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Eli Lilly & Co.’s stock climbed 4.6% in active midday trade, enough to make it the second-biggest percentage gainer within the S&P 500, after the drug maker and Boehringer Ingelheim announced positive test results for their diabetes treatment, Jardiance. Volume was 4 million shares, nearly double the full-day average of 2.3 million share, according to FactSet. Eli Lilly and Boehringer said Jardiance demonstrated cardiovascular (CV) risk reduction in people with type-2 diabetes at high risk for CV events. “This comes as a surprise as no diabetes drugs, including insulin, have demonstrated CV benefit previously in the time frame of this study (average treatment [about] three years),” Leerink Partners analyst Seamus Fernandez wrote in a note to clients. He said he believe this was “significantly positive” for Eli Lilly’s diabetes franchise.

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From:: Stock Market News

Micron Technology Inc.’s stock dropped 5.4% in active midday trade Thursday, putting it on course to close at the lowest level since Sept. 3, 2013, after Robert W. Baird & Co. downgraded the semiconductor company on concerns over industry demand and pricing. Analyst Tristan Gerra cut his rating to neutral, after being at outperform for the last 14 months. He slashed his stock price target 58% to $15, which is 0.3% below current levels, from $36. Gerra said average content of dynamic random-access memory (DRAM) chips in PCs could decline, as a result of Microsoft Corp.’s Windows 10 pricing structure, which could lead to sharp declines in DRAM pricing. “We believe blended DRAM pricing could fall by 20+% between now and early next year, down to fully loaded costs before capacity cuts take place,” Gerra wrote in a note to clients. “Our expectation for Micron’s gross margin and EPS to trough in the [February quarter] suggests little upside potential for the stock until then.”

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From:: Stock Market News

Greek Prime Minister Alexis Tsipras is calling snap elections for next month as he tries to quell a rift within his own party over the country’s latest bailout deal, according to Greek media. Tspiras informed party leaders of his decision Thursday afternoon and will address the nation at 8 p.m. local time (1 p.m. Eastern), the Greek state TV reported. The most likely election date is Sept. 20, according to Greek press reports citing government sources. Under the Greek constitution, once Tsipras hands in his resignation, elections must be called within 30 days. The president of the Greek supreme court then serves as interim prime minister until the election.

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From:: Stock Market News

By Brian Bandell

The foreclosure auction of a Miami Gardens warehouse was stayed after the owner filed Chapter 11 reorganization.

The debtor, 5255 Holdings, made the bankruptcy filing in Miami on Aug. 15. The foreclosure auction was set to take place on Aug. 17 after U.S. Bank, representing a securitized commercial mortgage (CMBS) trust, won a $3.7 million foreclosure judgment based on a $2.96 million mortgage.

The Chapter 11 filing listed U.S. Bank as the only secured creditor. The debtor valued its 43,974-square-foot… …read more

From:: biz journal foreclosures

Shares of Netflix Inc. fell as much as 8.3% on Thursday as many of the stocks in the media sector saw declines. The Walt Disney Co. shares dropped 5% and CBS Corp. fell more than 4% to led the downward charge. BTIG analyst Rich Greenfield, who’s favorable on Netflix, said the company was likely being dragged down by the entire media sector. “There’s a fundamental change in consumer behaviors in the media sector,” Greenfield said. “I think the market is starting to understand that traditional media companies just simply are not prepared.” Viacom Inc. saw shares fall 4%, AMC Networks Inc. , Time Warner Inc. and DISH Network Corp. were down more than 3%. This comes nearly two weeks after massive sell-offs in the media industry as investors lost confidence in the sector following companies earnings reports showed consumer movement away from traditional media. Greenfield said that if Netflix is being pulled down by the sector, “this is your opportunity to buy it on a dip.” Netflix shares are up more than 120% in the year to date. The S&P is down 0.22%.

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From:: Stock Market News

Shares of The Walt Disney Co. and Time Warner Inc. were downgraded to market perform from outperform at Bernstein on Thursday with analysts calling for a whole new framework to evaluate where the media sector should be trading. “Where the stocks/sector have traded historically is irrelevant,” analysts led by Todd Juenger wrote in a note. “The world has changed too much.” The note comes after steep selling of media stocks in the wake of some disappointing quarterly earnings, in which analysts focused heavily on the effects of cord cutting and affiliate fee revenue streams. Disney stock was hit hard after the company said it was losing more subscribers to its ESPN network than expected. “On a recent sleepless night, we had this epiphany: the market is now valuing U.S. ad-supported TV businesses as structurally impaired assets. We believe this is fair and warranted, because: a) we believe TV advertising is undeniably in secular decline; and b) affiliate fees are now also being put at increased risk,” said Juenger. Disney shares were last down about 5%, while Time Warner was down 4%.

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From:: Stock Market News

Google Ventures led a $100 million investment into Carbon3D Inc., a 3D printing company, the company announced Thursday. Other investors include venture capitalist Yuri Milner, Reinet Fund S.C.A., F.I.S and all previous investors from the company’s series A and series B rounds. The company, which looks to develop a “flexible 3D manufacturing solution” will use the money to further develop technology and materials. “Carbon3D’s printing technology is an order of magnitude faster than existing technologies,” said Andy Wheeler, General Partner at Google Ventures in the press release. When Google goes through with its plans to create a holding company called Alphabet, Google Ventures will become a subsidiary of that company.

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From:: Stock Market News

Natural-gas futures gained on Thursday after the U.S. Energy Information Administration reported that supplies of natural gas rose by 53 billion cubic feet for the week ended August 14. Analysts polled by Platts forecast a climb of between 58 billion cubic feet and 62 billion cubic feet. Total stocks now stand at 3.03 trillion cubic feet, up 488 billion cubic feet from a year ago and 80 billion cubic feet above the five-year average, the government said. September natural gas was at $2.754 per million British thermal units, up 3.8 cents, or 1.4%. It was trading at $2.728 before the data.

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From:: Stock Market News

Former President Jimmy Carter said Thursday he has four spots of melanoma on his brain, and will begin radiation treatment Thursday afternoon. Last week, Carter said recent liver surgery found cancer “in other parts of my body” but did not disclose where. The 90-year-old Democrat, said he would “dramatically” scale back activities at the Carter Center, a public policy organization he founded.

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From:: Stock Market News

WASHINGTON (MarketWatch) — The Philadelphia Fed’s index of business conditions increased to a reading of 8.3 in August, above the 5.7 reading in July. Economists polled by MarketWatch had expected the index to rise to 7.0. Readings on the Philly Fed index this year have been weaker than strong numbers seen last fall. In August, the bank’s employment index rebounded to 5.3 after falling into negative territory in July for the first time since January. The index for new orders slipped to 5.8 in August from 7.1 in the prior month. The Philly Fed survey contradicted a similar report by the New York Fed. That index, known as the Empire State index, fell sharply in August to negative 14.9, the lowest reading since June 2009.

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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From:: Stock Market News