Category: Stock Market News

Four stocks specifically mentioned by Omega Advisors’ Leon Cooperman at an investing conference on Tuesday are putting in a mixed performance. WPX Energy Inc. rallied 2.3% and Hess Corp. added 1.2% after Cooperman pointed out that the two oil producers have net asset values above their current stock prices. Oil for October delivery gained 0.2% to $48.18 a barrel on the Nymex. His other picks, Shire PLC and United Continental Holdings fell, underperforming the broader market. The S&P 500 and the Dow Jones Industrial Average were both up about 0.2%.

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If Gary Cohn, a top economic adviser to President Donald Trump, were to leave the White House it would likely be “terrible” for financial markets, billionaire hedge-fund manager Ray Dalio said Tuesday at the Delivering Alpha conference in New York. “It would undermine future economic progress, in terms of reforms, and it would present a challenge in putting together the administration,” said Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund. News reports have said Cohn, the former Goldman Sachs chief operating officer who was appointed to head up Trump’s National Economic Council, has fallen out of favor with Trump. Cohn, along with Treasury Secretary Steven Mnuchin, is spearheading the administration’s push for a corporate tax overhaul.

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The Dow Jones Industrial Average was powering higher in early trade, despite a drag produced by McDonald’s Corp. The fast-food behemoth was cutting approximately 30 points from the price-weighted Dow in morning trade, with its stock down $4.65, or 3%–putting it on track for the worst performance among the benchmark’s 30 components. A decline at this level would represent the worst one-day decline for the company since July 26, 2016, according to FactSet data. A $1 move in any one of the Dow components equates to a 6.89-point swing in the equity average. Despite the headwind, the Dow was trading near a closing peak, with shares of Goldman Sachs Group Inc. more than offsetting McDonald’s drop. The reason for shares of McD’s decline weren’t entirely clear. Other benchmarks, were in trading in positive territory, with the S&P 500 index setting a fresh intraday all-time high at the ope and the Nasdaq Composite Index trying to climb to around its own record level. The Dow, meanwhile, was up 46 points, or 0.2%, at 21,102, off its best levels of the session.

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President Donald Trump will visit China in November, according to news reports. This would be the second summit between the two leaders. Chinese President Xi Jinping and Trump met for talks at Trump’s Mar-a-Lago estate in Palm Beach, Fla., in April. Bloomberg News first broke the news of the visit, quoting a person familiar with his plans. Later, Reuters quoted a U.S. official saying that China would be one stop on a trip to Asia by the president.

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From:: Stock Market News

U.S. stock-market indexes hit all-time highs Tuesday, extending solid gains from the previous session with investor optimism boosted by the much-anticipated Apple event with a lineup of new products. Investors were also feeling relieved that the damage from Hurricane Irma was less severe than expected, while the international community delivered a list of sanctions on North Korea. The S&P 500 advanced 4 points, or 0.2%, to 2,492.60, hitting an intraday record. The Nasdaq Composite index rose 13 points, or 0.2% to 6,445, also trading in record territory. The Dow Jones Industrial Average gained 48 points, 0.2%, to 22,106 at the open. Among the best performers on Wall Street,Gap, Inc. jumped more than 3%.

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MGM Resorts International said Tuesday it will buy back 10 million of its shares from Tracinda Corp., the hotel and casino operator’s largest shareholder, at price of $32.75 a share. That price represents a 1.0% discount to Monday’s closing price of $33.08. The total amount spent is $327.5 million. After the buyback, Tracinda will own 47.1 million shares, or 8.3% of the shares outstanding, which would keep the investment company as MGM’s largest shareholder, according to FactSet data. “We believe today’s announcement represents a prudent and efficient way of buying back a considerable amount of our stock at an attractive price,” said MGM Resorts Chief Executive Jim Murren. The stock, which tacked on 0.4% in premarket trade, has climbed 4.7% over the past three months through Monday, while the S&P 500 has gained 2.4%.

