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U.S. stock indexes opened slightly higher on Friday, with the Dow Jones Industrial Average and the S&P 500 index flirting with records to end the final trading day of 2017, albeit in light volume. The Dow rose 5 points, or less than 0.1%, at 24,843, after recording its 71st record on Thursday, while the S&P 500 index rose 1 point, or less than 0.1%, at 2,688, just a few points shy of its closing record hit on Dec. 18. The Nasdaq Commposite Index traded in break-even territory at 6,948. In corporate news, online-streaming service Netflix Inc. said on Thursday it plans to increase the annual salary for a number of its top executives in 2018, citing the recently passed tax overhaul for the change. However, its shares were down 0.2%.

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Shares of Progenics Pharmaceuticals Inc. surged 21% in premarket trade Friday, after the company said the U.S. Food and Drug Administration has accepted for review its new drug application for Azedra in patients with rare neuroendocrine tumors. “With no FDA-approved therapies for these rare tumors, AZEDRA has the potential to address the high unmet need of patients with malignant pheochromocytoma and paraganglioma,” Chief Executive Mark Baker said in a statement. The NDA is based on data from a mid-stage trial that met its primary and secondary endpoints, said the company. Progrenics shares are down 32% in 2017 through Thursday, while the S&P 500 has gained 20%.

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Chinese e-commerce giant Alibaba Group Holding Ltd. is the most likely of six leading internet rivals to reach $1 trillion in market cap by 2020, MKM Partners analyst Rob Sanderson said Friday. That would put it ahead of the other five companies, namely Apple Inc. , Alphabet Inc. , Amazon.com Inc. , Facebook Inc. and Tencent , Sanderson wrote in a note. Apple is currently closest to $1 trillion and a case could be made for it to achieve that threshold by 2019, he wrote. “We think it’s most likely 2021 when the barrier is broken by an Internet company, but think BABA may have the best chance for 2020 despite being the smallest of the mega-caps today,” he wrote. To get there, the company would need to exceed the current earnings consensus by 20% in calendar year 2018, grow EPS by 45% in calendar year 2019, have an outlook for 40% growth for calendar year 2020 and maintain its 24 times forward price/equity ratio, he said. Alibaba shares have gained 96% in 2017, while the S&P 500 has gained 20%.

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Netflix Inc. said Thursday that it plans to increase the annual salary for a number of its top executives in 2018. Most notably, Chief Content Officer Ted Sarandos will earn a $12 million base salary in 2018, after bringing in a salary of just $1 million in the last three years, according to a filing with the Securities and Exchange Commission. The streaming giant cited the recent passage of the U.S. federal tax reform as the reason for the change. The company said salaries of more than $1 million for named executives, other than the chief financial officer, were subject to a substantial surcharge. Because of that, Netflix had a performance-based bonus plan for certain executives; in 2017, Sarandos had a $1 million salary but a bonus target of $9 million. “With the recent passage of federal tax reform, the performance bonus plan will no longer eliminate such surcharges,” the company said in the filing. “As such, the compensation committee of the board of directors has determined that all cash compensation for 2018 will be paid as salary.” Netflix Chief Executive Reed Hastings will earn $700,000 in salary, with $28.7 million in annual stock options. Sarandos will receive $14.3 million in stock options in addition to his $12 million salary. Chief Product Officer Greg Peters will earn a $6 million salary and $6.6 million in stock options, while Chief Financial Officer David Wells earns $2.8 million in salary with $2.5 million in stock options and General Counsel David Hyman will earn $2.5 million in salary with $3.3 million in stock options. Shares of Netflix are up nearly 56% in the year to date, while the S&P 500 index is up 20% and the Dow Jones Industrial Average is up more than 25%.

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Apple Inc. offered an apology to users in an open letter Thursday after facing criticism for slowing down iPhones that had older batteries, and slashed the price it charges for replacing batteries in older iPhones. “We know that some of you feel Apple has let you down,” the unsigned letter said. “We apologize.” Apple said it would reduce the price for replacing a battery in an out-of-warranty phone from $79 to $29 through December 2018, and issue a software update in early 2018 “with new features that give users more visibility into the health of their iPhone’s battery, so they can see for themselves if its condition is affecting performance.” Apple has faced lawsuits from consumers since admitting that it slowed down performance to adjust for batteries, which gave credence to conspiracy theories that the company slows down older smartphones to push customers toward buying newer models. Apple shares declined by about 0.2% in late trading Thursday, after closing with a 0.3% gain at $171.08. The stock is up 47.7% so far this year, as the Dow Jones Industrial Average , which counts Apple as a component, has increased 25.7%.

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U.S. stocks closed higher on Thursday, as a broad rally helped power the Dow to a record-breaking number of all-time closing peaks in a single year. The Dow Jones Industrial Average closed up 60 points, or 0.2%, to 24,834. The blue-chip average logged its 71st record close of the year. That extends the Dow’s record-setting streak; prior to 2017, the most closing records it had ever posted in a year was 69. The S&P 500 rose 5 points to 2,687, a gain of 0.2%. The Nasdaq Composite Index was up 11 points, or 0.2%, to 6,950. The day’s gains were broad, with ten of the 11 primary S&P 500 sectors ending up on the day. Financials were particularly strong, with the sector up 0.4%. J.P. Morgan Chase & Co. rose 0.5% on the day while Wells Fargo & Co. ended up 0.6%.

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In-store traffic on Super Saturday, the final Saturday before Christmas Day, was up 20% year-over-year, according to data from ShopperTrak. This year Super Saturday fell on Dec. 23. “[W]ith it being more than a week away from Christmas Day last year, the day had less urgency,” wrote Brian Field, senior director of advisory services at ShopperTrak, in a blog post. “This year, Super Saturday was only two days away from Christmas Day, and it served as the last full shopping day prior to Christmas, motivating shoppers to get out and hit the stores.” One of the 10 busiest shopping days of the year is still ahead, Dec. 30. The SPDR S&P Retail ETF is up 8.7% for the past three months, outpacing the S&P 500 index , which is up 7% for the period.

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Menlo Therapeutics Inc., a late-stage biopharma company that specializes in developing treatments for itchy skin disorders, has filed for an initial public offering to raise at least $85 million. The company said it is applying to list on Nasdaq under the ticker symbol “MNLO”. Jefferies, Piper Jaffray, Guggenheim Securities are joint bookrunners on the deal with JMP Securities acting as lead manager.

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