Tag: stock market

U.S. stocks opened higher on Wednesday as investors shrugged off reports of another North Korean missile launch, focusing instead on a blockbuster reading on private-sector employment. The S&P 500 climbed 7 points, or 0.3%, to 2,368, while the Dow Jones Industrial Average advanced 91 points, or 0.5%, to 20,782. The Nasdaq Composite Index gained 14 points, or 0.2%, to 5,911. Shares of Panera Bread Co. soared after the fast-casual restaurant chain reached a deal to be acquired by a private holding company for $7.5 billion. Monsanto Co. shares rose after the company’s latest quarterly results beat profit and sales expectations. U.S. employers added 263,000 private-sector jobs last month, according to payrolls processor ADP Inc., surpassing expectations for an increase of 170,000.

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Shares of Plug Power Inc. soared 72% toward a one-year high in very active premarket trade Wednesday, after the fuel cell company announced a supply agreement with Amazon.com Inc. , which includes a potential equity investment. Volume of 8.3 million shares makes the stock the most actively traded ahead of the open, and is already above the full-day average of 6.1 million shares. As part of the agreement, Amazon will use Plug Power fuel cells and hydrogen technology in its fulfillment network, including using the GenKey technology to power industrial equipment such as forklifts. Plug Power said revenue associated with the agreement is expected to be around $70 million. Separately, the company granted Amazon warrants to buy up to 55.3 million common shares at an exercise price of $1.1893. Vesting of the warrants is subject to payments totaling $600 million made by Amazon in connection with the purchase of goods and services. Plug’s stock has gained 8.3% year to date through Tuesday, while the S&P 500 has tacked on 5.4%.

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Medtronic said early Wednesday that it will voluntarily correct a software problem that caused its ventilators to spontaneously restart while in use, without an alarm warning, and then enter standby mode. Medtronic said it got 12 reports of the reset occurring, one of which did not involve a patient, and that no patient injuries have been reported. The software service update to correct the problem should be available in May, Medtronic said. Two types of ventilators, the Newport HT70 and Newport HT70 Plus, are involved in the corrective action, or about 14,000 ventilators in use. In cases of a reset, patients have to be moved to another ventilator. Medtronic shares were not active in premarket trade on Wednesday. Shares have risen 13.8% over the last three months, compared with a 4.0% rise in the S&P 500 .

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Shares of Monsanto Co. surged 1.5% in premarket trade Wednesday, after the agricultural services company beat profit and sales expectations, and provided an upbeat outlook. Net earnings for the quarter to Feb. 28 rose to $1.37 billion, or $3.09 a share, from $1.06 billion, or $2.41 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $3.19, above the FactSet consensus of $2.79. Revenue increased to $5.07 billion from $4.53 billion, beating the FactSet consensus of $4.73 billion, as corn seed, soybean seed and cotton seed sales all rose more than expected. Monsanto said it now expects fiscal 2017 adjusted EPS to be “at the high end” of its $4.50-to-$4.90 guidance range. “While we’re increasing confidence in the outlook for the rest of the year, our emphasis at Monsanto is where it has always been – on bringing innovation to growers,” said Chief Executive Hugh Grant. The stock has rallied 8.6% year to date through Tuesday, while the S&P 500 has gained 5.4%.

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Morgan Stanley on Wednesday said the sooner Tesla Inc. investors view the company as a transportation/infrastructure company and not just a car company, the better, as that will frame events coming in the next 12 to 18 months. Analyst Adam Jonas, in a note entitled “3 thoughts at $300,” said talks with investors suggest they have come to an understanding of the company’s true addressable market faster than he had expected. “The addressable markets within Tesla’s ecosystem could potentially include a $10 trillion light vehicle mobility market, a $1 trillion logistics market, a $2 to $3 trillion energy market and a potential multi-trillion market captured in the 600 billion hours of consumer time spent in cars in the form of content delivery and data monetization,” he said. At the time of stock’s last high in September, few investors were viewing the company in those terms, he said. “We’re pretty surprised by the recent run in Tesla’s share price to over $300 so quickly – such is the power of technical factors over fundamental drivers,” he said. Jonas said to expect Tesla to keep pushing the boundaries of safety for passengers and pedestrians and improvements will drive market awareness of Tesla’s technologies. Morgan Stanley rates Tesla the equivalent of buy with a $305 price target. Tesla shares were slightly lower premarket, but have gained 42% in the year so far, while the S&P 500 has gained 5%.

