Category: Stock Market News

Beijing-based Sogou Inc. filed Friday to go public. The company, which says it is the second-largest search engine by mobile queries in China, said it was looking to raise up to $600 million, but said that was estimated solely as a placeholder amount. Sogou said it plans to apply to have its American depositary shares listed on the New York Stock Exchange under the ticker symbol “SOGO.” The company had revenue of $373.2 million during the first six months of 2017, up from $322.9 million a year ago. Net income for the period has increased to $35.8 million from $25.3 million. The lead underwriters are J.P. Morgan Securities, Credit Suisse Securities, Goldman Sachs, China International Capital Corp. Hong Kong and China Renaissance Securities. The company is looking to go public during a time when the Emerging Markets Internet & Ecommerce ETF has run up 12% over the past three months, while the S&P 500 has gained 4.2%.

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Treasury yields declined Friday after consumer price data rose less than expected. The consumer price index climbed 0.5%, while core prices rose 0.1%. Forecasters surveyed by MarketWatch were expecting an 0.6% jump, and an 0.2% gain in core prices. If inflation does not rise as much as hoped, it could dent the Federal Reserve’s argument that the past few months of lackluster inflation readings was temporary, and weaken the case for raising rates in December. The benchmark 10-year note yield declined 3 basis points to 2.288%, from 2.323%, while the 30-year bond yield shed 2 basis points to 2.826%, from 2.854%. The 2-year note yield fell 2 basis points to 1.497%, from 1.517%.

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Shares of Wells Fargo & Co. {s: wfc] slid 1.8% in early-morning trading Friday as the bank reported lower-than-expected revenue, and earnings muddied by a one-time charge. Wells said it had revenue of $21.9 billion in the third quarter, down 2% compared to a year ago and lower than the FactSet consensus of $22.4 billion. It had per-share earnings of $0.84, which included a litigation accrual of 20 cents per share for pre-crisis mortgage investigations, versus $1.03 a year ago. The FactSet consensus was for EPS of $1.02. “Over the past year we have made fundamental changes to transform Wells Fargo as part of our effort to rebuild trust and build a better bank,” CEO Tim Sloan said in a release. “We saw total average deposit growth; loan growth in our residential mortgage, credit card and subscription finance portfolios; as well as higher assets under management in Wealth and Investment Management.” Shares in the bank, which has struggled with numerous consumer scandals for over a year, are flat for the year, compared to a 15.6% increase for the Dow Jones Industrial Average [S: djia]

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Alcoa Inc. shares rose 1.8% premarket Friday, after the company said it has reached agreement on the early termination of a power contract tied to the Rockdale smelter in Texas. The smelter has been curtailed since the end of 2008, the company said, and Alcoa’s cost of power exceeded the revenue it was generating. The contract was originally meant to expire no later than 2038. Alcoa is expecting annual net income to be boosted by $60 million to $70 million as a result of the early termination, starting in the fourth quarter. It expects to book a one-time charge of about $250 million in the fourth quarter because of the deal. The company has now started a strategic review of the remaining buildings and equipment at the smelter, casthouse and aluminum powder plant. Shares have gained 69% in 2017, while the S&P 500 has gained 14%.

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J.B. Hunt Transportation Services Inc. reported Friday third-quarter net income of $100.4 million, or 92 cents a share, compared with $109.4 million, or 97 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 96 cents. The logistics company said evenue rose to $1.84 billion from $1.69 billion, just above the FactSet consensus of $1.83 billion. Among the business segments, intermodal revenue rose 8% to $1.05 billion to match the FactSet consensus, while truck revenue fell 5% to $93 million, missing expectations of $96.6 million. Revenue for the dedicated contract services and integrated capacity solutions businesses both rose above expectations. The stock was still inactive in premarket trade. It has run up 19% over the past three months, while the Dow Jones Transportation Average has tacked on 3.5% and the Dow Jones Industrial Average has gained 6.0%.

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Shares of Spark Therapeutics Inc. surged 7.5% premarket Friday, after a U.S. Food and Drugs Administration advisory committee recommended approval of the company’s gene therapy treatment for a rare eye disease that causes blindness. The committee voted unanimously to approve Luxturna in the treatment of patients with biallelic RPE65-mediated inherited retinal disease. There is currently no treatment for the disease, which causes childhood blindness. Luxturna has received orphan drug, breakthrough therapy and rare pediatric disease designations from the agency. The treatment showed positive results in a Phase 3 trial, data from which were published in The Lancet. The committee’s ruling is non-binding, but is taken into consideration by the FDA when reviewing drug applications. Shares have gained 73% in 2017, while the S&P 500 has gained 14%.

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Novavax Inc. said Friday Chief Financial Officer Barclay Phillips has resigned to pursue and “expanded opportunity” in the industry. Phillips will step down, effective Nov. 10. Chief Executive Stanley Erck will act as interim CFO until a replacement can be found. The biotechnology company’s stock, which was still inactive in premarket trade, has gained 0.9% over the past three months, while the iShares Nasdaq Biotechnology ETF has climbed 6.6% and the S&P 500 has advanced 4.2%.

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Shares of Aerie Pharmaceuticals Inc. were halted for trading Friday, as the U.S. Food and Drugs Administration reviews a new drug application for a treatment for glaucoma and ocular hypertension. The FDA’s dermatologic and opthalmic drugs advisory committee will meet at 8.30 a.m. Eastern to review Rhopressa, an eye drop which, if approved, would be the only once-daily product targeting the trabecular meshwork, which is the eye’s main fluid drain and the tissue responsible for the pressure on the eyes felt in glaucoma. Glaucoma is a disease in which damage to the optic nerve leads to vision loss. It’s the second leading cause of blindness, according to the Glaucoma Research Foundation. Aerie shares have gained 66% in 2017, while the S&P 500 has gained 14%.

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President Donald Trump intends to cut off key payments to health insurers, Politico reported Thursday night, in his most aggressive move yet to scrap Obamacare. Politico said the $7 billion in annual subsidies could end almost immediately, since Congress has not allocated any funds for the program. For months, Trump has threatened to cut off the payments, but many Republican lawmakers opposed the move because of the turmoil it could cause to insurance markets, including increased premiums. Politico said Trump may announce the cuts Friday. Late Thursday night, the attorneys general of New York and California said that a coalition of states would sue to preserve the subsidies if Trump moves against them. Earlier Thursday, Trump signed an executive order encouraging cheap insurance plans not subject to Affordable Care Act rules.

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Samsung Electronics Co. Ltd. Chief Executive and Vice Chairman Kwon Oh-hyun said Friday he would step down when his term ends in March 2018. “As we are confronted with unprecedented crisis inside out, I believe the time has come for the company to start anew with new sprit and young leadership to better respond to challenges,” Kwon said in a statement. Kwon, 64, has led the electronics giant since 2012, and has been the conglomerate’s de facto leader since Samsung heir Lee Jae-yong was convicted of bribery. Earlier Friday, Samsung forecast record quarterly profits.

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