Category: Stock Market News

U.S. stocks opened higher on Wednesday, set to benefit for a second session from a cautious stance on interest-rate hikes expressed by Federal Reserve Chairwoman Janet Yellen. A private-sector jobs report on Wednesday showed a modest deceleration from the prior month but remained roughly in line with expectations. The S&P 500 opened 7 points, or 0.3%, higher at 2,062. The Dow Jones Industrial Average gained 65 points, or 0.4%, to 17,694. Meanwhile, the Nasdaq Composite began the day up 28 points, or 0.6%, at 4,875.

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Shares of Carnival Corp. shot up 4.1% in premarket trade Wednesday, after the cruise operator beat fiscal first-quarter profit expectations and bumped up its full-year outlook. For the quarter ended Feb. 29, earnings rose to $142 million, or 18 cents a share, from $49 million, or 6 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 39 cents, above the FactSet consensus of 31 cents. Revenue rose to $3.65 billion from $3.53 billion, boosted by growth in passenger tickets and onboard sales. The FactSet sales consensus was $3.63 billion. The company expects fiscal second-quarter adjusted EPS of 34 cents to 38 cents, surrounding the FactSet consensus of 37 cents. The full-year EPS outlook was increased to $3.20 to $3.40 from $3.10 to $3.40. “The lower levels of inventory remaining for sale for the balance of the year, particularly for our peak summer period, positions our brands well for continued revenue yield growth and builds confidence in our full year earnings forecast,” Chief Executive Arnold Donald said. The stock has dropped 8.9% year to date through Tuesday, while the S&P 500 has gained 0.5%.

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Cowen upgraded shares of Apple Inc. to outperform from market perform and raised its price target on the stock Wednesday to $135 from $125. Analyst Timothy Arcuri said Apple estimates “have bottomed,” and that the iPhone 7, expected to be unveiled in September, will help spur upgrades in the near term. “Street estimates finally look safe while [year-over-year] compares on iPhone units and overall Apple revenue are bottoming” and should turn flat as soon as the calendar fourth quarter, said Arcuri. Cowen also believes that Apple’s potential adoption of OLED screens for new flagship phones starting in 2017 might help boost sales longer term. Shares of Apple rose 1.3% to $109.05 in premarket trade. They’re down 14% from a year ago, versus a 2% decline for the Dow Jones Industrial Average.

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From:: Stock Market News

Cowen upgraded shares of Apple Inc. to outperform from market perform and raised its price target on the stock Wednesday to $135 from $125. Analyst Timothy Arcuri said Apple estimates “have bottomed,” and that the iPhone 7, expected to be unveiled in September, will help spur upgrades in the near term. “Street estimates finally look safe while [year-over-year] compares on iPhone units and overall Apple revenue are bottoming” and should turn flat as soon as the calendar fourth quarter, said Arcuri. Cowen also believes that Apple’s potential adoption of OLED screens for new flagship phones starting in 2017 might help boost sales longer term. Shares of Apple rose 1.3% to $109.05 in premarket trade. They’re down 14% from a year ago, versus a 2% decline for the Dow Jones Industrial Average.

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Shares of Opko Health Inc. fell more than 8% in premarket trade on Thursday after it said the U.S. Food and Drug Administration informed the company its application for a new drug could not be approved. The company’s third-party manufacturer failed to pass inspection, the company said in a statement. The application the FDA declined to approve was for Rayaldee, a new treatment for secondary hyperparathyroidism, but the FDA’s observations were not specific to Rayaldee, according to a news release. The third-party manufacturer has said it will respond promptly to the FDA’s observations. Opko shares have fallen nearly 25% over the last 12 months, based on Wednesday’s close, while the S&P 500 Index has dropped about 1.5%.

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Valeant Pharmaceuticals International Inc.’s stock surged 4.4% in premarket trade Wednesday, after the drug maker said it was seeking an amendment and waiver to its credit facility. As part of the waiver, the company is looking to extend the deadline for filing its Form 10-K annual report to May 31, and the deadline to file its first-quarter report to July 31. Under terms of the proposed amendment, the company is seeking to amend the interest coverage maintenance covenant and certain financial terms that would allow for additional flexibility in the financial covenants. “The Company is comfortable with its current liquidity position and cash flow generation for the rest of the year, and remains well positioned to meet its obligations,” the company said in a statement. Valeant missed the previous deadline to file its annual report as it completed an investigation into revenue recognition and inventory accounting. The company has also faced scrutiny over drug pricing. The stock has plunged 71% year to date through Tuesday, while the S&P 500 has gained 0.5%.

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State Street Corp. said Wednesday it has agreed to acquire GE Asset Management from General Electric Co. in a deal expected to cost up to $485 million in cash. GE has been selling all of its financial assets to focus on its core industrial businesses. The deal is expected to close in the third quarter and to boost operating per-share earnings in the first year after closing. The asset manager has more than $100 billion in assets under management and more than 100 institutional clients. State Street said it expects revenue from the deal to come to about $270 million to $300 million in the first year after close. It expects merger costs of $70 million to $80 million through 2018. State Street and GE shares were not yet active in premarket trade. State Street shares have lost 21% in the last 12 months, while the S&P 500 has lost 1.5%.

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The U.S. men’s soccer team stayed alive in its quest to reach the 2018 World Cup, beating Guatemala, 4-0, on Tuesday in Columbus, Ohio. The Americans could have been on the brink of elimination had they lost, following a shocking 2-0 loss to the same team last week in Guatemala City. Clint Dempsey, Geoff Cameron, Graham Zusi and Jozy Altidore scored goals in Tuesday’s game, which was never really in doubt. The U.S. has not lost a home game during World Cup qualifying since 2001. With the win, the U.S. is in favorable position to advance to the World Cup in Russia with good showings against last-place St. Vincent and the Grenadines and first-place Trinidad and Tobago in its final two games.

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The American Petroleum Institute late Tuesday reported that crude supplies rose by 2.6 million barrels for the week ended March 25, according to sources who reviewed the report. The closely watched Energy Information Administration report will be released Wednesday. Analysts polled by Platts forecast a climb of 2 million barrels for crude inventories. May crude traded at $38.54 a barrel in electronic trading, up from the contract’s settlement of $38.28 on the New York Mercantile Exchange.

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Verint Systems Inc. shares dropped in the extended session Tuesday after the software company’s quarterly results and outlook fell short of Wall Street expectations. Verint shares dropped 14% to $15.29 after hours. The company reported adjusted fourth-quarter earnings of 90 cents a share on revenue of $281.8 million. Analysts surveyed by FactSet had forecast earnings of $1.16 a share on revenue of $318.5 million. Verint said it expects 2016 adjusted earnings plus-or-minus 2% from 2015’s $3.04 a share, and revenue “similar” to the past year’s $1.13 billion. Analysts had expected 2016 earnings of $3.54 a share and revenue of $1.23 billion. Verint also said its board authorized $150 million in stock buybacks.

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