's music, but is now seeking to access the catalogs of the big music labels, including Vivendi SA's Universal Music Group, Sony Corp.'s Sony Music Entertainment and Access Industrie's Warner Music Group, the paper reproted. Snap shares have gained 4.9% in the last 12 months, while the S&P 500 has gained 3.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Hibbett Sports Inc. shares soared 16.6% in Friday premarket trading after the athletic retailer reported first-quarter earnings that blew past estimates and the company raised its guidance. Net income totaled $27.4 million, or $1.48 per share, up from $21.5 million, or $1.12 per share, last year. Adjusted EPS was $1.61, blowing past the $1.32 Factset consensus. Revenue totaled $343.3 million, up from $274.7 million last year and ahead of the $327.0 million FactSet estimate. Same-store sales rose 5.1% while FactSet expected a 0.7% same-store sales decline. Same-store sales will not include City Gear until the fourth quarter of fiscal 2020. Hibbett announced its acquisition of City Gear, a specialty athletic retailer with 135 stores across 15 states, in October 2018. "We believe our improved web traffic and mobile app, along with continued traction in buy online, pickup in-store, are translating to traffic in our stores and online," said Hibbett Chief Executive Jeff Rosenthal. The company is undergoing a realignment of its stores, with three new stores opened in the quarter, two Hibbett stores rebranded as City Gear shops, one expansion of a "high-performing" Hibbett, and 24 store closures. Hibbett plans to close 95 underperforming stores in fiscal 2020. For the year, Hibbett raised its same-store sales estimate to a 0.5% to 2.0% increase, up from a previous 1% decline to 1% growth. EPS is expected to be $1.70 to $1.85, up from $1.50 to $1.70. Adjusted EPS is now expected to be $2.00 to $2.15, up from $1.80 to $2.00. FactSet is guiding for EPS of $1.90 and same-store sales growth of 0.8%. Hibbett stock has climbed 38.6% for the year to date while the S&P 500 index is up 12.6%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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U.S. stocks bounce off intraday lows but still finish lower Thursday as big losses in technology and energy sectors dragged on the broader market amid signs that trade tensions between the U.S. and China are escalating.
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