Tag: stock market

Shares of SeaWorld Entertainment Inc. rallied 1.8% in light premarket trade Tuesday, after Janney Montgomery Scott turned bullish on the theme park operator, on the belief that an expected improvement in Orlando is not fully appreciated by investors. Analyst Tyler Batory upgraded SeaWorld to buy, after being at neutral for the last 10 months. He raised his fair value estimate for the stock to $24, which is 29% above Monday’s closing price of $18.57, from $16. Batory’s expectations of an improved performance at the Orlando park stems from recent price increases, stronger market fundamentals, drive and overnight visitation growth, benefits from early-season pass sales and events contribution to longer park hours. “Essentially, we think the company can harvest the benefits of running SeaWorld Orlando like a regional theme park and implementing several of the strategies that have supported other industry participants,” Batory wrote in a note to clients. The stock has lost 5.7% year to date through Monday, while the S&P 500 has gained 10%.

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Shares of Proteon Therapeutics Inc. plummeted 71% toward a record low in premarket trade Tuesday, after the company said a phase 3 trial of its treatment for chronic kidney disease failed meet the primary endpoint. The company said, however, that results for the secondary endpoint suggested that vonapanitase may improve secondary patency compared with placebo. “We are disappointed that the study missed the primary endpoint,” said Chief Medical Officer Steven Burke. “However, it appears that vonapanitase had a drug effect and we are encouraged by the secondary patency and fistula use for hemodialysis findings in this trial, both of which we believe are clinically important.” The stock recently changed hands at $2.90 ahead of the open, below the previous regular-session record intraday low of $4.90 on June 23, 2016. The stock went public on Oct. 22, 2014 at an initial public offering price of $10. The stock had plunged 36% year to date through Monday, while the iShares Nasdaq Biotechnology ETF has shed 21% and the S&P 500 has gained 10%.

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Shares of Hexcel Corp. dropped 1.9% in premarket trade Tuesday, after the composites company provided a 2017 profit and sales outlook that was below expectations. The company expects earnings per share for next year in the range of $2.64 to $2.76, compared with the FactSet consensus of $2.79. Revenue is expected to be $2.05 billion to $2.15 billion, below the FactSet consensus of $2.16 billion. For its commercial aerospace business, which comprised over 70% of sales, the company expects sales growth in the mid-single digit percentage range in 2017, while the FactSet consensus implies 6.9% growth. The stock has run up 12% year to date through Monday, while the S&P 500 has gained 10%.

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Donald Trump has tapped Exxon Mobil Corp. CEO Rex Tillerson to be secretary of state, Trump’s transition team announced early Tuesday. “His tenacity, broad experience and deep understanding of geopolitics make him an excellent choice for secretary of state,” the president-elect said in a statement. The confirmation process for Tillerson may prove to be rocky, as some senators have expressed concern about his ties to Russian President Vladimir Putin.

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Former Texas Gov. Rick Perry has been picked by President-elect Donald Trump to be secretary of energy, CBS News reported late Monday night. Perry, who ran against Trump in the Republican presidential primary, reportedly met with Trump on Monday in New York. Perry currently is a board member of Dallas-based Energy Transfer Partners LP , which is building the disputed Dakota Access Pipeline, a project Trump has publicly supported. During his presidential primary run in 2012, Perry called for the Department of Energy to be eliminated, though he notoriously forgot the name of the department during a debate.

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Donald Trump tweeted Monday evening that he will announce his pick for secretary of state Tuesday morning, and the New York Times reported late Monday night that Exxon Mobil Corp. CEO Rex Tillerson will be the nominee. The pick of Tillerson has been widely expected in recent days, although his close ties to Russia have drawn fire from critics and could complicate his potential Senate confirmation. Former Massachusetts governor and 2012 presidential nominee Mitt Romney confirmed in a Facebook post late Monday that he would not be the nominee.

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Donald Trump tweeted Monday night that he will announce his pick for secretary of state Tuesday morning. Exxon Mobil Corp. CEO Rex Tillerson is widely expected to be the nominee, although his close ties to Russia have drawn fire from critics and could complicate his potential Senate confirmation. Two onetime contenders for the position, former New York Mayor Rudy Giuliani and former senator and 2012 presidential nominee Mitt Romney, are apparently no longer in the running.

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Privately held Space Exploration Technologies Corp. has delayed its first manned NASA launch to mid-2018, a delay of about half a year, The Wall Street Journal reported late Monday. The company, led by Tesla Motors Inc. CEO Elon Musk, has reported the delay to NASA earlier this year and confirmed it on Monday, the newspaper said. The delay comes roughly three months after a SpaceX’s Falcon 9 rocket exploded during a prelaunch test.

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Quest Diagnostics Inc. said late Monday it is investigating a possible hacking of its network that could have affected thousands of accounts. The provider of diagnostic lab services said that “an unauthorized third party” accessed the health information of about 34,000 individuals using the company’s MyQuest by Care360 app on Nov. 26. Quest said data accessed included “name, date of birth, lab results, and in some instances, telephone numbers” but not social security numbers, credit card information, insurance, or financial information. The company said it has contacted those affected by the breach, and has addressed the vulnerability in the app. Quest shares declined 0.4% to $91.39 after hours.

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Boeing Co.’s board of directors has increased the company’s quarterly dividend by 30% to $1.42 a share, the aircraft maker said in a statement late Monday. The board also authorized a new $14 billion share buyback program, Boeing said. The company’s dividend will be payable March 3 to shareholders of record Feb. 10. In addition, Boeing said it is done with share buybacks this year, having bought $7 billion worth of its shares using half of a $14 billion authorization approved last December. The new share buyback program announced Monday replaces the existing one and brings the authorization back up to $14 billion, Boeing said. The company expects to start buying its shares in January and the repurchases under the new authorization are likely to take place over the next 24 to 30 months, the company said. Boeing shares rose 1.1% in late trading Monday after ending the regular session up 0.4%.

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