Category: Stock Market News

U.S. stocks opened with a modest gain on Tuesday, with equities partially recovered after a three-day drop for the Dow. The Dow Jones Industrial Average rose 25 points, or 0.1%, to 22,325. The S&P 500 added 3 points to 2,500, a gain of 0.1%. The Nasdaq Composite Index rose 23 points to 6,393, up 0.4%. All three remain close to record levels. Trading could be quiet as investors look ahead to fresh readings on the housing market and consumer confidence, as well as speeches from Federal Reserve chief Janet Yellen and three other U.S. central bankers. Market action could also be driven by any further developments in the tense geopolitical situation between the U.S. and North Korea. In company news, Red Hat Inc. rose 6.6% a day after it reported earnings that beat expectations.

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J.C. Penney Co. Inc. said Tuesday that it will begin selling Frigidaire appliances in nearly 600 showrooms starting Oct. 1. The retailer has partnered with Electrolux Home Appliances to sell Frigidaire brand dishwashers, freezers, refrigerators and more. Prices range from $399 to $1,099. J.C. Penney will also begin selling Ayesha Curry brand cookware and bakeware. Curry is a chef and Food Network personality, as well as the wife of NBA star Steph Curry. Ayesha Curry’s line will also be available in 600 stores this fall. J.C. Penney shares are up 0.8% in premarket trading, and down 52.7% for the year so far. The S&P 500 index is up 11.5% for the period.

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Shares of Apple Inc. rose 0.9% in premarket trade Tuesday, putting it on track to snap a four-session losing streak, after Raymond James raised its price target, and increased expectations for gross margin and average selling prices. Analyst Tavis McCourt maintained its outperform rating and raised his stock price target to $180, which is 19% above current levels, from $170. McCourt said that while a consumer survey and feedback from sources in Asia suggest the new iPhone X won’t launch a new “supercycle,” it will boost average selling prices by about 10%, and expand gross margin by about 2 percentage points. He doesn’t expect earnings and revenue growth to peak until sometime during the first half of 2018, so he views the recent pullback in the stock “as a trading opportunity.” The stock had closed Monday at an 8-week low, after falling 5.2% over the past four sessions, 6.8% since Apple’s product event. It has still climbed 30% year to date through Monday, while the tech-heavy Nasdaq 100 has rallied 21% and the Dow Jones Industrial Average has gained 13%.

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Shares of Ann Taylor parent Ascena Retail Group Inc. surged 15% premarket Tuesday, after the retailer posted stronger-than-expected earnings for its fiscal fourth quarter. KeyBanc analysts said visibility is still very limited, “but a continuation of a more favorable environment should give the company sufficient headroom to continue its turnaround.” The company posted a 4% decline in same-store sales, which was better than the 8% decline KeyBanc was expecting, suggesting traffic trends are still soft. “We believe that brand health remains inconsistent throughout the portfolio,” said the analysts. The company’s real estate moves are central to its long-term health, they wrote. Ascena may close 667 stores or more over time, but it offered a better explanation of its thinking about closures. Shares have gained about 5% in 2017, while the S&P 500 has gained 12%.

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Newell Brands Inc. said Tuesday it will resume its stock repurchase program, which it had suspended in the fourth quarter of 2015. The consumer goods company, which brands include Sharpie, Marmot and Yankee Candle, said there is $256 million remaining in the original buyback program, which is effective through the end of 2017. Based on Monday’s stock closing price of $40.96, the current program would allow the company to buy back 6.25 million shares, or about 1.3% of the shares outstanding. The company said it was ahead of its schedule to achieve its deleverage ratio target to 3.0 to 3.5 times in 2018. The stock, which was inactive in premarket trade, has tumbled 23% over the past three months, while the SPDR Consumer Staples Select Sector ETF has slipped 2.5% and the S&P 500 has gained 2.4%.

