Tag: stock market

Shares of Viking Therapeutics Inc. surged 18% in premarket trade Tuesday, after the company announced positive results from a mid-stage trial of a treatment for hip fractures. The biotech, which is working to develop toherapies for metabolic and endocrine disorders, said the Phase 2 trial of its VK5211 program for muscle and bone disorders met its primary goal. “The study achieved statistical significance at all doses with a clear dose-response and, in our view, provides compelling evidence of VK5211’s potent pharmacologic effect on muscle growth,” Viking Chief Executive Brian Lian, Ph.D., said in a statement. Viking shares have gained 154% in 2017, while the S&P 500 has gained 16%.

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Elon Musk’s SpaceX has raised another $100 million, according to a regulatory filing. The company had borrowed about $350 million in July in a funding round that valued the company at about $21 billion, as The Wall Street Journal has reported.

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Cyber Monday is expected to be the biggest online sales day ever with shoppers spending $6.59 billion, Adobe Systems Inc. said Tuesday. That was a 16.8% increase over the same time last year, the data analytics firm said in a statement. Shopper spent $1 billion more than on the same day a year ago, with top sellers including Nintendo Switch, PJ Masks and Hatchimals & Colleggtibles figurines, Apple AirPods , streaming devices like Google Chromecast and Roku, and video game Super Mario Odyssey. The holiday shopping season has driven $50 billion in online revenue so far, said Adobe, which is expecting it to be the first to break $100 billion in online sales.

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Arby’s Restaurant Group Inc, which is owned by private-equity firm Roark Capital Group, said Tuesday it has agreed to acquire Buffalo Wild Wings Inc. for $157 a share in cash, in a deal valued at $2.9 billion, including debt. The price is about a 38% premium over Buffalo Wild Wings’ 30-day volume-weighted average stock price as of November 13, 2017, the last trading day before news reports about a potential transaction. The company is expecting the deal to close in the first quarter of 2018. Once the deal is closed, Buffalo Wild Wings will operate as a privately-held unit of Arby’s. Buffalo Wild Wings stock jumped 5.9% in premarket trade on the news, but is down 5% in 2017 through Monday, while the S&P 500 has gained 16%.

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The U.S. economy is expected to grow at 2.5% in 2018, up from this year’s rate of 2.2%, but then drop back to 2.1% growth in 2019, the Organization for Economic Cooperation and Development said Tuesday in its latest outlook. The Paris-based research body said the global economy will grow by 3.6% this year, 3.7% in 2018 and 3.6% in 2019. “The projections reflect slight improvements in the global economy since the previous Interim Economic Outlook in September 2017, but also concerns about long-term momentum,” the OECD said.

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Roark Capital Group has agreed to buy Buffalo Wild Wings in a deal worth $2.4 billion, Bloomberg News reported Monday night. Roark reportedly sweetened the deal by upping its offer to $157 a share, from its original bid of $150. Buffalo Wild Wings shares were unchanged after hours, after closing at $146.40; its shares are down about 5% year to date. The deal could be announced as soon as Tuesday, Bloomberg said. Roark, a private equity firm, reportedly plans to merge the restaurant chain with another of its holdings, Arby’s, while keeping the two brands separate, and Arby’s Chief Executive Paul Brown will lead the combined company.

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Wells Fargo & Co. cheated a number of their foreign-currency exchange business customers by overcharging them, according to a Wall Street Journal report late Monday. According to the Journal, an internal review found that out of about 300 fee agreements, only 35 companies ended up paying what they were originally told the price was. Foreign-exchange employees received bonuses based on how much revenue they generated, sources told the Journal, and the bank charged unusually high fees. According to the report, the overcharging scheme relied on customers not double-checking how much they were charged, confusing fees and Wells Fargo brushing off complaints. The Journal said four foreign-exchange workers were fired after the practices came to light, and federal prosecutors have opened an investigation into the matter. A 2015 scandal in which up to 3.5 million fake accounts were opened at Wells Fargo without customers’ knowledge led to thousands of firings, a $100 million fine and the resignation of its CEO.

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A group of investors led by SoftBank Group Corp. will seek to buy Uber Technologies Inc. shares that price the company 30% below its most recent valuation of $69 billion, Bloomberg News reported late Monday. The SoftBank-led effort is seeking at least a 14% stake in the ride-hailing company, according to previous reports. The current tender offer to shareholders values Uber at $48 billion, Bloomberg said, and the Japanese tech conglomerate will also seek to invest at least $1 billion in Uber at its $69 billion valuation. Bloomberg said that while the deal is not done, a number of Uber shareholders favor the plan.

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Roku Inc. stock surged Monday during the regular session to close up 18% to $46.52, a new record for the streaming device and operating system company. In a note to clients Monday, Needham analyst Laura Martin raised her Roku price to $50 up from $28. Martin rates Roku a buy. In the note to clients, Martin wrote that she views Roku as a pure streaming play, as such services become more popular in the U.S., but without the associated risks of being in the content business. Martin wrote that Netflix Inc. is the closest comparable company because at its core Roku is not an ad-driven business in the same way Facebook Inc. is, or other internet companies that must pay “the Google tax” to generate traffic. Roku stock has jumped 148% in the last month, compared with the S&P 500 index which has gained less than 1%.

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UnitedHealth Group Inc. slipped in the extended session Monday after most of the health insurer’s forecast earnings range for next year fell below the Wall Street consensus. UnitedHealth shares declined 1.1% to $210 after hours. The health insurer forecast adjusted earnings of $10.55 to $10.85 a share for the year on revenue of $223 billion to $225 billion. Analysts surveyed by FactSet estimate earnings of $10.82 a share on revenue of $219.06 billion. The company also affirmed its 2017 outlook of adjusted earnings “approaching” $10 a share on revenue that’s “expected to exceed $200 billion.” Analysts estimate $9.99 a share on revenue of $200.36 billion.

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