Category: Stock Market News

U.S. stocks retreated on Monday as uncertainty mounted over how President Donald Trump plans to implement his pro-growth policies. The S&P 500 fell 5 points, or 0.3%, to close at 2,265 and the Dow Jones Industrial Average shed 26 points, or 0.1%, to end at 19,800. The Nasdaq Composite Index edged down 2 points to close at 5,552. “We expect tax issues to be at the forefront of Washington’s agenda, but President Trump’s comments last week show that he and Congress may not be on the same page,” Bob Doll, chief equity strategist at Nuveen Asset Management LLC, said in a note. As a result, investors may find themselves disappointed by the pace and the outcome of tax reforms, he said.

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Shares of Qualcomm Inc. plunged 11% in very active trade Monday, putting on track to suffer the 2nd-biggest decline in the last seven years, in the wake of Apple Inc.’s lawsuit alleging the leveraging of its monopolistic position. Volume spiked to about 69 million shares, or nearly 9-times the full-day average, to make the stock the most actively traded on major U.S. exchanges. The percentage decline was the biggest since it plummeted 15% on Nov. 5, 2015, and the 14% tumble on Jan. 28, 2010. Analyst Romit Shah at Instinet downgraded the mobile chip maker to neutral from buy and cut his stock price target to $70 from $80, saying recent rulings and lawsuits have been stronger and broader than expected. Shah fears that these investigations into Qualcomm’s licensing practices could delay regulatory approval of the NXP Semiconductors N.V. acquisition, which Shah expects to be a boon for Qualcomm. The shares have gained 16% over the past 12 months, while the SPDR Technology Select Sector ETF has run up 23% and the S&P 500 has climbed 19%. Apple’s stock has advanced 18% over the past year.

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President Donald Trump signed an executive order Monday stopping U.S. involvement with the Trans-Pacific Partnership, a 12-nation trade deal that was a priority of former President Barack Obama. The U.S. was not a member since Congress never ratified it. But Trump pledged during the campaign that the U.S. would not participate in the pact.

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Aetna Inc. shares dropped 2.4% and Humana Inc. shares dropped 2.0% in heavy volume during midday trade Monday after The Wall Street Journal and Reuters reported that a federal judge had blocked their merger on antitrust grounds. The federal judge’s Monday decision said the DOJ had successfully argued that the deal could hurt consumers with Medicare Advantage plans, according to the WSJ. The ruling deals a “potentially fatal legal blow” to the deal, the WSJ said. After the Department of Justice sued to block the $34 billion merger last summer, the two health insurers said they would “vigorously” defend the deal and that “the facts do not support the basis for DOJ action.” The New York Post reported last week that a federal judge is expected to block another merger between two other large health insurers, Anthem Inc. and Cigna Corp. , and a decision is expected shortly. Aetna shares have risen 8.3% over the last three months, and Humana shares have risen 12.6%, compared with a 5.5% rise in the S&P 500 .

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Marinus Pharmaceuticals Inc. shares surged 49.1% to $1.72 per share in morning trade Monday after the company said its pediatric epilepsy drug had positive preliminary data in a four-person phase 2 study. The ganaxolone drug is intended to treat the rare genetic disorder CDKL5, which causes early-onset seizures that are hard to control. Patients are still enrolling in the mid-stage clinical trial, which is expected to enroll up to 10 patients, with additional data expected in the middle of this year. Three of the four patients already enrolled had a reduction in seizure frequency of 52% to 88%, with the fourth patient ending trial participation after four months “due to lack of efficacy,” Marinus said. Noting the small sample size, RBC Capital Markets analyst Simos Simeonidis said the results — particularly the response rate and range of reductions in seizure frequency — were nevertheless “encouraging” in a hard-to-treat group of patients. Marinus shares have risen 28.6% over the last three months, compared with a 5.6% rise in the S&P 500 .

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Hellmann’s, a Unilever PLC brand, said Monday that its mayonnaise and mayonnaise dressings will now be made exclusively with cage-free eggs, reaching the goal three years ahead of plan. In 2010, Hellmann’s said it aimed to go cage-free by 2020. The brand says it uses 331 million eggs each year. Hellmann’s joins a long list of companies, including Panera Bread Co. and 7-Eleven, that have made commitments to use cage-free eggs. Unilever shares are down 0.5% in Monday trading, but up 14.6% over the past year. The S&P 500 index is up 18.6% for the last 12 months.

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Sen. Marco Rubio said Monday he’ll support the nomination of Rex Tillerson for secretary of state “despite my reservations.” The support of Florida Republican Rubio, following statements by fellow GOP Sens. Lindsey Graham and John McCain, all but guarantees former Exxon Mobil Corp. CEO Tillerson will be confirmed as the top U.S. diplomat. Senators had been concerned by Tillerson’s ties to Russia, among other issues.

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Pottery Barn, a Williams-Sonoma Inc. home furniture and furnishings brand, said Monday that it is adding “size-conscious” styles to its spring 2017 product lineup. The merchandise is designed for smaller living spaces and will be sold at accessible prices. The collection will be available exclusively at 15 Pottery Barn flagship stores in urban areas including New York City, the San Francisco Bay Area, Los Angeles and Chicago. It will also be available online. Among the items are a sofa collection featuring cushions that lift for additional storage, priced between $699 and $1,759. Williams-Sonoma shares are down 0.3% in early trading, and are down 7.5% for the last 12 months. The S&P 500 index is up nearly 19% for the past year.

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U.S. stocks opened lower on Monday as investors grappled with fears that President Donald Trump will focus on protectionist trade policies that could dampen growth. The S&P 500 index shed three points, or 0.1%, to 2,268. The Dow Jones Industrial Average fell 22 points, or 0.1%, to 19,806. The Nasdaq Composite Index slipped six points, or 0.1%, to 5,550. Halliburton Co. shares fell after posting a sales miss. McDonald’s Corp. and Yahoo Inc. could be volatile as investors await earnings reports from both firms, expected after the close. Qualcomm Inc. fell after Apple Inc. filed a lawsuit against the chip maker alleging that the firm sought “onerous” terms in a chip deal. U.S. shares followed European shares lower as investors favored safety plays like Treasurys [s:TMUBMUSD10Y] and gold .

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Olive Garden, the Darden Restaurants Inc. chain of Italian restaurants, said it’s launching a “Never Ending Classics” promotion on Monday, an extension of the popular unlimited offer. The five entrees included in the promotion are spaghetti with meat sauce, Fettucine Alfredo, Lasagna Classico, Chicken Alfredo, and chicken parmigiana. Dishes start at $11.99. Guests can mix and match among the dishes with each refill, and can also order unlimited soup, salad and breadsticks. The offer lasts through March 6. This latest promotion adds to the Olive Garden’s list of “never ending” promotions, which includes the “Never Ending Pasta Bowl” and the “Never Ending Pasta Pass” that allows seven weeks of access to the brand’s unlimited pasta bowl offer. Darden shares are unchanged in premarket trading and up 18.6% for the last year. The S&P 500 index is up 19.1% for past 12 months.

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