Category: Stock Market News

J.P. Morgan Chase & Co.’s stock was downgraded Monday by Citigroup analyst Keith Horowitz, who said he was no longer bullish at current levels as he believes investors and analysts are a bit too optimistic. He downgraded the stock to neutral, after being at buy since April 2014. Horowitz believes the banking giant is one of the most favored among buy side and sell side analysts, with more than three quarters of analysts rating it the equivalent of a buy. As a result, he said he believes 2017 and 2018 earnings estimates are about 2% too high. “In this environment, you want to rent not buy the banks,” Horowitz wrote in a note to clients. “In a prolonged low rate-growth environment, we believe the banks are more trading range stocks and we believe the time to add to positions is when sentiment is negative.” The stock was up 0.2% in morning trade. It has run up 7.4% over the past month to close Friday in positive territory for the year for the first time. Meanwhile, the Dow Jones Industrial Average has gained 6.6% year to date.

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The S&P 500 opened at an all-time intraday high on Monday after Friday’s jobs data helped revive investors’ confidence in the U.S. economy. The index climbed 1 points to 2,183. Dow industrials were flat at 18,542. The Nasdaq Composite added 1 point to 5,223. Oil prices moved higher, helping to shore up energy and materials shares.

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MEI Pharma Inc. shares rose as much as 51% in pre-market trade Monday after the company said it entered a $20 million deal with Swiss pharmaceutical group Helsinn to license, develop and commercialize its leukemia drug, and that Helsinn would also make a $5 million equity investment in the company. As part of the agreement, MEI Pharma will receive $20 million in near-term cash payments and up to $444 million in potential milestone payments, as well as royalties on future sales. The drug, Pracinostat, aims to treat acute myeloid leukemia and is “phase III-ready,” the company said, with Helsinn funding global development of the drug as part of the new agreement. MEI Pharma shares rose 20.2% over the last three months, compared with a 6.1% rise in the S&P 500 .

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The ground stop on all Delta Air Lines Inc. flights worldwide has been lifted as of 8:40 a.m. Monday, the company said. A power outage in Atlanta at 2:30 a.m. EST had affected Delta’s computer system and delayed and cancelled flights worldwide. Now, Delta said limited departures are happening, but customers should still “expect delays and cancellations” when they go to the airport. Additionally, the flight times and statuses may still be behind on Delta apps, the website and in the airport. Shares of Delta were down 1.25% in premarket trade Monday.

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Wal-Mart Stores Inc. officially announced its acquisition of Jet.com for $3 billion in cash, a portion of which will be paid over time. Another $300 million of Walmart shares will be paid over time. The deal is expected to close by the end of the calendar year. News that the companies were in talks was first reported by The Wall Street Journal last week. Jet.com has a customer base of urban and millennial customers, with 400,000 added each month, according to the release. The two companies will maintain their brands, with the companies leveraging technology solutions for new customer offerings. Walmart will announce second-quarter earnings on Aug. 18. Wal-Mart shares are up 0.7% in premarket trading, and 20.3% for the year so far. The S&P 500 Index is up 6.8% for the year to date.

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Valeant Pharmaceuticals International Inc. said Monday that Christina Ackermann has been named general counsel effective immediately, succeeding Robert Chai-Onn, who will be leaving later this year. Ackermann spent the last 14 years in various legal roles at Novartis AG . This is one of a number of executive changes the company has made. Scott Hirsch has joined Valeant as senior vice president of business strategy and communications from Citadel Investment Group, where he oversaw equity investments and risk management in the health sector at Surveyor Capital. Dr. Ari Kellen has been named company group chairman leading the Bausch & Lomb business, Tom Appio has been promoted to company group chairman, leading all of Valeant’s markets outside of the U.S. and Canada, and Pavel Mirovsky, the company’s European president will retire later this year, among other promotions and changes. The company has also announced a licensing agreement with Norgine B.V. in which Valeant has gotten the right to develop and commercialize NER1006 Powder for Oral Solution in the U.S. and Canada, a bowel preparation for a colonoscopy. A U.S. regulatory filing is anticipated for 2016. Valeant shares are up 1.4% in premarket trading, but down more than 91% for the past year. The S&P 500 Index is up 5.1% for the last 12 months.

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Marriott International Inc. and Starwood Hotels and Resorts Worldwide Inc. said Monday they have agreed to extend the time period for the Chinese Ministry of Commerce to review their planned merger. The agreement, which comes at the Chinese ministry’s request, extends the review period by up to 60 days, the hotel chains said in a statement. “Marriott and Starwood continue to believe that their planned merger transaction poses no anti-competitive issues in China,” said the statement. Approval from China is the last remaining merger clearance required for the deal to close. The companies have had the deal approved by regulatory authorities representing 40 countries, including the U.S., the EU, Canada and Japan.

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EverBank Financial Corp.’s stock surged 2.8% in premarket trade Monday, after the bank agreed to be acquired by financial services company TIAA in a deal valued at about $2.5 billion. Under terms of the deal, TIAA will pay $19.50 per share in cash for each EverBank share outstanding, representing a 4.6% premium to Friday’s closing price of $18.64. The deal, which is subject to regulatory approvals, is expected to close in the first half of 2017. “We look forward to introducing our unique consumer and commercial banking products to the millions of individuals and the institutions that TIAA serves today, while enhancing the investment and retirement product offerings for our clients,” said EverBank Chief Executive Rob Clements. EverBank’s stock has run up 23% over the past month, while the SPDR Financial Select Sector ETF has climbed 4.8% and the S&P 500 has gained 2.5%.

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Tyson Foods Inc. shares are up 4.9% in Monday premarket trading after the food company reported third-quarter earnings that beat expectations. Tyson, whose brands include Hillshire Farm, Sara Lee, and Ball Park, had net income of $484 million, or $1.25 per share, up from $343 million, or 83 cents per share, for the same period last year. Adjusted earnings per share were $1.21, beating the $1.06 FactSet consensus. Revenue for the quarter was $9.40 billion, down from $10.07 billion, but beating the $9.33 billion FactSet consensus. Tyson raised its full-year fiscal 2016 outlook, and now sees adjusted EPS guidance between $4.40 and $4.50, up from between $4.20 and $4.30. The company sees sales of about $37 billion. Tyson shares are up 76% for the past year while the S&P 500 Index is up 5.1% for the same period.

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Sotheby’s reported second-quarter net income of $89 million, or $1.52 per share, up from $67.6 million, or 96 cents per share, for the same period last year. Adjusted earnings totaled $1.51 per share, beating the FactSet consensus of $1.04. Revenue for the quarter totaled $298.7 million, down from $332.0 million, but beating the FactSet consensus of $282 million. The company said that results were boosted by the change in the timing of the summer contemporary art sales in London, which were held during the third quarter in 2015. The increase in adjusted earnings is due to stock repurchases over the past year. Sotheby’s shares are inactive in premarket trading, but up 25.3% for the year so far. The S&P 500 Index is up 6.8% for the year to date.

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