Category: Stock Market News

The S&P 500 extended gains to finish at a 10-high close on Tuesday as various technical indicators suggested more upside potential for the large-cap index. “Short-term momentum remains positive and the market has not reacted to signs of exhaustion,” said Katie Stockton, chief technical strategist at BTIG. The S&P 500 rose 3 points, or 0.1%, to 2,112, the highest close since July 22. The Dow Jones Industrial Average added 18 points, or 0.1%, to end at 17,938 while the Nasdaq slipped 7 points, or 0.1%, to close at 4,961. Stephen Suttmeier, chief equity technical strategist at Bank of America Merrill Lynch, noted that stocks remain resilient despite uncertainty over the timing of the Federal Reserve interest-rate hike and predicted that the S&P 500 could hit record territory if it continues to close above the 2,085-2,110 range for a sustained period.

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Valeant Pharmaceuticals International Inc. disclosed Tuesday afternoon in a filing that a large shareholder, New York-based investment advisor Ruane, Cunniff & Goldfarb Inc., has slashed its share stake in the drug maker to 4.72%. Ruane, Cunniff & Goldfarb had said last month that it owned 30.31 million shares of Valeant, or an 8.9% stake, which made it Valeant’s largest shareholder at that time, according to FactSet. The new stake would drop Ruane, Cunniff & Goldfarb behind billionaire activist investor and Valeant board member Bill Ackman’s Pershing Square Capital Management, which owned 21.59 million shares, or a 6.3% stake, as of March 31. The stock was down 14% in afternoon trade, after the company slashed its profit outlook for the year. It has not plunged 76% year to date, while the S&P 500 has gained 3.5%.

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Oil futures climbed on Tuesday, with U.S. prices marking their first finish above $50 a barrel and highest settlement since late July. Ongoing supply disruptions in Nigeria continued to provide support to prices, but traders remained cautious over the risk that higher prices could spur production. July WTI crude settled at $50.36 a barrel on the New York Mercantile Exchange, up 67 cents, or 1.4%.

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Shares of LendingClub Corp. tumbled 5.4% in afternoon trade Tuesday, after the online consumer lending platform disclosed in regulatory filings that a former major shareholder had sold off its stake and that it has postponed its annual shareholder meeting. U.K.-based investment management company Baillie Gifford & Co. owned 34.6 million shares, or a 9.1% stake in LendingClub as of March 31, but currently owns zero common shares, according to filings. The company said in a separate filing that, “given the developments of the last few weeks, the company is not yet in a position to provide stockholders a complete report on the state of the company;” therefore, it was adjourning the annual meeting, originally scheduled for 2 p.m. Eastern on Tuesday, until June 28. The company said last month that it was being investigated by the Justice Department following the forced resignation of its chief executive and founder, after failing to report loan-sale errors. On May 23, a filing showed that Singapore-based investment company Shanda Group acquired an 11.7% stake in LendingClub. The stock has tumbled 59% year to date, while the S&P 500 has gained 3.6%.

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Shares of Aehr Test Systems rocketed to a 2 1/2-year high intraday on high volume in afternoon trade Tuesday, after the semiconductor testing company announced it received the first orders for its new production test cell. The stock had more than tripled at its intraday high of $3.42, the highest level seen since December 2013, before paring gains to be up 64% at $1.76 in recent trade. Volume of about 2.5 million shares was nearly 150 times the full-day average. Aehr said before Tuesday’s open that the new orders totaled $4.5 million, and the customer was “one of the world’s largest semiconductor manufacturers.” The company had reported in March fiscal third-quarter sales of $1.7 million, down from $2.0 million a year ago. Despite Tuesday’s surge, the stock was still down 5.7% year to date, while the S&P 500 was up 3.6%.

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From:: Stock Market News

Shares of Aehr Test Systems rocketed to a 2 1/2-year high intraday on high volume in afternoon trade Tuesday, after the semiconductor testing company announced it received the first orders for its new production test cell. The stock had more than tripled at its intraday high of $3.42, the highest level seen since December 2013, before paring gains to be up 64% at $1.76 in recent trade. Volume of about 2.5 million shares was nearly 150 times the full-day average. Aehr said before Tuesday’s open that the new orders totaled $4.5 million, and the customer was “one of the world’s largest semiconductor manufacturers.” The company had reported in March fiscal third-quarter sales of $1.7 million, down from $2.0 million a year ago. Despite Tuesday’s surge, the stock was still down 5.7% year to date, while the S&P 500 was up 3.6%.

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Father’s Day spending is expected to reach a record $14.3 billion this year, the National Retail Federation said Tuesday. That is the highest level in the 13-year history of the organization’s survey. Still, that’s well below the $21.4 billion spent this year on Mother’s Day. On average, shoppers will spend $125.92 for the holiday, up from $115.57 last year. The NRF survey found that 22% will spend on experiences such as a concert or sporting event. Consumers plan to spend $3.1 billion on outings, which also includes dining out. Spending on clothing and gift cards will be just under $2 billion. Father’s Day is Sunday, June 19.

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Shares of PulteGroup Inc. shot up 4.5% in afternoon trade Tuesday, after CNBC reported, citing sources, that hedge fund Elliott Management Corp. has taken a stake in the homebuilder. The stock, which was up 2% just before CNBC’s report, was on track for the highest close since Dec. 1, 2015. Elliott’s new stake is larger than 4% but under 5%, CNBC reported. In the latest filing of its holdings, the hedge fund of billionaire Paul Singer didn’t own any Pulte shares as of March 31. The stock has not run up 9.1% year to date, while both the iShares U.S. Home Construction ETF and the S&P 500 have gained 3.7%.

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WASHINGTON (MarketWatch) – President Barack Obama is not ready to endorse Hillary Clinton “at this point” even though the Associated Press has concluded from a survey of superdelegates that she has enough to support to clinch the nomination, White House spokesman Josh Earnest said Tuesday. “There is at least one superdelegate, the one who works in the Oval Office, who is not prepared to make a public declaration of his endorsement at this point, but stay tuned and we’ll keep you updated,” Earnest said at the daily briefing. Obama does not expect to “see, or meet, or appear” with Clinton during a trip to New York on Wednesday, where he will hold two fundraisers and tape an appearance on the Tonight Show.

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Bank of America Merrill Lynch analyst Colin Bristow pulled an aboutface on ProNAi Therapeutics Inc. , swinging to its lowest underperform rating from its higher buy rating, after the company suspended development of its lead cancer drug following disappointing trial results. Bristow slashed his stock price target to $2, which was 3.3% below current levels, from $35. He had been at buy on ProNAi since he started covering the stock on Aug. 10, 2015, about a month after the company went public at an initial-public-offering price of $17; BofA Merrill Lynch was a lead underwriter of the IPO. Bristow wrote in a note to clients that although the company said it will review the trial data andearrd for either.” The stock inched up 0.2% in midday trade to $2.07, after plummeting 68% on Monday.

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