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Axovant Sciences Ltd. shares cratered 71% in premarket trade Tuesday, after the company said a late-stage trial of a treatment for Alzheimer’s disease failed to meet its primary goals. The company said the phase 3 trial of intepirdine in patients with mild to moderate Alzheimer’s disease who were receiving donepezil therapy did not meet its primary endpoints. “At 24 weeks, patients treated with 35 mg of intepirdine did not experience improvement in cognition or in measures of activities of daily living as measured by the Alzheimer’s Disease Assessment Scale-Cognitive Subscale (ADAS-Cog) and by the Alzheimer’s Disease Cooperative Study-Activities of Daily Living scale (ADCS-ADL), respectively, compared to patients treated with placebo,” the company said in a statement. Alzheimer’s is the most common form of dementia and is fifth leading cause of death for people age 65 and older in the U.S. Axovant shares had gained 95% in 2017 through Monday, while the S&P 500 has gained 12%.

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From:: Stock Market News

Axovant Sciences Ltd. said Tuesday a late-stage trial of a treatment for Alzheimer’s disease failed to meet its primary goals. The company said the phase 3 trial of intepirdine in patients with mild to moderate Alzheimer’s disease who were receiving donepezil therapy did not meet its primary endpoints. “At 24 weeks, patients treated with 35 mg of intepirdine did not experience improvement in cognition or in measures of activities of daily living as measured by the Alzheimer’s Disease Assessment Scale-Cognitive Subscale (ADAS-Cog) and by the Alzheimer’s Disease Cooperative Study-Activities of Daily Living scale (ADCS-ADL), respectively, compared to patients treated with placebo,” the company said in a statement. Alzheimer’s is the most common form of dementia and is fifth leading cause of death for people age 65 and older in the U.S. Axovant shares were halted premarket for the news, but have gained 95% in 2017, while the S&P 500 has gained 12%.

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Shares of Darden Restaurants Inc. dropped 3.8% in premarket trade Tuesday, after the parent of Olive Garden and LongHorn Steakhouse restaurant chains matched profit expectations but missed on same-store sales. Net income for the quarter to Aug. 27 rose to $119.0 million, or 93 cents a share, from $110.2 million, or 87 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 99 cents, matching the FactSet consensus. Revenue increased to $1.94 billion from $1.71 billion, just above the FactSet consensus of $1.93 billion, while sale-store sales growth of 1.7% missed expectations of a 2.1% rise. Same-store sales rose 1.9% for Olive Garden, missing the FactSet consensus of 2.5% growth, and increased 2.6% for LongHorn, which beat expectations of a 2.2% rise. The company affirmed its 2018 outlook for adjusted EPS of $4.38 to $4.50 and for revenue growth of 11.5% to 13%. The stock has tumbled 7.7% over the past three months through Monday, while the S&P 500 has gained 2.4%.

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At least six top advisers to President Donald Trump have used private email to discuss White House matters, the New York Times reported Monday. In addition to Trump’s son-in-law, Jared Kushner, the list includes former top aides Steve Bannon and Reince Priebus, as well as economic adviser Gary Cohn, policy adviser Stephen Miller and Trump’s daughter, Ivanka. The Times cited current and former government officials. It it not illegal for White House advisers to use private emails, but legally they must forward them to their official accounts so they can be archived. Private email accounts may also be more vulnerable to hackers. During the presidential campaign, Trump hammered away against Hillary Clinton for her use of private email servers.

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Maine Republican Sen. Susan Collins said late Monday she is opposed to the latest bid to repeal Obamacare, likely dooming the legislation. In a statement, Collins said the Graham-Cassidy bill currently under consideration would have a “devastating impact” on Medicaid and weaken protections for those with pre-existing conditions. Collins also ripped the effort to revise the bill to appeal to holdout senators by granting their states more funding. “This is simply not the way we should be approaching an important and complex issue that must be handled thoughtfully and fairly for all Americans,” she said. Collins’ statement came out as the Congressional Budget Office said the bill would reduce the deficit by $133 billion, but result in millions losing coverage. Sens. John McCain (R-Ariz.) and Rand Paul (R-Kent.) have also said they oppose the bill, and at least three other senators have expressed their doubts in recent days. The GOP can afford only two dissenting votes.

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