Tag: stock market

Data from Nielsen Holdings PLC and the Food Marketing Institute shows that 70% of grocery shoppers will be buying online in the next five-to-seven years. Previously, Nielsen forecast that a majority of shoppers would purchase groceries online in eight-to-10 years. “Now, the estimated $100 billion spend, which is equivalent to every U.S. household spending $850 online for food and beverage annually, will occur by 2022 or 2024,” the group said in a statement. The results come as Amazon.com Inc. , with its Whole Foods Market acquisition, and Wal-Mart Stores Inc. with its Jet.com purchase, are making an e-commerce grocery push. Nielsen and FMI recommend that grocery retailers rely on a multi-platform approach across both stores and digital channels, consumer data, and improved marketing and promotions to reach customers. The PowerShares Dynamic Food & Beverage Portfolio is up 6.7% for the past year while the S&P 500 index is up 24.7% for the period.

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The Copyright Royalty Board of the U.S. Library of Congress decided over the weekend to bump up the amount streaming services like Spotify and Apple Inc. have to pay songwriters for interactive streaming by roughly 44% over the next five years. Under the new ruling, streaming companies will have to pay 15.1% of their revenue to songwriters and music publishers, up from 10.5%. In a note to clients on Monday, Raymond James analyst Justin Patterson wrote that the decision won’t affect advertising, which is the majority of Pandora Media Inc.’s revenue. Pandora shares rose nearly 5% during intraday trade on Monday. “The [Copyright Royalty Board’s] decision to increase interactive rates affects only Pandora’s interactive services _ Pandora Plus and Premium,” Patterson wrote. “Pandora’s ad-supported service, which we project as about 77% of 2017 revenue is classified as radio and is not affected by this decision.” Interactive services are ones where listeners are streaming music on-demand. Pandora shares have declined more than 66% in the last 12 months, while the S&P 500 index is up close to 25% and the Dow Jones Industrial Average is up more than 32%.

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Celgene Corp. said Monday Chairman Bob Hugin will retire, effective Feb. 5, after about two years in the role and 19 years with the company. The biopharmaceutical company said Chief Executive Mark Alles will take on the additional role of chairman in Hugin’s place. Hugin was appointed chairman on March 1, 2016. He had joined the company in June 1999 as chief financial officer. The stock fell 1% in morning trade. It has lost 8.3% over the past 12 months, while the iShares Nasdaq Biotechnology ETF has rallied 30.2% and the S&P 500 has climbed 24.5%.

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Shares of Aradigm Corp. plunged 21% toward a four-month low, after the drug maker said the Food and Drug Administration informed that company that its new drug application (NDA) for its lung infection treatment could not be approved in its current form. The percentage decline was the biggest among stocks listed on the Nasdaq exchange. The FDA’s complete response letter (CRL) for Aradigm’s Linhaliq said the areas of concern included clinical data, human factors validation study and product quality. “We remain confident in the efficacy, safety and quality of Linhaliq and will request a meeting with FDA to discuss the topics covered in the CRL with the view to developing plans to move towards resubmission of the Linhaliq NDA as soon as possible,” said Chief Executive Igor Gonda. The stock plunged 58% over the past three months, while the S&P 500 has climbed 11%.

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Shares of Ballard Power Systems Inc. shot up 19% in morning trade Monday, after the fuel cell company provided an upbeat outlook for 2017 results as it disputed a report by a short seller that led to a sharp selloff last week. Ballard said it expects to report “record annual revenue” for 2017. “We believe these results fully validate our long-held belief that Ballard is uniquely positioned to capitalize on the worldwide trend toward zero-emission transportation,” Chief Executive Randy MacEwen said. The stock had tumbled 21% the past two sessions to close Friday at a five-month low, after short-seller Spruce Point Capital Management said the company’s growth ambitions in China were expected to fail from weak partnerships, and reminded investors that a previous China deal resulted in a contract breach and lowered guidance in 2015. Spruce Point said the stock should trade in a range of $1.15 to $2.50 over the long term. Ballard said Monday that some of the statements that the short-seller based its arguments on are “demonstrably false,” while others amounted to “unduly negative speculation” about “well-disclosed” risks. The stock has run up 87% over the past 12 months, while the S&P 500 has gained 25%.

