Tag: stock market

The stocks of companies in the pharmaceutical supply chain dropped in Thursday afternoon trade after a report by the St. Louis Post-Dispatch that online retailer Amazon has obtained approval to become a wholesale distributor in a number of states. Amazon has received approval in at least 12 states, the St. Louis Post-Dispatch reported. Speculation about an Amazon pharmacy entry has swirled since a CNBC report on the subject earlier this year, but Amazon has repeatedly declined to comment on or confirm any interest in pharmacy. Such a move would likely threaten a number of industry players, including drug wholesalers, pharmacy chains and pharmacy-benefit managers, middlemen that negotiate drug prices. Rite Aid Corp. shares dropped 5.6% in Thursday afternoon trade, CVS Health Corp. shares dropped 4.8%, Express Scripts Holding Company shares dropped 3.5%, McKesson Corp. shares dropped 3.4%, AmerisourceBergen Corp. shares dropped 4.4%, Walgreens Boots Alliance shares dropped 3.7% and Cardinal Health Inc. shares dropped 2.5%, compared with a 0.2% rise in the S&P 500 . Many of the stocks have plunged in the last several months on concerns about Amazon.

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Oil prices climbed Thursday, erasing a decline from a day earlier to settle back at their highest level since mid-April. Prices continued to find some support from talk of a potential extension to the OPEC-led production cuts, despite data Wednesday showing the first rise in U.S. crude supplies in five weeks. December WTI crude rose 46 cents, or 0.9%, to settle at $52.64 a barrel on the New York Mercantile Exchange–the highest since April 17, according to FactSet data. Prices fell 0.6% Wednesday after settling at a six-month high Tuesday.

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Shares of Stein Mart Inc. slipped 0.4% in afternoon trade Thursday, after the Florida-based discount department store chain it would cut its corporate office workforce by 10%, as part of ongoing cost cutting efforts. The company expects to cuts to save about $10 million in 2018. The job cuts are in addition to previously-announced cost-cutting measures, such as the suspension of the dividend announced in May, lowering inventories by 15% and cutting capital expenditures by $22 million. “While we believe our sales-driving strategies are now taking hold, we are still in a very challenging retail environment,” said Chief Executive Hunt Hawkins. The stock has plunged 78.4% year to date, while the SPDR S&P Retail ETF has slipped 7.2% and the S&P 500 has gained 14.5%.

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Gold prices dropped Thursday to mark their lowest settlement since early August, pressured by strength in the U.S. dollar, with the ICE U.S. Dollar Index touching its highest level in about three months. The index was up nearly 0.9% at 94.515 as gold prices settled, a level not seen since July. December gold fell $9.40, or 0.7%, to settle at $1,269.60 an ounce, the lowest since Aug. 8, according to FactSet data.

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The Dow Jones Industrial Average on Thursday retained its grip on firm gains as the House passed a Senate-backed budget bill, clearing the way for overhaul of taxes. The budget bill was passed by a narrow margin in a 216-to-212 House vote. The Dow Jones Industrial Average was up 90 points, or 0.4%, at 23,419, the S&P 500 index climbed 0.3% at 2,564 and the Nasdaq Composite Index was up 0.2% at 6,574. The House vote was largely viewed as procedural, but investors have been closely watching legislation around taxes because it is seen by some as helping to power, along with corporate earnings and improved economic reports, recent gains in stock benchmarks.

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Insys Therapeutics Inc. shares plummeted 8% in heavy midday trade Thursday after the company’s founder and majority owner was arrested and charged, along with six former executives, with illegally acting to promote the company’s opioid medications and fuel the opioid epidemic. Insys founder John Kapoor, Michael Babich, a former CEO and president of the company, and others were charged by the Department of Justice with allegedly bribing doctors and misleading and defrauding health insurers to promote the powerful opioid medication Subsys. “We must hold the industry and its leadership accountable – just as we would the cartels or a street-level drug dealer,” said Acting United States Attorney William Weinreb in a statement. Insys shares have plummeted 43% to $6.85 over the last three months, compared with a 3.5% rise in the S&P 500 .

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Insys Therapeutics Inc. shares plummeted 8% in heavy midday trade Thursday after the company’s founder and majority owner was arrested and charged, along with six former executives, with illegally acting to promote the company’s opioid medications and fuel the opioid epidemic. Insys founder John Kapoor, Michael Babich, a former CEO and president of the company, and others were charged by the Department of Justice with allegedly bribing doctors and misleading and defrauding health insurers to promote the powerful opioid medication Subsys. “We must hold the industry and its leadership accountable – just as we would the cartels or a street-level drug dealer,” said Acting United States Attorney William Weinreb in a statement. Insys shares have plummeted 43% to $6.85 over the last three months, compared with a 3.5% rise in the S&P 500 .

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General Electric Co. is considering a spin-off or sale of its railroad business, according to a report by The Wall Street Journal, citing people familiar. The company’s GE Transportation division primarily produces diesel-powered locomotives and railroad equipment. According to the report, the move comes as newly minted CEO John Flannery looks to restructure the company that had been run by Jeff Immelt for 16 years. The railroad unit accounted for $4.7 billion of GE’s total revenue of $123.7 billion last year, according to WSJ. GE’s stock has been among the worst performers in the Dow . The company has lost about 32% so far in 2017, compared with an 18% year-to-date gain for the broader Dow industrails. So far this year, by comparison, the S&P 500 index is up 15% and the Nasdaq Composite Index has climbed about 22%.

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Spanish stocks finished off session highs Thursday after the leader of the Catalan region failed to call anticipated snap elections. Catalan President Carles Puigdemont said he wouldn’t call early elections because there was no guarantee the central government in Madrid would halt its move toward stripping Catalonia of autonomous rule, local reports said. Spain’s IBEX 35 closed up 1.9% at 10,347.80. The benchmark had jumped as much as 2.7% intraday on reports Puigdemont would call snap elections. Separatists, led by Puigdemont, earlier this month held what the central government and Spanish constitutional courts deemed an illegal independence referendum.

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The Dow Jones Industrial Average saw its gains whittled back late-morning Thursday as shares of component 3M weighed on the average. 3M Co.’s shares was cutting about 25 points from the Dow , which trimmed the benchmark’s earlier rise. The Dow was most recently trading 85 points, or 0.4%, higher at 23,413, but had been up about 130 points. A $1 move in any one of the price-weighted Dow’s 30 components equates to a swing of 6.89 points. Meanwhile, the S&P 500 index was up 0.3% and the Nasdaq Composite Index was trading little changed. Shares of 3M Co. had rallied earlier in the week, after the industrial, safety and consumer products company beat profit and revenue expectations.

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