Tag: stock market

The U.S. International Trade Commission has launched an investigation into Apple Inc. for patent infringement, the USITC said late Tuesday. Aqua Connect Inc. and Strategic Technology Partners LLC lodged a complaint Oct. 10 and requested the USITC issue a temporary exclusion order, the USITC said. If the order is granted, the agency could block the import of
“certain Apple Mac computers, iPhones, iPads, iPods, and Apple TVs” but it was not immediately clear which gadgets the probe targets. Apple stock was down a fraction in late trading to $171.11. Apple shares have gained 48% this year, with the S&P 500 index gaining 15%.

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The American Petroleum Institute reported Tuesday that U.S. crude supplies climbed by 6.5 million barrels for the week ended Nov. 10, according to sources. The API data also showed a rise of 2.4 million barrels in gasoline stockpiles, while inventories of distillates fell by 2.5 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report declines of 1 million barrels each for crude and gasoline inventories. They also forecast a fall of 2 million barrels distillate supplies. December crude was at $55.08 a barrel in electronic trading, down from the settlement of $55.70 on the New York Mercantile Exchange.

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Achillion Pharmaceuticals Inc. shares fell in the extended session Tuesday after the drug developer reported promising early data on one of its kidney-disease treatments but said a large stakeholder was selling shares in a secondary offering. Achillion shares fell 9.2% to $3.35 after hours. Achillion said Johnson & Johnson Inc.’s venture capital arm, Johnson & Johnson Innovation-JJDC Inc., will sell 18.4 million shares of Achillion in a public offering and that Achillion would not receive proceeds. Achillion has 136.9 million shares outstanding. Separately, the company said early data from its mid-stage clinical trial for ACH-4471 showed the drug reduced protein in the urine by more than 50% in patients with C3 glomerulopathy, a rare disease where protein deposits build up in the kidneys.

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U.S. stocks retreated Tuesday, with all three main indexes closing lower, as uncertainties over whether the Trump administration will be able to deliver sweeping tax reforms weighed on investors’ confidence. Analysts had largely credited anticipation over imminent corporate tax cuts for fueling much of the market’s record-setting rally this year. Shares of General Electric Co. also extended losses, slumping 5.9%, in the wake of disappointment over the company’s restructuring plan that included slashing dividends. The S&P 500 fell 5 points, or 0.2%, to close at 2,578 while the Dow Jones Industrial Average shed 30 points, or 0.1%, to end at 23,409. The Nasdaq Composite Index slid 19 points, or 0.3%, to close at 6,737.

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Wells Fargo will pay $5.4 million to the Justice Department to compensate approximately 450 service members whose cars were repossessed by the bank’s auto financing arm, Wells Fargo Dealer Services. The government found that the repossessions were unlawful under the Servicemembers Civil Relief Act, which requires that a court must review and approve the repossession if the loan was taken out, and a payment made, before the owner entered military service. This is the second such settlement for the bank, which previously compensated 413 service members in September 2016. It also follows a long string of misdeeds by the bank, which over the span of several years opened millions of accounts for customers without their knowledge, including some for auto insurance. Wells shares are down about 2% for the year to date, lagging the 12% gain for the Financial Select Sector SPDR and the 18.6% gain for the Dow Jones Industrial Average .

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Oil prices dropped Tuesday to settle at their lowest level in more than a week. The International Energy Agency said Tuesday that rising U.S. shale oil production could keep a lid on prices. The Paris-based agency also cut its global crude-demand outlook for this year and next. Traders now await weekly supply data from the American Petroleum Institute later Tuesday and the Energy Information Administration due Wednesday. Analysts polled by S&P Global Platts expect the EIA to show a weekly decline of 1 million barrels in U.S. crude stockpiles. December West Texas Intermediate crude fell $1.06, or 1.9%, to settle at $55.70 a barrel on the New York Mercantile Exchange.

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Republican senators are strongly considering adding a repeal of Obamacare’s individual insurance mandate to a new version of their tax bill, Politico reported Tuesday. Senate Finance Committee Chairman Orrin Hatch is expected to introduce a new version of the bill in the afternoon, and said he’s “never been enthused about the mandate.” Repealing Obamacare is a longstanding Republican policy goal. Last week, the Congressional Budget Office said repealing the individual mandate would leave 4 million more people uninsured next year. President Donald Trump has pressed Congress to end the mandate, most recently on Monday.

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Gold prices ended higher Tuesday for a second-consecutive session, buoyed by a weaker dollar, which pushed the ICE U.S. Dollar Index to its lowest level in nearly three weeks. The dollar index was down 0.7% as the euro rallied on the back of strong German economic data. December gold rose $4, or 0.3%, to settle at $1,282.90 an ounce.

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The possibility of online retailer Amazon.com Inc. entering the pharmaceutical industry has sent the stocks of drug distributors and pharmacy-benefit managers quaking in recent months, but a new report from Jefferies analysts suggests that Amazon is instead homing for the medical devices and supplies industries. Correspondence between two state pharmacy boards and Amazon reveals that those state licenses can only be used for medical device and supplies distribution, the Jefferies report said, based on information that was obtained through a Freedom of Information Act request. This direction was likely chosen to avoid “the more comprehensive regulatory requirements associated with the Wholesale Drug Distribution Act,” Jefferies analyst Brian Tanquilut said. That has created an overhang on stocks like AmerisourceBergen Corp. , Cardinal Health Inc. , McKesson Corp. , Express Scripts Holding Co. , CVS Health Corp. and Walgreens Boots Alliance Inc. ; “Unfortunately, we believe only time will refute these investor concerns,” he said. Amazon shares have surged 15% over the last three months, compared with a 4.5% rise in the S&P 500 and a 6.6% rise in the Dow Jones Industrial Average .

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The FBI is scrutinizing more than 60 money transfers sent by the Russian foreign ministry to its embassies across the globe, BuzzFeed News reported, citing agency sources. Most of the transfers had a note that said the money was to be used “to finance election campaign of 2016.” Seven nations, including the U.S. and Russia, had federal elections during the span when the funds were sent, the report notes. The transfers moved through Citi accounts and totaled more than $380,000, the report said. Citi turned over a range of documents on more than 650 suspicious transactions, not all of which are related to the election.

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