Category: Stock Market News

Shares of Coupa Software were trading at $37 Thursday, far above the company’s $18 issue price, in Coupa’s market debut. Coupa sold 7.4 million shares to raise $133.2 million. With the shares trading up, Coupa rose above fears of a down round, bringing in a market capitalization of $1.78 billion. The company had a private market valuation of at least $1 billion. Morgan Stanley, J.P. Morgan, Barclays and RBC Capital Markets acted as the lead underwriters.

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Natural-gas futures fell Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 80 billion cubic feet for the week ended Sept. 30. That was above the average rise of 69 billion cubic feet expected by analysts polled by S&P Global Platts. Total stocks now stand at 3.68 trillion cubic feet, up 74 billion cubic feet from a year ago and 205 billion cubic feet above the five-year average, the government said. November natural gas was down 3.8 cents, or 1.3%, from Wednesday’s settlement to $3.004 per million British thermal units. It traded at $3.022 before the data.

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Shares of AquaVenture Holdings Limited , a water management company, were trading at $21.80, above the company’s $18 issue price, in the company’s debut on the New York Stock Exchange Thursday. The company sold 6.5 million shares to raise $117 million. The lead underwriters were Citigroup, Deutsche Bank Securities and RBC Capital Markets.

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Shares of Tesla Motors Inc. slumped 3.5% in morning trade Thursday, after the electric car maker was downgraded at Goldman Sachs, which cited potential risks to Model 3 delivery timelines and free cash flow concerns. Analyst David Tamberrino cut this rating to neutral from buy, and slashed his stock price target to $185, which is 8% below current levels, from $240. The changes were part of a downgrade of the broader auto sector to cautious from neutral, citing the belief that the U.S. auto cycle peaked in 2015. For Tesla, Tamberrino said he is concerned about risks to the business related to management’s decision to deploy capital for acquisitions, such the attempt to buy SolarCity Corp. . And any delay in launching its lowered priced Model 3 could also be “detrimental” to the stock price. “We believe the proposed combination of Tesla and SolarCity–two high growth, high cash burn businesses, creates a higher risk entity given the combined on-going capital needs and higher net leverage that would potentially result,” Tamberrino wrote in a note to clients. The stock has tumbled 16% year to date, while the S&P 500 has gained 5.4%.

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Shares of Advanced Disposal Services , a waste collection company, were trading at $19.93, above the company’s $18 issue price, in the stock’s debut on the New York Stock Exchange Thursday. Advanced Disposal sold 19.25 million shares to raise $346.5 million. The company said it will use the proceeds to repay oustanding borrowings. Deutsche Bank Securities, Credit Suisse Securities and Barclays Capital acted as the lead underwriters.

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As Twitter Inc. reportedly considers a sale, Chief Executive Jack Dorsey’s other company, Square Inc. , appears to be improving, according to Pacific Crest analysts. The analysts said Thursday they believe Square Capital, the company’s lending service, will not be affected by regulation in the short term and institutional investors have a positive view of the lending model. The analysts are expecting an earnings beat in the third quarter, with a small guidance raise for the fourth quarter. But the analysts lowered third and fourth quarter revenue estimates, based on Square Capital revenue yield and seasonality. The analysts remained sector weight and see a $12 to $13 fair value. Shares of Square have gained 27% in the past three months, compared to the S&P 500’s gain of 2.6%.

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U.S. stocks on Thursday began trade lower as crude-oil futures headed above $50 a barrel and as investors awaited a closely watched employment report due Friday. Ahead of that labor-market statistic, claims data showed that the number of people seeking unemployment benefits fell by 5,000 to 249,000 at the end of September–offering more signs of health in the jobs market. The S&P 500 index slipped 6 points, or 0.3%, to 2,153, the Dow Jones Industrial Average fell 84 points, or 0.5%, at 18,200, and the Nasdaq Composite Index gave up 19 points, or 0.4%, to 5,296. Energy-sector stocks benefited from what has been a steady climb, with West Texas Intermediate crude oil trading on the New York Mercantile Exchange rising 1.2% at $50.40 a barrel. And the yield on the benchmark 10-year note was trading at 1.74%–its highest in about three weeks. In corporate news, Twitter Inc. headed lower after reports indicated that some likely bidders for the micro-blogging site, including Google Inc. parent Alphabet Inc. won’t make a bid to acquire the tech outfit.

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Ingersoll-Rand PLC. on Thursday said it will increase its quarterly dividend 25% to 40 cents per share. The dividend is payable Dec. 30, to shareholders of record on Dec. 9. Shares of Ingersoll-Rand, trading at $67.56 as of Wednesday’s close, were inactive in premarket on Thursday, but are up more than 22% in the year to date and nearly 27% in the last 12 months. Ingersoll-Rand shares are so far this year outperforming the S&P 500 Index , which is up more than 5%.

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Alnylam Pharmaceuticals Inc. shares dropped 45.1% in premarket trade Thursday, in the day’s biggest premarket decline, after the biotech said it was discontinuing development of its drug for a rare hereditary disease after 18 patient deaths in a clinical trial. The decision was prompted by reports that patients taking the revusiran drug in midstage trials had new or worsening complications of the disease, the company said. Revusiran was in development for hereditary ATTR amyloidosis with cardiomyopathy, which is progressively debilitating and often fatal. Discontinuing the drug’s development “is disappointing given the lack of available treatment options for patients suffering from this devastating disease,” Alnylam’s chief executive officer, John Maraganore, said. Alnylam shares rose 16.3% over the last three months, compared with a 2.9% rise in the S&P 500 .

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American Express Co.’s stock shed 1.7% in premarket trade Thursday, after Nomura turned bearish on the payments and travel services company, citing expectations that third-quarter results will disappoint. Analyst Bill Carcache downgraded AmEx to a rare reduce rating from neutral, and cut his stock price target to $56, which is 13% below current levels, from $62. Only 6% of the companies covered by Nomura have reduce ratings. AmEx’s third-quarter report will be the first since it ended its exclusive co-branded card relationship with Costco Wholesale Corp. . “We believe the consensus is underestimating the amount of net interest income that [AmEx] will lose with the sale of the Costco portfolio and expect a revenue miss when the company reports 3Q16 results,” Carcache wrote in a note to clients. “Layer in what we expect will be a fourth year of market share losses in U.S. billings and growing concerns about business model risk, and we’re left with what we view as a recipe for underperformance.” The stock had dropped 7.5% year to date through Wednesday, while the Dow Jones Industrial Average has gained 4.9%.

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