Category: Stock Market News

Yum China Holdings Inc. announced that it is opening two new Taco Bell restaurants in Shanghai, one in Wu Jiao Chang, a premium shopping mall, and one in the coming days in Feng Sheng Li, a shopping district. The first Taco Bell opened in Shanghai earlier this year in the Lujiazui area. The company is introducing a new dinner menu exclusive to China that includes the ribeye steak and mushroom taco and beef kebab nachos, and the new restaurants will serve alcohol. The new restaurants will also have table service. Taco Bell has more than 7,000 restaurants around the world, with nearly 400 in 26 countries outside the U.S. Yum China shares are up more than 52% for the past year. Yum Brands Inc. , whose portfolio also include Pizza Hut and KFC, has seen shares rise nearly 28% for the last 12 months. The S&P 500 index is up 18.2% for the period.

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Stock indexes rose on Wednesday, but traded in a tight range without a fresh spark for driving shares either up or down. The Dow Jones Industrial Average advanced 4 points to 24751. The S&P 500 was up a point to 2682. The Nasdaq Composite Index was flat at 6935. The Dow is trying to avoid a three-day drop, which would represent its longest skid since Sep. 26. In corporate news, General Electric shares led blue-chip gainers, up 0.8%.

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Apple Inc. still commands the bulk of smartphone industry profits, though its share dwindled in the third quarter, according to analysts at Counterpoint Research. They wrote Wednesday that Apple garnered 60% of global smartphone-industry profits in the third quarter, down from 86% a year ago. The firm said the company’s lost profit share was mainly due to a growing portion of older iPhone models sold during the period. Cutting into Apple’s share was Samsung Electronics Co. , which fielded a stronger handset lineup than it did a year earlier. The Galaxy Note 8 line helped Samsung capture 26% of industry profits, according to Counterpoint. In 2017, Samsung didn’t capture any profit share after having to recall its Galaxy Note 7. Chinese handset makers Huawei Technologies Co., Oppo Electronics, and Vivo rounded out the top five in Counterpoint’s analysis, each with less than 5% share of handset profits. Apple shares are down 0.4% in Wednesday morning trading, but the stock is up 47% so far this year. The Dow Jones Industrial Average has gained 27% in 2017.

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Horizon Pharma Plc shares climbed more than 3% in premarket trade Wednesday, after the company said it has received U.S. Food and Drug Administration approval to expand the indication for its treatment for nephropathic cystinosis, a rare, life-threatening metabolic disorder. The approval means the company’s Procysbi delayed-release tablets can be prescribed for children as young as one year of age and older. Procysbi was previously approved for children as young as two years old. The approval was based on data from a new study involving 17 people living with the disease, including 15 chlidren aged from 1 to 5 years.
Press Release: Horizon Pharma plc Announces FDA Approval to Expand the Indication for PROCYSBI(R) (cysteamine bitartrate) Delayed-Release Capsules to Include Children One Year of Age and Older Living with Nephropathic Cystinosis
Horizon Pharma plc Announces FDA Approval to Expand the Indication for PROCYSBI(R) (cysteamine bitartrate) Delayed-Release Capsules to Include Children One Year of Age and Older Living with Nephropathic Cystinosis
DUBLIN, Ireland, Dec. 27, 2017 (GLOBE NEWSWIRE) — Horizon Pharma plc (NASDAQ:HZNP) today announced the U.S. Food and Drug Administration (FDA) has approved an expansion to the indication for PROCYSBI(R) (cysteamine bitartrate) delayed-release capsules to include children one year of age and older living with nephropathic cystinosis. With this update to the indication, the PROCYSBI prescribing information now includes revised guidance for physicians administering the medicine to pediatric patients, including new clinical evidence and dosing information for very young children. PROCYSBI was previously FDA-approved for adults and children as young as two years of age. Nephropathic cystinosis can cause multi-organ failure, including kideny failure, blindness and muscle wasting. Horizon Pharma shares have fallen about 8% in 2017 through Tuesday, while the S&P 500 has gained about 20%.

