Category: Stock Market News

Twilio Inc.’s stock slumped 1.9% in morning trade, after analysts started coverage of the recent IPO with less-than-upbeat ratings and stock price targets. Analyst Mark Murphy at J.P. Morgan said the cloud communications company was a category leader with strong growth prospects, but initiated Twilio with a neutral rating and stock price target of $39, which was 7.5% below current levels. Canacccord Genuity analyst Richard Davis started Twilio at hold and a $40 stock price target, which was 5.2% below current levels, saying that while Twilio was a “best-in-class” company in a fast-growing market, the stock is “quite expensive.” The stock, which went public on June 23, closed Friday at $43, which was nearly triple its IPO price of $15. Pacific Crest’s Brendan Barnicle initiated the stock at sector perform, with no stock price target. He said that while the company is “ripe with potential,” the stock has run up a bit fast since its IPO.

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Shares of ParkerVision Inc. more than doubled in very active morning trade Monday, before paring some gains, after the radio-frequency technology company announced agreements Samsung Electronics Co. Ltd. to settle a patent suit to license its patents . Volume jumped to 1.7 million shares within the first half hour of trade, or more than 50 times the full-day average. The stock shot up 76%, but had been up as much as 130% at a 15-month high of $8.18 earlier in the session. ParkerVision entered into an agreement with Samsung for the “perpetual, worldwide license of ParkerVision’s current patent portfolio,” the company said in a statement. In conjunction, the company agreed to dismiss its claims against Samsung. Financial terms were not disclosed.

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Burlington Stores Inc. shares are up 4.6% in Monday trading after the company raised its second quarter guidance. The off-price retailer now expects fiscal second quarter comparable sales to increase between 4.2% and 4.5%, up from an increase of 2.5% to 3.5%. And Burlington Stores expects adjusted net income between 28 cents and 30 cents per share, up from between 20 cents per share and 23 cents per share. The company will update its full-year guidance when it announces second-quarter results, it said in a statement. Burlington Stores is expected to announced second-quarter results on September 6, according to FactSet. Burlington Stores shares are up 65% for the year so far while the S&P 500 is up 5.8% for the same period.

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U.S. stocks opened flat Monday, with the main benchmarks trading near record highs as strong second-quarter earnings bolstered demand for U.S. shares. The S&P 500 gained 1 point, or less than 0.1%, to 2,162. The Dow shed 5 points, or less than 0.1%, to 18,515. The Nasdaq Composite added 6 points, or 0.1%, to 5,035. Bank of America shares edged higher after the company reported second-quarter results. Investors are looking ahead to results from Netflix after the bell.

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Charles Schwab Corp. reported Monday second-quarter earnings that rose to $452 million, or 30 cents a share, from $353 million, or 25 cents a share, in the same period a year ago. Revenue increased 17% to $1.83 billion from $1.57 billion. The FactSet consensus was for earnings per share of 30 cents and revenue of $1.80 billion. Net interest revenue rose to $798 million from $612 million, beating the FactSet consensus of $790.4 million. Trading revenue slipped to $201 million from $203 million, missing expectations of $203.2 million. Core net new assets increased $26.6 billion, while the number of brokerage accounts increased by 271,000. “Our year-to-date results have outperformed the baseline scenario that we laid out in the beginning of 2016. But as the second quarter came to a close, market concerns regarding economic growth, interest rates and equity valuations in the second half of this year escalated significantly,” said Chief Financial Officer Joe Martinetto. “While many of these concerns have abated somewhat, we recognize the importance of remaining flexible in order to make the most of the environment as it evolves.” The stock, which climbed 1.8% in premarket trade, has tumbled 18% year to date through Friday, while the S&P 500 has gained 5.8%.

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Evoke Pharma Inc. shares plummeted 75.8% in pre-market trade Monday after the company’s diabetic gastroparesis drug for female patients missed its primary endpoint in phase 3 topline results. The company’s president and CEO Dave Gonyer called the results for the drug, EVK-001, “unexpected and an anomaly” and said they continue to believe the drug is a promising treatment option. Evoke shares more than doubled over the last three months, compared with a 3.2% rise in the S&P 500 .

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Ross Stores Inc. said Monday that it is opening 24 Ross Dress for Less locations and seven dd’s Discounts stores across 15 states during the months of June and July. Ten stores are in the Midwest, including four in Wisconsin, a new state for the company, according to Chief Development Officer Jim Fassio. Ross Stores is on track to add 90 locations in 2016. “Over the longer term, we continue to see expansion opportunities across all of our markets, and remain confident in our ability to grow to 2,000 Ross Dress for Less and 500 dd’s Discounts locations over time,” Fassio said in a statement. Ross Stores shares are inactive in premarket trading, but up 11.3% for the past year. The S&P 500 is up 1.7% for the last 12 months.

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Smith & Wesson Holding Corp. said Monday said its accessories division, Battenfeld Technologies Inc., will buy nearly all the assets of knife and tool maker Taylor Brands LLC for $85 million. The gun maker said it would use cash on hand to make the acquisition, which it expects to close in three to six weeks. Taylor Brands’ trailing 12-month revenue was about $39 million. Smith & Wesson doesn’t expect the deal to have any effect on its results for the fiscal first quarter ending July 31. “Taylor Brands provides us with an ideal opportunity to further deliver on an important element of our strategic plan, which is to grow our Accessories Division by expanding into adjacent and complementary markets,” said Chief Executive James Debney. The stock, which tacked on 1.6% in premarket trade, has shot up 28% year to date through Friday, while the S&P 500 has gained 5.8%.

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Papa Murphy’s Holdings Inc. said Monday it is planning to serve chicken raised without antibiotics across its entire menu starting today. The company has more than 1,500 stores across the U.S. The company is joining a growing list of food providers that are switching to offering food that is free of antibiotics, as well as artificial colorings and preservatives. Shares were not yet active in premarket trade, but are down 36% in the year so far, while the S&P 500 has gained about 6%.

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Shares of Brainstorm Cell Therapeutics Inc. shot up 18% in premarket trade Monday, after the company said Phase II study of its treatment for Lou Gehrig’s disease met its objectives. The developer of stem cell therapeutics said a Phase 2 trial of NurOwn in patients with ALS (amyotrophic lateral sclerosis) met its primary objective by demonstrating that it was safe and well tolerated. The company said NurOwn also met several secondary endpoints of efficacy. The stock has gained 4.6% year to date through Friday, while the SPDR S&P Biotech ETF has tumbled 19% and the S&P 500 has gained 5.8%.

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