Category: Stock Market News

The Dow Jones Industrial Average on Thursday retained its grip on firm gains as the House passed a Senate-backed budget bill, clearing the way for overhaul of taxes. The budget bill was passed by a narrow margin in a 216-to-212 House vote. The Dow Jones Industrial Average was up 90 points, or 0.4%, at 23,419, the S&P 500 index climbed 0.3% at 2,564 and the Nasdaq Composite Index was up 0.2% at 6,574. The House vote was largely viewed as procedural, but investors have been closely watching legislation around taxes because it is seen by some as helping to power, along with corporate earnings and improved economic reports, recent gains in stock benchmarks.

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Insys Therapeutics Inc. shares plummeted 8% in heavy midday trade Thursday after the company’s founder and majority owner was arrested and charged, along with six former executives, with illegally acting to promote the company’s opioid medications and fuel the opioid epidemic. Insys founder John Kapoor, Michael Babich, a former CEO and president of the company, and others were charged by the Department of Justice with allegedly bribing doctors and misleading and defrauding health insurers to promote the powerful opioid medication Subsys. “We must hold the industry and its leadership accountable – just as we would the cartels or a street-level drug dealer,” said Acting United States Attorney William Weinreb in a statement. Insys shares have plummeted 43% to $6.85 over the last three months, compared with a 3.5% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Insys Therapeutics Inc. shares plummeted 8% in heavy midday trade Thursday after the company’s founder and majority owner was arrested and charged, along with six former executives, with illegally acting to promote the company’s opioid medications and fuel the opioid epidemic. Insys founder John Kapoor, Michael Babich, a former CEO and president of the company, and others were charged by the Department of Justice with allegedly bribing doctors and misleading and defrauding health insurers to promote the powerful opioid medication Subsys. “We must hold the industry and its leadership accountable – just as we would the cartels or a street-level drug dealer,” said Acting United States Attorney William Weinreb in a statement. Insys shares have plummeted 43% to $6.85 over the last three months, compared with a 3.5% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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General Electric Co. is considering a spin-off or sale of its railroad business, according to a report by The Wall Street Journal, citing people familiar. The company’s GE Transportation division primarily produces diesel-powered locomotives and railroad equipment. According to the report, the move comes as newly minted CEO John Flannery looks to restructure the company that had been run by Jeff Immelt for 16 years. The railroad unit accounted for $4.7 billion of GE’s total revenue of $123.7 billion last year, according to WSJ. GE’s stock has been among the worst performers in the Dow . The company has lost about 32% so far in 2017, compared with an 18% year-to-date gain for the broader Dow industrails. So far this year, by comparison, the S&P 500 index is up 15% and the Nasdaq Composite Index has climbed about 22%.

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Spanish stocks finished off session highs Thursday after the leader of the Catalan region failed to call anticipated snap elections. Catalan President Carles Puigdemont said he wouldn’t call early elections because there was no guarantee the central government in Madrid would halt its move toward stripping Catalonia of autonomous rule, local reports said. Spain’s IBEX 35 closed up 1.9% at 10,347.80. The benchmark had jumped as much as 2.7% intraday on reports Puigdemont would call snap elections. Separatists, led by Puigdemont, earlier this month held what the central government and Spanish constitutional courts deemed an illegal independence referendum.

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The Dow Jones Industrial Average saw its gains whittled back late-morning Thursday as shares of component 3M weighed on the average. 3M Co.’s shares was cutting about 25 points from the Dow , which trimmed the benchmark’s earlier rise. The Dow was most recently trading 85 points, or 0.4%, higher at 23,413, but had been up about 130 points. A $1 move in any one of the price-weighted Dow’s 30 components equates to a swing of 6.89 points. Meanwhile, the S&P 500 index was up 0.3% and the Nasdaq Composite Index was trading little changed. Shares of 3M Co. had rallied earlier in the week, after the industrial, safety and consumer products company beat profit and revenue expectations.

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Joe Girardi, the sixth-winningest manager in New York Yankees history, will not be back for an eleventh campaign. “With a heavy heart,” the 53-year-old former catcher said in a statement, “I come to you because the Yankees have decided not to bring me back.” A club statement confirmed that decision. Girardi-led teams never finished below .500 and won one World Series and made six postseason appearances. His overall record at the team’s helm was 910-710. The Yankees came within one win of advancing to this year’s World Series.

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Shares of National Vision Holdings Inc. debuted on the Nasdaq at $28.75 at 11:05 a.m. ET, or 31% above their initial public offering price of $22. The stock was recently changing hands at $28.00, and has traded in a range of $27.66 to $29.10 since its debut. The optical retail company had priced its IPO late Wednesday, above the expected range of $18 to $20. The company offered 15.8 million shares for sale, to raise $347.6 million. National Vision plans to use the proceeds to repay debt and for general corporate purposes, which includes the payment of interest on term loans. BofA Merrill Lynch, Goldman Sachs, Citigroup and KKR Capital acted at joint bookrunning managers. National Vision has gone public at a time the SPDR S&P Retail ETF has slipped 0.4% over the past three months, while the S&P 500 has gained 3.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

The Dow Jones Industrial Average on Thursday retained its grip on firm late-morning gains as the House passed a Senate-backed budget bill, clearing the way for overhaul of taxes. The budget bill was passed by a narrow margin in a 216-to-212 House vote. The Dow Jones Industrial Average was up by more than 100 points, or 0.4%, at 23,430, the S&P 500 index climbed 0.3% at 2,564 and the Nasdaq Composite Index was up 0.2% at 6,578. The House vote was largely viewed as a procedural but investors have been closely watching legislation around taxes because it is seen by some as helping to power, along with corporate earnings and improved economic results, recent gain in stocks.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Exchange-traded funds that track Spain’s equity market rose on Thursday, following reports that Catalan President Carles Puigdemont would dissolve the region’s parliament and call early elections. That move would be aimed at trying to avoid a constitutional clause being invoked by the Spanish central government to suspend the Catalan government and call early elections of its own. Had that happened, and the results had gone against Puigdemont, that could have exacerbated the recent political uncertainty in the region. The iShares MSCI Spain Capped ETF rose 1.1%, with banks and energy stocks among the biggest gainers in the portfolio. The iShares Currency Hedged MSCI Spain ETF was up 1.9%, supported by a 0.8% decline in the euro . The primary iShares fund is up about 26% thus far this year, though it has lost 1% thus far in October.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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