Category: Stock Market News

BlackBerry Ltd. stock slid 2.5% in premarket trade Monday, after Goldman Sachs resumed coverage of stock with a sell rating and 10% downside to its $8.50 price target. The stock is trading at a better multiple thanks to an improved balance sheet, the transition from hardware to software and optionality around ADAS (advanced driver assisted systems) software, analyst Gabriela Borges wrote in a note. “However, with the auto business trading at an implied 13-17X revenue, and unlikely to ramp meaningfully until 2019, we think fundamentals will be the primary driver of the stock over the next 12 months,” she wrote. “On this point, we see risk to 2HFY18 and FY19 estimates given the Street modeling a sharp inflection, and increasing competition in EMM (enterprise mobility management.” Shares have gained 37% in 2017, while the S&P 500 has gained 10.6%.

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Analysts at Evercore downgraded shares of Time Warner Inc. to in-line from outperform on Monday, as the stock’s discount relative to AT&T Inc. shares has fallen to about 5% from about 15% at the start of the year. AT&T’s proposed $85.4 billion deal to buy Time Warner is expected to close before year’s end. “We believe the arbitrage spread has compressed enough to warrant a move to the sidelines as the final innings of the deal review approach,” lead analyst Vijay Jayant wrote in a note to investors. Jayant said Time Warner’s fundamentals remain intact through the end of the year following solid second-quarter earnings results last week in which the company reported better-than-expected profit and revenue. Shares of Time Warner have gained more than 6% in the year to date and almost 30% in the previous 12-month period. By comparison, the S&P 500 index is up nearly 11% in the year and more than 13% in the last 12 months.

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Mylan NV said early Monday that the Food and Drug Administration has tentatively approved its HIV/AIDS drug combination for patients in developing countries. The combination combines three first-line therapies into a smaller tablet that patients take once a day, Mylan said. The tentative approval was granted under the President’s Emergency Plan for AIDS Relief, which focuses on HIV/AIDS and some other diseases globally. Mylan shares dropped 4.8% in premarket trade Monday. Shares have plummeted 13.1% over the last three months, compared with a 3.2% rise in the S&P 500 .

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Zynerba Pharmaceuticals Inc. shares plummeted 53% premarket on Monday after the company said its mid-stage clinical trial for cannabidiol gel in adult epilepsy with focal seizures didn’t meet its primary endpoint or secondary endpoints. The company is working to evaluate the results and determine next steps. Zynerba Pharma emphasized that the therapy, ZYN002, had a “very favorable safety and tolerability profile,” which was “encouraging” since the company plans to develop ZYN002 for a wide range of conditions. Data for the therapy in osteoarthritis are expected in August, and data from a trial in the genetic condition Fragile X syndrome are expected by the end of September. Company shares have dropped 21.7% over the last three months, compared with a 3.2% rise in the S&P 500 .

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Horizon Pharma PLC shares surged 19% in premarket trade Monday after the company reported second-quarter profit and revenue beats and raised its 2017 revenue guidance. The company said it had a loss of $209.5 million, or a loss of $1.29 per share, after earnings of $15 million, or 9 cents per share in the year-earlier period. Adjusted earnings-per-share were 41 cents, above the FactSet consensus of 10 cents. Revenue rose to $289.5 million from $257.4 million, above the FactSet consensus of $237 million. The latest results included strong performance from the company’s rare disease medicines, Horizon Pharma said. Horizon Pharma also raised its 2017 revenue guidance to $1.01 billion to $1.045 billion from $985 million to $1.02 billion. Company shares have dropped 18.5% over the last three months, compared with a 3.2% rise in the S&P 500 .

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Tyson Foods Inc. reported third-quarter net income of $447.0 million, or $1.21 per share, down from $484.0 million, or $1.25 per share, for the same period last year. Adjusted EPS was $1.28, beating the $1.19 FactSet consensus. Revenue was $9.85 billion, up from $9.40 billion last year and beating the $9.46 billion FactSet consensus. Strong performance in the beef and pork segments are driving investment in the company’s “value-added” chicken and prepared food business, said Tom Hayes, Tyson’s chief executive. The company’s latest acquisition, AdvancePierre, contributed about $100 million in the third quarter and it is expected to contribute $350 million in the fourth quarter. AdvancePierre’s brands include Barber Foods, and the company provides chicken, beef and other products for foodservice purposes. Tyson expects full-year adjusted EPS of $4.95 to $5.05. The FactSet consensus is $5.01. Tyson shares are unchanged in Monday premarket trading, but up 2.6% for the year so far. The S&P 500 index is up 10.6% for 2017 to date.

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MyoKardia Inc. shares surged 31.8% in premarket trade Monday on positive mid-stage clinical trial results for its mavacamten therapy. Patients on the therapy met the trial’s primary endpoint and key secondary endpoints in the phase 2 trial, the company said. MyoKardia expects to start its next clinical trial by the end of this year, depending on discussions with the Food and Drug Administration. The latest data came from the clinical trial’s first patient cohort, in which 11 patients were enrolled and 10 patients completed the study. The one patient in question had a history of atrial fibrillation and experienced an episode of atrial fibrillation during the trial. All other safety problems were mild to moderate, according to MyoKardia, and “a majority of the [adverse events] were deemed to be unrelated to the study drug.” The Independent Data Monitoring Committee reviewed the trial’s safety data and recommended the study be continued, the company said. Mavacamten is intended for symptomatic, obstructive hypertrophic cardiomyopathy, which occurs when heart muscle cells enlarge and block blood flow, and is a common cause of sudden cardiac arrest, according to the American Heart Association. MyoKardia shares have surged 20.4% over the last three months, compared with a 3.2% rise in the S&P 500 .

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Foxconn Technology Co. , the Taiwan-based maker of Apple Inc.’s iPhones, said it plans to open a multibillion-dollar plant in Michigan, according to a report from the South China Morning Post. The news comes just a week after the company said it would invest up to $10 billion plant in Wisconsin. Foxconn’s Michigan plant will be used for the research and development of autonomous vehicles, according to the South China Morning Post, citing Foxconn founder Terry Gou. The amount of the investment and other details have not yet been disclosed.

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Alibaba Group Holding Ltd. has partnered with Marriott International, Inc. on a travel venture that will allow Alibaba users to book Marriott hotels and use loyalty points on Alibaba’s site, the company announced Monday. On the site, which will be hosted on Fliggy, Alibaba’s travel platform, Marriott will offer personalized local experiences for the traveler and hotels in select markets will accept Alipay. Shares of Alibaba were up 1% in premarket trade Monday, while Marriott shares are flat.

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Tesla Inc. said Monday that it will sell $1.5 billion worth of debt to help shore up its balance sheet. The electric-car maker said it will sell senior unsecured debt obligations set to mature in 2025. “Tesla intends to use the net proceeds from this offering to further strengthen its balance sheet during this period of rapid scaling with the launch of Model 3, and for general corporate purposes,” the company said. Shares of Tesla were trading modestly higher in premarket action, after finishing up 6.5% last week, the best weekly gain since April. Quarterly results and the launch of production on its lower-priced Model 3 have been a boost for shares.

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