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Shares of Walgreens Boots Alliance Inc. fell 1.1% in premarket trade Wednesday, after the drug store chain reported fiscal second-quarter profit and sales that missed expectations. Net earnings for the quarter to Feb. 28 rose to $1.06 billion, or 98 cents a share, from $930 million, or 85 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to $1.36, below the FactSet consensus of $1.37. Revenue declined 2.4% to $29.45 billion from $30.18 billion, missing the FactSet consensus of $30.26 billion. Retail pharmacy U.S.A and international sales and pharmaceutical wholesale sales all fell more than expected. The company said set a $1 billion share buyback program, before the previous program expires at the end of this year. Walgreens maintained its full-year adjusted EPS outlook at $4.90 to $5.08, which surrounds the FactSet consensus of $5.00. The stock has slipped 0.3% year to date through Tuesday, while the S&P 500 has gained 5.4%.

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Paint maker PPG Industries Inc. said Wednesday it still intends to make a public offer for all outstanding shares of anglo-dutch paint maker Akzo Nobel N.V. , urging the company to enter talks on a merger. PPG said it still believes a combination of the two companies has a “strong strategic rationale” and presents a compelling and unique opportunity for shareholders. “The resounding feedback we have received in the Netherlands, the U.K. and the U.S. further validates the merits of combining PPG and AkzoNobel, ” PPG Chief Executive Michael McGarry said in a statement. PPG said it is committed to addressing issues raised by Akzo Nobel, including continuing to commit to research and development and honoring employment terms and social plans. “We once again invite AkzoNobel to meet with us to learn more about our specific proposals,” said McGarry. PPG has offered to acquire Akzo Nobel for 88.72 euros a share, after sweetening an earlier offer of 83.00 euros a share. Akzo Nobel shares were trading slightly higher in London, while PPG shares were still inactive in the U.S. premarket.

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Panera Bread Co. has reached a deal to be acquired by privately held JAB for $7.5 billion, the companies said Wednesday. JAB will buy the restaurant chain for $315 a share in cash, which represents a premium of 30% to the 30-day volume-weighted average stock price as of March 31. The transaction, which is expected to close during the third quarter of 2017, will include the assumption of $340 million of net debt. Shares of Panera jumped 12% to $308 a share in heavy premarket trade.

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The American Petroleum Institute, an industry trade group, on Tuesday said U.S. crude oil inventories fell by 1.8 million barrels last week, according to news reports. The data comes ahead of a closely watched weekly inventory report from the Energy Information Administration on Wednesday morning. Analysts, on average, expect the EIA data to show a 200,000 barrel fall in inventories, according to a survey by The Wall Street Journal. West Texas Intermediate crude for May delivery on the New York Mercantile Exchange traded at $51.13 a barrel in electronic trade, up 10 cents from its settlement Tuesday afternoon.

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New Relic Inc. shares rose slightly higher in the extended session Tuesday after the data analytics software company forecast better-than-expected results for the quarter and announced the retirement of its president. New Relic shares advanced 1.9% to $37.75 after hours. The company said it expects an adjusted loss in-line or better than its previous $7.7 million to $8.7 million forecast for the quarter on revenue of $73 million to $73.1 million. Analysts surveyed by FactSet had forecast a loss of $7.9 million on revenue of $71.1 million. New Relic also said its president, Hilarie Koplow-McAdams, will retire in mid-June

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