Tag: stock market

Shares of Intel Corp. surged 1.8% toward a 17 1/2-year high in morning trade Tuesday, enough to pace the Dow Jones Industrial Average’s gainers, amid a broad rally in the semiconductor sector. The rally put Intel’s stock on track to close at the highest level Sept. 21, 2000, while the Dow fell 78 points in morning trade. The PHLX Semiconductor Index hiked up 0.9%, with 20 of 30 components trading higher. The index rose to an all-time intraday high of 1,399.99 earlier in the session before paring gains to be fractionally below the Jan. 23 record close of 1,392.86. J.P. Morgan analyst Harlan Sur said in a note to clients Tuesday that recent monthly industry data was “confirmation” that the chip industry was “still healthy on both a total semi-industry and ex-memory basis.” On Monday, the Semiconductor Industry Association said January chip sales rose 23% from a year ago to $37.6 billion. Intel’s stock has rallied 16.4% over the past three months, while the chip sector index has climbed 12.6% and the Dow has gained 2.7%.

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Qualcomm Inc. shares are off 2.1% in Tuesday morning trading, putting them on track for their sixth straight loss. If the losses hold, this would be the longest streak since the six-session losing streak ending May 31, 2017. Qualcomm filed a form 8-K with the SEC Tuesday, which contained the letter it received from the U.S. Department of Treasury regarding the company’s request to look into Broadcom Ltd.’s bid for board seats. The Department of Treasury broadened the scope of the inquiry to look at Broadcom’s hostile takeover bid as well. The Committee on Foreign Investment in the United States is looking into a number of potential national security issues, according to the letter shared by Qualcomm. These include the rise of Chinese firms as they build out 5G technology and Qualcomm’s relationship with the Department of Defense. Qualcomm shares are up 11% over the past 12 months, while Broadcom shares are up 15%. The S&P 500 has gained 15% in that time and the Philadelphia Semiconductor Index has risen 43%.

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Oil production from the Organization of the Petroleum Exporting Countries fell by 70,000 barrels a day to 32.39 million barrels in February from a month earlier, according to an S&P Global Platts report released Tuesday. The decline was driven by “continued collapse in Venezuela’s oil industry to a historic nadir” and field maintenance that dropped output from the United Arab Emirates to almost two-year lows. Production from OPEC members that participate in the output-cut agreement was well below the ceiling of 32.73 million barrels a day, the report said. April West Texas Intermediate crude was up 13 cents, or 0.2%, to $62.70 a barrel on the New York Mercantile Exchange.

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House Speaker Paul Ryan said Tuesday tariffs pushed by President Donald Trump should be “more surgical and more targeted.” Trump has announced his intent to slap tariffs on steel and aluminum imports, angering fellow Republicans. Ryan also said there was a “legitimate problem” with dumping of imports into the U.S. and that abuse should be targeted. He named China as a country that was dumping both products.

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Mylan N.V.’s stock ran up 3.8% in morning trade Tuesday, after Morgan Stanley analyst David Risinger turned bullish on the generic drug maker for the first time, citing greater confidence in growth prospects relative to peers and optimism over its drug pipeline. Risinger raised his rating to overweight, after being at equal weight since starting coverage three years ago, and raised the stock price target to $50 from $39. “Beyond its strong pipeline of new products, Mylan has opportunities to gain share relative to generic competitors which are facing challenges,” Risinger wrote in a note to clients. He said the No. 1 market player Teva Pharmaceutical Industries Ltd. is in the process of restructuring and cutting its workforce, the No. 3 player Sandoz’s U.S oral generics unit is reportedly up for sale and the No. 8 player Apotex has faced leadership challenges. Mylan’s stock has rallied 16.7% over the past three months, while the SPDR S&P Pharmaceuticals ETF has tacked on 1.1% and the S&P 500 has gained 3.6%.

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After revisiting expectations for Netflix Inc.’s international subscriber growth, Pivotal Research analyst Jeffrey Wlodarczak upped his 12-month price target to $400 from $300. Shares of Netflix, after hitting a record close on Monday, were up more than 1% in early Tuesday trade. Wlodarczak increased his long-term international subscriber forecast, expecting the streaming giant to hit 250 million international subscribers by 2024, up from 230 million. In its most recent fourth-quarter earnings report, Netflix said it had 62.8 million international subscribers. “The company appears to operate in a virtuous cycle, as the larger their subscriber base grows the more they can spend on original content, which increases the potential target market for their service and dramatically increases barriers to entry,” Wlodarczak wrote in a note. “All else being equal with the broader markets, as long as Netflix continues to beat and raise on subscribers we believe the stock will continue to work.” Wlodarczak also raised his long-term expectations on average revenue per user as Netflix displayed pricing power after its most recent price hike had little to no negative impact on subscriber growth. Shares of Netflix have gained 122% in the last 12 months, while the S&P 500 index is up roughly 15%.

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U.S. equity markets opened higher on Tuesday with sentiment lifted following encouraging headlines from talks between North and South Korea, reportedly including plans for the first summit in a decade next month. Pushback against the Trump administration’s tariff plan from key Republicans such as House Speaker Paul Ryan also helped lift equities. The Dow Jones Industrial Average gained 84 points, or 0.3%, to 24.968. The S&P 500 index rose 8 points, or 0.3% to 2,729, while the Nasdaq Composite gained 35 points, or 0.5% to 7,364. Among the best performers on the S&P 500, Micron Technology Inc. rose 3.4%, making it the best performer in early trade.

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Shares of Amedica Corp. rocketed 50% in premarket trade Tuesday, after the biomaterial company announced the Food and Drug Administration cleared its spinal fusion implant device. Amedica said the device has an outer shell of solid silicon nitride that is manufactured around a porous core, called Cancellous structured Ceramic, or CsC. The company said the clearance of its Valeo C+CsC with Lumen Interbody Fusion Device, which is already used in Europe, allows it to introduce its “porous technology” in the U.S. The stock, which closed at a record low on Monday, had plunged 38.3% over the past three months, while the S&P 500 had gained 3.5%.

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United Parcel Service Inc. said Tuesday that Jim Barber was “elevated” to the position of chief operating officer, as he assumes responsibility for the package delivery giant’s small package, freight, supply chain and freight forwarding units and engineering. Barber, who joined the company as a delivery driver in 1985, had been president of UPS International since 2013. Nando Cesarone, who has been with UPS for 27 years, will be responsible for all international operations. The stock rallied 2.0% in premarket trade, after an upgrade at Stifel Nicolaus. It has lost 10.6% over the past three months through Monday, while the Dow Jones Transportation Average has tacked on 1.2% and the Dow Jones Industrial Average has gained 3.0%.

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Shares of Micron Technology Inc. are up 2.1% in premarket trading and on track to open at a 17 1/2 year high. Tuesday after analysts at Goldman Sachs raised their price target and quarterly estimates due to their belief that DRAM pricing continues to rise. The analysts, led by Mark Delaney, think that Micron looks well positioned heading into its March 22 earnings report given that DRAM supply appears constrained, which is expected to drive up average selling prices further. They wrote that 32 GB server modules are selling for about $310 to $315 now, up from $300 in mid-January. The team at Goldman Sachs raised their price target to $58 from $55 and have a buy rating on the stock. Micron shares are up 102% over the past 12 months, while the S&P 500 Index is up 15% and the Philadelphia Semiconductor Index is up 41%.

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