Tag: stock market

Apple Inc. is the first publicly traded U.S. company to reach a $900 billion market capitalization. The iPhone maker passed the mark for the first time in intraday trade Wednesday, after approaching the mark following an earnings report last week that showed optimism about the iPhone X launch and a recovery in many of Apple’s other businesses. Apple is by far the most valuable publicly traded U.S. company, as no other businesses have a market cap exceeding $800 billion – Alphabet Inc. surpassed $700 billion for the first time last month, becoming the second company after Apple to accomplish that. Apple shares reached a new intraday record high of $175.50 to accomplish the feat, and must close higher than $175.29 to keep the $900 billion mark. Apple stock has gained more than 50% this year, while the S&P 500 index has gained 15.7% and the Dow Jones industrial average , which counts Apple as a component, has added 19.1%

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iHeartMedia Inc. , the biggest operator of radio stations in the U.S., has repeated “going concern” language in its latest filing with the Securities and Exchange Commission. The company, which also owns billboard ad company Clear Channel Outdoors, is currently in talks with lenders to restructure and refinance the massive $20 billion debt burden it took on as part of a $24 billion leveraged buyout by then-Clear Channel Communications Inc. by private-equity firms Bain Capital and Thomas H. Lee Partners in 2008. At the end of September, the company had debt maturities totaling $366.9 million, $308.5 million $8.4 billion in 2017, 2018 and 2019, respectively. To meet those obligations, the company needs to meet forecasted results, conserve cash, complete note and term loan exchange offers, refinance other credit facilities and generate additional liquidity, it said in its 10-Q filing. Based on the uncertainty of achieving those goals and others, “management has determined that there is substantial doubt as to the Company’s ability to continue as a going concern for a period of 12 months following November 8, 2017,” said the filing. The company’s most active bonds, the 9.000% notes that mature in March of 2021, were last quoted at 68.75 cents on the dollar to yield 22.968%, deep into distressed territory. Shares were down 2.3% at $1.25.

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Three of the four stocks that are due to start trading Wednesday after pricing their initial public offerings took off to a strong start. Four Seasons Education (Cayman), a Chinese tutoring company with an emphasis on math, jumped more than 2% in the opening minutes of trade. The company sold 10.1 million shares at $10 to raise $101 million. The shares are trading on the NYSE under the ticker symbol “FEDU.” Shares of Texan regional bank CBTX Inc. shares surged 6.9% in early trade. The bank priced its IPO at $26, the high end of its $24 to $26 range. Shares are trading on Nasdaq under the ticker symbol “CBTX.” Manhattan bank Metropolitan Bank Holding Corp. rose 9% in early trade. The company priced its IPO at $35, above its $31 to $34 range. Shares are trading on the NYSE under the symbol “MCB”. German biotech InflaRx N.V. had not yet started trading. That company priced its IPO at $15, the midpoint of its $14 to $16 range. The S&P 500 was down 0.2% Wednesday.

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Data from the U.S. Energy Information Administration Wednesday showed that domestic crude supplies rose by 2.2 million barrels for the week ended Nov. 3. That was contrary to the forecast for a decline of 2.7 million barrels from analysts surveyed by S&P Global Platts. The American Petroleum Institute on Tuesday reported a nearly 1.6 million-barrel decline. Gasoline stockpiles fell by 3.3 million barrels for the week, while distillate stockpiles shed 3.4 million barrels, according to the EIA. The S&P Global Platts survey forecast supply declines of 2.25 million barrels for gasoline and 1.85 million barrels for distillates. December crude was down 63 cents, or 1.1%, from Tuesday to $56.57 a barrel on the New York Mercantile Exchange. It traded at $56.86 before the supply data.

