Category: Stock Market News

Worldwide spending on smartphone hardware, software and services will reach $1.72 trillion in 2021 with the U.S. accounting for about a quarter of the spend, International Data Corporation (IDC) said Thursday. “Although annual growth is expected to slow over the 2016-2021 forecast period, IDC still expects spending on mobility-related hardware, software, and services to see a five-year compound annual growth rate (CAGR) of 2.7%,” the research firm said. “Worldwide mobility spending will total $1.58 trillion in 2017, an increase of 4.3% over 2016.” The U.S. is expected to account for nearly one quarter of the spend, making it the biggest regional market at $392 billion, said IDC. Mainland China is expected to take second place at $337 billion, followed by Japan, Brazil and the U.K.

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Janet Yellen is no longer in the race to serve a second term as chair of the Federal Reserve, Politico reported, citing a person who talks “regularly” with President Donald Trump. That would leave the race to Fed Gov. Jerome Powell and Stanford economist John Taylor. The same report quoted someone “close to the process” as saying Trump changes his mind about it every day.

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Celgene Corp. shares dropped 15% in premarket trade Thursday after the company reported a third-quarter profit beat and revenue miss and lowered its 2017 profit and revenue outlook. Earnings for the latest quarter rose to $988 million, or $1.21 per share, from $171 million, or $1.21 per share in the year-earlier period. Adjusted earnings-per-share were $1.91, above the FactSet consensus of $1.87. Revenue rose to $3.29 billion from $2.98 billion, below the FactSet consensus of $3.42 billion. Sales of Revlimid, Otezla, Abraxane and Vidaza came in below consensus, while sales of Pomalyst beat the consensus. Celgene also lowered its 2017 revenue and EPS guidance, bringing revenue guidance to about $13 billion, compared with previous guidance of $13 billion to $13.4 billion, and bringing EPS guidance down to $4.78 to $5.19, compared with previous guidance of $5.36 to $5.62. The company’s updated 2017 revenue outlook is below the FactSet consensus of $13.23 billion, and its new 2017 EPS guidance is below the FactSet consensus of $5.33. Celgene also increased the lower end of its adjusted EPS guidance, bringing its 2017 EPS outlook to $7.30 to $7.35 from previous guidance of $7.25 to $7.35, compared with the FactSet consensus of $7.32. Celgene shares have dropped 13.2% over the last three months, compared with a 3.2% rise in the S&P 500 .

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Shares of Twitter Inc. shot up 10.5% in active premarket trade Thursday, putting them on track to open at a 3-month high, after the social media company’s profit and revenue beat offset the admission that it overstated active users. Trading volume was 4.6 million shares more than an hour before the open, compared with the full-day average of 12.0 million shares, according to FactSet. The stock, which was headed for the biggest one-day percentage gain since Sept. 23, 2016, should snap an 8-session losing streak, which was the longest such streak since the 8-day stretch ending Jan. 13, 2016. It was also on track for the biggest one-day post-earnings rise since it soared 16% on Feb. 6, 2015, after reporting fourth-quarter 2014 results. The stock had tumbled 12.6% over the past three months through Wednesday, while the tech-heavy Nasdaq 100 had edged up 1.8% and the S&P 500 had gained 3.2%.

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The European Central Bank on Thursday announced it would extend its bond buying program through September 2018, but slow the pace of purchases to 30 billion euros a month beginning in January from its current monthly pace of 60 billion euros. The ECB said it could extend the purchases beyond September “if necessary,” and that if conditions deteriorated, it stood ready to increase the size of the program in terms of size and/or duration. Also, the ECB will continue to reinvest principal payments from maturing securities it has purchased “for an extended period,” the bank said. The ECB had been widely expected to extend the program past its scheduled end date in December but to reduce the size of purchases by 20 billion to 40 billion euros. The ECB, as expected, left interest rates unchanged and reiterated that rates would remain at present levels well beyond the end of its asset-buying program. More details are expected when ECB President Mario Draghi holds a news conference in Frankfurt at 2:30 p.m. local time, or 8:30 a.m. Eastern.