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Alexion Pharmaceuticals Inc. said early Tuesday that it plans to fire 20% of its global workforce as part of a restructuring effort. Alexion expects pre-tax savings of about $270 million in GAAP and about $250 million in non-GAAP each year by 2019, and said that expenses associated with the restructuring are expected to total $340 million to $440 million. The changes will affect GAAP EPS guidance but not the company’s 2017 revenue guidance or 2017 non-GAAP EPS guidance. Alexion said the restructuring savings will allow it to meet financial ambitions, “including growing GAAP operating margin to 37% and non-GAAP operating margin to 50% in 2019,” and that it plans to invest about $100 million a year into research and development starting next year. As part of the restructuring, the company said it plans to eliminate spend and workers associated with de-prioritized drug pipeline programs, close multiple company sites, including its Rhode Island manufacturing facility and certain regional and country-based offices, and outsource certain non-core finance and IT roles. Alexion also plans to relocate its headquarters from New Haven, Ct. to Boston, Ma. by mid-2018, with about 400 jobs based in Boston; New Haven will be Alexion’s “Center of Excellence” with about 450 jobs based there in research labs, clinical supply and quality teams, nurse case management and enterprise business services. Alexion shares were not active in premarket trade. Shares have surged 33.7% over the last three months, compared with a 2.4% rise in the S&P 500 .

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Shares of Aldeyra Therapeutics Inc. soared 44% in premarket trade Tuesday, putting them on track to open at the highest level seen in over nine months, after the biotechnology company reported positive results from a phase 2a trial of its treatment for dry eye disease. The company said that based on statistically and clinically significant activity across a number of sign and symptom endpoints and tolerability, the ADX-102 treatment was nominated for advancement. That company said it expects to initiate a phase 2b trial in the first half of 2018. “These data represent the fourth set of positive phase 2 results with ADX-102 in ocular inflammation,” said Chief Executive Todd Brady. “The breadth of activity across noninfectious anterior uveitis, allergic conjunctivitis, and now dry eye disease confirms the potential of ADX-102 as an important and differentiated therapy in ophthalmology.” The stock had tumbled 17% over the past three months through Monday, while the iShares Nasdaq Biotechnology ETF had surged 14% and the S&P 500 had gained 2.4%.

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Progress Software Corp. reported preliminary third-quarter earnings and revenue that beat expectations early Tuesday and raised its quarterly dividend by 12%. Earnings per share are expected to be 23 cents, and adjusted EPS is projected to be 48 cents. The FactSet EPS consensus is 42 cents. Revenue is expected to be $97.3 million, also ahead of the FactSet consensus of $95.8 million. The company raised its quarterly dividend to 14 cents per share from 12.5 cents per share. This dividend will be paid December 15 to shareholders of record as of December 1. In a letter to shareholders, Chief Executive Yogesh Gupta said Progress Software has decided that being acquired was “not in the best interest of Progress or its stakeholders.” On August 2, Praesidium filed a Schedule 13D filing with suggestions for Progress, including an acquisition by a third party. The company will formally announce third-quarter earnings on September 27. Progress shares are halted in premarket trading, and up 7.8% for the year so far. The S&P 500 index is up 11.1% for the period.

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Shares of Sage Therapeutics Inc. sank 24% in active premarket trade Tuesday, pulling back from the previous session’s record close, after the biopharmaceutical company said its treatment of super-refractory status epilepticus (SRSE) did not meet the primary endpoint of a phase 3 trial. Volume to 275,000 shares more than 90 minutes before the open, compared with the full-day average of about 316,000 shares. The company said the secondary endpoint results were “consistent” with the primary endpoint. Status epilepticus is a medical emergency of persistent, unremitting seizure lasting longer than five minutes. The company said it would continue to examine data from the trial in coming weeks, in order to help develop future treatments. “Although we did not meet the primary endpoint, this first-ever trial in a highly variable and complex patient population confirms that research in a critical care unit is possible and deepens our understanding of GABA mechanisms and their effect on brain circuitry,” said Chief Executive Jeff Jonas. The stock had soared 19% over the past three months through Monday, while the iShares Nasdaq Biotechnology ETF had rallied 14% and the S&P 500 had gained 2.4%.

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From:: Stock Market News