Category: Stock Market News

Express Scripts Holding Co. shares dropped in the extended session Monday after the pharmacy-benefits manager said insurer Anthem Inc. does not intend to renew a contract when it expires. Express Scripts shares, which had been halted, fell 11% to $60 after hours on heavy volume, following a 1.2% gain in the regular session. Express Scripts said Anthem does not intend to renew a services contact with the company when it expires at the end of 2019 but has not received official notice of the decision. The company said Anthem accounted for $15.15 billion out of 2015’s $101.75 billion in revenue. Express Scripts reported adjusted first-quarter earnings of $1.33 a share on revenue of $24.65 billion. Analysts surveyed by FactSet had estimated earnings of $1.32 a share on revenue of $25 billion. For the year, Express Scripts sees earnings of $6.90 to $7.04 a share, up from its previous forecast range of $6.82 to $7.02 a share. Analysts expect earnings of $6.93 a share.

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OncoMed Pharmaceuticals Inc. late Monday announced it will reduce half of its workforce in a bid to cut costs. That will leave the company with 64 employees, but it will have sufficient funds to operate until third quarter 2019, according to the company. OncoMed expects severance-related charges of $2.6 million. Shares of OncoMed were flat in late trading after closing up 1.1% to $3.77 a share.

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Federal regulators on Monday said Wells Fargo cleared up remaining deficiencies in its “living will” plan, leading to the removal of growth restrictions on the San Francisco bank. In December, the Federal Reserve and the Federal Deposit Insurance Corp. rejected Wells Fargo’s living will and asked for a new plan. The bank submitted the new plan to the agencies at the end of March. The Dodd-Frank act mandated the writing of living wills so regulators would have a blueprint to follow that would allow the nation’s largest banks to fail without bringing down the entire financial system and economy.

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Express Scripts Holding Co. shares were halted in the extended session Monday after the pharmacy-benefits manager’s earnings topped Wall Street estimates for the quarter, raised their outlook, and said insurer Anthem Inc. does not intend to renew a contract when it expires. Express Scripts shares were halted at $67.25 after hours, following a 1.2% gain on the regular session. The company reported adjusted first-quarter earnings of $1.33 a share on revenue of $24.65 billion. Analysts surveyed by FactSet had estimated earnings of $1.32 a share on revenue of $25 billion. For the year, Express Scripts sees earnings of $6.90 to $7.04 a share, up from its previous forecast range of $6.82 to $7.02 a share. Analysts expect earnings of $6.93 a share. Express Scripts also said Anthem does not intend to renew a services contact with the company when it expires at the end of 2019 but has not received official notice of the decision. The company said Anthem accounted for $15.15 billion out of 2015’s $101.75 billion in revenue.

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T-Mobile U.S. Inc. added more than 1.1 million new customers in the first quarter of 2017, as rival Verizon Communications Inc. lost customers for the first time, and handily beat earnings estimates in a report issued Monday. The wireless carrier reported net income of $698 million, or 80 cents a share, on total revenue of $9.6 billion, with profit far exceeding expectations largely because of tax benefits. Analysts on average expected T-Mobile to report the addition of 1.2 million subscribers, and profit of 34 cents a share on revenue of $9.6 billion, according to FactSet. T-Mobile has targeted Verizon by offering perks such as unlimited data, which its larger rival began offering during the first quarter in an attempt to stanch losses. T-Mobile shares were halted in late trading Monday after jumping 1.9% to a record closing high of $65.93; the stock was expected to begin trading again at 4:30 p.m. Eastern time.

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U.S. stocks rallied on Monday, following global equities higher after closely watched first-round presidential election results in France. A global relief rally followed the Sunday vote, which saw centrist Emmanuel Macron receive the most votes and avert fears of a euroskeptic-only runoff. The main indexes posted their largest one-day gains since March 1. The S&P 500 closed 25.46 points, or 1.1%, higher at 2,374.15, led by a 2.2% gain in financials. The Dow Jones Industrial Average advanced 216.13 points, or 1.1%, to 20,763.89. The Nasdaq Composite rallied 73.30 points, or 1.2%, to 5,983.82, an all-time high.

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McDonald’s Corp.’s stock surged Monday toward a fifth-straight record close, as investor awaited the fast-food giant’s first-quarter report. The stock was up as much as 1% to an an all-time intraday high of $134.76 earlier in the session, before paring some gains to be up 0.7% in afternoon trade. The stock has now run up 2.2% during its record-closing streak. McDonald’s is scheduled to report first-quarter results before the market opens on Tuesday. McDonald’s stock has now surged 10% year to date, while the Dow Jones Industrial Average has gained 5.2%. Shares of rival Wendy’s Co. climbed 2.1% in afternoon trade, and have soared 8.2% amid a four-session win streak, putting them on track to close at the highest level since Aug. 27, 2007. Meanwhile, Jack in the Box Inc.’s stock tacked on 0.9% toward a two week high, and shares of Taco Bell parent Yum Brands Inc. rose 1.5% toward a two-month high.

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As Tesla Inc. prepares to charge drivers of its electric cars for some usage of its network of “Superchargers,” the company is increasing its goals for building out the network of charging equipment. In a blog post Monday, Tesla said it plans to double the number of Superchargers available worldwide this year, with North America seeing a 150% increase. That goal is more ambitious than the one set forth in February’s quarterly-earnings report, when Tesla said it planned to double the number of Superchargers in North America. The announcement comes after Tesla said customers who purchase Tesla’s top-of-the-line offerings, the Model S and Model X, after Jan. 15 receive free annual credits of 400 KwH, which adds up to about 1,000 miles of driving, and will have to pay a varying fee after that. Cars purchased before this year will still enjoy unlimited Supercharger usage, but Tesla has not said what it will offer with the Model 3, the lower-priced electric sedan it expects to begin manufacturing this year. Tesla stock has been trading at record highs this year, gaining more than 20% in the past three months as the S&P 500 index has increased 3%. Shares were trading 0.8% higher in Monday afternoon trading, with prices around $308 a share.

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Oil futures drifted lower Monday, with West Texas Intermediate crude for June delivery ending with a loss of 39 cents, or 0.8%, at $49.23 a barrel. Analysts said a combination of worries about rising U.S. output and doubts about the ability of OPEC to achieve an extension of a program of production curbs kept pressure on futures.

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Treasury Secretary Steven Mnuchin said Monday President Donald Trump’s tax plan will focus on a middle-income tax cut, tax simplification and making U.S. businesses more competitive. Trump has said he will make an announcement on taxes Wednesday. Asked during a White House briefing if the plan would be revenue-neutral, Mnuchin said it would “pay for itself” through economic growth.

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