Category: Stock Market News

HBO, owned by Time Warner Inc. , said Friday it’s decided to move up the debut of “Bright Lights,” a documentary on the relationship between Carrie Fisher and her mother Debbie Reynolds. Both actresses, iconic figures in Hollywood, died a day apart less than a week after the Christmas holiday. “Bright Lights,” set to air at 8 p.m. Eastern Jan. 7 exclusively on HBO, has received critical acclaim during the Cannes Film Festival, Telluride Festival and New York Film Festival. The premium cable network announced earlier in the week it will air an encore presentation of Fisher’s 2010 special “Wishful Drinking,” an adaptation of her one-woman stage show which she later adapted into a best-selling book. The special will air at 9 p.m. Eastern Jan. 1. The special is also available on HBO’s online platform. In the year to date, Time Warner shares have gained 49%, outperforming the S&P 500 Index , up nearly 10%.

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U.S. stocks opened slightly higher in what is expected to be a subdued finish to a solidly positive year for equities. The S&P 500 rose 0.1% to 2,250.69, leaving it on track for an annual gain of more than 10%. The Dow industrials gained 19 points, or 0.1%, to 19,839, and were on pace for a calendar-year rise of nearly 14%. The Nasdaq Composite advanced 0.1% and is set for an annual rise of nearly 9%.

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Opko Health Inc. said Friday a late-stage trial of a human growth hormone product failed to meet its main goal, but said multiple outliers may have affected the result and pledged to further review the patients. The Phase 3 trial of hGH-CTP, an investigational long-acting human growth hormone product failed to produce a statistical difference from placebo, the company said. The safety profile was consistent with other studies of human growth hormone, however. Opko said it has now started a Phase 3 study of the product in children to measure its efficacy versus daily injections of Genotropin, a prescription therapy for children and adults with growth issues. Shares were halted premarket, but have gained 14% on the year, while the S&P 500 has gained 10%.

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Iconix Brand Group Inc. said Friday it has agreed to sell the rights to the Sharper Image brand and related intellectual property to ThreeSixty Group for $100 million in cash. The company said ThreeSixty Group is the brand’s largest licensee. The deal is expected to close on Dec. 30 and the company will use the proceeds plus additional cash to pay down about $115 million of debt. Iconix expects to post a gain on the sale that is not reflected in its current guidance. Shares were not yet active premarket, but are up 30% on the year, while the S&P 500 has gained 10%.

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Tesla Motors Inc. was named top pick for 2017 by Baird Equity Research Friday, with analyst Ben Kallo forecasting that Tesla Energy and Model 3 production will beat expectations. “We believe TSLA’s energy storage business and growth opportunity is not currently reflected in share prices,” Kallo wrote in a note. Baird believes battery sales are increasing and should get another boost from the battery production ramp coinciding with the launch of the Model 3, the all-electric sedan Tesla hopes to sell late next year for about $35,000. “We recommend accumulating shares ahead of additional details being released about TSLA’s current battery costs and density metrics, and believe the upcoming Gigafactory tour on January 4 will be a positive catalyst for the stock,” he wrote. The company’s Powerwall 2 battery offers a competitive pricing advantage on a per kilowatt basis, and should help Tesla grow its share of homes and small business customers, he wrote. The company’s fourth-quarter delivery number might create short-term volatility, but the stock should move higher, he said. Kallo is further expecting Tesla to do a deal some time in the first half that would remove an overhang on the stock. Tesla shares were slightly higher premarket, but are down 10.6% on the year, while the S&P 500 has gained 10%.

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Shares of biotech Innocoll Holdings Plc tumbled almost 50% in premarket trade Friday, after the U.S. Food and Drug Administration issued a refusal to file letter for the company’s product candidate for a treatment for post-surgical pain. The FDA “determined that the application, which was submitted in October 2016, was not sufficiently complete to permit a substantive review,” the company said in a statement. The FDA said Xaracoll should be characterized as a drug and device combination, which would require additional data. “We expect to work with the FDA over the coming weeks in an effort to address the open issues and to define a path forward for a successful re-filing of our application at the earliest point in time,” Chief Executive Tony Zook said. Janney analyst Ken Trvobich downgraded the stock to neutral on the news, and slashed his fair value estimate to $2 from $9. He is expecting the news to delay the new drug application by a year and said the company does not have sufficient cash resources to fund its operations through 2017. “We expect the need for additional capital to lead to a future financings that are far more dilutive than we previously estimated,” he wrote. Shares are now down 79% on the year, while the S&P 500 has gained 10%.

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The ruble slid 1.8% against the dollar on Friday as diplomatic tensions between the U.S. and Russia intensified. The dollar bought 61.326 rubles compared to 60.266 late Thursday in New York. The ruble slump came after U.S. President Barack Obama on Thursday leveled sanctions against Russia over the country’s alleged hacking during the U.S. presidential campaign and other diplomatic tensions. As part of the sanctions, the U.S. expelled 35 Russian diplomats and ordered two Russian diplomatic compounds shut down. Russia responded by reportedly closing down a school attended by diplomats’ children and announced plans to kick out 35 U.S. diplomats.

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U.S. stocks ended little changed after coming off session lows in afternoon trade in the penultimate trading day of 2016, leaving the Dow Jones Industrial Average around 180 points shy of the so-far-elusive 20,000 milestone. The S&P 500 ended less than 0.1% lower at 2,249.26, according to preliminary figures, while the Dow declined around 14 points, or 0.1%, to 19,820. The Nasdaq Composite lost 0.1% to settle around 5,432.

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WASHINGTON (MarketWatch) — President Obama on Thursday ordered the closure of two Russian diplomatic compounds and barred from the U.S. 35 Russians designated as intelligence operatives as retaliation against alleged hacking of the U.S. presidential election. The president also declassified information that he said would help the U.S. and other nations deter cyberattacks by Russian civilians or government agents. The White House acted in response to findings by U.S. intelligence agencies that Russia sought to undermine the campaign of Hillary Clinton and aid the election of Donald Trump. Under the administration’s response, Russia compounds in Maryland and New York will be shut down and 35 Russians have been declared personae non gratae. In a statement, Obama said: “All Americans should be alarmed by Russia’s actions.” Russia has denied involvement and demanded the U.S. offer evidence.

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Oil futures ended lower Thursday, snapping a four-day win streak after weekly data showed a rise in U.S. crude inventories. West Texas Intermediate crude for February delivery on the New York Mercantile Exchange fell 29 cents, or 0.5%, to close at $53.77 a barrel. Oil attempted to turn higher after the Energy Information Administration reported a 600,000 barrel rise in inventories last week but soon returned to negative territory.

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