Category: Stock Market News

Walgreens Boots Alliance Inc. said Monday that it will make opioid antidote Naloxone available at more than 110 pharmacies in Alabama without a prescription. Naloxone is used in the event of an overdose to combat the effects of heroin and other opioid drugs. Walgreens announced in February that it would make Naloxone available in 35 states and Washington D.C. without a prescription. Two weeks ago, the pharmacy chain said it would make the drug available across Pennsylvania without a prescription. It’s now available in more than 1,300 pharmacies. Walgreens shares are down 0.2% on Monday, and down 7% over the past year. The S&P 500 is down 1.7% for the last 12 months.

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From:: Stock Market News

L Brands Inc.’s stock rose 1.3% in morning trade Monday, bucking the selloff in the broader stock market, after Stifel Nicolaus said it turned bullish on the apparel retailer because the recent tumble in price is “overdone.” Analyst Richard Jaffe raised his rating to buy from hold, and instituted a stock price target of $90, which is 16% above current prices. The stock had plunged 20% year-to-date through Monday, to close at a 17-month low, amid concerns over its large store footprint and uncertainty surrounding the restructuring at Victoria’s Secret. Jaffe said he believes the changes being made “are the right moves,” and will strengthen the business longer term. “While we acknowledge there may be a better entry point into the name over the next several weeks, we believe the risk/reward is attractive at the current share price,” Jaffe wrote in a note to clients. While the stock rose in morning trade, the SPDR S&P Retail ETF slid 0.9% and the S&P 500 gave up 0.6%.

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From:: Stock Market News

Perrigo Co.’s lowered profit outlook, as a result of pricing pressures caused by increasing competition, is weighing on the shares of its generic competitors. Shares of Mylan N.V. slumped 3.9% and of Allergan PLC shed 1.5%. Among others in the generic drug business, Endo International PLC’s stock dropped 2.9% and Mallinckrodt PLC’s fell 2.1%, while Teva Pharmaceutical Industries Ltd.’s eased 0.1%. Meanwhile, Evercore ISI analyst Umer Raffat said he didn’t see much of an overlap between Perrigo’s prescription portfolio and the generics from Allergan, Mylan or Teva. Perrigo’s stock tumbled 9.5%, and was heading to the lowest close since February 2013.

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From:: Stock Market News

U.S. stocks opened lower Monday amid a spate of weak earnings reports as investors looked ahead to meetings of the Federal Reserve and Bank of Japan later in the week. The S&P 500 dropped 4 points, or 0.2%, to 2,086, led lower by energy shares as oil prices flirted with declines. The Dow Jones Industrial Average slid 50 points, or 0.3%, to 17,946. The Nasdaq Composite shed 15 points, or 0.3%, to 4,891. KKR & Co. and Xerox Corp. shares tumbled after both companies reported weaker than expected results.

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From:: Stock Market News

Valeant Pharmaceuticals International, Inc. named Joseph Papa as chairman and chief executive officer Monday, effective early May. Papa, who resigned as CEO of Perrigo Company plc Sunday, is taking over for CEO and director J. Michael Pearson. Papa has worked in the sector for more than 35 years, including 20 years of working with branded prescription drugs, the company said. Valeant shares were up 2.1% in pre-market trade.

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Bank of Hawaii announced Monday that it increased the quarterly dividend to 48 cents a share up from 45 cents a share. The dividend will be paid on June 14 to shareholders of record as of May 31. The Board also increased its buyback program by $100 million, to bring the total buyback authorization to $2.1 billion. Shares of Bank of Hawaii have gained 22.5% in the past three months, compared to the S&P 500’s gain of 11.4%.

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From:: Stock Market News

Bank of Hawaii announced Monday that it increased the quarterly dividend to 48 cents a share up from 45 cents a share. The dividend will be paid on June 14 to shareholders of record as of May 31. The Board also increased its buyback program by $100 million, to bring the total buyback authorization to $2.1 billion. Shares of Bank of Hawaii have gained 22.5% in the past three months, compared to the S&P 500’s gain of 11.4%.

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From:: Stock Market News

Bank of Hawaii announced Monday that it increased the quarterly dividend to 48 cents a share up from 45 cents a share. The dividend will be paid on June 14 to shareholders of record as of May 31. The Board also increased its buyback program by $100 million, to bring the total buyback authorization to $2.1 billion. Shares of Bank of Hawaii have gained 22.5% in the past three months, compared to the S&P 500’s gain of 11.4%.

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From:: Stock Market News

Valeant Pharmaceuticals International Inc. said Monday it has received additional notices of default on its debt due to the delayed filing of its 10-K. In a filing with the Securities and Exchange Commission, the company said it had received notices on a series of notes due 2020, 2021 and 2022. The company has until June 21, or 60 days from receipt of the notices, to file its 10-K, which would cure the default. The company had announced on April 12 the first receipt of a notice of default on notes due 2023, and in that instance, has until June 11 to file the form. “The company is working diligently and is on schedule to file its Form 10-K on or before April 29, 2016,” it said in the filing. Shares were trading up 4.5% in premarket trade, after news that Joseph Papa has resigned as CEO of Perrigo Co. Plc. The Wall Street Journal has reported that Valeant wants to make Papa its CEO.

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From:: Stock Market News

Tribune Publishing Co.’s stock soared 59% in premarket trade Monday, after it confirmed that it received an unsolicited buyout bid from Gannett Co. Inc. Tribune said it has engaged Goldman Sachs & Co. and Lazard as financial advisors to evaluate Gannett’s bid. Tribune, which brands include the Los Angeles Times and the Chicago Tribune, said that while it will review Gannett’s proposal, it believes the transformation it has undertaken this year put its in position to create value for shareholders. Earlier, Gannett said it made a bid to buy Tribune for $12.25 a share in cash, which is 63% above Friday’s closing price, and the highest price seen for Gannett’s stock since Aug. 11. Tribune’s stock has tumbled 18% year to date, while the S&P 500 has gained 2.3%.

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From:: Stock Market News