Tag: stock market

The U.S. dollar pared its modest gains and dipped into negative territory on the back of Tuesday’s consumer price inflation report. As the report met expectations, the dollar reaction underlined that traders were hoping for a surprise on the upside. The February headline and core inflation numbers both read 0.2%. On the year, the headline figure grew to 2.2% from 2.1%, while the core number was flat at 1.8%. Alongside wage growth, which disappointed expectations last week, CPI data are a key factor in the Federal Reserve’s policy decisions. The Fed is due to meet next on March 21-22, when the central bank is expected to raise interest rates for the first out of at least three times this year. The ICE U.S. Dollar Index was little changed, but tipping into negative territory, at 89.866.

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After Cigna Inc.’s acquisition of Express Scripts Holding Co. , Diplomat Pharmacy Inc. could be the next takeover target, Height Capital Markets analyst Andrea Harris said on Tuesday. Potential buyers could include online retailer Amazon , which has reportedly expressed an interest in health care, or health insurers Humana or Centene , according to Harris. Diplomat is the largest independent provider of expensive specialty drugs for such diseases as cancer, hepatitis C, autoimmune conditions and more. It also acquired two pharmacy-benefit managers — LDI Integrated Pharmacy Services and Pharmaceutical Technologies Inc. — last fall, which looked to be “a sign the firm was positioning itself as an attractive acquisition target by broadening its offering beyond specialty pharmacy,” Harris said. “The maneuver shifted DPLO from a specialty pharmacy to a middle market [pharmacy-benefit manager with a specialty drug focus, which represents an increasingly essential offering.” Pharmacy-benefit managers have been subject to increasing competitive and political pressure of late, as health insurers have moved drug price negotiation in-house and pharmacy-benefit managers have been accused of helping drive drug prices up. Diplomat shares were not active in Tuesday premarket trade. Company shares have surged 10.5% over the last three months, compared with a 4.5% rise in the S&P 500 .

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Treasury yields were largely unchanged after the February consumer price index report matched expectations. The 10-year note yield was flat at 2.870%, according to Tradeweb data. The 2-year note yield was down 0.4 basis point to 2.262%. The 30-year bond yield was mostly unchanged at 3.130%. Bond prices move inversely to yields. The consumer price index in February rose 0.2%, in line with the 0.2% forecast from economists surveyed by MarketWatch. Meanwhile, the core gauge, stripping out volatile energy and food prices, rose 0.2%.

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Shares of Nutanix Inc. are up 0.6% in premarket trading Tuesday, after rising during the past seven trading sessions. Needham analyst Jack Andrews raised his price target on shares to $61 from $48 on Tuesday, following the company’s analyst day during which Nutanix showed a model for $3 billion in billings by 2021. “Importantly, we note that the model was outlined using historical patterns for appliance-based consumption only,” Andrews wrote. “As the company expands its upselling opportunity, initial deal size and expansion rates could expand compared to historical patterns.” He noted that management now sees its total addressable market representing up to $200 billion, including areas like network virtualization. Andrews’ increased target reflects his growing confidence “in the long-term sustainability of Nutanix’s revenue and free cash flow growth.” Nutanix shares have gained 148% in the past 12 months, while the S&P 500 has risen 17%.

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Shares of Dick’s Sporting Goods Inc. sank 6.3% in premarket trade Tuesday, after the sporting goods retailer beat fiscal fourth-quarter profit expectations, but missed on sales and provided a downbeat outlook. Net income for the quarter to Feb. 3 rose to $116.0 million, or $1.11 a share, from $90.2 million, or 81 cents a share, in the same period a year ago. Recent tax legislation resulted in a $6 million charge during the quarter. Excluding non-recurring items, adjusted earnings per share came to $1.22, above the FactSet consensus of $1.20. Revenue rose to $2.66 billion from $2.48 billion, but was below the FactSet consensus of $2.74 billion, as the same-store sales decline of 2.0% compared with expectations of a 0.9% decline. For 2018, the company expects same-store sale to be flat to down in the low single-digit percentage range, while the FactSet consensus is for a 0.2% rise. The stock had rallied 7.6% over the past three months through Monday, while the SPDR S&P Retail ETF had gained 1.5% and the S&P 500 had advanced 4.5%.

