Tag: stock market

The National Rifle Association on Thursday backed further regulation of so-called bump stocks, the device that the Las Vegas gunman used to increase his rate of fire. “The NRA believes that devices designed to allow semi-automatic rifles to function like fully-automatic rifles should be subject to additional regulations,” the organization said in a statement. White House spokeswoman Sarah Huckabee Sanders told reporters at the daily briefing that the administration is open to talking about restricting the devices and “would like to see a clear understanding of the facts.”

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Shares of Pinnacle Entertainment Inc. shot up 7.9% in afternoon trade Thursday, and of fellow casino operator Penn National Gaming Inc. climbed 4.0%, after The Wall Street Journal reported the companies have held merger talks. Citing people familiar with the matter, the WSJ report said that the companies have engaged in “on-again, off-again” discussions about a deal but have been unable to agree on terms, although Penn National was still interested in buying Pinnacle. At current share prices, Pinnacle has a market capitalization of $1.36 billion and Penn National’s market cap is $2.18 billion. Taking into account the companies’ significant debt burdens, the WSJ report said the companies have a combined enterprise value of about $12 billion. Pinnacle’s stock has now soared 20% over the past three months, while Penn National shares have jumped 14% and the S&P 500 has gained 4.9%.

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Oil prices finished higher Thursday as a potential hurricane headed for the Gulf of Mexico raised risks to crude production and refinery activity in the region. Tropical Storm Nate is expected to become a hurricane by the weekend and pass through the center of the Gulf. Speculation over a possible extension to OPEC-led production cuts in the wake of a meeting between Saudi Arabia and Russia also provided support for prices. November WTI crude rose 81 cents, or 1.6%, to settle at $50.79 a barrel on the New York Mercantile Exchange.

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The Trump administration is open to talking about regulating so-called bump stocks, the rifle modifier that the Las Vegas gunman used to increase his rate of fire, White House press secretary Sarah Huckabee Sanders said Thursday. Sen. Dianne Feinstein, a California Democrat, introduced a bill Wednesday to ban bump stocks. The legal devices were found in gunman Stephen Paddock’s hotel suite. “We would like to see a clear understanding of the facts,” Sanders told reporters at the White House.

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MannKind Corp.’s stock rocketed Thursday on very heavy volume, putting it on track to post a third-straight 20+% gain, after the Food and Drug Administration updated prescribing information for the company’s diabetes treatment to include data on rapid onset of activity. The stock ran up 32.2% in afternoon trade toward a 14-month high. Volume ballooned to 62.5 million shares, which is about 13 times the full-day average, and enough to make the stock the most actively traded on major U.S. exchanges. The stock had shot up 25.5% on Wednesday on volume of 19.0 million shares, and soared 20.5% on Tuesday on volume of 12.9 million shares. On Monday, the stock rose 7.8% on volume of 9.3 million shares, after the company revealed the FDA’s update. The company did not immediately respond to a request for comment. The label now shows that first measurable effects of the inhaled insulin started in 12 minutes, with peak effects about 35 minutes to 45 minutes after and a return to baseline about 1 1/2 hours to 3 hours later. The stock has now hiked up 116% this week. It was now up 47% year to date, while the S&P 500 has gained 14%.

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MGM Holdings Inc. said on Thursday that it has extended the contract of Chairman and Chief Executive Gary Barber through December 2022. Barber has been with the media company since 2010, helping to revitalize the film and TV business and explore digital distribution. “He has developed a focused, strategic vision, which has positioned MGM for future growth and innovation,” Kevin Ulrich, newly appointed chairman, said in a statement. “We have every confidence he will continue to lead this company in an exemplary fashion.” Shares of MGM Holdings, which are over the counter, have gained nearly 10% in the year to date, while the S&P 500 index is up 14%.

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New Jersey filed a lawsuit against drugmaker Insys Therapeutics Inc. on Thursday alleging that the company engaged in illegal sales practices for the powerful opioid-fentanyl drug Subsys. Insys’ actions allegedly “led to the death of at least one New Jersey resident,” the lawsuit said, referring to a 32-year-old New Jersey woman who was prescribed Subsys for fibromyalgia. Subsys was approved in 2012 to manage “breakthrough pain in adult cancer patients who are already receiving and who are tolerant to around-the-clock opioid therapy,” according to the Food and Drug Administration. Despite this, Insys allegedly pushed “off-label” use of the drug to doctors, according to the complaint. “Knowing full well it was putting lives in peril by pushing for broad based consumption of a highly-specialized and incredibly powerful prescription drug… Insys allegedly forged ahead and did it anyway,” said New Jersey Attorney General Christopher Porrino, calling the alleged actions “nothing short of evil.” The lawsuit also claims that Insys employees used or developed false records, “including false diagnoses of cancer, breakthrough cancer pain and other afflictions” to ensure the drug would be covered. Insys shares were up 0.3% in midday trade. Shares have plummeted 29% over the last three months, compared with a nearly 5% rise in the S&P 500 .

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The Dow Jones Industrial Average was trading near session highs Thursday midday, buoyed by sharp gains in components Apple Inc., and Goldman Sachs Group Inc. Goldman’s shares alone, up $4.04, or 1.7%, were producing a nearly 30-point tailwind for the price-weighted average, while Apple’s climb, up $1.41, or about 1%, added another 10 points. A $1 move in any one of the benchmark’s components translates to to a swing of 6.89 points. A steady rise in yields of U.S. Treasury bonds, notably the 10-year Treasury , has supported the banking sector, which tends to benefit from a higher interest-rate regime. Apple’s stock looked set to rebound from a 0.7% decline in Wednesday trade after the iPhone maker’s rival Alphabet Inc. rolled out new product roster, including a new cellphone. Most recently, the Dow was up 83 points, or 0.4%, at 22,744, the S&P 500 index was 0.4% higher at 2,548, while the Nasdaq Composite Index was showing a gain of 0.5% at 6,563. All three benchmarks were trading near intraday all-time highs.

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A popular measure of Wall Street volatility was headed to an all-time low, highlighting a protracted period of subdued moves on Wall Street, as assets considered risky climb to records. The CBOE Volatility Index , often referred to as the market’s fear gauge, was trading recently at 9.14, which would mark the lowest close for the indicator since Dec. 22, 1993 when it ended at 9.31. The gauge measures bullish and bearish options bets on the S&P 500 index 30 days in the future, and because stocks tend to fall faster than they rise, the indicator tends to be viewed as a gauge of how investors are perceiving the likelihood for a crash. The fear gauge moves in the opposite direction of the stocks. The volatility index is running at less than half its historical average of around 20 and has posted the largest number of prints below 10 in its entire history in just 2017. The fresh nadirs being put in on the index comes as the stock market is in the midst of what some investors and analysts refer to as a meltup, with stocks indiscriminately rising to peaks, with few sharp moves lower. On Thursday afternoon, the Dow Jones Industrial Average was trading at an intraday record, up 0.4% at 22,745, and flirting with a psychological milestone of 23,000. The S&P 500 index was climbing 0.4% at 2,547, while the Nasdaq Composite Index was advancing 0.4% at 6,561. All three benchmarks finished at all-time highs to close Wednesday’s trade.

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The House of Representatives passed a budget resolution on Thursday, a step that Republican leaders are using to set the stage for an overhaul of the tax code. The Senate Budget Committee is planning to vote on a separate budget on Thursday, and Republicans are planning to write a single measure that will pass both chambers. Republicans are aiming to pass tax cuts through what’s known as budget reconciliation, which requires just a simple majority in the Senate. Republicans currently control the Senate with 52 seats.

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