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U.S. stocks opened little-changed on Wednesday, as a drop in oil prices and a slide in China’s stock market weighed on the main indexes. The S&P 500 was flat at 2,101. The Dow Jones Industrial Average was unchanged at 18,053. Meanwhile, the Nasdaq Composite was flat at 4,944 at the open.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
U.S. stocks opened little-changed on Wednesday, as a drop in oil prices and a slide in China’s stock market weighed on the main indexes. The S&P 500 was flat at 2,101. The Dow Jones Industrial Average was unchanged at 18,053. Meanwhile, the Nasdaq Composite was flat at 4,944 at the open.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
BioMarin Pharmaceutical Inc. said early Wednesday that its phase 1/2 clinical trial for a hemophilia A gene therapy treatment had produced “encouraging” data. The therapy, called BMN 270, could potentially reduce or eliminate need for infusions of Factor VII, a protein that helps with clotting, the company’s chief medical officer, Hank Fuchs, said. Of eight patients with severe hemophilia treated with the therapy, all six of those treated with the highest dose “improved from severe to either moderate, mild or normal range in terms of factor levels based on World Federation of Hemophilia criteria,” the company said. BioMarin’s stock was up slightly in pre-market trading early Wednesday, at 4.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
BioMarin Pharmaceutical Inc. said early Wednesday that its phase 1/2 clinical trial for a hemophilia A gene therapy treatment had produced “encouraging” data. The therapy, called BMN 270, could potentially reduce or eliminate need for infusions of Factor VII, a protein that helps with clotting, the company’s chief medical officer, Hank Fuchs, said. Of eight patients with severe hemophilia treated with the therapy, all six of those treated with the highest dose “improved from severe to either moderate, mild or normal range in terms of factor levels based on World Federation of Hemophilia criteria,” the company said. BioMarin’s stock was up slightly in pre-market trading early Wednesday, at 4.2%.
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Medtronic PLC said Wednesday it is voluntarily recalling about 10,000 battery packs used in medical devices that monitor patient breathing because of the risk of heat damage. The company said seven of the defective battery packs reportedly had this occur, one of which “involved a fire resulting in smoke inhalation and minor burns.” The battery packs, models 016400 and 010520, are used in the company’s Covidien Oridion-labeled Capnostream 20 and Capnostream 20p Patient Monitors, for use in hospitals and the home. Customers with the affected battery packs were sent a letter last week by Medtronic and in the interim, the company recommends using the monitors with the batteries removed.
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Angie’s List Inc. said Wednesday that it had a first-quarter 2016 net loss of $4 million, or 7 cents per share, compared with net income of $4.4 million, or 7 cents per share, for the same period last year. The FactSet earnings consensus was 5 cents per share. Revenue for the quarter totaled $83.9 million, down from $83.5 million for the first quarter of 2015 and below the FactSet consensus of $86.4 million. The company said it had $24.4 million in membership revenue, a 12% decrease from $30.9 million last year. Angie’s List added 188,242 gross paid memberships during the quarter, a decline from the 229,987 last year. It is piloting a freemium program in some top markets, which will roll out nationwide, said Angie’s List Chief Executive Scott Durchslag in a statement. The company maintained its full-year revenue outlook, between $345 million and $355 million. Angie’s List shares are up 28.3% for the past year, but down 17.7% for the year to date. The S&P 500 is up 2.8% for so far this year.
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Tupperware Brands Corp. provided downbeat second-quarter guidance after missing first-quarter revenue expectations but meeting EPS expectations. Earnings for the latest quarter rose to $43.4 million, or 86 cents a share, from $29.5 million, or 59 cents a share, in the same period a year ago. The FactSet earnings-per-share consensus was 86 cents. Revenue was $525.7 million, compared with $581.8 million a year ago, missing the FactSet consensus of $527.8 million. For Q2, the company expects EPS between $1.02 and $1.07, compared with a FactSet consensus of $1.13. Tupperware said “economic and political headwinds” affected the company this quarter and that it expects “some softness in local currency sales growth in 2016.” The stock rose 24.7% in the last three months, compared with a 13% rise in the S&P 500.
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Shares of Coca-Cola Co. dropped 1.3% in premarket trade Wednesday, after the beverage giant beat profit expectations, but missed on revenue. Earnings fell to $1.48 billion, or 34 cents a share, from $1.56 billion, or 35 cents a share, in the same period a year ago. Excluding non-recurring items, such as one-time charges related to refranchising certain territories and restructuring, adjusted earnings per share came to 45 cents, above the FactSet consensus of 44 cents. Revenue fell 4% to $10.28 billion, just shy of the FactSet consensus of $10.29 billion. Global unit case volume increased 2%, with sparkling beverage volume flat and still beverages rising 7%. For 2016, the company expects organic revenue to grow 4% to 5%, which is in line with Coke’s long-term target. “Amidst a challenging global macro environment, the continued focus on our five strategic initiatives enabled us to gain global value share in the first quarter and deliver positive top-line growth and strong underlying margin expansion,” said Chief Executive Muhtar Kent. The stock has surged 8.5% year to date through Tuesday, while the Dow Jones Industrial Average has gained 3.6%.
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Dish Network Corp. said Wednesday it had net income of $389 million, or 84 cents a share, in the first quarter, up from $351 million, or 76 cents a share, in the year-earlier period. Revenue rose to $3.79 billion from $3.72 billion a year ago. The FactSet consensus was for EPS of 63 cents and revenue of $3.79 billion. The pay-tv company said it added 657,000 new subscribers in the quarter, after adding about 723,000 in the year-earlier quarter. The company had 13.874 million pay-tv subscribers at the end of the quarter, compared with 14.013 million a year ago. Shares were not yet active in premarket trade, but are down 17% in the year so far, while the S&P 500 has gained 2.8%.
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From:: Stock Market News
U.S. stock futures pointed to a lower open Wednesday as oil prices dropped, putting the S&P 500 on track to end a two-day advance. Ahead of the opening bell, investors are waiting to get a March reading on existing home sales and earnings reports from Coca-Cola Co. and supermarket operator Supervalu Inc. S&P 500 futures fell 4.95 points, or 0.2%, to 2,088.75, while Dow Jones Industrial Average futures shed 32 points, or 0.2%, to 17,929. Nasdaq-100 futures lost 9 points, or 0.2%, to 4,517.75. The recent rally for riskier assets has “fatigued,” RBC foreign exchange analysts said in a note Wednesday. “Oil led the way after the Kuwait oil workers union decided to cancel their strike, prompting crude to fall ~$1/bbl, with other risk assets following suit.” On Tuesday, the S&P and Dow both closed up 0.3%, leaving the two stock gauges just 1.4% below their all-time highs hit last May.
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From:: Stock Market News