Tag: stock market

Shares of AMC Networks fell more than 2% in Monday morning trade after the stock was downgraded to neutral from overweight at Piper Jaffray. The rate of viewership declines for the cable network’s flagship program “The Walking Dead” and the limited success of recently launched series in a time of rising content and marketing costs are reasons that led Piper Jaffray analyst Stan Meyers to downgrade the stock. Meyers wrote in a note to clients that he also sees negative trends coming from Piper Jaffray’s spring 2017 teen survey. “We were previously comfortable with ‘The Walking Dead’ slowly losing viewers as the network rebuilds its audience and monetizes its new content,” Meyers wrote. “However, ‘The Walking Dead’ viewership is now declining at an accelerated pace. Further, competitive actions by peer networks and OTT players are sapping viewers from AMC; maintaining viewers is becoming an impossible task.” AMC Networks shares have declined 8% in the last 12 months, while the S&P 500 index has gained more than 15% in the same period.

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Shares of Twitter Inc. hit their lowest intraday level Monday since June of 2016. Shares of Twitter reached an intraday low of $14.20 Monday morning, compared to an intraday low of $14 on June 10, 2016. In the past three months, shares of Twitter have lost 17.6%, while the S&P 500 has gained 4%.

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Tesla Inc. shares rocketed another 3% to a fresh record in early trade Monday, after Piper Jaffray upgraded the stock to the equivalent of buy from neutral and raised its price target by 65% to $368 from $223. “We have driven a Tesla for seven months in preparation for this report, and after conducting investor meetings with the company last week, we’re finally ready to take a stand,” analyst led by Alexander Potter wrote in a note. “Admittedly, before investors can follow our advice and buy TSLA shares, they will need to employ a “creative” valuation methodology and prepare for a bumpy ride.” Potter said he is convinced that Tesla will begin Model 3 deliveries this year and not mid-2018 as previously assumed. Tesla shares rose to a high of $312.57 and was last quoted at $311.08.

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U.S. stocks opened marginally higher on Monday as the U.S. redirected an aircraft carrier and several warships toward the Korean peninsula. The S&P 500 index gained 2 points, or 0.1%, to 2,357, while the Dow Jones Industrial Average climbed 19 points, or 0.1%, to 20,681. The Nasdaq Composite Index advanced 9 points, or 0.2%, to 5,887. Among individual market movers, Swift Transportation Co. rose on reports the trucking company is planning a merger worth $6 billion with Knight Transportation Inc. . Okta Inc. rose after the company’s stock soared in its trading debut Friday. Investors are looking ahead to remarks from Federal Reserve Chairwoman Janet Yellen, who is set to speak after the close.

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Repros Therapeutics Inc. shares were halted in premarket trade Monday on news that the Food and Drug Administration would continue a partial clinical hold for its drug for uterine fibroids, or tumors in the uterus. The FDA told Repros that it will consult with its liver experts about the liver toxicity that’s been previously experienced with the drug, Proellex. Repros will submit additional information to the FDA for its internal advisory liver team to consider within a month, it said. The FDA has previously put development programs for Proellex on clinical holds because of safety concerns, including a 2010 study of the drug’s safety and efficacy and a 2012 study of the drug in endometriosis, a condition that causes severe pelvic abdominal pain. Repros shares were valued at $1.11 as of Friday’s close. Shares have dropped 20.7% over the last three months, compared with a 3.8% rise in the S&P 500 .

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The 2017 box office is off to an impressive start through the first quarter, leading B. Riley analyst Eric Wold to increase first-quarter and full-year estimates for the entire film exhibitor group. “We recommend adding to positions in the entire exhibitor group based on investors’ specific investment requirements and continue to view AMC as our favorite pure-play exhibitor name,” Wold wrote in a note to clients. Box office revenue in the year to date is up 5.5% compared with the same period last year. The box office in 2016 hit a record high in revenue, but Wold writes that 2017’s solid start provides a positive tailwind for the year and helps offset concerns regarding tough comparisons. Shares of AMC Entertainment Holdings Inc. are down nearly 10% in the year to date, but up 11% over the trailing 12-month period. By comparison, the S&P 500 index is up 5% in the year and 15% during the last 12 months.

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Abercrombie & Fitch Co. said Monday that it will begin selling its product on Zalora, an Asian e-commerce site launched in 2012 and serving 11 destinations including Singapore, Hong Kong and Taiwan. Zalora has more than 600 million customers, according to a statement, and offers delivery as fast as in three hours in some markets. Hollister merchandise will be available starting next week, and Abercrombie & Fitch product will head to the site later this month. Abercrombie shares are up 1.1% in premarket trading, but down nearly 63% for the past year. The S&P 500 index is up 15% for the last 12 months.

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OncoMed Pharmaceuticals Inc. shares dropped 44.6% in premarket trade Monday after news that the company’s midstage pancreatic cancer trial had missed its primary endpoint and that Bayer AG ADR would not be using its option to license two of OncoMed’s cancer drugs. OncoMed said that its demcizumab, part of a partnership with Celgene Corp. , was being tested with two chemotherapy drugs in previously untreated metastatic pancreatic cancer. The company said it will be discontinuing the clinical trial after Monday’s results. OncoMed said it will also discontinue enrollment in other ongoing trials for demcizumab and examine the data. OncoMed also said Monday that Bayer would not be licensing two other drugs, vantictumab and ipafricept, “for strategic reasons,” and that OncoMed will keep the global development and commercialization rights to both drugs starting in June. OncoMed said it has fully funded development of both drugs — which are phase 2-ready, it said — with the more than $90 million it got from the partnership. OncoMed was eligible for up to $387.5 million per program, or $775 million for both drugs, according to its website. OncoMed shares were valued at $8.76 as of Friday’s close. Shares have risen 0.1% over the last three months, compared with a 3.8% rise in the S&P 500 .

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Newell Brands Inc. said Monday that it has reached an agreement with Royal Oak Enterprises LLC to sell its Pine Mountain and Diamond businesses. Pine Mountain is a brand of fire starters and fire logs, and the Diamond brand sells matches, fire starters, lighters, toothpicks, clothes pins and clothes lines. The transaction is expected to close in the second quarter of 2017, but terms of the deal were not disclosed. Newell shares are up 0.3% in premarket trading, and up 5.4% for the past year. The S&P 500 index is up 15% for the period.

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AT&T Inc. said Monday it has agreed to acquire Straight Path Communications Inc. in a deal valued at $1.6 billion, including liabilities. Straight Path shareholders will receive $95.63 a share in AT&T stock in the deal, which is expected to close within 12 months. Straight Path owns a portfolio of millimeter wave spectrum, including 39 GHz and 28 GHz licences. The deal “will support AT&T’s leadership in 5G, which will accelerate the delivery of new experiences for consumers and businesses like virtual and augmented reality, telemedicine, autonomous cars, smart cities and more,” At&T said in a statement. Under the terms of the deal, Straight Path shareholders will receive $95.63 a share in At&T stock. AT&T shares were flat premarket, while Straight Path shares were not yet active.

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