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Shares of DSW Inc. dropped 2.6% in premarket trade Tuesday, after the footwear retailer missed fiscal fourth-quarter revenue expectations and provided a downbeat outlook, offsetting a profit beat and a raised dividend. Net income for the quarter to Feb. 3 fell to $11.7 million, or 15 cents a share, from $30.5 million, or 38 cents a share, in the same period a year ago. Excluding non-recurring items, such as the impact of acquisitions and recent tax legislation, adjusted earnings per share came to 38 cents, above the FactSet consensus of 27 cents. Revenue rose to $720.0 million from $674.6 million, below the FactSet consensus of $728.2 million, while same-store sales growth of 1.3% beat expectations of a 1.2% rise. For 2018, DSW expects “revenue growth to decrease by 1% to 3%,” following 2017 growth of 3.3%, and while the FactSet consensus of $2.85 billion implies a rise of 1.8%. Separately, the company raised its quarterly dividend by 25% to 25 cents a share, with the new dividend payable April 6 to shareholders of record on March 23. The stock had lost 7.8% over the past three months through Monday, while the SPDR S&P Retail ETF has gained 1.5% and the S&P 500 has advanced 4.5%.

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President Donald Trump signed an executive order late Monday that blocks Broadcom Ltd.’s acquisition of Qualcomm Inc. , citing national security risks, according to multiple media reports. The order also says the 15 people Broadcom had put up for election on Qualcomm’s board of directors are disqualified from standing as directors. Qualcomm stock is down nearly 5% in late trading, and Broadcom stock is down 1.5%. Broadcom stock has gained 16% in the past year, as the S&P 500 index has climbed 17%. Qualcomm stock rose 7.1% in the past year.

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Republican members of the House Intelligence Committee said late Monday they had found no evidence that the Trump campaign colluded with Russians, and announced an end to their investigation. “We found no evidence of collusion. We found perhaps some bad judgment, inappropriate meetings,” said Rep. Michael Conaway of Texas, according to the New York Times. Conaway said that while there was evidence that Russia meddled in the election and will likely do so again, “We disagree with the narrative that they were trying to help Trump.” That conclusion is contrary to what U.S. intelligence agencies believe. The announcement is likely to be sharply rebutted by Democrats on the panel, who have said the House investigation was been hindered by partisanship. Democrats will not be given a draft of the investigation’s conclusion until Tuesday morning. The announcement has no effect on special counsel Robert Mueller’s separate probe.

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AT&T Inc. Chief Executive Randall Stephenson received $28.7 million in compensation in 2017, which the company said Monday was 366 times the salary of the average AT&T worker. Companies this year are reporting their CEO pay in relation to the compensation of a median worker for the first time as a result of a 2015 rule mandated by the Dodd-Frank act. AT&T reported Monday that its median employee had average compensation of $78,437 in 2017; AT&T excluded nearly 13,000 of its roughly 33,000 overseas workers from the sample used to determine media compensation. Stephenson’s total compensation was largely in-line with his 2016 total of $28.4 million, and includes $1.8 million in base salary, $16.7 million in stock awards, $5.1 million in incentive-plan compensation, $3.4 million in deferred salary and $1.5 million in other compensation. Stephenson has been CEO of AT&T since 2007, and the company’s stock has declined 5.4% in that time, while the Dow Jones Industrial Average has increased 91.9% in that time.

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Advaxis Inc. shares sank in the extended session Monday after the biotech company’s cancer-drug study was placed on hold following the death of a patient in the study. Advaxis shares fell 24% after hours, following an initial halting. Shares finished up 0.5% at $2.21 in regular trading Monday. The clinical hold affects the company’s clinical trial for the combination of the drugs Imfinzi and axalimogene filolisbac for the treatment of human papillomavirus-associated cervical cancer and HPV-associated head and neck cancer. “Enrollment and further dosing are on hold in this trial while the company, its partner and the [Food and Drug Administration] work closely with the site investigator to review this event in detail and to resolve this clinical hold,” the company said in a statement.

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