Tag: stock market

Ford Motor Co.’s stock slumped 0.5% in premarket trade Monday, after the automaker was downgraded at RBC Capital, which said it was “just too early” in the turnaround story to stay bullish. Analyst Joseph Spak cut his rating to sector perform, after being at outperform since January. He kept his stock price target at $13, which is 7.9% above Friday’s closing price of $12.05. Spak said when he turned bullish, which was just after the presidential inauguration, it was on expectations of tax reform, earnings improvement and a more attractive production outlook relative to rival General Motors Co. . But President Trump’s border-adjusted tax never passed, and the change in CEO since then has made the stock more of a turnaround story. “To that end, we believe new CEO Jim Hackett can get Ford back on an improved track, but it is very early in the turnaround story and specifics are light,” Spak wrote in a note to clients. “To be frank, aside from some cost-cutting that may be realizable, given the lead times in auto, most of whatever [Hackett] proposes wouldn’t have an impact until 2019 or 2020 at the earliest.” The stock has lost 2.5% since inauguration day through Friday, while GM shares have climbed 24% and the Dow Jones Industrial Average has run up 15%.

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A woman has died in the southeastern county of Waterford in Ireland, as a direct result of damage caused by Storm Ophelia, the Irish national broadcaster RTE reported Monday. The woman was hurt after a tree fell on her car, RTE reported. The woman was the sole occupant of the car and was pronounced dead at the scene. The Irish police said conditions in the area are dangerous. The Irish weather service, Met Eireann, has issued a Status Red alert for the entire country as Ophelia lashes it with rain and heavy winds. The Taoiseach, the Irish Prime Minister, Leo Varadkar has declared an emergency and asked people to stay indoors. Schools are closed across the country and flights have been cancelled.

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General Electric Co. said Monday that Chief Executive of GE Latin America Rafael Santana will become Chief Executive of GE Transportation, effective Nov. 1. Santana, who has been with GE for over 17 years, will replace Jamie Miller, who will become chief financial officer on Nov. 1. “Rafael has deep roots in GE Transportation, having spent eight years in a variety of commercial and product management roles, as well as leading the Transportation team in Latin America,” said Chief Executive John Flannery. The stock, which edged up 0.2% in premarket trade, declined Friday for a sixth-straight session to close at a 4-year low. It has tumbled 14.2% over the past three months while the Dow Jones Industrial Average has gained 5.7%.

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Shares of biotech Exelixis Inc. rallied 19% in premarket trade Monday, after the company said it has won U.S. Food and Drug Administration priority review status for its supplemental New Drug Application (sNDA) for a treatment for advanced renal cell carcinoma (RCC). The company said its sNDA is based on results from a mid-stage trial of Cabometyx, and is aimed at patients with previously untreated advanced RCC. If approved, the company will be able to make changes to the product label, including modifications to the indication. Cabometyx was approved by the FDA in April of 2016 for the treatment of patients with advanced RCC who have received prior anti-angioegenic therapy, or drugs that stop tumors from growing their own blood vessels. Kidney cancer is one of the top 10 most common forms of cancer in the U.S., the company said. Exelixis shares have gained 66% in 2017, while the S&P 500 has gained 14%.

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Shares of biotech Exelixis Inc. rallied 19% in premarket trade Monday, after the company said it has won U.S. Food and Drug Administration priority review status for its supplemental New Drug Application (sNDA) for a treatment for advanced renal cell carcinoma (RCC). The company said its sNDA is based on results from a mid-stage trial of Cabometyx, and is aimed at patients with previously untreated advanced RCC. If approved, the company will be able to make changes to the product label, including modifications to the indication. Cabometyx was approved by the FDA in April of 2016 for the treatment of patients with advanced RCC who have received prior anti-angioegenic therapy, or drugs that stop tumors from growing their own blood vessels. Kidney cancer is one of the top 10 most common forms of cancer in the U.S., the company said. Exelixis shares have gained 66% in 2017, while the S&P 500 has gained 14%.

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The Spanish government has given Catalonia’s separatist leader Carles Puigdemont until Thursday morning to drop plans to make the region independent, Spain’s Deputy Prime Minister Soraya Saenz de Santamaria said on Monday. If the Catalan leader sticks to his bid to split from Spain, the central government in Madrid will take control of the region and rule it directly, by triggering the so-called Article 155 of the Spanish constitution. “Mr. Puigdemont still has the opportunity to start resolving this situation, he must answer ‘yes’ or ‘no’ to the declaration,” Saenz de Santamaria said. Spanish Prime Minister Mariano Rajoy had given Puigdemont a deadline of Monday at 10 a.m. local time, or 4 a.m. Eastern Time, to clarify whether he had declared independence for the region in an ambiguous statement made last Tuesday. Puigdemont in a letter before the Monday deadline said the aim is to negotiate over the next two months, but didn’t clarify if he had declared independence or not.

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Catalan leader Carles Puigdemont has responded to the Spanish government’s demand that he clarify whether the region has declared independence without actually clarifying the matter, local media reports said Monday. In a letter, Puigdemont says the aim is to hold a dialogue and negotiate over the next two months. However, it does not add any more information to the ambiguous statement the Catalan president made on Tuesday, in which he seemed to make a declaration of independence and then suspend it immediately. Spanish Prime Minister Mariano Rajoy then demanded the Catalan government say whether it had made an official declaration, with a deadline of Monday, Oct, 16. Puigdemont may face prosecution and a prison sentence if he does make a declaration.

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PPDAI Group Inc. hopes to raise $350 million in its initial public offering, according to documents filed with the Securities and Exchange Commission late Friday. The China-based company said it intends to list American depository shares on the New York Stock Exchange under the ticker symbol “PPDF.” It has been rumored to be going public for some time, with The Wall Street Journal reporting it was formulating plans in 2016. The $350 million it hopes to raise is likely a placeholder and per the Journal report was valued at roughly $2 billion in 2016. Known as Paipaidai, the company offers unsecured peer-to-peer loans and said that it had 48 million registered users as of June. In the first six months of 2017, the company logged a net loss of $60 million on sales of $255 million. Credit Suisse, Citigroup and Keefe, Bruyette & Woods are listed as underwriters.

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TransEnterix Inc. shares soared in the extended session Friday after the Food and Drug Administration gave marketing clearance to the company’s robotic surgery device. TransEnterix shares jumped 63% to $2.38 on after-hours volume of more than 1 million shares. Late Friday, the FDA announced it had granted marketing clearance to TransEnterix’s Senhance System that gives surgeons a 3-D high-definition view of the surgical field and remote control of three robotic arms to perform procedures.

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Bandwidth Inc. hopes to raise $85 million in its initial public offering, according to documents filed with the Securities and Exchange Commission late Friday. The Raleigh, N.C.-based company said it intends to list on Nasdaq under the ticker symbol “BAND” and will have two share classes. Bandwidth is a cloud-based communications platform that offers VoIP services, as well as text messaging to enterprise-sized customers. For the first six months of 2017 the company logged a net income of $4.9 million on sales of $79.2 million. The company said it has 865 customers, and includes Microsoft Corp. and Alphabet Inc. . Morgan Stanley, Keybanc Capital Markets and Baird are among the underwriters listed.

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