Category: Stock Market News

Mylan NV shares slumped 1.3% in after-hours trade Friday afternoon after the company said that a previously announced voluntary recall of EpiPens would include U.S. EpiPens and EpiPen Jrs. The recall was initiated after two reports from outside of the U.S. of the EpiPen failing to activate “due to a potential defect in a supplier component,” Mylan said. The two reports came from a single lot that was previously recalled, Mylan said, but the company was expanding the recall to 13 U.S. lots distributed in the U.S. between December 2015 and July 2016 as a “precautionary measure out of an abundance of caution.” Pfizer’s Meridian Medical Technologies manufactured the recalled EpiPens and Mylan distributed them. Mylan said it plans to replace the recalled EpiPens at no cost to patients. Mylan shares have risen 2.0% over the last three months, compared with a 5.5% rise in the S&P 500 .

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Emerald Expositions Events Inc. has filed for an initial public offering, according to a regulatory filing on Friday. The trade-show operator generated $323.7 million of revenue, $22.2 million of net income, $63.6 million of adjusted net income, and $89.6 million of free cash flow in 2016, making it one of the few profitable companies to have sought to go public in recent months. Emerald said all of its trade-show franchises are profitable and offered at least annually, and said its line of business offers diversification in a highly fragmented industry with “significant opportunities” for mergers and acquisitions. Main underwriters are B. of A. Merrill Lynch, Barclays, and Goldman Sachs. The company’s stock is expected to trade on the New York Stock Exchange under the symbol EEX.

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Carvana Co., a platform for buying used cars, is planning an initial public offering, according to a regulatory filing Friday. Carvana’s sales rose to $365 million last year, from $4.6 million in 2013, the company said in the filing. From its launch in January 2013 through December 2016, Carvana bought, reconditioned, sold and delivered about 27,500 vehicles, it said. The company notched a net loss of $93.1 million last year, compared with a net loss of $36.8 million in 2015. The company has not been profitable since its inception in 2012 and had an accumulated loss of about $152.6 million as of December, according to the filing. Based in Phoenix, Ariz., Carvana is expected to trade on the New York Stock Exchange under the symbol CVNA. Main underwriters are Wells Fargo Securities, BofA Merrill Lynch, Citigroup, and Deutsche Bank.

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Boeing Co. 787-10 Dreamliner, the company’s newest and longest plane in the 787 family, completed a successful five-hour flight on Friday in South Carolina, the company said. Test pilots performed checks on flight controls, systems and handling qualities, and the plane will now undergo “comprehensive flight testing” before customer deliveries begin in the first half of 2018, Boeing said. Boeing has 149 orders from nine airlines for the 787-10, including Singapore Airlines, British Airways, Etihad Airways, and United Continental Holdings Inc United Airlines. Shares of Boeing were flat late Friday after ending the regular session down 0.6%.

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Frontier Group Holdings Inc. , parent of Frontier Airlines, filed to go public Friday. The company filed for an offering of $100 million, which is likely a placeholder amount. Frontier reported net income of $200 million in 2016, up from $146 million. It reported total operating revenue of $1.7 billion in 2016, up from $1.6 billion in 2015. Frontier had filed for bankruptcy in 2008 and came out of bankruptcy in October 2009 after it was acquired by a subsidiary of Republic Airways Holdings Inc. Indigo Partners LLC acquired the company in 2013. Citigroup, Deutsche Bank Securities, Evercore ISI and J.P. Morgan are the lead underwriters on the offering.

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The tech-heavy Nasdaq closed short of another record Friday while the Dow industrials and S&P 500 finished lower, but all three finished higher for the week and the quarter. The Dow Jones Industrial Average declined 65.27 points, or 0.3%, to finish at 20,663.22, led lower by shares of Exxon Mobil Corp. and DuPont . For the week, the Dow finished up 0.3%, but 0.7% lower for the month, while notching a 4.6% gain for the quarter. The S&P 500 index closed down 5.34 points, or 0.2%, at 2,362.72, with financial and telecom stocks weighing on the index. The S&P 500 closed up 0.8% for the week, down less than 0.1% for the month, and up 5.5% for the quarter. The Nasdaq Composite index finished down 2.61 points, or less than 0.1%, at 5,911.74, snapping a five-session streak of gains. The Nasdaq rose 1.4% for the week, 1.5% for the month, and nearly 10% for the quarter.