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Abeona Therapeutics Inc. shares rose 10% in heavy Monday morning trade after the company’s cell therapy received a Regenerative Medicine Advanced Therapy designation from the Food and Drug Administration. The designation allows for accelerated approval, among other benefits. Abeona’s cell therapy, EB-101, is being developed for recessive dystrophic epidermolysis bullosa, a rare genetic condition with no cure that is marked by widespread blistering. The condition makes it difficult for patients to eat and can lead to vision loss, disfigurement and aggressive skin cancer, according to the National Institutes of Health. EB-101 aims to re-engineer a patient’s cells to produce collagen, helping reduce blistering and improve healing, Abeona said. The company plans to begin a phase 3 trial for the cell therapy later this year. Company shares have risen 3.5% over the last three months, compared with a 11.3% rise in the S&P 500 and a 13.6% rise in the Dow Jones Industrial Average .

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U.S. stock indexes opened slightly lower on Monday, pulling back from records ahead of a raft of corporate earnings this week. The Dow Jones Industrial Average declined 38 points, or 0.1%, to 26,572. The S&P 500 fell 7 points, or 0.23%, to 2,866. The Nasdaq Composite Index was down 20 points, or 0.3%, to 7,485. All three major indexes closed at records on Friday, with each gauge posting their fourth straight weekly gain. The next few days will prove particularly busy as investors will look ahead to President Donald Trump’s State of the Union address and the Federal Reserve’s two-day meeting. Also, a quarter of the S&P 500 companies are set to report their earnings this week.

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After the weekend release ofa draft plan calling for the nationalization of the 5G network, Federal Communications Commission Chairman Ajit Pai said he’s against such a move. “I oppose any proposal for the federal government to build and operate a nationwide 5G network. The main lesson to draw from the wireless sector’s development over the past three decades — including American leadership in 4G — is that the market, not government, is best positioned to drive innovation and investment.”

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Abeona Therapeutics Inc. shares rose 5% in premarket trade on Monday after the company’s cell therapy received a Regenerative Medicine Advanced Therapy designation from the Food and Drug Administration. The designation allows for accelerated approval, among other benefits. Abeona’s cell therapy, EB-101, is being developed for recessive dystrophic epidermolysis bullosa, a rare genetic condition with no cure that is marked by widespread blistering. The condition makes it difficult for patients to eat and can lead to vision loss, disfigurement and aggressive skin cancer, according to the National Institutes of Health. EB-101 aims to re-engineer a patient’s cells to produce collagen, helping reduce blistering and improve healing, Abeona said. The company plans to begin a phase 3 trial for the cell therapy later this year. Company shares have dropped 6% over the last three months, compared with a 11.3% rise in the S&P 500 and a 13.6% rise in the Dow Jones Industrial Average .

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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Shares of Apple suppliers including Finisar Corp. and Qorvo Inc. fell in premarket trading Monday following some incrementally downbeat notes from analysts as well as a report from the Nikkei Asian Report saying that Apple was halving its March-quarter iPhone X production. Piper Jaffray analyst Troy Jensen downgraded shares of Finisar to neutral from overweight and lowered his price target to $20 from $28, citing his projection for “challenged” demand trends going forward. The company makes lasers that help power 3D sensing technology in the iPhone X, and its shares are down 1.8% premarket. Shares of Qorvo are down 0.4% premarket after MKM Partners analyst Ruben Roy cut his price target to $78 from $83 on his belief that the company could deliver a lower than expected outlook for the March quarter when it reports earnings. He maintains his buy rating on shares. Other Apple suppliers have seen their stocks fall as well, including II-VI Inc. , Cirrus Logic Inc. , and Broadcom Ltd. . Apple shares have dropepd 0.9% premarket, though they’re up 41% over the past 12 months. The Dow Jones Industrial Average is up 30% over that time.

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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