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The International Olympic Committee said Tuesday it is banning Russia from the 2018 Winter Olympics in PyeongChang, South Korea, after uncovering a long history of doping. The IOC said no Russian officials will be accredited for the event, including the minister for sport and his deputy, and individual athletes will only be allowed under strict conditions wearing a neutral uniform under the Olympic flag. The decision comes after a report confirmed “the systematic manipulation of the anti-doping rules and system in Russia, through the Disappearing Positive Methodology and during the Olympic Winter Games Sochi 2014, as well as the various levels of administrative, legal and contractual responsibility, resulting from the failure to respect the respective obligations of the various entities involved,” said the IOC statement. The Russian Olympic Committee has been suspended with immediate effect, it said.

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Facebook Inc. came out with new Instagram features on Tuesday, a day after announcing a messaging service for kids. The social-networking giant announced that users of Instagram Stories will now have their posts automatically saved to a private archive after 24 hours. Previously, messages posted to Stories disappeared forever after a day. Users will also be able to pin “Stories” content to the top of their profiles for an extended period of time, through a new feature called Stories Highlights. Facebook is looking for new ways to compete with Snap Inc.’s Snapchat. Shares of Facebook are up 1.5% in Tuesday afternoon trading, compared with a 0.1% gain for the S&P 500 Index .

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Shares of Adtalem Global Education Inc. , formerly known as DeVry Education Group Inc., soared 9% in midday trade Tuesday toward the highest close since February 2015, after the for-profit education company essentially gave DeVry University and Keller Graduate School to Cogswell Education LLC. Adtalem said late Monday that “no consideration” will be paid at the deal’s closing, which is expected in 2018. The deal includes, however, an earn-out for Adtalem based on DeVry University’s performance over a multi-year period, but also a commitment from Adtalem to provide DeVry with a minimum working capital balance. Adtalem changed its name from DeVry in May 2017. The “transfer of ownership” deal of DeVry University comes about about 14 months after a settlement was reached with the Obama administration over claims that it ran misleading advertisements. Adtalem’s stock has rallied 42% year to date, while the S&P 500 has gained 18%.

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Revance Therapeutics Inc. shares surged nearly 38% in extremely heavy morning trade Tuesday after the company reported positive results for its wrinkle-relaxing injection in two late-stage clinical trials. If approved, the product, DaxibotulinumtoxinA for Injection (RT002), would be the first of its kind to last six months. Products currently on the market, including Allergan’s market-leading Botox, last three to four months. Allergan shares dropped 3.2% in extremely heavy morning trade on Tuesday. In two trials, Revance’s product showed highly statistically significant improvement relative to the placebo in reducing frown lines or wrinkles between eyebrows. The product is also being tested in a long-term safety trial, with results expected in the second half of next year; if the trial is successfully completed, Revance expects to file for approval in the first half of 2019 and, if it’s approved, launch the product in the U.S. in 2020. Botox has been a wildly profitable product for Allergan, since patients largely pay out-of-pocket for it, and analysts have noted that new rivals could pose a long-term risk for the company. Revance’s latest data are “better than their Ph 2 on several metrics,” said EvercoreISI analyst Umer Raffat. But, with regard to being able to claim six months of effectiveness, Raffat said, “I think there’s a case to be made for that, but that’s not a layup.” Raffat also noted that the product would likely be priced higher than Botox. In a statement to MarketWatch, Allergan called the Revance results “underwhelming.” “Allergan does not expect Revance’s toxin to enter the market until mid-2020, and we do not believe this data will support a longer duration claim,” a company spokesperson said, adding that “based on the profile demonstrated in this data, Allergan does not view this toxin as being differentiated from Botox.” Revance shares have surged 45.5% over the last three months to $35.80, compared with a 7.4% rise in the S&P 500 and a 11.7% rise in the Dow Jones Industrial Average .

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Goldman Sachs is taking a bullish view of handbags, according to its latest note on the sector, adding Coach parent Tapestry Inc. to its conviction list and upgrading Michael Kors Holdings Ltd. to a buy rating from neutral. “After a multi-quarter period of sluggish trends, we see a bottom forming in trends, and expect a mean reversion towards a mid-single digit long-term category run rate,” the note said. “Sequential improvement in handbag sales trends as well as strong momentum at the luxury end of the spectrum leave us especially encouraged.” Analysts led by Lindsay Drucker Mann believe the price point in the $100 to $750 range, which Goldman calls “accessible,” is a “healthy” sector. And barriers to entry are high with the top five brands, Coach, Michael Kors, Kate Spade, Tory Burch and Marc Jacobs, accounting for half of market share. Tapestry is Goldman’s “top idea” based on its same-store sales outlook and the “idiosyncratic earnings accretion” from Kate Spade. Goldman’s price target for Tapestry is $53. And Michael Kors was reinstated to buy status after the Jimmy Choo acquisition completed. Its price target is $70. Tapestry shares are up nearly 19% for the year so far, Michael Kors stock is up 39.5% for 2017 to date, and the S&P 500 index is up 18% for the period.

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Ascena Retail Group Inc. shares are down 21% in Tuesday trading after the apparel company said “fashion missteps” derailed its first-quarter earnings. Ascena’s portfolio of brands includes Ann Taylor, Maurices and Dressbarn. “We were unable to capitalize on the improving macro traffic trends due to fashion missteps that we cannot afford in today’s environment,” said Chief Executive David Jaffe on the earnings call, according to a FactSet transcript. Still, KeyBanc Capital Markets analysts led by Edward Yruma are optimistic. “Management is showing a sense of urgency regarding execution and sequentially improving traffic could provide a more favorable backdrop,” analysts wrote in a note. Analysts highlight cost reduction opportunities and internal restructuring. “We maintain that intense focus on cost savings is prudent in a difficult environment,” the note said. Ascena shares are down more than 71% for the past year while the S&P 500 index is up 20.1% for the period.

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