Category: Stock Market News

PepsiCo Inc. said Monday that it has launched its 2025 Sustainability Agenda, which includes goals for healthier products and environmental defense. PepsiCo has set a number of product goals for 2025, including: two-thirds of its beverages will contain 100 calories or less from added sugar per 12-ounce serving, with greater focus on zero- and low-calorie drinks; at least three-quarter of its food portfolio will not exceed 1.1 grams of saturated fat per 100 calories; and at least three-quarters of its food portfolio will not have more than 1.3 milligrams of sodium per calorie. The company also aims to improve water efficiency across its agricultural supply chain in high-risk water areas by 2025, achieve zero waste to landfills across direct operations by 2025 and achieve a 20% reduction in greenhouse gas emissions by 2030, among other environmental initiatives. The food and beverage giant will also invest $100 million to support global initiatives benefiting women and girls. PepsiCo shares are inactive in premarket trading, but up nearly 7% for the year so far. The S&P 500 Index is up 4.4% for the year so far.

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Regeneron Pharmaceuticals Inc. shares slumped 1.8% in premarket trade Tuesday after a midstage trial of the company’s lower back pain drug was placed on hold by the Food and Drug Administration due to concerns about a patient on a high dose. The patient, who had an advanced form of arthritis at the study’s start, had developed joint disease. Regeneron, which is collaborating with Teva Pharmaceutical Industries Ltd. on the drug called fasinumab, said its interim review of results showed “clear evidence of efficacy with improvement in pain scores in all fasinumab groups,” with preliminary safety results generally consistent with previous such results. Patients in the phase 2b trial will continue to be followed for more than eight months, Regeneron said. The two companies said they plan to design a phase 3 trial excluding patients with advanced osteoarthritis. Teva shares were not active in premarket trade. Regeneron shares declined 0.6% over the last three months, compared with a 1.3% decline in the S&P 500 . Teva stock declined 20.8% over the last three months.

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Supervalu Inc. said Monday it has agreed to sell its Save-A-Lot business to private-equity firm Onex Corp. for $1.365 billion in cash. The supermarket chain said it expects the deal to close by Jan. 31, 2017. It will use the proceeds of the deal to pay at least $750 million of its outstanding term loan balance and use the rest to further reduce debt and improve its capital structure, as well as to fund corporate and growth initiatives. The company will enter into a five-year professional services agreement with Save-A-Lot as part of the sale. Shares rose 0.8% premarket, but are down 26% in the year so far, while the S&P 500 has gained 4%.

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Wells Fargo & Co. said late Friday it will try to win back the trust of Ohio after being banned to do business with state agencies. “Wells Fargo values the State of Ohio’s business and will fight to earn it back,” the bank said in a statement. On Friday, Ohio Gov. John Kasich said he is barring the bank from participating in future state debt offerings or state financial service contracts for one year because of the bank’s business practices. The Ohio ban follows a similar one in Illinois and a grilling by Congress that resulted in the resignation of CEO John Stumpf.

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U.S. stocks on Friday finished barely higher as an early rise, buoyed by gains in bank shares, faded into the close. The three main equity benchmarks finished the week with a second-straight weekly loss. On the day, the Dow Jones Industrial Average ended up 0.2% at 18,138, closing well of its highs of the session, the S&P 500 index wrapped up little-changed at 2,132 and the Nasdaq Composite Index was flat at 5,214. Better-than-expected quarterly results from the likes of J.P. Morgan Chase & Co. delivered an initial jolt to the banking sector and the broader market, with strength in J.P. Morgan’s trading unit hinting at a possibly solid quarter for trading powerhouse Goldman Sachs Group . Goldman’s rise led gains for the Dow industrials. Goldman is set to report its results Oct. 18. Although financial institutions set an upbeat tone, Wells Fargo & Co.’s fake-account scandal overshadowed its solid results. Comments from Federal Reserve Chairwoman Janet Yellen midday Friday, where she suggested the fed could overshoot its 2% inflation target, and a strengthening dollar , up 0.6%, helped to limit gains for U.S. equities. For the week, the Dow closed off 0.6%, the S&P 500 ended with a weekly decline of 1% and the Nasdaq Composite closed off 1.5%. Meanwhile, the buck ended up 1.5% on the week. A rising dollar can be viewed as a headwind for multinational companies, which rely on selling goods abroad.

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WASHINGTON (MarketWatch) — The U.S. ended fiscal 2016 with a $587 billion deficit, a rise of $148 billion. Outlays rose by 5% while receipts rose less than 1%, the Treasury Department said. As a percentage of GDP, the deficit rose to 3.2%, up from 2.5%. Higher spending for Social Security; Medicare and Medicaid; interest on the public debt; and less receipts from spectrum sales and dividends from Fannie Mae and Freddie Mac impacted the outlays.

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The Department of Transportation has banned Samsung Electronics Co. Ltd. Galaxy Note 7 from air travel in the U.S., according to reports. The ban is in effect Saturday at noon Eastern. Travelers cannot carry the recalled phones, or have them in carry-on luggage or checked luggage on flights to and from the U.S. as well as within the country. Passengers could be denied boarding or the phone could be confiscated if the DOT order is not followed. The Galaxy Note 7 reportedly can overheat and catch fire, and Samsung earlier this week slashed its profit expectations due to the Note 7’s recall.

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U.S. stocks on Friday finished barely higher as an early rise, buoyed by gains in bank shares, faded into the close. The three main stock benchmarks finished the week with a second-straight weekly loss. The Dow Jones Industrial Average ended up 0.2% at 18,138, closing well of its highs of the session, the S&P 500 index wrapped up little-changed at 2,132 and the Nasdaq Composite Index was flat at 5,214. Better-than-expected quarterly results from the likes of J.P. Morgan Chase & Co. delivered an initial jolt to the banking sector and the broader market, with strength in J.P. Morgan’s trading unit hinting at a possibly solid quarter for trading powerhouse Goldman Sachs Group . Goldman’s rise led gains for the Dow industrials. Goldman is set to report its results Oct. 18. Although financial institutions set an upbeat tone, Wells Fargo & Co.’s fake-account scandal overshadowed its solid results. Comments from Federal Reserve Chairwoman Janet Yellen midday Friday, where she suggested the fed could overshoot its 2% inflation target, and a strengthening dollar , up 0.6%, helped to limit gains for U.S. equities. For the week, the Dow closed off 0.6%, the S&P 500 ended with a weekly loss of 1% and the Nasdaq Composite closed off 1.5%. Meanwhile, the buck ended up 3% on the week. A rising dollar can be viewed as a headwind for multinational companies, which rely on selling goods abroad.

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Oil futures settled lower on Friday, but finished higher for a fourth straight week. Traders continued to assess the latest U.S. government data, which showed a bigger-than-expected weekly rise in crude supplies, but also revealed declines in gasoline and distillate stockpiles and a fall in domestic crude production. November West Texas Intermediate crude fell 9 cents, or 0.2%, for the session to settle at $50.35 a barrel on the New York Mercantile Exchange. It gained about 1.1% for the week.

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Gold futures settled lower on Friday as some strength in the U.S. dollar put pressure on prices. The yellow metal, however, posted a gain of roughly 0.3% for the week, rebounding a bit from a loss of 5% in the previous week, which was the largest such loss in more than three years. December gold fell $2.10, or 0.2%, for the session to settle at $1,255.50 an ounce.

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