Tag: stock market

Novavax Inc. said Friday Chief Financial Officer Barclay Phillips has resigned to pursue and “expanded opportunity” in the industry. Phillips will step down, effective Nov. 10. Chief Executive Stanley Erck will act as interim CFO until a replacement can be found. The biotechnology company’s stock, which was still inactive in premarket trade, has gained 0.9% over the past three months, while the iShares Nasdaq Biotechnology ETF has climbed 6.6% and the S&P 500 has advanced 4.2%.

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Shares of Aerie Pharmaceuticals Inc. were halted for trading Friday, as the U.S. Food and Drugs Administration reviews a new drug application for a treatment for glaucoma and ocular hypertension. The FDA’s dermatologic and opthalmic drugs advisory committee will meet at 8.30 a.m. Eastern to review Rhopressa, an eye drop which, if approved, would be the only once-daily product targeting the trabecular meshwork, which is the eye’s main fluid drain and the tissue responsible for the pressure on the eyes felt in glaucoma. Glaucoma is a disease in which damage to the optic nerve leads to vision loss. It’s the second leading cause of blindness, according to the Glaucoma Research Foundation. Aerie shares have gained 66% in 2017, while the S&P 500 has gained 14%.

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President Donald Trump intends to cut off key payments to health insurers, Politico reported Thursday night, in his most aggressive move yet to scrap Obamacare. Politico said the $7 billion in annual subsidies could end almost immediately, since Congress has not allocated any funds for the program. For months, Trump has threatened to cut off the payments, but many Republican lawmakers opposed the move because of the turmoil it could cause to insurance markets, including increased premiums. Politico said Trump may announce the cuts Friday. Late Thursday night, the attorneys general of New York and California said that a coalition of states would sue to preserve the subsidies if Trump moves against them. Earlier Thursday, Trump signed an executive order encouraging cheap insurance plans not subject to Affordable Care Act rules.

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Samsung Electronics Co. Ltd. Chief Executive and Vice Chairman Kwon Oh-hyun said Friday he would step down when his term ends in March 2018. “As we are confronted with unprecedented crisis inside out, I believe the time has come for the company to start anew with new sprit and young leadership to better respond to challenges,” Kwon said in a statement. Kwon, 64, has led the electronics giant since 2012, and has been the conglomerate’s de facto leader since Samsung heir Lee Jae-yong was convicted of bribery. Earlier Friday, Samsung forecast record quarterly profits.

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Shares of Applied Optoelectronics Inc. fell 17% late Thursday after the Sugar Land, Texas, company warned investors about lower-than-expected third-quarter profit and revenue thanks to lower sales to one of its larger data-center customers. The company called for a GAAP profit in the range of $18.6 million to $19.6 million and an adjusted profit between $21.2 million and $22.2 million, compared with a previous outlook of non-GAAP profit between $26.6 million and $29.4 million. GAAP per-share earnings were tweaked lower to between 91 cents and 96 cents, and adjusted earnings per share seen in a range of $1.04 to $1.09, compared with a previous forecast of adjusted earnings of $1.30 a share to $1.43 a share. Applied Optoelectronics shares ended the regular session down 4.2%.

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Antares Pharma Inc. announced Thursday that the U.S. Food and Drug Administration had found deficiencies in the drug Xyosted (testosterone enanthate) during its review process, the company said in a statement. Shares plummeted more than 30% to $2.60 after hours. The FDA did not specify what the deficiencies are but did say that it would prevent moving forward with labeling and postmarketing requirements and commitments at this point. Antares submitted the Xyosted application in December 2016. Antares stock was up 60% this year, based on today’s closing price, with the S&P 500 index up 14.1%.

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Nvidia Corp. is a $220 stock, says RBC Capital Markets analyst Mitch Stevens, who hiked his price target Thursday from a prior $205. Nvidia stock edged down less than 1% to $190.65 after hours. In a note to investors, Stevens wrote that his bull case reflects earnings of $10 per share by fiscal year 2021. What will propel shares to $220 and beyond is the chip company’s data center hardware and increased revenue from its gaming segment due to the higher costs of virtual reality hardware and more stable trends in the core segment, he said. Self-driving vehicles, which Nvidia has made significant bets on, will also drive the company’s stock. Cryptocurrency mining will add a “moderate boost” as well since miners use some Nvidia GPUs. Investors have sent Nvidia stock up 79% this year, with the S&P 500 index rising 14.1%.

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Federal Reserve officials disagreed Thursday about the need for more interest rate hikes. St. Louis Fed President James Bullard told Business Insider that there was “no hurry to raise rates” with inflation below target. But, in an interview with CNBC, Boston Fed President Eric Rosengren said he thought another interest rate would be appropriate in December. He said that the Fed had to consider how much asset prices are likely to go up if the central bank doesn’t continue to raise rates at a gradual pace. Stocks are fully priced, the Boston Fed president said.

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Tesla Inc. said Thursday it is voluntarily recalling some Model X SUVs for an adjustment to the vehicles’ second-row seats. A small number of cables in the second row, fold-flat seats in some 2016 and 2017 Model X models may need the tweak, the company said. Tesla has not received reports of any issues or accidents relating to the issue, but will conduct the recall to inspect affected vehicles, a company spokesperson said. “Although we have never seen any incidence of it in the field, internal testing has indicated that if the cable is not properly adjusted, the seat back on the left side of the second row seats could move forward during a crash,” Tesla said. Tesla customers will have a choice to bring their car to a Tesla service center or use the company’s mobile service to conduct repairs. Tesla shares were flat in after hours and ended the regular session up 0.3%.

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President Donald Trump met with Stanford University economist John Taylor in the search for a new chairman of the Federal Reserve, a White House official said Thursday, according to media reports. Taylor is best known for the eponymous rule he developed to help the Fed make interest-rate decisions. Taylor has been critical of the central bank’s response to the financial crisis. House Republicans hold Taylor in high regard. They have pushed legislation that would require the Fed to follow the “Taylor rule” or a similar interest-rate formula.

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