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With about an hour left in the session, the stocks of Apple Inc. and Boeing Co. can be thanked the most for the Dow Jones Industrial Average’s rally for the first three months of 2017, as they accounted for more than one-third of the Dow’s 918-point gain for the quarter. Apple’s stock rose $27.93, or 24%, during the quarter, to add about 191 points to the Dow, while and Boeing shares climbed $21.50, or 14%, to boost the Dow by 147 points. Rounding out the top 5, 3M Co. added 89 points to the Dow, Home Depot Inc. tacked on 87 points and Visa Inc. added 76 points. The biggest loser was Chevron Corp.’s stock which fell $10.33, or 8.8%, during the quarter to shave 71 points off the Dow. The next-biggest drag was Goldman Sachs Group Inc. shares , which shed $9.67, or 4%, to lower the Dow by 66 points. In all, 23 of the 30 Dow components contributed to the Dow’s gain.

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Oil futures settled higher Friday, with West Texas Intermediate crude ending at its highest level in more than three weeks, but prices fell for the quarter. Traders continued to question the sustainability of the OPEC-led production cut and prospects for U.S. output growth. May West Texas Intermediate crude rose 25 cents, or 0.5%, to settle at $50.60 a barrel for the session. For the quarter, prices lost 5.8%, based on the most-active contract’s settlement on Dec. 30.

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Cloudera Inc. filed for an initial public offering Friday, as the data-crunching software company looks for a payoff on its $4.1 billion private valuation. The filing arrives amid a resurgence in IPOs from venture-backed tech companies, especially in the enterprise sector. Cloudera, founded in 2008, publicly filed its prospectus with the Securities and Exchange Commission on Friday with a stated target of raising $200 million, which is likely a placeholder figure that will be updated in later filings. The company said it lost $187.3 million on revenue of $261 million in its most recent fiscal year, which ended Jan. 31, an improvement from the previous fiscal year, when Cloudera lost $203.1 million on sales of $166 million. The company has raised $670 million in venture funding, according to The Wall Street Journal, receiving a $4.1 billion valuation in its most recent round, in 2014. Intel Corp. has been a frequent investor in the tech startup and owns 22% of the company ahead of the offering, according to the prospectus. Other investors with significant stakes are Accel, with 16.3%, and Greylock Partners, with 12.5%. Cloudera plans to list on the New York Stock Exchange under the ticker symbol CLDR, and listed Morgan Stanley, J.P. Morgan and Allen & Co. as lead underwriters.

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Gold prices on Friday posted a modest gain as the dollar traded near break-even levels, offering the dollar-denominated commodity a path to climb. June gold ended up $3.20, or 0.3%, at $1,251.20 an ounce. For the week, the yellow metal, finished up 0.2%, but off 0.2% for the month. For the first three months of 2017, gold prices enjoyed a roughly 8.2% advance. A combination of expectations of rising inflation, which is supportive of gold futures–viewed as a hedge against rising consumer prices–and a tapering of a postelection rally in assets perceived as risky, sparked by President Donald Trump’s market-friendly campaign pledges, helped to give the shiny metal a lift. On the day, the dollar’s recent rebound, fueled in part by expectations of monetary-policy normalization by the Federal Reserve, pulled back, with the ICE U.S. Dollar Index flat at 100.38. On the week, the dollar gauge, which tracks the buck’s strength against a basket of six rival currencies, was up 0.6%. A stronger dollar can be a headwind for assets priced in the currency, making them more expensive to users of other monetary units.

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