Tag: stock market

The Dow Jones Industrial Average was stumbling lower on Monday, giving up early morning gains, on the back of a selloff in shares of Boeing Co., as the market assessed the impact of tariffs on steel and aluminum imports on some of the U.S.’s largest industrial companies. Boeing’s share selloff, down 3%, or $10.47, was exacting a roughly 75-point toll on the blue-chip benchmark. A $1 move in any one of the Dow’s 30 components equates to a 6.89-point swing in the benchmark. Meanwhile, shares of Goldman Sachs Group Inc. provided a modest lift for the average, coming as the investment bank reported that its former-CFO Harvey Schwartz, viewed as a potential chief executive at the bank, was set to leave the bank in late April. That news comes amid reports that CEO Lloyd Blankfein may soon be ready to retire from the firm after 12 years at its helm. Most recently, the price-weighted Dow was down 150 points, or 0.6%, at 25,190, while the S&P 500 index was off 0.2%, with a decline in the industrials leading the way lower among its 11 sectors.

Correction and amplification: An earlier version of this article misstated the multiplier for the Dow in point terms. A $1 move equates to a swing of 6.89 points.

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From:: Stock Market News

The Dow Jones Industrial Average was struggling to hold on to early gains on Monday, but not for lack of gains from shares of Goldman Sachs Group Inc. Shares of Goldman were offering the greatest support for the Dow [: DJIA] in late-morning action, contributing more than 20 points to the price-weighted average. A $ move in any one of the Dow’s 30 components equates to a 6.83-point swing in the Dow. Still, the Dow was being buffeted by a selloff in Boeing Co. , which was down 1.6%, or $5.61, exacting a more than 40-point toll on the blue-chip benchmark. Goldman’s rally comes as the investment bank reported that its former-CFO Harvey Schwartz, viewed as a potential chief executive at the bank, was set to leave Goldman in late April, coming amid reports that CEO Lloyd Blankfein may soon be ready to retire from the firm after 12 years at its helm.

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From:: Stock Market News

The most popular benchmark of small-capitalization stocks on Monday was less than a percentage from a record, underlining a relatively brisk recovery for stocks after last month’s fall of about 10% from recent peaks. The small-cap focused Russell 2000 was up 0.2% at 1601.68 at its intraday peak, putting the gauge just about 0.6% shy of its all-time high close of 1610.71 on Jan. 23. according to FactSet data. The barometer for smaller-cap stocks is on pace to outstrip its larger-cap peers, up 5.8% so far in March, compared with a gain of 4.3% for the large-cap S&P 500 index and a return of 1.5% for the Dow Jones Industrial Average for the month. The stocks of small companies have been viewed as better insulated from a potential trade war arising from President Donald Trump’s decision to institute tariffs on steel and aluminum imports. Smaller stocks have a higher exposure to the U.S. rather than the global market, the thinking goes.

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From:: Stock Market News

U.S. stocks rose on Monday, with stocks advancing in a broad rally that had 10 of the 11 primary S&P 500 sectors higher on the day. The only negative group was industrial stocks, which slipped 0.1%. On Friday, the sector soared more than 2% in its biggest one-day percentage jump since November 2016. The top-performing group on Monday was telecommunications, which rose 0.8%, and consumer-discretionary stocks, up 0.7%. Energy shares were also higher, with the sector up 0.5% despite a 0.8% decline in the price of crude oil. The Dow Jones Industrial Average rose 0.4% while the S&P 500 was up 0.3% and the Nasdaq Composite Index rose 0.4%, hitting an intraday record. The gains came as investors continued to view last week’s jobs report as suggesting an ideal environment for investing in stocks.

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Adamas Pharmaceuticals Inc. shares rose 5% in Monday morning trade after the company released new data showing that its Parkinson’s disease drug Gocovri has been selling well. There have been 742 filled prescriptions for Gocovri from January 1 to February 28, and the company has received prescriptions from nearly 400 different prescribers, relative to more than 300 as of mid-February, according to company filings. (The therapy has been available since October but launched in full in January.) This indicates that the company is adding roughly 50 new prescribers a week “which is a very strong adoption curve,” with the company aiming for 5,500 specialists, according to EvercoreISI analyst Joshua Schimmer. The number of filled prescriptions, which includes refills, likely indicates that about 550 patients are on the drug, Schimmer said. Gocovri is a new formulation of a generic drug that has long been used off-label for the involuntary movements that are a side effect of Parkinson’s disease medication. It has been criticized for its price tag of between $10,000 and $30,000 a year, which one expert said was too high, especially since Gocovri hadn’t been shown to be better than the generic drug in clinical trials. Adamas shares have dropped 17.2% over the last three months, compared with a nearly 5% rise in the S&P 500 .

