Tag: stock market

Ride-sharing service Lyft said Monday it is planning to launch in Toronto in December in its first foray outside of the U.S. The company and Uber rival announced the news in a blog posting. “We’ve been looking forward to taking our brand of ridesharing international for some time,” said the blog post, titled “Canada, here we come.” In October, Lyft raised $1 billion in funding in a round led by the venture-capital fund of Google parent Alphabet Inc., that gave it a valuation of $11 billion. Lyft has raised $3.6 billion in funding since it launched in 2012, compared with the roughly $15 billion raised by Uber, which has a valuation of about $68 billion, according to The Wall Street Journal.

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The Dow Jones Industrials Average made a morning break into positive territory, powered by shares of Procter & Gamble Co., Home Depot Inc., and Boeing Co., helping to counter a slide in General Electric’s stock. Shares of P&G , Home Depot and Boeing combined to contribute about 25 points–the bulk of the price-weighted blue-chip index’s morning gains. Meanwhile, GE’s stock was only cutting about 5 points from the Dow, even though it is the benchmark’s worst percentage performer. A $1 move in anyone of the Dow’s 30 components equates to a 6.89-point swing, making a component’s share price more influential than, say, its overall market value. GE was under pressure as it sought to deliver a raft of changes under new CEO John Flannery to revamp its 125-year-old business. Elsewhere, the S&P 500 index was gaining some traction in the green at 2,582. The Nasdaq Composite Index was also edging higher at 6,752. All three benchmarks cut losses from a firmer decline earlier Monday.

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The International Monetary Fund’s executive board called Mexico’s economy resilient “in the face of a complex external environment,” on Monday, adding that its “flexible exchange rate is playing a key role in helping the economy adjust to external shocks.” Mexico’s reduction of debt, shrinking deficit, and improving financial regulation were cited as among the factors that contributed to the IMF’s review. This year, the Mexican economy is expected to grow 2.1% driven mainly by private consumption, while 2018 growth is projected to slow slightly before picking up steam again. The Mexican peso spiked briefly against the dollar upon the release of the report. One dollar last bought 19.1536 pesos, up 0.2% from Friday.

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Shares of Roku Inc. surged another 10% Monday, extending gains made last week after better-than-expected earnings. Roku last week reported earnings for the first time as a public company, sending its stock price soaring. Roku believes its TV operating system – known as its platform business in filings – is the key to growth, and platform revenue reached 46% of total sales. Shares were last up $2.40 at $35.65, a full 155% above the company’s IPO issue price of $14. The S&P 500 was flat Monday.

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President Donald Trump said Monday he is nominating Alex Azar as the next health and human services secretary. Azar, who formerly ran Eli Lilly & Co.’s U.S. operations, would replace Tom Price at the department if confirmed. Price resigned in September amid reports he spent more than $1 million in taxpayer dollars on private plane travel. “He will be a star for better healthcare and lower drug prices!” Trump tweeted.

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Shares of General Electric were down about 3% in early Monday trade, representing the biggest weight on the Dow industrials, but Goldman’s stock exacted the biggest point toll on the price-weighted gauge. Shares of GE were cutting only about 5 points from the Dow Jones Industrial Average , off 75 cents, or 3.5%. A $1 move in anyone of the Dow’s components equates to a 6.89-point swing in the average. By comparison, Goldman Sachs Group Inc. shares were down 0.8% but off more than $2.00, translating to a point decline of about 14 points. Most recently, the Dow was off 34 points, or 0.1%, at 23,388, the S&P 500 index was down 0.2% at 2,577, while the Nasdaq Composite Index was down about 0.3% at 6,734.

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Shares of Nektar Therapeutics soared 26% in premarket trade Monday, putting them on track to open at the highest level seen since January 2001, after the biopharmaceutical company announced over the weekend positive data from a trial of its cancer treatment. The company said Saturday that data from the Pivot-02 phase 1/2 study, designed to evaluate the combination of Bristol-Myers Squibb Co.’s Opdivo with its investigational medicine NKTR-214, demonstrated “important” response rates across the three types of tumors tested. The company said it and Bristol-Myers are now actively enrolling patients in the phase 2 expansion part of the study in five tumor types. Nektar’s stock has rocketed 165% year to date through Friday, while Bristol-Myers shares have tacked on 4.1%, the iShares Nasdaq Biotechnology ETF has climbed 18% and the S&P 500 has gained 15%.

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GGP Inc. shares surged nearly 6% Monday morning after Brookfield Property Partners L.P. offered to buy the retail real estate company. Brookfield presented the offer to GGP’s board on Saturday. Under the deal, which values the company at $21.8 billion, Brookfield would pay $23 a share, a 3.6% premium to Friday’s closing price, in a combination of cash and units. The combined company would be owned about 30% by existing GGP shareholders. GGP shares are down 11.1% in the year to date, reflecting a difficult environment for retail. The S&P 500 , in contrast, is up 15.3%.

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TiVo Corp. said Monday it has named Enrique Rodriguez as president and chief executive, replacing Thomas Carson who said earlier this year he would retire. Rodriguez was EVP and chief technical officer at AT&T’s entertainment group, and has also done stints at Sirius XM , Cisco and Microsoft . TiVo shares were not yet active premarket, but are down 19% in 2017, while the S&P 500 has gained 15%.

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Shares of Teva Pharmaceutical Industries Ltd. shed 2.2% in premarket trade Monday, after the generic drug maker was downgraded at J.P. Morgan to a rare bearish rating, citing concerns over the U.S. generics business and growing debt levels. Analyst Chris Schott cut his rating to underweight, after being at neutral the past 10 months. Only 6% of companies covered by J.P. Morgan analysts have an underweight rating. “While admittedly Teva shares have been under pressure (down 68% in 2017 and 16% since 3Q results), we see an extended road to recovery and no clear fundamental inflection in sight given ongoing challenges in the company’s U.S. generics business (which we do not see growing until 2019), Copaxone generic competition, and growing levels of leverage (>5x in 2018 based on our estimates). Last week, Fitch Ratings downgraded Teva’s credit rating in “junk” territory. Teva’s stock has underperformed its peers and the broader market by a wide margin, as the SPDR S&P Pharmaceuticals ETF has gained 5.7% year to date and the S&P 500 has climbed 15%.

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