Tag: stock market

Mylan NV shares sank 2.0% in afternoon trade Wednesday after the company said the Food and Drug Administration failed to approve its generic version of the asthma medication Advair Diskus, which is manufactured by GlaxoSmithKline . Advair Diskus, which consists of an inhaler and a combination medication, is used to treat asthma and help individuals with chronic obstructive pulmonary disease. Mylan said it was reviewing the FDA’s response and will provide updates “as soon as practicable.” Odds of approval were low according to FDA statistics, since the decision was released in time for the FDA’s late March goal date, said Raymond James analyst Elliot Wilbur. Two issues could have hindered Mylan’s new drug application, EvercoreISI analyst Umer Raffat said Tuesday: a citizen’s petition filed by Novartis AG’s Sandoz criticizing Mylan’s low-dose product and how dated Mylan’s phase 3 trial was. “Had FDA denied the Sandoz citizen’s petition outright, it may have implied that the FDA does not deem Sandoz’s point to be important, and the odds of generic approval today would have been higher,” Raffat said. “But, that didn’t happen.” Mylan shares have risen 8.5% over the last three months, compared with a 5.0% rise in the S&P 500 .

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Shares of Nutanix Inc. sank 8% Wednesday after the company’s 180-day-lockup period on selling shares expired. Nutanix hit the public market in September of 2016 and saw a huge share pop,closing 130% above its issue price of $16 a share. Shares have not done as well since then, with a drop of 39% in the past month and a drop of 30% in the past three months, compared to the S&P 500’s loss of less than 1% and gain of 5%, respectively.

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President Donald Trump still wants to repeal and replace Obamacare but he “wants to have a good deal,” White House press secretary Sean Spicer said Wednesday. The White House and House Republicans have reportedly begun new talks on Obamacare repeal but neither are putting a timeline on a new bill. “We’re not going to create a deal for the sake of creating a deal,” Spicer said Wednesday. House Republicans’ American Health Care Act was pulled last week over lack of support.

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Shares of Amazon.com Inc. surged 1.6% in midday trade Wednesday, toward its first record close this month, as investors continued to bet on the ecommerce giant’s dominance over its retail peers. Since Feb. 3, when the stock tumbled 3.5% after disappointing fourth-quarter results, the stock has run up 7.3%, while the SPDR S&P Retail ETF has shed 1.8% and the S&P 500 has edged up 2.7%. Analyst Rob Sanderson at MKM Partners said he believes Amazon’s stock has been outperforming because its “retail dominance” is driving investor interest. “We think this reflects a challenging environment for traditional retailers and money flow from consumer retail as conclusions of fundamental analysts increasingly point them toward Amazon,” Sanderson wrote in a recent note to clients. “We continue to view Amazon as the best long-term growth story available to investors today.” Amazon’s stock rally Wednesday comes in the wake of data showing consumer confidence soaring in March to the highest reading in 16 years. Basically, investors are recognizing that consumers are willing to spend, just not at traditional retailers.

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Tesla Inc. is likely to report next week the delivery of 23,000 vehicles in the first quarter, analysts at Cowen said in a note Wednesday. That estimate is on the low end of expectations the Silicon Valley electric-car maker would deliver 23,000 to 24,500 vehicles in the quarter, the analysts said. Tesla is expected to report its first-quarter deliveries early next month. The company missed delivery estimates in the fourth quarter. The Cowen analysts also said they expect Tesla to tap markets for additional capital this year “to build a cushion for 2018 capex needs that will likely be quite steep.” They kept their sell rating on the stock and a price target of $155. “As Tesla’s Model 3 ramp proceeds, we continue to have more questions than answers about the company and the vagueness of details coupled with lack of disclosure from management is sure to raise eyebrows with investors,” they said. “We continue to believe Tesla shares are an overvalued show-me story.”

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A New York law that barred retailers from charging customers more when they use credit cards instead of cash hit a legal roadblock Wednesday when the Supreme Court sent the law back to a lower court for more review. The justices agreed with merchants in New York state that the law actually curtailed their free speech by mandating what they say to their customers about the credit card fees. The lower court had upheld the New York law as a pricing regulation only and not as a matter of free speech.

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Oil futures added to earlier gains on Wednesday after data from the U.S. Energy Information Administration showed a weekly increase in crude supplies, but also revealed bigger-than-expected declines in gasoline and distillate stockpiles for the week ended March 24. Crude inventories rose by 900,000 barrels to a weekly record 534 million barrels. The American Petroleum Institute late Tuesday reported a 1.9 million-barrel climb, according to sources, while analysts polled by S&P Global Platts forecast a climb of 300,000 barrels. Gasoline supplies, however, dropped 3.7 million barrels, while distillate stockpiles fell 2.5 million barrels last week, according to the EIA. May crude rose 63 cents, or 1.3%, to $49 a barrel on the New York Mercantile Exchange. It was trading at $48.55 before the supply data.

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An incident involving a suspect hitting a Capitol Police car on the grounds of the U.S. Capitol appears to be “criminal in nature,” and not related to terrorism, a Capitol Police spokeswoman said. Washington police said earlier that a suspect was in custody after a driver hit the police car and tried to run over other officers.

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Shots were fired on Wednesday morning outside a congressional building on the grounds of the U.S. Capitol, according to reports. The Washington Post cited Washington police as saying a call came in at 9:30 a.m. for shots fired. A police spokesperson told the Post no injuries were immediately reported.

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Washington police say a suspect is in custody after a driver hit a Capitol Police car and tried to run over other officers, reports said. Earlier, the Washington Post said shots were fired outside a congressional building on the grounds of the U.S. Capitol. The Post cited Washington police as saying a call came in at 9:30 a.m. for shots fired. A police spokesperson told the Post no injuries were immediately reported.

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