Category: Stock Market News

U.S. stocks opened higher on Wednesday, building on large gains from the previous session. A jump in oil prices to near $50 a barrel following a report showing a decline in crude inventories, lifted energy and materials stocks. The S&P 500 was up 6 points, or 0.3%, to 2,082. The Dow Jones Industrial Average added 52 points, or 0.3%, to 17,763 at the open. Meanwhile, the Nasdaq Composite began the session up 16 points, or 0.3%, at 4,877.

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Sarepta Therapeutics Inc. shares were up 22.6% in pre-market trade Wednesday after the Food and Drug Administration told Sarepta it would not make a decision about the company’s Duchenne muscular dystrophy (DMD) drug by the Thursday deadline. The FDA told the company it is continuing its review and internal discussions about the drug and will “strive to complete their work in as timely a manner as possible,” Sarepta said. The drug in question, eteplirsen, would – if approved – be the only treatment for DMD. Patients and their families have lobbied heavily in favor of the drug’s approval, stoking speculation that the drug might gain approval even despite an advisory committee’s vote against the drug late last month.

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CVS Health Corp. said Wednesday it will expand access to opioid overdose-reversal drug naloxone to seven additional states, starting later this month, bringing the total number of states where it is accessible in CVS pharmacies to 30 states. The expansion will start with New Mexico, the followed by Louisiana in June; Florida, Colorado, Idaho and Oregon in July; and Washington in August. “Expanding access to the overdose-reversal drug naloxone is a critical part of our national strategy to stop the prescription drug and heroin overdose epidemic–along with effective prevention, treatment, and enforcement,” said Michael Botticelli, director of National Drug Control Policy. The stock, which was up 0.6% in light premarket trade, has lost 0.4% year to date through Tuesday, while the S&P 500 has gained 1.6%.

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Shares of Alibaba Group Holding Ltd. slumped 2.7% in premarket trade Wednesday, after the China-based ecommerce giant disclosed in a filing that it was being investigated by the U.S. Securities and Exchange Commission. The company said the investigation, which was initiated earlier this year, is into the reporting of data from Singles Day and its consolidation policies and practices and related party transactions. Alibaba said it was cooperating with the SEC’s request that the company “voluntarily” provide it with the information. “The SEC advised us that the initiation of a request for information should not be construed as an indication by the SEC or its staff that any violation of the federal securities laws has occurred,” Alibaba stated in the filing. “This matter is ongoing, and, as with any regulatory proceeding, we cannot predict when it will be concluded.” The stock has slipped 0.2% year to date through Tuesday, while the S&P 500 has gained 1.6%.

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Bayer AG is set for a jump in earnings if it succeeds in taking over U.S. seed giant Monsanto Co. , making the German company a compelling investment opportunity, according to Commerzbank. In a note out on Wednesday, the bank’s analysts upgraded Bayer to buy from hold, saying they like the “strategic rationale” of the deal. A takeover would like boost Bayer’s adjusted earnings by 8% in the first full year after closing, they said. “We only see one scenario (hostile bid at a substantial premium; 20% probability assumed) in the next steps that may see further downside to shares,” the analysts said in the note. Bayer said on Monday it had made a $62 billion all-cash offer for Monsanto in a bid to create a leading company for agricultural products. Monsanto on Tuesday rejected the offer, saying the price was too low, but that it remains open for further deal talks. Shares of Bayer were up 0.1% in Frankfurt on Wednesday, while Monsanto rose 2% premarket. The potential takeover has been met with criticism, with opponents raising concerns it has significant negative implications for farmers and the industry.

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Tiffany & Co.’s stock dropped 4.4% in premarket trade Wednesday, after the high-end jewelry retailer missed fiscal first-quarter sales expectations and provided a downbeat profit outlook, citing lower spending by tourists. For the quarter ended April 30, earnings fell to $87.5 million, or 69 cents a share, from $104.9 million, or 81 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 68 cents. Revenue declined to $891.3 million from $962.4 million, missing the FactSet consensus of $917.1 million. Same-store sales declined 9%, compared with the FactSet consensus of a 4.8% drop. For the full fiscal year, Tiffany expects EPS to decline in the mid-single-digit percentage range, while the FactSet consensus of $3.76 implies a 1.8% decline. “As expected, this was a difficult quarter in terms of both sales and earnings growth. We faced numerous challenges, including continued pressure from foreign tourist spending in Europe, the U.S. and Asia, particularly in Hong Kong,” said Chief Executive Frederic Cumenal. The stock has tumbled 16% year to date through Tuesday, while the S&P 500 has gained 1.6%.

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Royal Dutch Shell PLC is to cut at least another 2,200 jobs in 2016 in a bid to keep the company competitive in an environment of low oil prices, the oil giant said on Wednesday. The additional cuts bring the total job reduction to 12,500 people for 2015-2016, up from the 10,300 already announced. “These are tough times for our industry and we have to take further difficult decisions to ensure Shell remains competitive through the current, prolonged downturn,” said Paul Goodfellow, Shell’s Vice President for the U.K. & Ireland. “In 2016, the number of job reductions in response to low prices and as a result of the BG integration is expected to total at least 5,000 globally,” he added. Of the 2,200 job cuts announced on Wednesday, 475 people in the upstream business in the U.K. and Ireland will be affected, Shell said.

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Donald Trump and Hillary Clinton won Washington state’s presidential primaries Tuesday, although only Trump gained delegates. Washington ignores its Democratic primary results, instead allocating delegates through a Democratic caucus, which Bernie Sanders won in March. Sanders has fared well nationally in caucuses, which generally favor candidates with a more passionate base. Clinton still holds a comfortable lead in overall delegates. Trump on Tuesday had 76% of the Republican votes with 68% of precincts reporting, according to CNN. Though he is now running unopposed, Washington ballots were mailed out weeks ago with Ted Cruz, John Kasich and Ben Carson’s names still listed. Trump’s win gives him 44 more delegates, putting him just four away from clinching the Republican nomination, which he is in line to do in primaries scheduled for June 7.

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Estee Lauder Cos. said late Tuesday it will introduce additional measures as part of its restructuring effort that will result in charges of $89.7 million. The beauty products company earlier this month announced it will cut its workforce by up to 1,200 positions in line with its plan to streamline operations. At the time, the company had estimated restructuring costs of $600 million to $700 million. Shares of Estee Lauder were flat in after hours after gaining 1.6% to $92.14 during the regular session.

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