Tag: stock market

The Dow Jones Industrial Average broke through 23,000 for the first time in intraday trade Tuesday, and remained in positive territory in midday trade, but broader market internal readings are decidedly negative. The number of declining stocks outnumbered advancers by a 1,529-to-1,204 score on the NYSE and by a 1,344-to-1,162 margin on the Nasdaq exchange. And declining volume was 58.0% of total volume on the Big Board and 53% of total volume in the Nasdaq. Even within the Dow, 21 of 30 components are declining, but the Dow was still up 18 points. It was up as much as 45.24 points earlier at an all-time intraday high of 23,002.20 earlier. The Dow was up Tuesday, primarily because of the $9.42, or 4.9%, gain in UnitedHealth Group Inc.’s stock after better-than-expected earnings, which added about 65 points to the Dow’s price.

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From:: Stock Market News

Shares of UnitedHealth Group Inc.’s stock extended their post-earnings gains, to put them on track for the biggest one-day price gain since they went public 33 years ago. The stock was up $10.30, or 5.3%, at a record high in morning trade, after reporting profits that beat expectations. That tops the previous biggest one-day price gain of $9.26 on Oct. 18, 2016. The company went public in October 1984. The stock’s gain Tuesday was adding about 71 points to the price of the Dow Jones Industrial Average , which was up 21 points. UnitedHealth’s stock has run up 27% year to date, while the SPDR Health Care Select Sector ETF has rallied 20% and the Dow has climbed 16%.

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The largest exchange-traded fund to track the health-care sector rallied on Tuesday, boosted by strong results in some of its largest components. The Health Care Select Sector SPDR ETF rose 0.9%, the largest one-day percentage for the ETF since Oct. 2. The move follows three straight days of losses for the fund, which is up 20% thus far this year. The day’s gains were fueled by UnitedHealth Group Inc. , which rose 5.3% as the biggest gainer among the fund’s components. The rise came after UnitedHealth reported third-quarter earnings that beat expectations and raised its full-year profit outlook. Separately, Johnson & Johnson gained 2.1% after it raised its sales and earnings outlook for the third straight quarter. Tuesday is set to be the biggest one-day rise for UnitedHealth’s stock in about a year and its biggest point move in its history.

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Shares of Neothetics Inc. more than doubled Tuesday on heavy volume, after the specialty pharmaceutical company announced an agreement in which a wholly-owned subsidiary of Neothetics will merge with privately held Evofem Biosciences. An affiliate of Invesco Asset Management Ltd., an existing investor in Evofem, has agreed to acquire an additional $20 million worth of common stock of the combined company. Neothetics’s stock ran up as much as 138% in intraday trade, before paring gains to be up 91%. Volume was 12.8 million shares, compared with the full-day average of about 724,000 shares. Once the merger is completed, which is expected to occur in January 2018, Neothetics will be renamed Evofem Biosciences Inc., and will be led by Evofem Chief Executive Saundra Pelletier. Under terms of the deal, $171.4 million in value of Neothetics common stock will be issued to Evofem shareholders, while $28.6 million worth of common stock will be retained by Neothetics shareholders.

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Earnings reports are giving a nearly 60-point boost to the Dow Jones Industrial Average , as the rallies in the shares of UnitedHealth Group Inc. and Johnson & Johnson are offsetting the selloff in Goldman Sachs Group Inc.’s stock to keep the blue-chip barometer in positive territory. The Dow was up 15 points in morning trade, while 19 of 30 components lost ground. That’s because UnitedHealth stock was up $9.67, the second-biggest price gain in the insurer’s public history, and J&J shares were up $2.54, which combined added about 84 points to the Dow’s price. Meanwhile, the other Dow component that reported results before the open was Goldman, and the stock tumbled $3.67, which shaved about 25 points off the Dow’s price.

