Category: Stock Market News

Shares of Corning Inc. rallied 1.6% in premarket trade Friday, after Apple Inc. said its new Advanced Manufacturing Fund will invest $200 million in the optical fiber maker. The investment will support research and development, capital equipment needs and glass processing, Apple said. “Corning is a great example of a supplier that has continued to innovate and they are one of Apple’s long-standing suppliers,” said Apple Chief Operating Officer Jeff Williams. “This partnership started 10 years ago with the very first iPhone, and today every customer that buys an iPhone or iPad anywhere in the world touches glass that was developed in America.” Apple’s Advanced Manufacturing Fund is committed to investing at least $1 billion with U.S.-based companies to foster innovative production. Corning’s stock has surged 19% year to date through Thursday, while Apple shares have soared 33% and the S&P 500 has gained 7%.

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Shares of Tidewater Inc. plunged 31% in premarket trade toward a record low Friday, after the oil services company said it expects to file for bankruptcy by May 17. The company has reached a restructuring deal with its lenders, which will effectively eliminate $1.6 billion in debt after the bankruptcy. Under the prepackaged bankruptcy plan, Tidewater existing shares of Tidewater common stock will be cancelled, and existing shareholders will receive common stock representing 5% of the common equity in reorganized Tidewater, Series A warrants to buy 7.5% of the equity in the reorganized Tidewater and Series B warrants to buy 7.5% of the equity. The stock traded at 61 cents ahead of the open. It has plummeted 74% year to date through Thursday, while the VanEck Vectors Oil Services ETF has shed 17% and the S&P 500 has gained 7%.

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Eli Lilly and Co. said Friday a late-stage study of a migraine treatment met its primary goals. The trial of galcanezumab, an investigational treatment for the prevention of episodic and chronic migraine, met its primary endpoint. “The robust results from these three studies bring us one step closer to helping people experience more migraine-free days, an important treatment goal for those living with this serious disease,” Christi Shaw, president of Lilly Bio-Medicines, said in a statement. The company is now planning to submit a biologics license application to the U.S. Food and Drug Administration in the second half. More than 38 million Americans suffer from migraine, which affects three times more women than men. Lilly shares were indicating higher in premarket trade, and are up 9% in 2017, while the S&P 500 has gained 7%.

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Senate Republican have agreed to invite Deputy Attorney General Rod Rosenstein to brief senators next week about the circumstances behind the firing of Federal Bureau of Investigation Director James Comey, Senate Democratic Leader Charles Schumer said Thursday. Schumer has been calling for the Rosenstein briefing for the last two days. Democrats also want to hear from Attorney General Jeff Sessions. Rosenstein wrote a memo criticizing Comey, which the White House initially cited as justification for the President Donald Trump’s decision. Democrats continue to press for an independent counsel to investigate the Trump campaign’s ties to the Russian government.

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Apple Inc. said it issued $7 billion in corporate bonds, according to a Securities and Exchange Commission filing late Thursday. The tech giant said it issued $500 million in floating-rate bonds due in 2020, $750 million in floating-rate bonds due in 2022, $1 billion in 1.8% bonds due in 2020, $1 billion in 2.3% bonds due in 2022, $1.75 billion in 2.85% bonds due in 2024, and $2 billion in 3.2% bonds due in 2027. Apple has been using debt to pay shareholders while holding most of its $256 billion in cash overseas to avoid repatriation taxes. The company increased its shareholder-return program last week to $300 billion in concert with a quarterly earnings report that showed Apple added slightly more debt than cash in the quarter. Since Apple launched its shareholder-return program in 2012, its long-term debt has risen from zero to nearly $85 billion as of the end of last quarter. Apple stock, which hit record highs earlier this week that made it the first company with an $800 billion market cap, fell 0.1% at $153.84 after hours.

