Tag: stock market

Shares of Broadcom Ltd. rose 2.4% in premarket trade Monday, after the Singapore-based semiconductor company said it expects to complete the redomicilation to the U.S. by April 3, 2018. Broadcom is currently embroiled in a hostile takeover of Qualcomm Inc. , which is currently being scrutinized by the U.S. Treasury Department’s Committee on Foreign Investment (CFIUS) for national security concerns. Qualcomm’s stock rose 0.9% ahead of the open. Late Friday, The Wall Street Journal reported that Intel Corp. has considered making a bid for Broadcom if it is successful in its attempt to buy Qualcomm. Broadcom’s stock has lost 1.9% over the past three months and Qualcomm shares have shed 2.8%, while the S&P 500 has gained 4.6%.

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Shares of Sarepta Therapeutics Inc. surged 4.9% in premarket trade Monday, after the biopharmaceutical company said it planned to submit a New Drug Application (NDA) for its Duchenne muscular dystrophy treatment. The company said that based on favorable phase 1/2 study results and feedback from the Food and Drug Administration for golodirsen, the company intends to complete a rolling submission of an NDA by the end of 2018. The stock has run up 40% over the past three months, while the iShares Nasdaq Biotechnology ETF has climbed 8.1% and the S&P 500 has gained 4.6%.

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Biogen Inc. said Monday it reached a deal to buy a phase-2b-trial-ready schizophrenia treatment, PF-04958242, from Pfizer Inc. for up to $590 million. The deal includes an upfront payment of $75 million and up to $515 million in potential milestone payments, as well as tiered royalties. The treatment has demonstrated an “acceptable” safety profile and treatment effect in phase-1b clinical studies, and Biogen plans to initiate a phase-2b trial in the second half of 2018. The deal is expected to close in the second half of 2018. Pfizer’s stock was indicated up less than 1% in premarket trade, while Biogen shares were still inactive. Over the past 12 months, Pfizer’s stock has rallied 7.8%, while Biogen shares have lost 2.1% and the Dow Jones Industrial Average has run up 21%.

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Sempra Energy said Monday Chief Executive Debra Reed will step down as CEO on May 1, but will remain as executive chairman until she retires on Dec. 1, 2018 after over 40 years with the company. The San Diego-based energy services company said current Chief Financial Officer Jeffrey Martin will succeed Reed as CEO on May 1. Reed joined Sempra Energy in 1978, and was named CEO in 2011 and chairman in 2012. The stock, which was still inactive in premarket trade, has slipped 0.3% over the past 12 months, while the SPDR Utilities Select Sector ETF has declined 3.1% and the S&P 500 has gained 17.5%.

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Clorox Co. said Monday it has reached a deal to acquire Nutranext, a privately held health and wellness company, for $700 million. Clorox said the purchase price represents 3.5 times 2017 sales. The consumer products company said it expects to fund the deal with cash and debt. The deal is expected to dilute earnings per share by 7 cents to 11 cents in the fiscal fourth-quarter, which ends June 30 and by 8 cents to 12 cents in fiscal 2019, before adding to EPS in fiscal 2020. The deal is expected to close in the fiscal fourth quarter of 2018. “Adding Nutranext to our portfolio is consistent with our strategy to accelerate growth through acquisitions of leading brands in fast-growing categories with attractive gross margins and a focus on health and wellness,” said Clorox Chief Executive Benno Dorer. Clorox’s stock has lost 4.7% over the past 12 months while the S&P 500 has gained 17.5%.

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Shares of Oclaro Inc. soared 23% in premarket trade Monday after the optical components company agreed to be acquired by Lumentum Holdings Inc. in a deal valued at $1.8 billion. Under terms of the deal, Oclara shareholders will receive $5.0 in cash and 0.0636 Lumentum common shares, which based on Friday closing stock prices represent would value Oclara shares at $9.99 each, or a 27% premium. Oclaro’s stock hasn’t closed as high as at that level since July 26, 2017. The deal is expected to generate over $60 million in annual synergies within 12 months to 24 months of closing, which is expected to be in the second half of 2018. Lumentum said it plans to fund the deal with cash on hand from the combined company’s balance sheet and $550 million in debt financing. Oclara’s stock had lost 8.2% over the past 12 months through Friday, while Lumentum shares had soared 50.6% and the S&P 500 had gained 17.5%.

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U.S. stock futures moved sharply higher on Monday, indicating Wall Street may extend gains seen late last week after data showed a strong increase in jobs created, but weaker-than-forecast wages. Dow futures rose 156 points, or 0.6%, to 25,516. S&P 500 futures gained 14.7 points, or 0.5%, to 2,803.50. Nasdaq 100 futures jumped 47 points, or 0.7%, to 7,171. On Friday, the Dow Jones Industrial Average soared 440.53 points to 25,335.74, finishing above the 25,000 level for the first time since Feb. 28. The S&P 500 and Nasdaq Composite rose 1.7% and 1.8%, respectively. Asia tracked Wall Street higher on Monday, with several indexes adding gains of 1% or more. The dollar index was flat and gold was modestly lower. Oil prices were drifting south.

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Tesla Inc. confirmed it suspended production of Model 3 cars for a week during February, Bloomberg News reported Sunday. The Feb. 20-24 shutdown at the Fremont, Calif, auto plant was planned, Tesla told Bloomberg, and used to “improve automation” and “address bottlenecks.” Tesla has been under pressure to increase production of its Model 3 electric sedans. Earlier in February, Tesla said it expected to produce 2,500 Model 3 units per week by the end of the first quarter, and 5,000 a week to the end of the second quarter. Tesla had hoped to be producing 5,000 a week by the end of the first quarter. In January, Tesla reported lower-than-expected deliveries in its fourth quarter. Tesla shares have gained 5% this year, compared to the S&P 500’s 4.2% increase.

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The biggest initial public offering ever is likely to be delayed until 2019, according to the Financial Times. Saudi Aramco, the state-owned Saudi Arabian oil giant, had intended to go public in late 2018, but is likely to push back its IPO into next year due to difficulties in setting up the complex offering, which is valued at an estimated $2 trillion, FT reported Sunday. The company has been shrouded in secrecy, and advisers are struggling to achieve the valuation sought by Saudi Crown Prince Mohammed bin Salman, the FT said. Exchanges around the world have vied to host the listing, with the New York Stock Exchange and London Stock Exchange seen as the top contenders.

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Shares of Broadcom Ltd. jumped Friday afternoon after a report that Intel Corp. has considered making a bid for the company if its hostile takeover attempt of Qualcomm Corp. succeeds. According to The Wall Street Journal, Intel — the world’s largest chipmaker — would see a combined Broadcom and Qualcomm as a serious competitive threat, and has been planning potential approaches were it to be successful. The report, which cited multiple anonymous sources, said that Intel has considered making its own bid for the combined company, and was working with advisers. Broadcom stock jumped 7% in after-hours trading following the report’s release, while Intel and Qualcomm stocks were trading down less than 1% from their closing prices. Broadcom stock is up 14.3% in the past year, as the S&P 500 index has gained 15.8%.

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