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Apple Inc. is developing an augmented-reality device worn on the head that it could introduce to consumers as soon as 2020, according to a Wednesday report. Bloomberg News reported, based on anonymous sources, that Apple is developing a device similar to Google Glass or the Microsoft HoloLens that would run without being tethered to another device, like an iPhone. Apple has made a big push into augmented reality this year, launching its first AR software-development kit and using AR capabilities such animojis to market its newest iPhones as AR-capable. Bloomberg reported that Apple is developing a new operating system and chip for the device, much as it has for the Apple Watch. The smartwatch is the only device with a new form factor introduced by Apple since Tim Cook took over the CEO role from co-founder Steve Jobs, who oversaw the introduction of the iPhone and iPad. Apple stock opened at $174.66 Wednesday morning, down 15 cents from Tuesday’s close, and is up more than 50% on the year as the S&P 500 index has gained 15.7%.

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Major banks traded lower on Wednesday, as investors began to evaluate the impact of big Democratic election wins in Virginia and New Jersey. “If we are right and Virginia signals increased chances that control of the House flips, then investors need to start thinking about Rep. Maxine Waters (D-CA) as the next chairman of the House Financial Services Committee. While we doubt that Waters could implement an anti-bank, anti-financials agenda, the financial sector would no longer have a wind at its back from Congress and we think the headline risk for the industry would increase significantly,” said KBW’s Brian Gardner. Gardner also said there’s a possibility the election loss will cause the tax reform package to be modified in a more populist way. Citi , Bank of America , J.P. Morgan Chase , Goldman Sachs , Wells Fargo and Morgan Stanley each traded lower.

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U.S. stock indexes mostly ticked lower on Wednesday at the open. The Dow had notched a fresh all-time high in the previous session even as financials sagged. Equities have struggled to sustain their upward momentum as the Republican tax plan receives push-back after its unveiling last week. The Dow Jones Industrial Average shed 13 points, or 0.1%, to 23543. The S&P 500 fell 3 points, or 0.1%, to 2588. The Nasdaq Composite Index tipped higher 1 point to 6769.

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Mallinckrodt PLC shares dropped 2.4% in premarket trade Wednesday after the company was downgraded to neutral by Goldman Sachs. The company reported third-quarter profit and revenue misses on Tuesday, including a sales decline for its key multiple sclerosis and infantile spasms drug Acthar, and Goldman Sachs analyst Dana Flanders questioned the sustainability of Acthar growth and whether the company will take near-term strategic action. Acthar results were affected by a large share of prescriptions not getting filled due to both health insurer and patient factors, Flanders said, yet “while MNK pointed to a challenging payor environment that is impacting the entire industry – we have not yet seen this sharp decline more broadly across the sector.” A previous buy rating reflected an expectation that Acthar sales would continue to grow, Flanders said. Mallinckrodt shares have dropped nearly 50% over the last three months, compared with a 4.4% rise in the S&P 500 .

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Amazon.com Inc. said Wednesday that it will add more than 1,500 full-time associates through a new Baltimore fulfillment center. Amazon already has three fulfillment facilities in Maryland, including two in the Baltimore city limits. The company says its investment in the state totaled $100 million from 2014 to 2016. This newest facility will be 855,000 square feet, and workers will pick, pack and sort electronics, books, housewares and toys. Amazon shares are nearly unchanged in Wednesday premarket trading, and are up nearly 50% for the year so far. The S&P 500 index is up 15.7% for 2017 to date.

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Humana Inc. disclosed in a filing with the Securities and Exchange Commission that third-quarter revenue fell 3.0% to $13.282 billion from $13.69 billion, just below the FactSet consensus of $13.325 billion. Premiums revenue declined 3.1% to $12.96 billion, below the FactSet consensus of $13.04 billion, and the 1.8% decline in services revenue to $223 million missed expectations of $233 million. Investment income revenue rose 8.3% to $104 million, but was below the FactSet consensus of $104.9 million. The revenue was disclosed in an SEC filing accepted at 7:34 a.m. ET, while the health plan administrator’s earnings press release sent at 6:30 a.m. to news wires and that appeared on its website did not include revenue numbers. In that release, Humana reported third-quarter adjusted earnings per share that beat the FactSet consensus and raised its full-year EPS outlook. The stock was up 1.6% in premarket trade. It has gained 2.4% over the past three months through Tuesday, while the SPDR Health Care Select Sector ETF has tacked on 2.8% and the S&P 500 has advanced 4.7%.

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