Tag: stock market

Avon Products Inc. said Monday that it has named Jan Zijderveld chief executive officer, succeeding Sheri McCoy, effective immediately. The beauty company announced last summer that McCoy would resign in March. Zijderveld joins from Unilever N.V., where he was last president of the European business. He was with the company for 30 years. There was a Wall Street Journal report last week that activist investors would push to find a buyer for the company. Avon shares are unchanged in premarket trading, and down nearly 59% for the last year. The S&P 500 index is up 20.2% for the last 12 months.

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Bristol-Myers Squibb Co. shares surged 5.6% in premarket trade on Monday after the company reported positive results for its Opdivo and Yervoy cancer drug combination in a late-stage clinical trial, along with fourth-quarter profit and revenue beats. In the phase 3 trial, the two-drug combination improved progression-free survival in patients with advanced lung cancer as compared with chemotherapy. The trial will continue because an interim analysis looking at overall survival looked promising. Advanced lung cancer in a competitive space, and rival Merck & Co. recently reported positive results as well. Merck shares dropped 1.6% in premarket trade, while Astrazeneca , another rival, had shares fall 1.5%. Also on Monday, Bristol-Myers reported a loss of $2.33 billion, or a loss of $1.42 per share, after earnings of $894 million, or 53 cents per share in the year-earlier period. Adjusted earnings-per-share were 68 cents, compared with the FactSet consensus of 67 cents. The results include “the significant transitional impact” of the U.S.’s corporate tax overhaul, including a one-time $2.9 billion charge in the fourth-quarter, Bristol-Myers said. Revenue rose to $5.45 billion from $5.24 billion, compared with the FactSet consensus of $5.35 billion. Sales of Opdivo, Eliquis, Sprycel and the company’s Sustiva franchise came in above the FactSet consensus, while sales of Orencia, Yervoy, Empliciti, its Hepatitis C franchise, Baraclude and Reyataz came in below consensus. The company expects 2018 adjusted EPS of $3.15 to $3.30, compared with the FactSet consensus of $3.23, and worldwide revenue increases in the low- to mid-single digits. Bristol-Myers shares have lifted 2% over the last three months, compared with a 6.7% rise in the S&P 500 and a 8.4% rise in the Dow Jones Industrial Average .

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Shares of Qualcomm Inc. surged 4.4% in premarket trade Monday, after Broadcom Ltd. boosted its bid to buy the semiconductor maker by 17% to its “best and final offer” of $82 a share. The bid consists of $60 a share in cash and the rest in Broadcom stock. Reuters had reported on Sunday that an increased bid was planned. The bid is 24% above Qualcomm’s stock closing price on Friday of $66.07, and above the prior bid of $70 a share. It values Qualcomm at $121.39 billion. Broadcom said the improved bid is premised on either Qualcomm acquires NXP Semiconductors N.V. on the the currently disclosed terms of $110 a share, or if that deal is terminated, and on Qualcomm not delaying its annual meeting past March 6. Broadcom’s stock fell 1.1% in premarket trade. Over the past three months, Qualcomm shares have gained 6.9%, while Broadcom’s stock has tumbled 14% and the S&P 500 has climbed 6.7%.

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AT&T Inc.’s term loan credit agreement, which it will use to fund its purchase of Time Warner Inc. , was boosted about 62% to $16.18 billion from $10.00 billion. The commitment termination date was extended to Dec. 31, 2018. The original term loan agreement was dated Nov. 15, 2016, with J.P. Morgan Chase & Co. as agent. AT&T’s stock slipped 0.8% in premarket trade, while Time Warner shares were indicated down about the same. AT&T shares have climbed 14% over the past three months, while Time Warner’s have gained 3.7% and the S&P 500 has tacked on 6.7%.

