Category: Stock Market News

Apple Inc. [a: aapl] saw its price target increase on Friday at both Canaccord Genuity and Raymond James. Canaccord raised its price target to $140 from $120 and maintained its buy rating. And Raymond James raised Apple’s price target to $139 to $129 with an outperform rating. Analysts at both banks cited strong demand for the iPhone 7, with Canaccord highlighting promotions at U.S. carriers. “We continue to view Apple as recovering from a ‘hangover’ period from its very successful iPhone 6 launch, and should start growing modestly again in the December quarter,” Raymond James said in a note. Apple shares are down 0.4% in Friday premarket trading, but up 9.8% for the year so far. The S&P 500 Index is down 5.1% for the year to date.

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American International Group Inc. said Friday it has agreed to sell its stake in Ascot Underwriting Holdings Ltd. and related syndicate-funding subsidiary Ascot Corporate Name Ltd. to Canada Pension Plan Investment Board (CPPIB), in a deal valued at $1.1 billion. AIG said it will receive net proceeds of $240 million in cash proceeds from the deal, after CPPIB recapitalizes syndicate funds. Ascot and AIG founded the managing agency and syndicate in 2001. AIG will keep its strategic partnership with Ascot Underwriting Bermuda Ltd. AIG shares were not yet active in premarket trade, but are down 5.5% in the year so far, while the S&P 500 has gained 5%.

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Deutsche Bank AG’s [s:db] market capitalization on Friday shrank by roughly €1.2 billion ($1.34 billion) as its Frankfurt-listed shares slid by the most in three months. Shares tumbled 8% after the U.S. Justice Department asked Germany’s biggest lender to pay $14 billion to settle civil claims related to mortgage-backed securities. That amount is close to Deutsche Bank’s market cap as of Friday. “Deutsche Bank has no intent to settle these potential civil claims anywhere near the number cited. The negotiations are only just beginning,” the company said in a late Thursday statement. Other European bank shares were hit, sending the Stoxx Europe 600 Bank Index (TICKER:XX:FX7) down 2%.

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Everbridge Inc., an emergency mass-communication software platform, priced its initial public offering at $12 a share Thursday evening, in the midpoint of its expected range. Everbridge seeks to raise $90 million by offering 7.5 million shares. The company will trade on the Nasdaq under the symbol “EVBG.” Credit Suisse and BofA Merrill Lynch are jointly managing the deal. Everbridge is the first of four upcoming tech IPOs, which will include The Trade Desk, Gridsum and Apptio.

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Novavax Inc. shares plummeted in the extended session Thursday after the vaccine company said one of its lung infection vaccines did not meet endpoints in a late-stage clinical trial. Novavax shares plunged 84% to $1.30 on volume of more than 16 million shares. The company said its study in older adults for a vaccine against respiratory syncytial virus, which can cause bronchitis and pneumonia, did not meet primary or secondary clinical trial goals.

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Shares of DepoMed Inc. rose more than 9% late Thursday after Reuters reported the drugmaker is readying a sale. Negotiations with potential buyers are expected to start right after the company clarifies patent issues around one of its major drugs, the painkiller Nucynta, according to the report. Activist investor Starboard has called for DepoMed to pursue such an avenue and earlier this year also called for a board overhaul at DepoMed. The shares ended the regular session up 1.9% at $21.24, then topped $23 in after-hours trading.

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Deutsche Bank AG shares fell in the extended session Thursday following a report that the Justice Department was proposing the bank pay $14 billion in fines to resolve a probe into mortgage securities. Deutsche Bank shares slipped 6.8% to $13.75 after hours. The figure is preliminary, according to The Wall Street Journal, and has been discussed between the bank and government lawyers in recent days.

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Aerie Pharmaceuticals Inc. said late Thursday it was launching a secondary offering of its shares. Aerie shares surged 45% to close at $30.61 Thursday after the drug discovery company announced Wednesday its eye treatment Roclatan performed well in clinical studies. Aerie said it plans a secondary offering of $50 million in shares, with Cantor Fitzgerald as the sole underwriter, to help finance commercialization of its other eye treatment Rhopressa, Japanese clinical trials, and to start work on a manufacturing plant. Aerie shares rose 0.9% to $30.87 after hours.

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Apollo Investment Corp. shares rallied late Thursday after the financial services company said it is increasing its stock buyback program by $50 million to $150 million. Shares of Apollo rose 3% after hours following a 0.9% gain during the regular session. For the year, the stock is up 15%.

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Pandora Media Inc. landed a licensing deal with the third of the “big three” music labels Thursday, one of the final steps for the company’s planned on-demand streaming service. The online-radio pioneer announced a direct licensing deal with Warner Music Group on Thursday, two days after announcing similar agreements with Sony Corp.’s Sony Music and Vivendi SA’s Universal Music Group, as well as the independent collective Merlin Network. The deals, which allow the company to stream music on-demand in the United States, are crucial for Pandora’s plans to offer a streaming service similar to Spotify AB and Apple Inc.’s Apple Music. Pandora is known for its online-radio offering, but is looking to expand and find greater revenue streams; the Oakland, California, company also announced a new $5-a-month subscription plan for ad-free internet radio on Thursday.

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