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IPic Entertainment , an operator of upscale movie theaters, has filed for an initial public offering under the U.S. Jumpstart Our Business, or JOBS Act. The Boca Raton, Fla.-based company said it is planning to offer 2.17 million shares priced at $18.50 to raise about $40 million. TriPoint Global Equities, LLC, Roth Capital Partners, LLC and Telsey Advisory Group, LLC are underwriters on the deal. The company is planning to list on Nasdaq, under the ticker symbol “IPIC”.

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KeyBanc analysts on Wednesday lowered their fourth-quarter estimates for Tesla Inc.’s Model 3 deliveries, saying they expect the electric car maker to announce delivery of about 5,000 Model 3s sometime early next week. “While it is likely to be a few quarters before the company’s true Model 3 gross margin judgment day arrives, we remain sector weight as we think the M3 margin ramp will disappoint and investors will have to acknowledge no S/X growth at some point, which is not reflected in the shares,” analysts Brad Erickson and Elliot Arnson wrote in a note. The analysts said their channel checks, based on conversations with salespeople at 18 Tesla stores around the U.S., peg Model 3 deliveries at about 5,000, below their previous estimate of 15,000. “We talked to stores in California doing as many as a dozen per week with around 10 being the average, and we estimate stores outside of California were doing something closer to half a dozen per week,” said the note. “We also spoke with Tesla salespeople regarding the Model S/X and believe S/X deliveries for the quarter are tracking generally in line with management’s expectation that 2H deliveries would be ahead of 1H deliveries of approximately 47,000 cars.” They acknowledged that the shortfall is unlikely to faze investors, who are more focused on the car being produced without defects and that consumer response is favorable. Tesla shares were slightly lower premarket, but have gained 48% in 2017, while the S&P 500 has gained about 20%.

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Private-equity firm KKR & Co. L.P. said Wednesday it is acquiring PetVet Care Centers from Ontario Teachers’ Pension Plan, L Catterton and other shareholders without disclosing financial terms. PetVet is an operator of general practice and specialty veterinary hospitals for companion animals with a network of 126 hospitals in 22 states. The Westport, Connecticut-based company was founded in 2012 by Chief Executive Gino Volpacchio and L Catterton. KKR shares were not yet active premarket, but have gained 36% in 2017, while the S&P 500 has gained about 20%.

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Dollar General Corp. said Wednesday it is planning to open a distribution center in Longview, Texas, that will create about 400 jobs. The center will serve about 1,000 of the retailer’s outlets in Texas and the southeast. Construction is scheduled to begin in early 2018. Shares were not yet active premarket, but have gained about 25% in 2017, while the S&P 500 has gained about 20%.

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Boeing Co. rose 1% in premarket trade on Wednesday after Morocco’s Royal Air Maroc said it ordered four 787-9 Dreamliners valued at $1.1 billion at list prices. The orders, which have previously been listed as unidentified on Boeing’s orders and deliveries website, include two 787s purchased in December 2016 and two purchased this month, the two companies said.

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The cities of New York, Philadelphia and San Francisco sued the U.S. Department of Defense on Tuesday, accusing it of failing to report the names of military members convicted of crimes to a federal database that would prevent them from purchasing and possessing guns. The suit was filed in the wake of the November massacre at a church in Sutherland Springs, Texas, that left 26 people dead. The shooter had been convicted of domestic abuse, but his name was not forwarded to the FBI’s background-check database that would have prevented him from legally buying a gun. The lawsuit called on the Defense Department to fix “deadly gaps” and “comply with the law and repair their drastically flawed system.” Earlier this month, a Defense Department report found all branches of the military failed to consistently submit data to the FBI. In a statement, New York Mayor Bill de Blasio said, “This failure on behalf of the Department of Defense has led to the loss of innocent lives by putting guns in the hands of criminals and those who wish to cause immeasurable harm.”

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