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U.S. stock futures fell on Monday, pointing to a fresh bout of selling for Wall Street. Dow Jones Industrial Average futures fell 141 points, or 0.6% to, 25,290, while S&P 500 futures dropped 9 points, or 0.3%, to 2,747.75. Nasdaq-100 futures dipped 11.75 points to 6,742.50. Rising bond yields looked set to continue haunting investors, with the yield on the 10-year U.S. Treasury note pushing up to 2.861% on Monday, and global equities under pressure. On Friday, the yield rose to a four-year high above 2.83% after January jobs data revealed wage growth expanded at the fastest rate clip in more than eight years. That led to sharp losses for U.S. stocks — the S&P 500 index suffered its biggest one-day drop since September 2016. Futures indicated European stocks will open lower, while Asian markets had a mostly downbeat day, with the Nikkei 225 index dropping 2.5%.

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Dow futures fell more than 200 points Sunday, following steep losses on Wall Street last week. Dow Jones industrial average futures were last down 194 points, or 0.7%, after being down as much as 250 points earlier in Sunday trading. S&P 500 futures were last down 12.70 points, or 0.4%, and Nasdaq futures fell 23.75 points, or 0.4%, recovering somewhat from deeper losses earlier. Asian markets also fell in Monday trading, with Japan’s Nikkei down 2.2% and Australia’s ASX down 1.3% . Last week, each of the major U.S. indexes ended the week down more than 3%.

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Broadcom Ltd. plans to raise its hostile bid to buy rival chipmaker Qualcomm Inc. to about $120 billion, Reuters reported Sunday. Citing unnamed sources, Reuters said Broadcom will meet with its advisers Sunday to finalize an offer valuing Qualcomm at $80 to $82 a share, up from about $70 a share. Qualcomm rejected the original $105 billion bid late last year. The acquisition, if it happens, would be the biggest tech deal in history. Qualcomm shareholders will meet March 6, and will vote on a bid by Broadcom to replace the board of directors. Qualcomm shares are up 3.2% this year, while Broadcom is down 8.3%, compared to the S&P 500’s 3.3% gain.

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The Dow Jones Industrial Average on Friday shed more than 1,095 points for the week, which would be its steepest weekly slide since Oct. 10 2008, when it shed 1,874 points, according to FactSet data. The Dow ended down 666 points, or about 2.5%, Friday as Treasury yields gathered steam following an upbeat jobs report. On a percentage basis, the weekly decline, 4.1%, would be the worst for the blue-chip gauge since the 6.2% weekly decline in early January of 2016. Rising yields can undercut appetite for assets perceived as risky, including stocks. The S&P 500 index , meanwhile, finished down 2.1%, at 2,762, while the Nasdaq Composite Index gave up 2% at 7,240.

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From:: Stock Market News

The Dow Jones Industrial Average on Friday shed more than 1,095 points for the week, which would be its steepest weekly slide since Oct. 10 2008, when it shed 1,874 points, according to FactSet data. The Dow ended down 666 points, or about 2.5%, Friday as Treasury yields gathered steam following an upbeat jobs report. On a percentage basis, the weekly decline, 4.1%, would be the worst for the blue-chip gauge since the 6.2% weekly decline in early January of 2016. Rising yields can undercut appetite for assets perceived as risky, including stocks. The S&P 500 index , meanwhile, finished down 2.1%, at 2,762, while the Nasdaq Composite Index gave up 2% at 7,240.

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.

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From:: Stock Market News

Stocks ended sharply lower Friday, with the Dow industrials dropping over 600 points after a pickup in January wage growth sparked inflation fears, sending bond yields higher. A rise in yields unsettled stock market investors, with losses for equities snowballing over the course of the session, leaving the Dow to end down 665.75 points, or 2.5%, at 25,520.96, according to preliminary figures, while the S&P 500 ended down 2.1% at 2,762.12. For the week, the Dow shed 4.1%, while the S&P 500 lost 3.9% for the biggest one-week declines since January 2016. The Nasdaq Composite dropped 144.91 points, or 2%, to end at 7,240.95, logging a weekly decline of 3.5%, the largest since February 2016.

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.

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From:: Stock Market News