Tag: stock market

SeaDrill Ltd.’s stock was on track to suffer its biggest-ever one day loss Tuesday, as the oil drilling services company’s warning that bankruptcy may be imminent sent the stock plunging to a record low. The stock traded at an all-time low of $1 in morning trade, down 40% from Monday’s close. The stock’s record high close was $47.78 on Sept. 18, 2013. That would be the biggest percentage decline since the stock went public in September 2005, topping the previous record decline of 30% on Jan. 31, 2017. The selloff comes as the company announced a debt restructuring deal, which will likely result in shareholders receiving a “minimal recovery for their existing shares.” The stock has plummeted 71% year to date, while the SPDR Energy Select Sector ETF has lot 7.8% and the S&P 500 has gained 5.2%.

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Teva Pharmaceutical Industries Ltd. got its Huntington’s disease drug approved by the Food and Drug Administration late Monday. The drug, Austedo, is the second drug ever approved for chorea, the writhing movements nearly all Huntington’s disease patients experience. Austedo should be available in the U.S. in the next three weeks, Teva said. The drug is expected to cost about $60,000 a year, below the $152,000-a-year list price of Xenazine, the first drug approved for chorea, and the $96,000-a-year price of generic Xenazine, according to Leerink analyst Jason Gerberry, who lauded Austedo’s price tag as “sensible.” Still, commercial expectations for the drug are “relatively modest,” according to Bernstein analyst Ronny Gal, adding that the company needs more drug successes for investor sentiment to improve. Austedo, though it carries black box warnings like competitor Xenazine, has slightly better label information, including lesser rates of depression and suicide ideation and no language warning doctors about heightened suicide risk, noted EvercoreISI analyst Umer Raffat. Raymond James analyst Elliot Wilbur called the Monday approval a “big win” but noted that investors have been concerned about Teva’s blockbuster multiple sclerosis drug Copaxone. Teva shares slumped 0.2% in Tuesday morning trade, compared with a 0.14% slump in the S&P 500 . Teva shares have declined 14.9% over the last three months, compared with a 3.7% rise in the S&P 500.

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The New York Times said on Tuesday that Hanya Yanagihara, the author of the novel “A Little Life,” will be the next editor of T Magazine, the New York Time’s style magazine. “Given her creativity and breadth of experience, Hanya will elevate T’s distinct and provocative storytelling to a level that explores global culture and enriches each part of the T experience, in print and digitally,” said New York Times Executive Editor Dean Baquet. In addition to authoring two novels, Yanagihara has served as editor-at-large at Conde Nast Traveler and deputy editor of T Magazine. In 2015 “A Little Life” was named to the shortlist for the Man Booker Prize for fiction and the National Book Award for fiction. T Magazine, which publishes 11 times a year, focuses on fashion, style, art, literature, design, interior and travel. Shares of New York Times Co. have gained more than 14% in the last 12 months, as the S&P 500 index has increased nearly 14%.

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Transportation Secretary Elaine Chao told a group of chief executives on Tuesday that the White House is working on a legislative package for infrastructure development. “That would be probably in May – late May or something like that,” Chao said. The audience includes the CEO of Skanska’s U.S. building operation as well as chiefs of companies including Citigroup and JetBlue. Chao said the administration hopes to offer a package of a trillion dollars over 10 years to improve the “connectivity” of U.S. infrastructure. National Economic Council Director Gary Cohn said upgrading air traffic control is the most exciting thing the U.S. can do on infrastructure.

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NewLink Genetics Corp. shares dropped as much as 27.7% in morning trade Tuesday after the company released interim results for a phase 2 trial for advanced melanoma. The company’s indoximod was being tested in combination with Merck’s Keytruda. NewLink Genetics said that data on 60 patients found an objective response rate of 52% and a disease control rate of 73%, with rates slightly higher among patients with non-ocular melanoma, at a 59% objective response rate and an 80% disease control rate. Though the company described the results — which it is presenting at the American Association for Cancer Research’s annual meeting on Tuesday — as impressive and emphasized that the cancer drug combination was well tolerated overall, investors questioned how much of an effect the company’s drug had relative to Merck’s Keytruda alone and compared NewLink Genetics negatively to Incyte Corp. , which is also developing an IDO inhibitor and is working with Merck. NewLink Genetics shares were valued at $18.40 as of Tuesday morning. The company’s shares have surged 63.8% over the last three months, compared with a 3.8% rise in the S&P 500 .