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From:: Stock Market News

U.S. stock-market indexes on Monday traded higher, with the Nasdaq Composite climbing deeper into record territory, as investors viewed last week’s jobs report as impetus to dive back in to assets perceived as risky, following a bout of trepidation over rising prices and inflation last month. However the February labor-market report on Friday showed a gain of 313,000 jobs during the month but only a muted sign of wage growth. The Dow Jones Industrial Average rose 55 points, or 0.2%, at 25,396, the S&P 500 index advanced 0.1% at 2,790. Meanwhile, the Nasdaq Composite Index, opened at an intraday all-time high at 7,582.40, and was most recently up 0.3% at 7,581. In corporate news, Dow Chemicals leader Andrew Liver plans to step down at the end of the month, with co-lead director Jeff Fettig set to assume that role at the company, now known as DowDuPont Inc. . Meanwhile, Goldman Sachs Group Inc. co-president and COO Harvey Schwartz is set to retire, according to Goldman in a news release early Monday.

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Harvey Schwartz, co-chief operating officer and president at Goldman Sachs Group Inc., is set to retire, the company announced via Twitter early Monday. Schwartz, a former chief financial officer at Goldman , had been widely viewed as a possible heir apparent at the world’s most prominent investment bank. David Solomon who serves as the other co-COO at Goldman, is set to be named sole COO and president, according to the Goldman tweet. News of Schwartz’s imminent departure comes after a Friday report by the Wall Street Journal indicated that Chief Executive Officer Lloyd Blankfein was set to retire as early as the end of 2018.

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Regeneron Pharmaceuticals Inc.’s plans to lower the price of its cholesterol-lowering medication Praluent sent shares of some of its rivals down in Monday premarket trade. Regeneron shares rose 1.6% premarket, while shares of its partner Sanofi slumped about 0.1%. Shares of Amgen Inc. , which makes another cholesterol drug in the same category of drugs, termed PCSK9 inhibitors, declined 0.85% in premarket trade, and shares of Esperion Therapeutics Inc. , which recently reported positive results for a cholesterol drug in development, plummeted 5.7% premarket. Another PCSK9 inhibitor developer, Medicines Company , had its shares rise 6.2% premarket; the company has said it plans to compete with established rivals on price. PCSK9 inhibitors have been shown to be effective for patients when lifestyle changes and low-priced statinshaven’t worked, but their high price tags have led to restrictions on insurance coverage. Alongside pricing changes, Regeneron also reported positive data in which its drug Praluent showed a 15% reduction in major adverse cardiac events relative to patients on the placebo. The decision to lower the price is a “‘landmark’ step here,” said Bernstein analyst Ronny Gal, adding “our 2 cents is that it was unavoidable and Regeneron has shown leadership here by stepping out to reality (and obtained an advantage over Amgen in the process).” Regeneron shares have dropped 10.5% over the last three months and Sanofi shares have dropped 8.1%, compared with a 4.6% rise in the S&P 500 .

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Shares of Anthera Pharmaceuticals Inc. plummeted 84% in premarket trade Monday, after the biopharmaceutical company said it would suspend further development of Sollpura after a phase 3 study of exocrine pancreatic insufficiency due to cystic fibrosis failed to meet its primary endpoint. The company said it plans to evaluate strategic alternatives to maximize shareholder value following the trial results. “We are greatly disappointed by the findings of the RESULT study,” said Chief Executive Craig Thompson. “We would like to extend our deepest gratitude to the patients and their families, study investigators, and the cystic fibrosis community for the support they have provided in the clinical development of Sollpura.” The stock is on track to open below $1, while its record closing low was $1.23 on Aug. 2, 2017. The company went public on March 1, 2010, and the record closing high was a split-adjusted $553.60 on May 25, 2011. The stock underwent a 1-for-8 reverse split in July 2013 and a 1-for-8 reverse split in May 2017. Through Friday, the stock had rallied 78.4% over the past three months, but had tumbled 52.3% over the past 12 months while the S&P 500 had gained 17.5% over the past year.

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Shares of Johnson Controls International Plc. rallied 2.6% in premarket trade Monday, after the diversified industrial company said it is exploring strategic alternatives for its power solutions business. The company said the business generated $7.3 billion in revenue in 2017. The review of alternatives is expected to be completed over the next several months. The company said the plans reflect its priority to strengthen its building technology and solutions business, which includes heating, ventilation and air conditioning, fire and security and building management businesses. “Creating shareholder value is our top priority. Our focus is on improving operational execution, realizing merger synergy and productivity benefits, and optimizing the business portfolio,” said Chief Executive George Oliver. The stock has lost 6.5% over the past 12 months, while the SPDR Industrial Select Sector ETF has run up 19.2% and the S&P 500 has climbed 17.5%.

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From:: Stock Market News