Tag: stock market

DuPont & Co. announced Friday an deal with FMC Corp. in which DuPont will sell a portion of its crop protection business to FMC in exchange for $1.2 billion in cash and FMC Health and Nutrition. DuPont said the deal was made to comply with the European Union’s ruling related to its merger with Dow Chemical Co. to divest certain assets. FMC expects the deal, which is subject to the closing of DuPont’s merger with Dow, to immediately add to adjusted earnings after it closes, which is expected to be in the fourth quarter of 2017. FMC said the deal will make it the world’s fifth-largest crop protection chemical company. FMC’s stock has rallied 8.7% year to date, while DuPont’s has climbed 11%, Dow’s has gained 12% and the Dow Jones Industrial Average has advanced 4.9%.

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Oculus co-founder Palmer Luckey will leave Facebook Inc. , the social-media company confirmed late Thursday. “Palmer’s legacy extends far beyond Oculus. His inventive spirit helped kickstart the modern VR revolution and build an industry. We’re thankful for everything he did for Oculus and VR, and we wish him all the best,” Facebook said in a statement. Facebook bought Oculus for $2 billion in 2014. Last year, revelations that Luckey funded a pro-Donald Trump organization led some developers to pull their support from one of Oculus’ virtual-reality headsets.

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Palmer Luckey, Oculus co-founder, has left Facebook Inc. , according to a report on Upload. Facebook bought Oculus for $2 billion in 2014. Last year, revelations that Luckey funded a pro-Donald Trump organization led some developers to pull their support from one of Oculus’ virtual-reality headsets.

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Shares of Akari Therapeutics Plc. rose more than 13% late Thursday after the biopharmaceutical company said the U.S. Federal Drug Administration has granted one of its drugs a “fast track” designation. Akari’s drug, Coversin, is aimed at treatment of paroxysmal nocturnal hemoglobinuria, or PNH, a rare and chronic blood disorder. “The FDA fast track designation recognizes the unmet need in patients with PNH who cannot be treated with the current standard of care due to polymorphisms,” Gur Roshwalb, Akari Therapeutics CEO, said in a statement. Shares of Akari ended the regular trading day up 5%.

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The Nasdaq Composite on Thursday posted its 21st record of 2017, and the broader stock market rose following an upbeat reading of economic growth. U.S. benchmark oil rising above $50 a barrel also encouraged buying sentiment on Wall Street, helping to lift energy shares. The Nasdaq Composite Index , produced the most notable finish, closing up about 17 points, or 0.3%, at 5,914, registering a fresh all-time closing high, its first since March 1. The S&P 500 index ended up roughly 7 points, or 0.3%, at 2,368, with financials leading the session’s gains. The exchange-traded Financial Select Sector SPDR ETF , which tracks the S&P 500’s financial sector, rose 1.2% topped by a 2.9% advance in Capital One Financial Corp. . Meanwhile, the Dow Jones Industrial Average ended up nearly 70 points, or 0.3%, at 20,728. Shares of Exxon Mobil Corp. , up 1.9%, led the blue-chip index’s gains. Thursday’s advance was fueled in part by government data that showed the U.S. economy, as measured by gross domestic product, expanded at a 2.1% annualized pace in the fourth quarter, slightly faster than the previously reported 1.9% rate. Separately, jobless claims fell by 3,000 to 258,000 in the latest week, near their lowest level in decades.

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Oil prices settled higher Thursday, with West Texas Intermediate crude finishing at its highest level in more than three weeks. U.S. supplies of gasoline and distillates dropped more than expected last week and refinery activity climbed, raising the potential for stronger crude demand. Growing expectations that the Organization of the Petroleum Exporting Countries will agree to extend its production-cut agreement also contributed to oil’s price climb. May West Texas Intermediate crude rose 84 cents, or 1.7%, to settle at $50.35 a barrel.

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Shares of VF Corp. , the distributor of brands including North Face, Timberland and Wrangler, fell 4% Thursday to lead S&P 500 decliners, as the company outlined plans for the five-year period through 2021. The company told an investor meeting that it is planning to overhaul its portfolio, shift to a consumer and retail-centric model, boost direct-to-consumer and digital operations and shift investment to Asia, especially China. The company expects revenue to grow at a five-year compounded annual growth rate (CAGR) of 4% to 6% in the period through 2021, EPS to grow at a five-year CAGR of 10% to 12% and margins to reach 51.5% by 2021. The company expects to generate more than $9 billion of cash and return $8 billion to shareholders. The board has approved a new $5 billion share buyback. SIG Susquehanna analysts led by Sam Posen said ahead of the meeting that convincing long-term plan was essential for the stock to recover. “However, the back half weighted FY17 guidance, and weak U.S. businesses at The North Face and Timberland, and a stagnant Jeanswear business continue to be of concern,” they wrote. Shares are down 17% in the last 12 months, while the S&P 500 has gained almost 6%.

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Gold prices settled lower on Thursday, as strength in the U.S. dollar and some gains in equities drew investor interest away from the precious metal. June gold fell $8.80, or 0.7%, to settle at $1,248 an ounce. That was the lowest finish for the June contract since March 20.

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Analysts at UBS on Thursday upgraded ConocoPhillips stock to buy from neutral after the energy company agreed to sell its 50% stake in a Canadian oil sands partnership and other oil sands assets to Calgary-based Cenovus Energy Inc. for $13.3 billion. ConocoPhillips is selling a low-growth, low-margin asset that will enable it to reduce its debt load and boost its share buyback program, the analysts said. It also improves ConocoPhillips’ production mix, they said. The analysts also raised their price target on the shares to $55 from $51. Shares of ConocoPhillips lead the S&P 500’s energy subindex, up nearly 8% in midday trading.

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Data from the U.S. Energy Information Administration Thursday showed that domestic supplies of natural gas fell by 43 billion cubic feet for the week ended March 24. That matched the decline expected by analysts polled by S&P Global Platts. Total stocks now stand at 2.049 trillion cubic feet, down 423 billion cubic feet from a year ago, but 250 billion cubic feet above the five-year average, the government said. May natural gas was down 3.5 cents, or 1.2%, from Wednesday’s settlement at $3.196 per million British thermal units. It traded around that same level before the supply data.

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