Talen Energy Corp (TLN) News & EventsTLNTalen Energy Corp

Apple Shares Drop Nearly 3% as Market Focuses on New CEO

The major averages slipped for the second consecutive day despite the decline in oil prices as rising treasury yields remain top of mind for investors.  Utilities was the best-performing area of the market, though the sector has been a major laggard within the S&P 500 over the past few months as rising interest rates in fixed income offset its dividend-paying appeal.  Energy was the worst-performing sector in the benchmark as WTI crude oil fell below $90 per barrel.  Within tech, semiconductor equipment stocks traded firmly but Semis were more mixed.Ahead of its earnings tomorrow, Micronwas up 1% on Tuesday.  Applesaw a notable retreat of nearly 3% after a Bloomberg report that its new CEO Ternus is pushing to accelerate product development to become more competitive in the AI arena, with investors taking that as a sign that the company may shed its tendency to be more cautious on the capex front.In the opening hour of the evening session, index futures are marginally higher, with S&P e-minis and Nasdaq 100 contracts both up 0.2%.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER -Vanda Pharmaceuticalsup 29.4% after results from pivotal Phase III study of HETLIOZYYForceup 5.6% after contract announcementAmeriprise Financialup 2.6% after announcing $5.5B buybackBoeingup 2.3% after being selected for 6th generation F/A-XX Strike Fighter deal for over $20B by Pentagon; Northrop Grummandown 3.6%GameStopup 1.7% after insider buyTalen Energyup 1.0% after announcing CEO transition, $1.5B accelerated share repurchase planDOWN AFTER EARNINGS -Concentrixdown 10.6%ALSO LOWER -Pyxis Oncologydown 8.6% after equity offering

Talen Energy Announces CEO Succession and $1.5B Share Repurchase Plan

Talen Energy Corporation announced a planned CEO succession, $1.5B accelerated share repurchase transactions and an upsized $3.0B share repurchase program. The board named Terry Nutt as Talen's next CEO, effective January 1, 2027. Nutt, currently Talen's president, will also join the board upon his appointment as CEO. Mac McFarland will remain CEO and a member of the board through December 31, 2026, and will then serve as a senior advisor until his retirement in March 2027. The transition period is intended to support an orderly handoff and continuity in the company's strategy, operations and capital allocation priorities. The board also increased the remaining capacity under Talen's SRP to $3B through December 31, 2028. The authorization includes the $1.5B ASR agreements announced, leaving $1.5B available for further repurchases through 2028, in addition to the ASRs and repurchases completed before today. Talen has repurchased 600,000 shares quarter-to-date in Q3. The uncollared ASRs are expected to be completed by the end of Q1 of 2027 and, at the current stock price, would repurchase more than 10% of Talen's shares outstanding. The final number of shares repurchased pursuant to the ASRs will be based on the arithmetic average of the daily volume-weighted average prices of Talen's common stock during the ASRs' terms, less an agreed discount and subject to customary adjustments. The ASRs are expected to be accretive to free cash flow per share.