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Celgene Corp. shares dropped 11.2% in premarket trade Thursday after the company reported a third-quarter profit beat and revenue miss and lowered its 2017 profit and revenue outlook. Earnings for the latest quarter rose to $988 million, or $1.21 per share, from $171 million, or $1.21 per share in the year-earlier period. Adjusted earnings-per-share were $1.91, above the FactSet consensus of $1.87. Revenue rose to $3.29 billion from $2.98 billion, below the FactSet consensus of $3.42 billion. Sales of Revlimid, Otezla, Abraxane and Vidaza came in below consensus, while sales of Pomalyst beat the consensus. Celgene also lowered its 2017 revenue and EPS guidance, bringing revenue guidance to about $13 billion, compared with previous guidance of $13 billion to $13.4 billion, and bringing EPS guidance down to $4.78 to $5.19, compared with previous guidance of $5.36 to $5.62. The company’s updated 2017 revenue outlook is below the FactSet consensus of $13.23 billion, and its new 2017 EPS guidance is below the FactSet consensus of $5.33. Celgene also increased the lower end of its adjusted EPS guidance, bringing its 2017 EPS outlook to $7.30 to $7.35 from previous guidance of $7.25 to $7.35, compared with the FactSet consensus of $7.32. Celgene shares have dropped 13.2% over the last three months, compared with a 3.2% rise in the S&P 500 .

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Xerox Corp.’s stock rose 1.5% in premarket trade Thursday, after the copy machine and other office products maker beat profit and revenue expectations, and raised its earnings outlook. Net income fell to $179 million, or 68 cents a share, from $183 million, or 69 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 89 cents, above the FactSet consensus of 83 cents. Revenue fell 5% to $2.50 billion from $2.63 billion, but beat the FactSet consensus of $2.49 billion, as services, maintenance and rentals revenue declined 3.1% to $1.44 billion. The company raised its 2017 adjusted EPS guidance range to $3.28 to $3.44 from $3.20 to $3.44, compared with the FactSet consensus of $3.36. The stock has soared 44% year to date through Wednesday, while the S&P 500 has gained 14% and the Dow Jones Industrial Average has climbed 18%.

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Mylan NV shares rose 1.7% in premarket trade Thursday on news that the company won an United Kingdom patent case over Teva’s popular multiple sclerosis drug Copaxone. Teva Pharmaceutical Industries Ltd. shares declined 0.6% in premarket trade. The United Kingdom’s High Court of Justice found that Teva’s patent claims related to the high, 40 mg dose of Copaxone were “invalid based on obviousness,” Mylan said. The U.K. decision could have positive implications for Mylan’s generic Copaxone becoming available in other parts of the world, Mylan said. Both the low and high doses of Mylan’s generic Copaxone were approved in the U.S.earlier this month; Teva noted immediately after the approval news that it is challenging Mylan and others in several patent lawsuits. Mylan shares have declined 0.4% over the last three months and Teva shares have plummeted 57.8%, compared with a 3.2% rise in the S&P 500 .

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LegoLand parent Merlin Entertainments PLC said Thursday that it will open a LegoLand Park in Goshen, New York in 2020, the third park in North America, joining California and Florida. It will be 60 miles from New York City and within two hours of 23 million people, the company said. The park will require a $350 million investment and include a 250-bedroom Lego-themed hotel that will be open throughout the year. The park will be open from April to November. The report is expected to create more than 1,000 jobs and 800 construction jobs. Merlin shares are down 17.5% for the year so far while the S&P 500 index is up 14.2% for the period.

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Pfizer Inc. will begin the auction process for its consumer healthcare unit in November, which it hopes will end in a $15 billion sale, Reuters reported late Wednesday, citing sources close to the matter. GlaxoSmithKline PLC. and Reckitt Benckiser are among those companies that have said they would consider bidding for the Pfizer unit. One of the sources told Reuters that initial discussions with Reckitt have already happened. Other possible bidders may include Procter & Gamble , Sanofi SA , Johnson & Johnson and Nestle [s:
ch:nesn], sources said. The companies have been contacted for comment.

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