Tag: stock market

Oil futures cut their losses Wednesday after the U.S. Energy Information Administration reported that domestic crude supplies fell by 2.6 million barrels for the week ended Dec. 9. The American Petroleum Institute late Tuesday reported a climb of 4.7 million barrels, according to sources. Analysts and traders polled by The Wall Street Journal forecast a stockpile decline of 1.7 million barrels, on average. Gasoline supplies rose 500,000 barrels while distillate stockpiles fell 800,000 barrels, according to the EIA. January crude traded down 58 cents, or 1.1%, to $52.40 a barrel on the New York Mercantile Exchange, up from $52 before the data.

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From:: Stock Market News

Shares of Express Scripts Holding Co. turned sharply lower Wednesday, falling 4.1% in morning trade, after Chief Executive Timothy Wentworth said in a conference call with analysts that debate over drug pricing would not go away. Earlier, the stock rose as much as 1.1% in premarket trade, after the pharmacy benefit manager affirmed its 2016 adjusted earnings outlook and provided an in-line outlook for 2017. When asked by J.P. Morgan analyst Lisa Gill whether he had heard anything out of D.C. that could be potentially negative for the company or the industry, Wentworth said that while it was still early, he had not seen anything to cause him to be hugely concerned, according to a transcript provided by FactSet. He if there was a complete change of the Affordable Care Act, they would see a transition of members, as the company has business in the exchanges, but that the company regularly helps clients transition members. “I can’t point to anything that right now beyond the overarching conversation about drug pricing,” Wentworth said, according to the FactSet transcript. “And there is no question in my mind that that conversation is not going to go away, and that we need to demonstrate using both our tools, but our clients’ voice as well to demonstrate that.” The stock has tumbled 20% year to date, while the S&P 500 has gained 11%.

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The U.K. will publish its plan for Brexit in February at the earliest, according to media reports Wednesday. The blueprint will be released when the government is ready, but that it won’t be next month, the minister in charge of Brexit, David Davis, told lawmakers. Last week, the U.K.’s parliament voted to approve a Brexit timetable put forward by Prime Minister Theresa May after she agreed to outline her goals. May, who wants to begin negotiations with the European Union by the end of March, is facing pressure to cooperate with lawmakers due to a legal battle. The Supreme Court is weighing whether the government is obliged to consult parliament on its Brexit plans, and the judges are expected to deliver their decision in January.

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Caleres Inc. said that it has acquired men’s footwear and accessories brand Allen Edmonds for $255 million. Caleres owns a portfolio of shoe brands including Naturalizer, Sam Edelman, Via Spiga and Dr. Scholl’s Shoes. The acquisition, announced late Tuesday, is being funded with cash and revolving credit. Caleres says it will provide more detail about the acquistion during its fourth-quarter conference call, which is currently scheduled for Mar. 21, 2017. Caleres shares are down 1.2% in Wednesday trading, but are up 24% for the past year. The S&P 500 index is up 12.4% for the last 12 months.

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U.S. stocks traded modestly lower Wednesday as investors awaited the outcome of the Federal Open Market Committee meeting. Investors largely expect a quarter percentage point increase increase in the Fed funds rate, but will closely examine the accompanying statement and Fed Chairwoman Janet Yellen’s comments at the news conference for any clues on the future pace of rate hikes. The main benchmarks were hovering near record levels, with Dow industrials within 125 points of the psychologically important 20,000 level. Market reaction to disappointing retail sales figures and producer prices index data ahead of the opening bell was muted. The S&P 500 was off by a point, or 0.1%, to 2,269. The Dow Jones Industrial Average slipped 21 points, or 0.1%, to 19,893. The Nasdaq Composite began the session down 2 points at 5,462.

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Raymond James downgraded Universal Health Services Inc. Wednesday morning to market perform after Sen. Chuck Grassley (R-Ia.) requested an update on a federal investigation into the company. The additional scrutiny takes “the political risk to a more dangerous level” and “could invite more caution and/or red tape into the admissions process- either externally or from self-policing,” Raymond James analyst John Ransom said. Grassley’s letter referenced a BuzzFeed investigation into UHS which claimed the company used patient admissions to make profits at patients’ expense. UHS said last week that it disputed and denied the story and has said that one of the article’s claims — that patients are wrongly coded for “suicidal ideation” — doesn’t actually provide an economic benefit to the company. Even so, the latest claims on top of an ongoing investigation by the investor general means “we think the risk-reward is no longer compelling,” said Ransom. UHS shares, which dropped 12% the day the BuzzFeed article was published, have dropped 8.8% year-to-date, compared with a 11.1% rise in the S&P 500 .

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Host Hotels & Resorts Inc. , a lodging real estate investment trust, said Wednesday that Chief Executive W. Edward Walter will step down, effective Dec. 31, and James Risoleo, managing director of West coast investments, will succeed him. Walter, who will also give up his seat on the company’s board, will remain with the company through Jan. 31, 2017. He has been CEO for the past decade. Risoleo, who has been with the company for 20 years, will assume the CEO position on Jan. 1. Host Hotels shares are inactive in premarket trading, but up 24.2% for the year so far. The S&P 500 index is up 11.1% for 2016 to date.

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Shares of Vericel Corp. soared 65% in active premarket trade Wednesday, after the company said its treatment for cartilage defects of the knee was approved by the Food and Drug Administration. Volume topped 2.3 million shares ahead of the open, making the stock the most actively traded in the premarket. Vericel said MACI is the first FDA-approved cellularized scaffold product that applies tissue engineering processes to grow cells on scaffolds using healthy cartilage tissue from the patient’s own knee. “We believe that the introduction of MACI, along with investments to expand our commercial organization and implement new patient support programs, positions Vericel to generate significant growth in 2017 and beyond,” said Chief Executive Nick Colangelo. The stock had tacked on 0.8% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF had plunged 20% and the S&P 500 had gained 11%.

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From:: Stock Market News

Shares of Vericel Corp. soared 65% in active premarket trade Wednesday, after the company said its treatment for cartilage defects of the knee was approved by the Food and Drug Administration. Volume topped 2.3 million shares ahead of the open, making the stock the most actively traded in the premarket. Vericel said MACI is the first FDA-approved cellularized scaffold product that applies tissue engineering processes to grow cells on scaffolds using healthy cartilage tissue from the patient’s own knee. “We believe that the introduction of MACI, along with investments to expand our commercial organization and implement new patient support programs, positions Vericel to generate significant growth in 2017 and beyond,” said Chief Executive Nick Colangelo. The stock had tacked on 0.8% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF had plunged 20% and the S&P 500 had gained 11%.

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Lennox International Inc. revised up its adjusted earnings-per-share outlook for 2016 to $6.80 to $6.95 from $6.75 to $6.95, with the midpoint of the range now more in line with the FactSet consensus of $6.88. For 2017, the seller of heating, air conditioning and refrigeration products said it expects adjusted EPS of $7.55 to $8.15, surrounding the FactSet consensus of $7.72. Revenue is expected to increase 3% to 7% over 2016, while the FactSet revenue consensus of $3.79 billion implies growth of 4.5%. Lennox said it expects to buy back $250 million worth of its shares in 2017, after repurchasing $300 million worth of its shares in 2016. The stock, which was still inactive in premarket trade, has run up 26% year to date, while the S&P 500 has gained 11%.

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