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From:: Stock Market News

U.S. stocks were little changed at the open on Tuesday, as investors continued to look through the latest corporate earnings to determine whether the near-record level of major indexes were justified by economic fundamentals. The Dow Jones Industrial Average rose 17 points, or 0.1%, to 22,915. The S&P 500 lost 2.5 points to 2,554, a decline of 0.1%. The Nasdaq Composite Index slid 8 points, or 0.1%, to 6,113. Bank stocks were in particular focus after Morgan Stanley and Goldman Sachs Group Inc both reported better-than-expected results. Shares of Morgan rose 1.9% while Goldman climbed 0.6%. Separately, Johnson & Johnson rose 1.5% after its results topped forecasts, while UnitedHealth Group Inc. was up 2.3% after its own profits came in ahead of consensus expectations.

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CSX Corp.’s stock fell 1.6% in premarket trade, after the railroad and trucking company reported third-quarter sales that were just shy of expectations, but indicated that several markets continue to be impacted by specific headwinds. Net income rose to $459 million, or 51 cents a share, from $455 million, or 48 cents a share, in the same period a year ago. Adjusted earnings per share of 51 cents matched the FactSet consensus. Revenue increased 1% to $2.74 billion, compared with the FactSet consensus of $2.78 billion. The company said it expects 2017 adjusted EPS to rise 20% to 25% from 2016’s $1.81, while the FactSet EPS consensus of $2.22 implies growth of 22.7%. On the post-earnings conference call with analysts, Chief Executive H. Hunter Harrison several markets continue to be impacted by specific headwinds, “most notably the anticipated decline in North America light vehicle production, the evaporation of unit train shipments of crude oil and the secular challenges of domestic utility call,” according to a transcript provided by FactSet. The stock has lost 3.3% over the past three months through Monday, while the Dow Jones Transportation Average has gained 1.6% and the Dow Jones Industrial Average has climbed 6.1%.

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Rep. Tom Marino has withdrawn his name from consideration as President Donald Trump’s head of the Office of National Drug Control Policy, Trump said in a tweet Tuesday morning. The Pennsylvania Republican’s decision to pull out followed reporting from the Washington Post and CBS that he championed legislation that hamstrung the government’s efforts to fight opioid abuse. “Tom is a fine man and a great Congressman!” Trump said.

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MongoDB said Tuesday in a filing that its initial public offering is now expected to price between $20 to $22 a share, up from an expected range of $18 to $20 a share. The database software company could raise as much as $202.4 million from the offering, as it still plans to offer 8.0 million shares to the public, and have granted the underwriters options to buy an additional 1.2 million shares to cover overallotments. The company said Tuesday that its stock has been approved for listing on the Nasdaq Global Market under the ticker symbol “MDB.” The company is looking to go public at a time when the SPDR Technology Select Sector ETF has rallied 6.8% over the past three months and the S&P 500 has gained 4.0%.

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WW Grainger Inc. shares climbed 3.9% in premarket trade Tuesday, after the supplier of maintenance, repair and operating products posted better-than-expected third-quarter profit. The company said it had net income of $162 million, or $2.79 a share, down from $186 million, or $3.05 a share, in the year-earlier period. Adjusted per-share earnings came to $2.90, wall ahead of the FactSet consensus of $2.56. Sales rose 3% to $2.6 billion, matching the FactSet consensus. “Our U.S. business had strong volume in the quarter driven by our strategic pricing initiatives and an improving demand environment,” Chief Executive DG Macpherson said in a statement. “We saw a solid response from digital marketing activities that began in mid-August, particularly from our mid-sized customers.” The company said it is sticking with the midpoint of full-year EPS guidance, despite challenges in Canada and the U.S. specialty business sales, he said. The company is expecting full-year sales growth of 1.5% to 2.5% and EPS of $10.40 to $10.90, compared with previous guidance of sales growth of 1% to 4% and EPS of $10 to $11.30. Shares have fallen 21% in 2017, while the S&P 500 has gained 14%.

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From:: Stock Market News