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U.S. stocks opened slightly higher on Monday as investors weighed the possibility of an interest-rate hike in the coming months. The S&P 500 gained 2 points, or less than 0.1% at 2,171. The Dow industrials added 42 points, or 0.2%, to 18,442. The Nasdaq Composite climbed 7 points, or 0.2%, to 5,226.
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ABC Supply on Monday said it has entered an agreement with USG Corp. to buy L&W Supply for $670 million in cash and is expected to close before the end of 2016. Selling off L&W Supply is expected to help USG reduce debt and reach its target leverage ratio. For ABC Supply, one of the country’s largest wholesale distributor of roofing, siding, windows and gutters, the acquisition expands its business and offers the ability to provide materials on the interior of buildings as well. L&W is one of the largest distributors of gypsum wallboard and suspended ceiling tiles. J.P. Morgan Securities and Goldman, Sachs & co. are serving as financial advisers to USG and RBC Capital Markets and Deutsche Bank are financial advisers for ABC Supply.
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Inovio Pharmaceuticals Inc. said Monday it has launched a trial of a Zika virus vaccine involving 160 patients in Puerto Rico. The vaccine is being developed with GeneOne Life Science Inc. and academics from the U.S. and Canada, who are also working on Inovio’s Ebola and MERS vaccines. The Center for Disease Control is expecting more than 25% of Puerto Ricans to contract Zika by year-end. “Inovio and its collaborators are moving ahead with this second Zika vaccine clinical trial to evaluate safety, immune responses, and possible signals of vaccine efficacy,” Inovio Chief Executive Joseph Kim said in a statement. Inovio shares were indicating higher in premarket trade, and are up 32% in the year so far, while the S&P 500 has gained 6%.
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Swiss drug maker Roche Holding AG said on Monday the U.S. Food and Drug Administration has issued an “emergency use authorization” for the its Zika test in another step to tackle the virus that is spreading across the U.S. “The LightMix Zika test is an easy-to-use molecular diagnostic test that enables healhhcare professionals to quickly detect the virus,” said Uwe Oberlaender, Head of Roche molecular diagnostics, in a statement. The FDA on Friday told all U.S. blood banks to start screening for the Zika virus, a major expansion compared to previous guidelines. There have been nearly 2,500 cases of Zika in the U.S. linked to travel to outbreak areas and about 40 cases caused by mosquito bites in Florida.
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Billionaire investor Carl Icahn told CNBC late Friday he has “bought another 2.3 million shares” of Herbalife Ltd. , the latest in a tug of war between Icahn and fellow billionaire investor Bill Ackman over the nutritional-supplement company. Earlier Friday, The Wall Street Journal reported Icahn recently discussed selling his Herbalife stake to a group of investors including Ackman. The report cited people familiar with the matter. Shares of Herbalife gained 4.1% in late Friday trading after ending the regular session down 2.3%.
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Caesars Entertainment Corp. shares fell in the extended session Friday after a bankruptcy court judge refused to shield the company from bondholder lawsuits. Caesars shares dropped 12% to $6.60 after hours. Late Friday, a U.S. bankruptcy judge in Chicago said that Caesars Entertainment, the parent company of the bankrupt Caesars Acquisition Co., could not shield itself from about $11 billion in claims from bondholders, according to a Reuters report.
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U.S. stocks finished lower Friday after comments from Fed Vice Chairman Stanley Fischer doubled down on a speech by Federal Reserve Chairwoman Janet Yellen that asserted the case for a rate increase is gathering steam. The Dow Jones Industrial Average lost 53.01 points, or 0.3%, to end at 18,396.40, with the blue-chip gauge swinging in a more then 200-point range on the day in a choppy session. The S&P 500 index closed down 3.43 points, or 0.2%, at 2,169.04, but also pared its worst losses of the day. Meanwhile, the Nasdaq Composite Index bucked the trend, rising 6.71 points, or 0.1%, at 5,218.92. Elsewhere, the U.S. 10-year Treasury benchmark yield rose 5.9 basis points to its highest level since June 23, as government-bond traders appeared to take seriously the prospect of a rate hike as early as September. Higher rates tend to make existing bonds less attractive. In corporate news, Herbalife Ltd. ended the session down 2.3% lower on a report from The Wall Street Journal that Carl Icahn attempted to sell a large stake in the nutritional supplement company to parties including shortseller Bill Ackman. And St. Jude Medical Inc. closed in positive territory after the cardiovascular medical device maker refuted comments made by Muddy Waters Director of Research, Carson Block, who wrote in a research note that he believes “there is a strong possibility” that nearly half of St. Jude’s revenue is about to disappear for about two years.
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Oil futures settled higher for the session Friday, but suffered a decline of about 3% for the week. Prices found support from data revealing that the number of active U.S. oil rigs was unchanged for the week, following eight weeks of increases. Traders also assessed the likelihood of a interest-rate increase at the next Federal Reserve meeting September, following comments from the top two officials at the central bank. October WTI crude rose 31 cents, or 0.7%, to settle at $47.64 a barrel on the New York Mercantile Exchange.
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BlackBerry Ltd. said it will notify holders of its 6% unsecured convertible debt that it will redeem all of the principal amount of the debt on Sept. 2. The debt will be redeemed at a price of 106.7212% of the outstanding principal amount. Prior to the redemption, the debt holders remain entitled to convert the debt to common stock at a price of $10.00 a share. The stock, which has been halted for news, last traded at $7.92, which is 21% below the conversion price. Separately, BlackBerry said it entered into an agreement with Fairfax Financial Holdings Ltd. and other institutional investors to issue 3.75% unsecured convertible debt for a total price of 4605 million. The deal is expected to close on Sept. 2. The debt will be convertible to common stock at $10.00 a share, and will be due Nov. 13, 2020. “The restructuring of our convertible debt will enable us to significantly reduce our interest expense and potential future dilution for our shareholders,” said Chief Executive John Chen. The stock, which is slated to resume trading at 2:30 p.m. ET, has dropped 15% year to date, while the S&P 500 had gained 6%.
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Gold futures settled with a modest gain on Friday, but finished the week with a loss of about 1.5%–the worst in six weeks. Prices were volatile, with the metal tracking moves in the U.S. dollar as traders assessed comments from Federal Reserve Chairman Janet Yellen and Vice Chair Stanley Fischer, which hinted at the potential for an interest-rate increase as early as next month. December gold rose $1.30, or 0.1%, to settle at $1,325.90 an ounce.
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