Category: Stock Market News

Gold prices settled higher Friday, but still logged a loss for a second week in a row. Prices had climbed to highs above $1,292 after former U.S. national-security adviser, Michael Flynn, pleaded guilty to lying to the FBI. The news rattled investors’ nerves, raising demand for haven gold. February gold climbed $5.60, or 0.4%, to settle at $1,282.30 an ounce. The contract posted a weekly decline of 0.7%.

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A group of lawmakers in the House, including several prominent Democrats, introduced a bill to block a rule that would make it harder for Americans to obtain short-term loans from “payday lenders. These lenders make money available at high interest rates to millions of customers who typically are poor or have shaky credit. The Consumer Financial Protection Bureau adopted a controversial rule last month that could put many payday lenders out of business or sharply curtail their businesses. The CFPB contends payday loans take advantage of borrowers and put them into deeper debt. Yet critics, including some Democrats, say the new CFPB rules go too far. In many cases borrowers unable to procure loans or cash checks at traditional banks would have no where else to turn if they could not go to a payday lender, critics contend.

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Shares of generic drug maker Lannett Co. Inc. surged 8% Friday, after the company’s said it has reached an exclusive agreement with Aralez Pharmaceuticals Inc. to distribute that company’s authorized generic version of Toprol-XL tablets in 25 mg, 50 mg, 100 mg and 200 mg dosages Toprol is a beta-blocker used as a treatment for high blood pressure, angina and heart failure. “Metoprolol Succinate is a widely prescribed medication and will be an important addition to our cardiovascular product offering,” Lannett Chief Executive Arthur Bedrosian said in a statment. Raymond James analyst Elliot Wilbur said the company is continuing a winning streak. “Given the unique nature of the respective market, we believe there exists an upside scenario for Lannett than simply what’s currently on the paper,” Wilbur wrote in a note. “Management has been on a nothing-but-execution mode since it introduced slightly better-than-expected FY18 guidance framework in August.” Raymond James views Lannett stock as undervalued, given its strong position to benefit from “favorable product-specific dynamics in 2018”. Wilbur reiterated an outperform rating on the stock, which has gained 30% in 2017, while the S&P 500 has gained 18%.

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Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was up 2 at 749 this week. The number of U.S. oil rigs climbed by 9 last week. The total active U.S. rig count, which includes oil and natural-gas rigs, added 6 to 929, according to Baker Hughes. January West Texas Intermediate crude was up 75 cents, or 1.3%, from Thursday, to $58.15 a barrel. Prices traded at $58.34 shortly before the rig data.

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The Atlanta Fed GDPNow model for fourth-quarter GDP growth jumped after data released Friday on manufacturing and construction. The estimate climbed to 3.5% from 2.7%.

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Treasury prices extended their initial climb, pulling yields lower, on Friday after ABC News reported that former National Security Adviser Michael Flynn was prepared to testify about President Donald Trump. Bonds tend to attract safe-haven flows during bouts of market turmoil. The 10-year note yield fell 6.7 basis points to 2.343%. The 2-year note yield ticked down 2.4 basis points to 1.766%. The 30-year bond yield plummeted 8.8 basis points to 2.740%. Bond prices move in the opposite direction of yields.

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U.S. stocks fell sharply on Friday, turning lower in midday trading following reports that Michael Flynn will testify about President Donald Trump. The Dow Jones Industrial Average fell 162 points, or 0.7%, to 24,116. The S&P 500 lost 18 points to 2,630, a drop of 0.6%. The Nasdaq Composite Index was down 52 points, or 0.8%, to 6,821. Trading was extremely volatile following the results, and the decline represented a modest rebound off session lows hit in the immediate aftermath of the report. Prior to the news, stocks had traded in positive territory, with major indexes near records. The decline was broad based, with nine of the 11 primary S&P 500 sectors down on the day. Industrial stocks were the biggest decliners, off 1.1%, while technology fell 1%. ABC News reported that Flynn, the former national security adviser, would testify about Trump. Earlier, Flynn was charged with lying to the FBI about conversations he had with the Russian ambassador. According to reports, Flynn will plead guilty.

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Shares of General Motors Co. slumped 1.2% in morning trade, after the auto maker said November U.S. vehicle deliveries fell 2.9% from a year ago to 245,387 units, as all brands declined. Chevrolet sales fell 1.1% to 167,777 units, while GMC sales declined 5.8%, Buick sales fell 3.0% and Cadillac sales were down 12.8%. Retail sales slipped 0.1% to 197,340 units, as declines in GMC, Buick and Cadillac retail sales offset an increase in Chevrolet sales. GM said Chevrolet retail sales rose 1.9% to 128,485 units, the best retail November performance since 2004. Total fleet sales fell 13%, as daily rental deliveries dropped 24%. GM’s stock has rallied 14% over the past three months, while the S&P 500 has gained 6.8%.

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Stock index futures posted a mixed open Friday, with the Dow industrials edging lower a day after powering above the 24,000 milestone for the first time. The Nasdaq lost ground amid weakness for tech shares. The S&P 500 fell less than 0.1% to 2,647.46, while the Dow was off 15 points, or 0.1%, after flipping between small gains and losses. The Nasdaq Composite shed 0.3% to 6,857.

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BlackBerry Ltd. said Friday the International Chamber of Commerce’s court of arbitration ruled against it in its contract dispute with Nokia Corp. . The dispute related to whether certain payments that Nokia alleged were owed to Nokia under a patent license contract between the companies. BlackBerry said the ICC’s arbitration panel awarded Nokia $137 million, which it will record as a one-time charge to earnings. “BlackBerry is disappointed that the Court of Arbitration did not agree with our arguments in the case but we accept their decision,” the cybersecurity software and handheld device maker said in a statement. BlackBerry said it would continue to pursue patent infringement claims against Nokia in suits filed in both Germany and the U.S. The stock was up 0.6% in morning trade. It has rallied 18% over the past three months, while Nokia shares have tumbled 20% and the S&P 500 has gained 6.9%.

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