Tag: stock market

Johnson & Johnson disclosed in a regulatory filing Tuesday that its Janssen Pharmaceuticals Inc. subsidiary received a civil investigative demand from the U.S. Attorney’s Office related to contractual relationships with pharmacy benefit managers. The demand was issued in connection with an investigation under the False Claims Act, and covers the period from Jan. 1, 2006 to the present. J&J’s stock, which was still inactive in premarket trade, has surged 11% year to date, while the Dow Jones Industrial Average has gained 1.6%.

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Allergan plc shares were up 4.4% in pre-market trade Tuesday after the company said it approved a new $10 billion share buyback program. Allergan plans to buy back $4 to $5 billion in the open market over four to six months, depending on market conditions. The company said it may extend the program after that if the company’s shareholders approve an increase in distributable reserves and “if favorable market conditions persist.” The buyback can only start after the company divests its global generics business to Teva, projected to be completed by the end of June 2016. Allergan said it can choose to end the buyback at any time.

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Dean Foods Co. reported first-quarter earnings of $39.2 million, or 43 cents a share, compared with a loss of $73.7 million, or 78 cents a share, in the same period a year ago. Excluding non-recurring items, the milk and processed dairy products company said adjusted earnings per share came to 45 cents, beating the FactSet consensus of 38 cents. Revenue declined to $1.88 billion from $2.05 billion, as total volume declined 3.2%, but matched the FactSet consensus of $1.88 billion. The share of U.S. fluid milk volumes decreased by 0.70 percentage points to 34.6%. For the second quarter, adjusted EPS is expected to be 32 cents to 40 cents, surrounding the FactSet consensus of 34 cents. Late Monday, Dean Foods said it was buying Friendly’s Ice Cream for $155 million in cash. The stock, which was still inactive in premarket trade, has climbed 6.2% year to date, while the S&P 500 has gained 0.7%.

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Brazil’s Senate is back on track to hold an impeachment vote against President Dilma Rousseff, after lawmakers rejected a bid to halt the process, media reports said Tuesday. The acting Speaker of Brazil’s lower house, Waldir Maranhao, has reversed his earlier decision to annul a lower house ballot held April 17 that set the impeachment process in motion, the BBC reported. The Senate will now proceed with its own vote Wednesday as planned, to decide whether Rousseff should face an impeachment trial. The leftist president faces accusations that she has covered up the extent of shortfalls in Brazil’s budget, as the country struggles with an economic downturn. If the impeachment process goes ahead, Rousseff will need to step down during the proceedings and hand power temporarily to a substitute. Stocks on Brazil’s Bovespa market closed 1.4% lower Monday as the political uncertainty took hold.

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Hertz Global Holdings Inc. shares declined in the extended session Monday after the car-rental company’s first-quarter results fell below Wall Street expectations. Hertz shares declined 3% to $8.50 after hours. The company reported an adjusted first-quarter loss of 12 cents a share on revenue of $2.31 billion. Analysts surveyed by FactSet had forecast a loss of 1 cent a share on revenue of $2.38 billion. For the year, Hertz sees adjusted earnings of 95 cents to $1.10 a share. Analysts expect 96 cents a share.

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Stamps.com Inc. shares surged in Monday’s extended session after the Internet-based postage service turned in better-than-expected quarterly results. Stamps.com reported it swung to a first-quarter profit of $13.2 million, or 71 cents a share, from a loss of $970,000, or 6 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.72. Revenue grew 86% to $81.6 million. Analysts surveyed by FactSet had forecast earnings of 25 cents a share on revenue of $761 million. Stamps.com also raised its 2016 revenue outlook to $310 million to $330 million from $290 million to $310 million. It also hiked its adjusted EPS forecast to a range of $6.00 to $6.50 versus $5.00 to $5.50. Shares jumped 17% in after hours.

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Stamps.com Inc. shares surged in Monday’s extended session after the Internet-based postage service turned in better-than-expected quarterly results. Stamps.com reported it swung to a first-quarter profit of $13.2 million, or 71 cents a share, from a loss of $970,000, or 6 cents a share, a year earlier. On an adjusted basis, the company would have earned $1.72. Revenue grew 86% to $81.6 million. Analysts surveyed by FactSet had forecast earnings of 25 cents a share on revenue of $761 million. Stamps.com also raised its 2016 revenue outlook to $310 million to $330 million from $290 million to $310 million. It also hiked its adjusted EPS forecast to a range of $6.00 to $6.50 versus $5.00 to $5.50. Shares jumped 17% in after hours.

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Infoblox Inc. warned investors Monday that revenue would come in well below expectations, and shares in the networking-software company dove more than 12% in late trading. Infoblox said it expects revenue for the first quarter to be $81 million to $82 million, after previously providing a forecast of $91 million to $93 million, and expects adjusted profit of 5 cents to 6 cents a share. Analysts polled by FactSet expected the company to report adjusted earnings of 6 cents a share on sales of $92 million. Infoblox also dropped its full-year revenue guidance to $354 million to $358 million, compared with a previous estimate of $370 to $380 million. Chief Executive Jesper Andersen, a former Cisco Systems Inc. executive who was brought in to stem a decline at Infoblox, said weakness in enterprise IT spending, especially in North America, was to blame for the shortfall. “We are actively addressing these near-term challenges by continuing to focus on improvements in sales execution and operational efficiency,” the CEO said in Monday’s announcement. Infoblox shares fell lower than $14 in late trading after closing with a 0.5% decline at $15.52. The company expects to fully report earnings and hold a conference call on May 25.

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NewLink Genetics Corp. shares plummeted in the extended session Monday after the biotech company said its study for a pancreatic cancer drug did not reach its primary goal. NewLink shares dropped 40% to $9.97 on heavy volume after hours following a brief trading halt. The company said a late-stage clinical trial for its algenpantucel-L treatment did not statistically improve survival rates in patients with resected pancreatic cancer. “In light of these negative results, our scientific and clinical teams will focus on other promising opportunities in our pipeline,” said Charles Link, NewLink chairman and chief executive, in a statement.

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From:: Stock Market News

NewLink Genetics Corp. shares plummeted in the extended session Monday after the biotech company said its study for a pancreatic cancer drug did not reach its primary goal. NewLink shares dropped 40% to $9.97 on heavy volume after hours following a brief trading halt. The company said a late-stage clinical trial for its algenpantucel-L treatment did not statistically improve survival rates in patients with resected pancreatic cancer. “In light of these negative results, our scientific and clinical teams will focus on other promising opportunities in our pipeline,” said Charles Link, NewLink chairman and chief executive, in a statement.

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