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CyberArk Software Ltd. shares fell in the extended session Thursday after the security-software company forecast earnings below the Wall Street view and announced the acquisition of a smaller security-software company. CyberArk shares fell 7.2% to $51.20 after hours. The company forecast adjusted second-quarter earnings of 23 cents to 25 cents a share on revenue of $61 million to $62 million. Analysts surveyed by FactSet had estimated 27 cents a share on revenue of $62.5 million. For the first quarter, CyberArk reported adjusted first-quarter earnings of 28 cents a share on revenue of $59 million, while analysts expected 22 cents a share on revenue of $57.8 million. CyberArk said it paid $42 million cash to acquire privately-held Newton, Mass.-based Conjur Inc.

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Shares of Trade Desk Inc. rose more than 16% late Thursday after the Santa Monica, Calif.-based company, which went public in September, swung to a profit. Trade Desk said it earned $4.9 million, or 11 cents a share, in the first quarter, versus a loss of $1 million, or $4.45 a share, in the year-ago period. Adjusted for one-time items, the advertising software company earned $7.8 million, or 18 cents a share, compared with $3.5 million, or 9 cents a share, a year ago. Revenue rose to $53.4 million, from $30.4 million a year ago. Analysts polled by FactSet had expected per-share earnings of 1 cent a share on sales of $43 million for the quarter. Trade Desk said it expects revenue of $67 million in the second quarter, and “at least” $291 million for the year, up from a previous guidance of $270 million. Shares had ended the regular trading session down 0.4%.

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Valeant Pharmaceuticals International Inc. shares jumped 8.2% at $13.71 on Thursday after favorable developments in patent litigation over its biggest drug, Xifaxan. Xifaxan treats irritable bowel disease and has brought in nearly $1 billion a year for the company, though sales have flagged more recently. Though the court documents in question are sealed, the court record did divulge a favorable ruling for Valeant on two key issues, said EvercoreISI analyst Umer Raffat. In addition, a 30-month stay on patent litigation has been extended, he said. Valeant shares have dropped 8.4% over the last three months, compared with a 3.4% rise in the S&P 500 .

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Shawn Carter, better known by his stage name Jay Z, has signed an exclusive touring deal with Live Nation Entertainment Inc. , extending the rapper’s longstanding partnership with one of the world’s biggest producers of live music concerts. The deal, worth $200 million according to Variety, will see the Grammy-winning artist tour worldwide until the age of 57. Under the deal Live Nation will produce and promote Jay Z’s concert events. “Live Nation and I entered uncharted territory in 2008,” Jay Z said in a statement. “[Live Nation Chief Executive Michael Rapino] is an industry visionary, and his renewed partnership is a testament to our longstanding relationship… For the next 10 years, we will continue redefining the live event landscape.” Jay Z is also the majority owner of the streaming service Tidal. Shares of Live Nation are up nearly 28% in the year to date and more than 46% in the trailing 12-month period. The S&P 500 index is up nearly 7% in the year and 16% in the last 12 months.

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Traders of J.C. Penney Co. Inc. options are preparing for an unusually wild ride in the stock after the department store chain reports fiscal first-quarter results Friday morning. An options strategy known as a straddle, which is a pure volatility play that involves the simultaneous buying of bullish and bearish at-the-month options expiring after Friday’s close, are pricing in a 13% one-day, post-earnings move in the stock in either direction after results are reported. That compares with the average post-earnings move of 9.1% the past 20 quarterly results. The median move was 6.5%. It would be the sixth-biggest move, and the biggest since it tumbled 15.4% on Nov. 13, 2015 after third-quarter 2015 results were reported. The biggest move was a gain of 25.3% after Q4 2014 results were reported, while the smallest move was a 2.5% decline after Q2 2014 results. After day after the past 20 reports, the stock has gained nine times and declined 11. J.C. Penney’s stock tumbled 8.2% in afternoon trade Thursday, pulled lower by disappointing results from fellow department store chain Macy’s Inc. . Penney’s stock has plummeted 37% year to date, while the SPDR S&P Retail ETF has slipped 2.2% and the S&P 500 has gained 6.9%.

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