Category: Stock Market News

Shares of Tiffany & Co. slumped 3.2% in premarket trade, after the high-end jewelry retailer said over the weekend that Chief Executive Frederic Cumenal stepped down, effective immediately, after 22 months in the role. Cumenal had joined Tiffany in March 2011 from LVMH Group, and was named CEO as of April 1, 2015. Tiffany’s stock has declined 6.6% through Friday with Cumenal as CEO, while online jewelry seller Blue Nile Inc. shares have soared 40.1% over the same time, Signet Jewelers Ltd. shares have plunged 44.7%, the SPDR S&P Retail ETF has tumbled 14.4% and the S&P 500 has climbed 11.5%.

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Icahn Enteprises LP , the investing arm of billionaire Carl Icahn, on Monday set the pricing for its previously announced rights offering. The company said each whole right will be priced at $53.71 and entitle the holder to one newly issued depositary unit of Icahn Enterprises. The company is intended to distribute the rights to record date unitholders on Feb. 9. Icahn Enteprrises stock was not yet active premarket, but has gained 16.9% in the last 12 months, while the S&P 500 has gained 22%.

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Shares of Tyson Foods soared 7% in premarket trade Monday after the company reported stronger-than-expected first-quarter earnings and sales and raised its annual outlook, citing strong beef and pork sales. The company reported net income of $593 million, or $1.59 a share, compared with $461 million, or $1.15, in the year-earlier period. Revenue for the three-month period increased to $9.18 billion compared with $9.15 billion in the year-earlier period. Analysts surveyed by FactSet had been calling for earnings of $1.27 on sales of $9.03 billion. The meat producer raised its full-year outlook to a range of $4.90 to $5.05 a share, compared with the consensus estimate of $4.89. As of Friday’s close, the company’s shares had been down 2.5% in the past three months, compared with a 10% increase for the S&P 500 .

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Following a Super Bowl ad on accepting diversity Sunday night, home-sharing company Airbnb pledged to provide short-term housing for 100,000 people in need over five years. Initially, Airbnb said it would focus on refugees, disaster survivors and relief workers. Additionally, Airbnb pledged $4 million over four years to the International Rescue Committee. Airbnb was one of several companies that spoke out against President Donald Trump’s immigration ban and the company said it would offer free housing to refugees who were not allowed into the country following the ban.

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Galena Biopharma Inc. shares surged 20.8% in pre-market trade Monday after the company said an independent group of experts decided its breast cancer combination treatment in two mid-stage trials had no safety concerns and found neither to be futile. Galena is testing its NeuVax with chemotherapy drug trastuzumab in two clinical trials, one phase 2b and the other phase 2, to prevent recurrence of breast cancer. The Data Safety Monitoring Board’s findings mean the trials can proceed, Galena’s Executive Vice President Bijan Nejadnik said. The company ended a late-stage clinical trial of the same drug, Neuvax, last year on a different independent committee’s recommendation and the committee’s futility concerns. An interim efficacy analysis for the phase 2b trial of NeuVax and trastuzumab is expected near the end of this year, Galena said. Galena shares were priced at $1.20 as of Friday’s close. Galena shares have dropped 68.4% over the last three months, compared with a 10.2% rise in the S&P 500 .

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Shares of Hasbro Inc. surged 4.1% in premarket trade Monday, after the toy maker reported profit and sales that rose above expectations. Earnings for the quarter to Dec. 25 rose to $192.7 million, or $1.52 a share, from $175.8 million, or $1.39 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.64, beating the FactSet consensus of $1.27. Revenue grew to $1.63 billion from $1.47 billion, above the FactSet consensus of $1.50 billion. Boys category revenue fell 3% to $552.3 million, but was above the FactSet consensus of $534.9 million, while girls category revenue jumped 52% to $394.2 million, beating the FactSet consensus of $343.8 million. The stock has run up 12% over the past 12 months through Friday, while the S&P 500 has climbed 22%.

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The New England Patriots won Super Bowl LI in spectacular fashion Sunday, coming back from a 25-point deficit to defeat the Atlanta Falcons, 34-28, in overtime. On the first drive of the extra period, quarterback Tom Brady led the Patriots on a 73-yard drive, capped off by a two-yard touchdown run by James White. Brady finished the game with 466 yards passing and two touchdowns, en route to winning his fifth Super Bowl title. Atlanta had led 28-3 early in the third quarter, before the Patriots went on a 31-0 run. It was the first overtime game in Super Bowl history.

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U.S. stocks closed higher on Friday, with the Dow returning above the 20,000 level in a broad rally that lifted major indexes into positive territory for the week. The move higher followed a stronger-than-expected jobs report and news that President Donald Trump had taken steps to roll back financial industry regulations, including the Dodd-Frank Act. Goldman Sachs Group Inc. was the biggest gainer among Dow components, jumping 4.6%, while J.P. Morgan Chase & Co. rallied 3.1%. The overall financial sector surged 2% as the top-performing sector of the day. The Dow Jones Industrial Average climbed 185.45 points, or 0.9%, to 20,070.43. The S&P 500 rose 16.43 points to 2,297.28, a rise of 0.7%. The Nasdaq Composite Index ended 30.57 points higher at 5,666.77, a gain of 0.5%. For the week, the Dow dipped 0.1% while both the S&P and the Nasdaq rose 0.1%.

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The Federal Reserve shouldn’t be “too timid” or “delay too long” to raise interest rates, said San Francisco Fed President John Williams on Friday. In an interview on Bloomberg TV, Williams challenged the Wall Street view that a rate hike in March is now off the table given the January jobs report. “I don’t agree. All our meetings are live,” he said. He also disagreed the Fed needed to wait to see details of Trump’s fiscal policy legislation before raising rates. “This economy is proving it can grow at a steady rate without as much monetary stimulus as we’ve been giving,” he said. “We actually can make decisions based on that without knowing what happens in terms of fiscal policy later in the year.” Williams is not a voting member of the Fed policy-committee this year. The market is pricing in a 9% chance of an interest-rate hike in March compared with an already low 18% probability on Thursday, according to CME Group.

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Shares of Myos Rens Technology Inc. more than doubled on heavy volume Friday on no apparent news, for the second time in less than a month. The stock rocketed 112% in afternoon trade, enough to make it the biggest gainer on the Nasdaq exchange. Volume spiked to 19.3 million shares, which was about 21 times the full-day average. The company did not release any news Friday, a company spokesperson told MarketWatch. Myos Rens is a biotherapeutics and bionutrition company, which says on its website that its Fortetropin product is a “clinically proven natural” way to build lean muscle. On Jan. 11, the stock soared more than five fold–from $1.30 to $6.82–on volume of 16.4 million shares, also as the company did not release any news. The stock has now run up nearly four-fold over the past 12 months, while the iShares Nasdaq Biotechnology ETF has tacked on 7% and the S&P 500 has gained 20%.

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