Category: Stock Market News

Oil prices finished at their highest level in two weeks on Friday, scoring a gain of roughly 4.4% for the week as uncertainty surrounds Iran’s nuclear deal and amid strong Chinese crude imports. November WTI crude rose 85 cents, or 1.7%, to settle at $51.45 a barrel on the New York Mercantile Exchange-the highest since Sept. 29, according to FactSet data.

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Gold prices settled above $1,300 an ounce on Friday, lifting their weekly gain to 2.3%. Prices got a boost as a reading on U.S. inflation came in cooler than expected, raising uncertainty about the pace of U.S. interest-rate hikes by the Federal Reserve. December gold climbed by $8.10, or 0.6%, to settle at $1,304.60 an ounce. That was the highest finish since Sept. 25, according to FactSet data.

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Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 5 to 743 this week after posting a fall of 2 rigs last week. The total active U.S. rig count, which includes oil and natural-gas rigs, also declined by 8 to 928, according to Baker Hughes. November West Texas Intermediate crude was up 44 cents, or 0.9%, from Thursday, at $51.04 a barrel as U.S. President Donald Trump announces a new strategy on Iran. Prices traded at $51.45 before the rig data.

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President Donald Trump should reappoint Federal Reserve Chairwoman Janet Yellen to a second four-year term, the outgoing No.2 at the central bank said on Friday. “Janet is a safe pair of hands and very good at explaining what she is doing and persuading people of what she’s doing and I think that is critically important,” Federal Reserve Vice Chairman Stanley Fischer said, in an interview on CNBC. Fischer announced last month that he was retiring Friday.

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Shares of OptiNose Inc. surged more than 20% in the first ten minutes of trading on the Nasdaq Friday, as the maker of products for ear, nose and throat conditions made its stock market debut. The stock was last up $2.57, or 16%, at $18.57. OptiNose priced its initial public offering late Thursday at $16 a share, the midpoint of its $15 to $17 range, according to Renaisannce Capital, an IPO investment manager. The company, which has developed a nasal spray treatment for chronic rhinosinusitis, offered 7.5 million shares to raise $120 million, after increasing the offer from an original plan to sell 6.3 million shares. Shares are trading on the Nasdaq under the ticker symbol “OPTN.” Jefferies, Piper Jaffray, BMO Capital Markets and RBC Capital Markets were lead managers on the deal.

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Shares of Hostess Brand Inc. tumbled 13% in morning trade Friday toward an 11-month low, after UBS turned bearish the Twinkies maker, citing the surprise retirement of Chief Executive Bill Toler, as well as slowing category trends and market share losses. The stock was on track to suffer its biggest one-day percentage decline since it went public in July 2016. UBS analyst Steven Strycula cut his rating to sell from neutral, and slashed his stock price target to $11, which is 5.9% below current levels, from $16. “We view Toler as the driving force behind Hostess’ turnaround success and view his departure (plus recent COO departure) as concerns,” Strycula wrote in a note to clients. The company said late Thursday that Toler will retire, effective March 1, 2018. The stock has shed 27% over the past three months, while the S&P 500 has gained 4.5%.

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OptiNose Inc. priced its initial public offering late Thursday at $16 a share, the midpoint of its $15 to $17 range, according to Renaisannce Capital, an IPO investment manager. The company, which has developed a nasal spray treatment for chronic rhinosinusitis, offered 7.5 million shares to raise $120 million, after increasing the offer from an original plan to sell 6.3 million shares. Shares will start trading on the Nasdaq later Friday under the ticker symbol “OPTN.” Jefferies, Piper Jaffray, BMO Capital Markets and RBC Capital Markets were lead managers on the deal.

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U.S. stock-market indexes traded in record territory after modest opening gains on Friday as investors assessed a round of economic data and earnings releases. Inflation data came in weaker than expected, while retail sales jumped last month, but were in line with forecasts. Over the week, the main indexes were on track to post modest gains. The S&P 500 was up 4 points, or 0.2%, to 2,555. The tech-heavy Nasdaq Composite index was up 20 points, or 0.3%, to 6,610. The Dow Jones Industrial Average was up 38 points, or 0.2%, to 22,876 at the open. Shares of large banks were in focus. Bank of America shares fell after third-quarter earnings results, while Wells Fargo & Co shares declined as earnings missed estimates.

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PhaseRx Inc. said Friday it was cutting its workforce in half, as part of a restructuring to cut costs and delay the development of its lead product candidate. The biopharmaceutical company said it was cutting 10 jobs, including some executive officers. As of June 30, the company had 20 employees and $8.4 million in cash and equivalents. PhaseRx said it is review strategic alternatives, including a potential merger. The company is developing treatments for children with inherited enzyme deficiencies in the liver. The stock was indicated up over 5% in premarket trade. It had tumbled 43% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF had climbed 27% and the S&P 500 had gained 14%.

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Netflix Inc. shares were up 1.6% in premarket trade on Friday after analysts at J.P. Morgan raised their 12-month price target on Netflix to $225 from $210 on Friday, just ahead of the streaming giant’s third-quarter earnings report after the bell on Monday. Lead analyst Doug Anmuth’s increase was driven by Netflix recent price increases and a promotion the company has with T-Mobile to sign up new subscribers. A common theme from analysts ahead of earnings is the view that Netflix added more subscribers in the quarter than previously thought. Anmuth said he expects the streamer to report net adds of 800,000; up from his previous 765,000 expectation and above the company’s 750,000 guidance. The price increase is expected to have a minor impact on Netflix’s fourth quarter subscriber numbers though. “We think there will only be modest negative impact on churn and overall gross adds given the price increase is happening around a very strong content and favorable seasonal period,” Anmuth wrote in a note to investors. “Overall, the impact to Netflix Financials is a clear positive.” Shares of Netflix are up more than 58% in the year to date, while the S&P 500 Index is up 14% and the Dow Jones Industrial Average is up close to 16%.

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