Category: Stock Market News

Shares of Amazon.com Inc. rallied 1.2% in premarket trade Monday, after Wedbush Securities analyst Michael Pachter boosted his stock price target to $1,250, which is now the highest among the 46 analysts surveyed by FactSet, citing expectations of continued “substantial earnings growth.” Pachter’s new target, up from $900, is 39% above Friday’s closing price of $898.53. The stock traded at $909 ahead of the open, just below the April 5 record close of $909.28. “Amazon appears intent upon growing annual profits (with some quarterly volatility), which we expect to continue as the company invests in growth,” Pachter wrote in a note to clients. “Amazon Web Services (AWS) should be the growth engine, with its gross and operating margins expanding rapidly.” He said margin expansion could be tempered by spending on video content, fulfillment and international expansion. Amazon is scheduled to report first-quarter results after Thursday’s closing bell. The stock has soared 20% year to date, while the S&P 500 has gained 4.9%.

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Kimberly-Clark Corp. reported first-quarter net income of $563.0 million, or $1.57 per share, up from $545.0 million, or $1.50 per share, last year. The FactSet consensus was $1.54 per share. Sales were $4.48 billion for the quarter, flat versus the same period last year and just below the $4.49 billion FactSet estimate. The consumer products company said Monday that it sees a sales increase of 1% to 2% for 2017. Kimberly-Clark shares are up 0.3% Monday premarket trading, and up nearly 14% for the year so far. The S&P 500 index is up nearly 5% for 2017 to date.

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Akari Therapeutics PLC shares surged as much as 9.7% in premarket trade Monday after the company said its drug for a rare blood disease had positive results in a mid-stage clinical trial. The drug, Coversin, is intended to treat paroxysmal nocturnal hemoglobinuria, a dangerous blood disease that typically affects younger adults. Five patients were enrolled in the phase 2 trial, which lasted 90 days and tested the drug’s safety and efficacy. Four of those patients remain on the drug, symptom-free and without any serious adverse events, Akari Therapeutics said. The company plans to begin a phase 3 clinical trial in the fourth quarter of this year, with initial data from that emerging in the first quarter of 2019. Akari Therapeutics shares were valued at $20.50 as of Friday’s close. Shares have surged 201.5% over the last three months, compared with a 3.0% rise in the S&P 500 .

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Netflix Inc. on Monday said it plans to issue 1 billion euros in senior notes as the streaming giant continues its aggressive content expansion. Netflix said it intends to use the proceeds for general corporate purposes, including content acquisitions, capital expenditures, investments, working capital and potential acquisitions and strategic transactions, according to a news release. Netflix’s most active bonds, the 4.375% notes that mature in November of 2026, last traded at 98.75 cents on the dollar, according to MaketAxess.

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Akzo Nobel N.V. said that it will consider the third unsolicited proposal that it has received from PPG Industries Inc. , in accordance with the Dutch governance code. PPG raised its offer for the second time to EUR96.75 per share (about $105) from the previous bid of EUE88.72. Akzo Nobel rejected the previous bids, saying they were too low. Akzo Nobel shares are up 37.6% for the year so far, while PPG shares are up 11.8% for the period. The S&P 500 index is up nearly 5% for 2017 so far.

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Shares of PDL BioPharma Inc. were indicated up over 2% in premarket trade Monday, after the marketer of biopharmaceutical products said it will be paid a one-time lump sum of $19.5 million by Merck & Co. Inc. to settle a patent infringement suit related to Merck’s Keytruda skin-cancer treatment. Under terms of the settlement, PDL will grant Merck a fully paid-up, royalty free, non-exclusive license to certain of the patent rights related to Keytruda, as well as an agreement not to sue Merck for royalties regarding Keytruda. “We are pleased to resolve this patent infringement lawsuit with Merck with a favorable monetary settlement to PDL as well as eliminating potential future litigation costs related to this matter for both parties,” said PDL Chief Executive John McLaughlin. The stock has shed 4.7% year to date through Friday, while Merck shares have advanced 5.1% and the S&P 500 has gained 4.9%.

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French stock futures moved sharply higher on Monday morning after Emmanuel Macron won the first round of voting in the French presidential election, easing fears that two anti-European Union candidates would be in the final runoff. Futures for the CAC 40 index jumped 4.7% to 5,230, leading premarket gainers among European indexes. Futures for the Stoxx Europe 600 index rose 1.5% to 379. Banks posted some of the biggest advances ahead of the European opening bell, sending futures for the Stoxx Europe Banks index up 5.9%. The upbeat mood came after centrist Macron and far-right Marine Le Pen came in first and second in France’s presidential election on Sunday, qualifying for the second round on May 7. Investors had feared two euroskeptics — Le Pen and far-left Jean Luc Melenchon — would make it to the runoff vote as opinion polls had been extremely tight. Both candidates had promised to put France’s EU membership up for a referendum. “Investors who seek to benefit from today’s news in company-related markets, need to focus on equities, where the performance potential over the coming days is clearly higher, as stock markets did not react much to recent robust macro data,” analysts at UniCredit said in a note. “Investors were too reluctant to take corresponding risks ahead of the elections. French banks, alongside European banks in general, will likely be the biggest winners,” they added.

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Polls cited by French television Sunday indicate centrist candidate Emmanuel Macron and far-right National Front leader Marine Le Pen will face each other in a May 7 runoff. Out of an 11-candidate field, Macron was seen with 23.7% of the vote, with Le Pen at 21.7%, France 24 reported, citing early results from its polling partner Ipsos. Other early polls showed similar results with Macron and the anti-euro Le Pen set to advance. Polls in first round voting closed at 8 p.m. Paris time, or 2 p.m. Eastern. A clearer picture is expected in coming hours as votes are counted. Polls have indicated that Macron would be likely to defeat Le Pen in a second round contest. Voter turnout was seen at 69.4%, one point below turnout in the first round of the last presidential election in 2012, France 24 reported, citing French interior ministry figures.

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A statement from the International Monetary Fund’s steering committee on Saturday dropped a past pledge to resist protectionism in trade, according to media reports. The IMF body failed to repeat its prior promise to oppose all forms of protectionism, a Reuters report said. In March, the G-20 revealed new language on trade, with the biggest economies also dropping their pledge to avoid protectionism, marking a major symbolic victory for the Trump administration.

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Sears Holdings Corp. shares rose slightly in the extended session Friday after the retailer said it increased its cost-saving target and appointed a new financial chief. Sears shares advanced 0.8% to $13.50 after hours. The company said it expects to reduce costs by $1.25 billion for the year, up from a previously announced $1 billion. Sears said it has already delivered on $700 million in cost savings on the year. Also, Sears appointed Rob Riecker as chief financial officer, effective immediately, succeeding Jason Hollar, who left the company for another position. Sears said it has completed plans to close 108 Kmart and 42 Sears stores that had been underperforming.

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