Category: Stock Market News

Monsanto Company said early Tuesday that Bayer AG’s about $65 billion takeover bid was “financially inadequate and insufficient to ensure deal certainty.” The new Bayer offer , at a $3-a-share increase, came after Monsanto rejected a previous bid on similar grounds. Monsanto said it was open to continued conversations with Bayer but “there is no assurance that any transaction will be entered into or consummated, or on what terms.” Monsanto and Bayer shares were both down 1.3% in pre-market trade.

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The dollar edged lower against the lira Tuesday after Turkey’s central bank cut a key interest rate for the fifth straight month. The greenback was down 0.1% at 2.9790 lira, compared with 2.9813 lira late Monday in New York. Turkish stocks tumbled Tuesday, with the iShares MSCI Turkey ETF down 0.3% at $38.88. The central bank cut its overnight-lending rate to 8.75% from 9%, while keeping its benchmark one-week repo rate steady at 7.5% and its overnight borrowing rate at 7.25%. Some economists said they expected the central bank to wait before continuing to cut rates after the Turkish government fended off an attempted coup over the weekend.

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Shares of Philip Morris International Inc. slipped nearly 2% after the company reported second-quarter earnings that came in below expectations. Philip Morris reported net earnings of $1.78 billion, or $1.15 per share for the quarter, compared with $1.88 billion, or $1.21 per share during the same period a year ago. The FactSet consensus on earnings was $1.20 per share. Net revenue hit $19.04 billion during the quarter, compared with $18.76 billion a year earlier. Excluding excise taxes, revenue was $6.65 billion, compared with $6.86 billion during the year earlier. The FactSet revenue consensus was $6.77 billion. Chief Executive Andre Calantzopoulos said in a statement he expects growth to take place mainly in the second half of the year. “Our cigarette shipment volume was particularly impacted by declines in low-margin geographies,” Calantzopoulos said. “Nevertheless, we remain fully on track to deliver our full-year guidance.” The company expects full-year earnings to be in the range of $4.45 to $4.55 per share. Shares of Philip Morris are up more than 17% in the year to date, outperforming the S&P 500 Index, which is up 6% in the year.

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Shares of Lockheed Martin Corp. rose nearly 2% in premarket trade Tuesday after the government contractor reported stronger-than-expected sales and earnings for the second quarter. The company, which makes fighter jets and guided weapons systems, reported net income of $1.02 billion, or $3.32 a share, compared with $929 million, or $2.94 a share, in the year-earlier period. Revenue for the period rose to $12.9 billion from $11.6 billion a year ago. Both metrics beat Wall Street consensus expectations. Analysts surveyed by FactSet were calling for earnings of $2.94 a share on sales of $12.6 billion. The company also slightly raised the lower-end of its full-year sales guidance, to a range of $50 billion to $51.5 billion, versus $49.6 billion to $51.1 billion previously, and raised its earnings per share estimate to a range of $12.15 to $12.45 a share from $11.50 to $11.80 previously.

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Celgene Corporation and Jounce Therapeutics Inc. said early Tuesday they plan to collaborate on next-generation cancer treatments. As part of the partnership, Jounce will receive $225 million, a $36 million equity investment from Celgene and up to $2.3 billion in future milestone payments. Celgene will receive options to develop and commercialize Jounce’s cancer tumor treatment, JTX-2011, along with other immunotherapies. Celgene shares fell 3.6% over the last three months, compared with a 3.2% rise in the S&P 500 .

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Johnson & Johnson’s stock jumped 3.1% in premarket trade Tuesday, after the consumer and pharmaceutical products giant reported second-quarter profit and sales that beat expectations and raised its full-year outlook. For the quarter ended in June, earnings fell to $6.02 billion, or $1.43 a share, from $6.25 billion, or $1.61 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at $1.74, above the FactSet consensus of $1.68. Revenue grew 3.9% to $18.48 billion, above the FactSet consensus of $17.98 billion, boosted by 8.9% growth in pharmaceutical sales. The company raised its 2016 EPS outlook to $6.63 to $6.73 from $6.53-$6.68 and its revenue outlook to $71.5 bln to $72.2 bln from $71.2 bln to $71.9 bln. “We saw notable strength in our Pharmaceuticals business due to the continued success of new products, and also achieved significant clinical milestones, advancing our robust pipeline,” said Chief Executive Alex Gorsky. The stock has surged 20% year to date through Monday, while the Dow Jones Industrial Average has gained 6.4%.

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Concerns over the U.K.’s Brexit referendum significantly hampered confidence in Germany’s economy in July, with the ZEW survey of economic sentiment sliding to the lowest level since 2012. The indicator slumped to negative 6.8 points, down from 19.2 in June. Economists polled by FactSet had expected a reading of 6. “The Brexit vote has surprised the majority of financial market experts. Uncertainty about the vote’s consequences for the German economy is largely responsible for the substantial decline in economic sentiment,” said ZEW President Achim Wambach in the release. The assessment of the current economic situation also weakened, falling to 49.8 points from 54.4 points. The economic sentiment indicator for the eurozone slumped to negative 14.7 points, down 34.9 points from June.

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Super Micro Computer Inc. shares dropped in the extended session Monday after the computer server and storage maker cut its outlook. Super Micro shares plunged 18% to $21.55 after hours. The company said it expects fiscal fourth-quarter adjusted earnings of 15 cents to 17 cents a share on revenue of $520 million to $524 million, down from its previous estimated range of earnings of 46 cents to 58 cents a share on revenue $580 million to $640 million. Analysts surveyed by FactSet had estimated earnings of 50 cents a share on revenue of $599.5 million. The company also announced a $100 million share buyback program.

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Yahoo Inc. shares fell 0.4% late Monday after the internet company posted second-quarter earnings per share that were below Wall Street expectations. Yahoo reported a loss of 46 cents a share, compared with a loss of 2 cents a share in the year-ago period. Adjusted for one-time items, Yahoo earned $172 million, or 9 cents a share, in the quarter, compared with $262 million, or 16 cents a share, in the second quarter of 2015. Revenue hit $1.3 billion, up from $1.2 billion a year ago. Adjusted revenue fell to $841 million from $1.04 billion a year ago. Analysts had expected adjusted earnings of 10 cents a share on adjusted sales of $840 million.

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Hudson Technologies Inc. shares jumped in the extended session Monday after the refrigeration systems company said it received an up to $400 million contract with the Department of Defense. Hudson shares surged 37% to $5.25 after hours. The company said it received a five-year contract with a five-year renewal option with the U.S. Defense Logistics Agency “for the management and supply of refrigerants, compressed gases, cylinders and related items.”

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