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Shares of Staples Inc. soared 13% to a 3 1/2-month high in morning trade Tuesday, after The Wall Street Journal reported that the office supply retailer was exploring a possible sale of the company. The stock, which traded at the highest level since Dec. 21, saw volume spike to 5.1 million shares within the first 15 minutes after the open, compared with the full-day average of 6.8 million shares. The WSJ report said Staples was in early talks with buyout firms, following the failed attempt to merge with rival Office Depot Inc. last year. The report said that based on typical takeover premiums, Staples could be valued at roughly $7 billion or more. The stock has now climbed 7.7% year to date, while Office Depot shares have gained 6.2% and the S&P 500 has tacked on 5.3%.

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Shares of furniture retailer Conn’s Inc. rocketed 27% Tuesday, marking its biggest one-day gain since September of 2011, after the company posted a surprise adjusted profit for the fourth quarter and better-than-expected revenue. The Texas-based company said it had a net loss of $0.1 million, or breakeven on a per-share basis, for the quarter, after income of $1.1 million, or 3 cents a share, in the year-earlier period. Adjusted per-share earnings came to 5 cents, compared with a FactSet consensus for a loss of 12 cents. Revenue of $433 was ahead of the FactSet consensus of $431 million. The company said it expects same-store sales to fall in the mid-teens in the first quarter of fiscal 2018. Shares are down 15% in the year so far, while the S&P 500 has gained 5%.

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Stocks opened lower on Tuesday amid intensifying anxiety about President Donald Trump’s meeting with his Chinese counterpart, Xi Jinping, later this week. The S&P 500 index declined 4 points, or 0.2%, to 2,355, while the Dow Jones Industrial Average retreated 16 points, or 0.1%, to 20,626. The Nasdaq Composite Index shed 15 points, or 0.3%, to 5,880. Shares of Nvidia Corp. sold off after analysts at Pacific Crest turned bearish on the company, citing concerns about growth. Texas-based retailer Conn’s Inc. saw its shares rocket higher after it posted better-than-expected earnings. Acuity Brands Inc. shares slumped after the company reported second-quarter results. Trump is expected to meet with Xi at Mar-a-Lago, Trump’s estate in Palm Beach, Fla. The two-day meeting begins Thursday. Some are worried about the potentially tense meeting, as Trump has repeatedly accused China of unfair trading practices and currency manipulation.

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Amazon.com Inc.’s stock could rocket more than 30% from current, based on the potential of the e-commerce giant’s burgeoning advertising business, said analyst Daniel Salmon at BMO Capital Markets. Salmon reiterated his outperform rating while raising his price target to $1,200, which is 35% above Monday’s record closing price of $891.51. He said Amazon is his new top pick in the media and internet space, given the “significant emerging opportunity” in advertising. He believes Amazon’s ad business will reach $3.5 billion in revenue this year, up 65% from last year, and could eventually be worth about $150 billion as it is poised to take market share from Alphabet Inc.’s Google and Facebook Inc. . “A key point of differentiation for Amazon is the massive amount of consumer purchase data it possesses,” Salmon wrote in a note to clients. “We believe this large repository of consumer purchase data offers tremendous targeting and re-targeting opportunities for brands.” The stock, which has closed at record highs the past four sessions, slipped 0.2% in premarket trade. It has soared 19% year to date through Monday, while the S&P 500 has gained 5.4%.

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Kate Spade & Co. shares sank 12.7% in Tuesday premarket trading, on track to open at a seven-week low, after reports the fashion and accessories company needs more time to consider a buyout bid from Coach Inc. . Reuters reported late Monday that Kate Spade needs a few more weeks to negotiate a potential sale offer Coach made last week. Kate Spade said in February that it was exploring strategic alternatives. Kate Spade shares are down 8.5% for the past year, but are up 22.1% for the year so far. Coach shares are inactive in premarket trading, but down 20.7% for the year to date. And the S&P 500 index is up 5.4% for the year to date.

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