Category: Stock Market News

Bristol-Myers Squibb Co.’s stock shot up 4.1% toward an 18-month high in morning trade Thursday, after Morgan Stanley turned bullish on the drugmaker, for the first time in 18 months, citing “compelling” immuno-oncology growth prospects. Analyst David Risinger raised his rating to overweight, after being at equal weight since Aug. 5, 2016, and boosted his stock price target to $78 from $63. Risinger said after he “dug deeper” into the company’s release of the phase 3 Checkmate-227 study of Opdivo plus Yervoy combination versus chemotherapy, his investment thesis has changed: “We have greater confidence that Bristol’s Opdivo + Yervoy combination regimen can play a meaningful role in first-line lung cancer, which is the largest cancer market.” The stock was on track to close at the highest level since Aug. 4, 2016. It has now run up 11.5% over the past three months, while the SPDR Health Care Select Sector ETF has gained 4.3% and the S&P 500 has climbed 5.6%.

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Exchange-traded funds that track emerging-market equities rallied on Thursday, extending their recent gains and putting them on track for their best weekly performance in more than a year. The iShares MSCI Emerging Markets ETF rose 1.6% on Thursday, putting it on track for its fifth straight daily gain and bringing its weekly advance to 6.5%. That represents its biggest one-week percentage rise since March 2016. Separately, the Vanguard FTSE Emerging Markets ETF rose 1.5% on Thursday, also set to extend its daily streak of gains to five. The fund is up 5.9% thus far this week, which is set to be its biggest one-week percentage gain since a week ending July 2016. If the ETF ends higher on the week, that will mark its ninth weekly advance of the past 11 weeks. The funds were supported by large-capitalization technology companies, many of which represent some of the largest components of the emerging-market ETFs. Baidu Inc. rallied 3.9%, bringing its week-to-date advance to 13.7%, while Sina Corp. was up 2.5%. It is up 15.5% on the week. Also on Thursday, the Dow Jones Industrial Average rose 0.6% while the S&P 500 was up 0.5% and the Nasdaq Composite Index was up 0.8%.

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Federal regulators on Thursday hit U.S. Bancorp, the nation’s biggest regional bank, with more than $800 million in fines for deficient anti-money laundering practices. The Justice Department announced a deferred prosecution with U.S. Bancorp related to the Bank Secrecy Act. Separately, the Federal Reserve ordered the Minneapolis-based bank to improve compliance with anti-money laundering laws.

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The Cboe Volatility index slumped on Thursday, dropping for a fifth session amid an ongoing recovery in the U.S. equity market. The VIX is down 37% thus far this week, putting it on track for its biggest one-week percentage decline since July 2016. Despite the decline, the so-called “fear index” remains up more than 60% thus far in 2018, having more than doubled over the previous two weeks as investors grew concerned over the prospect of inflation returning to the economy, and the Federal Reserve having to become more aggressive in raising interest rates to combat the trend. As those concerns have ebbed, however, stocks have risen and the VIX has retreated, returning below its long-term average of 20 on Wednesday. The Dow Jones Industrial Average rose 0.6% on Thursday, while the S&P 500 was up 0.4% and the Nasdaq Composite Index was up 0.7%. Both the Dow and the S&P are up about 3.4% on the week while the Nasdaq has jumped 4.6% in its biggest one-week gain since 2014.

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U.S. stock-index opened firmly higher on Thursday, with the Dow on track to book its fifth straight advance, as investors digested a wave of economic reports. The Dow Jones Industrial Average rose 156 points, or 0.6%, at 25,049, set to notch its longest win streak in about 9 weeks and its highest level in about two, coming after a brutal period of selling. The S&P 500 index rose 16 points, or 0.6%, at 2,714, while the Nasdaq Composite Index was up 43 points, or 0.6%, at 7,186. In the latest economic data, initial jobless claims rose by 7,000 to 230,000 in the latest week, as had been expected, but claims remain near multi-decade lows. Separately, wholesale prices rose 0.4% in January, led by a rise in oil prices, though core producer prices were also up by 0.4%. The figure was the latest view on inflation, following Wednesday’s consumer price index.

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The Nasdaq Composite Index rose for a fifth straight session on Thursday, putting the tech-heavy index on track for its biggest one-week percentage gain in more than three years. The Nasdaq is up 4.3% thus far this week, which represents its best week since October 2014. The index has been supported by a broad recovery in the U.S. equity market, which has rebounded from recent concerns over inflation. Company news, such as strong results at Cisco Systems Inc. , a large weight in the index, have also supported gains. The index rose 0.4% on Thursday, while the Dow Jones Industrial Average was up 0.6% and the S&P 500 added 0.4%. The Dow is up 3.5% thus far this week while the S&P is up 3.4%. Both are poised for their biggest weekly percentage gain since November 2016.

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Shares of Criteo SA gained 2% in premarket trading Thursday after analysts at KeyBanc Capital Markets upgraded the stock to overweight from sector weight. The stock jumped 29% a day earlier after the company reported better-than-expected financial results. The analysts at KeyBanc, led by Andy Hargreaves, were impressed by the company’s execution in its latest quarter and see more growth opportunities ahead. “Criteo is building a platform that appears well positioned to serve as a primary independent data broker for retailers in the internet era,” Hargreaves wrote. “This should support strong growth in existing products and allow for new products that expand the addressable market over time.” Criteo shares are down 35% over the past 12 months, compared with a 15% gain for the S&P 500 Index .

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Shares of Salesforce.com Inc. are up 2.4% in premarket trading Thursday after analysts at Jefferies upgraded the stock to buy from hold. “Our field checks indicate enterprise new business growth was strong in the Americas and even stronger internationally,” wrote the analysts, led by John DiFucci. He’s upbeat about Salesforce’s pipeline and the strength of its commercial business. DiFucci believes that competition from Microsoft Corp. seems to be easing up. His model has the company growing billings by 23% for the fourth quarter, ahead of consensus figures. DiFucci raised his price tagret to $132 from $97. Salesforce shares are up 33% over the past 12 months, while the S&P 500 Index has gained 15%.

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Shares of all 30 Dow Jones Industrial Average components rose in premarket trade Thursday, led by a 7.9% surge in Cisco Systems Inc.’s stock . The gains come as Dow futures jumped 185 points, adding to the Dow’s 1,033-point gain over the past four sessions. Among shares of other more-active movers ahead of Thursday’s open, Apple Inc. climbed 1.2%, General Electric Co. gained 0.4% and Intel Corp. tacked on 0.3%. Cisco’s stock surge comes after the networking company reported late Wednesday fiscal second-quarter results that beat expectations, provided an upbeat outlook for the current quarter and raised its dividend.

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Noble Energy Inc. said Thursday it has reached a deal with Fieldwood Energy LLC to divest its deepwater Gulf of Mexico assets for a total value of $710 million. The oil and gas exploration and production company said it will use the proceeds to partly finance a $750 million share buyback program that will be executed between now and 2020. Shares rose 2.3% premarket, but are down 29% in the last 12 months, while the S&P 500 has gained about 15%.

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