Tag: stock market

Goldman Sachs on Monday downgraded Tesla Inc. shares to sell from neutral, citing near-term challenges including the launch of the Model 3. “While we believe Tesla currently has a lead relative to OEM peers with respect to vehicle technology adoption, electric vehicle architecture, and (potentially) battery scale, our concerns are more near-term oriented with respect to operational execution on the Model 3 launch, an unproven solar business, and cash needs,” analysts led by David Tamberrino wrote in a note. Goldman is expecting the launch of the Model 3, a mass market sedan, to be delayed and expects an accelerating free cash flow burn rate to weigh on Tesla’s stock. The company is expected to raise capital again before the fourth quarter, said Tamberrino. Shares fell 2.5% in premarket trade, but have gained 35% in the last 12 months, while the S&P 500 has gained about 22%.

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Shares of La Jolla Pharmaceutical Co. rocketed 51% in active premarket trade Monday, after the drug maker announced positive results from a phase 3 trial of its hypotension treatment. Volume topped 126,000 shares about two hours before the open, compared with the full-day average for the stock of 200,000 shares. The company said LJPC-501 showed a “highly statistically significant” target blood pressure response, the study’s primary efficacy endpoint, and a trend toward longer survival was also observed. An independent data safety monitoring board recommended the study continue as planned. The stock, which was on track to open at the highest level since Dec. 9, 2015, has gained 1.6% over the past three months through Friday, while the SPDR S&P Pharmaceuticals ETF has gained 3.9% and the S&P 500 climbed 7%.

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Sotheby’s reported fourth-quarter net income of $65.5 million, or $1.20 per share, compared with a loss of $11.2 million, or 17 cents per share, for the same period last year. Adjusted EPS was $1.35 per share, beating the $1.17 FactSet consensus. Sales totaled $308.7 million, down from $335.8 million last year but ahead of the $269.0 million FactSet estimate. Sotheby’s shares are inactive in Monday premarket trading, and are up 76.3% for the past year. The S&P 500 index is up 21.5% for the last 12 months.

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Valeant Pharmaceuticals International Inc. subsidiary Salix Pharmaceuticals said Monday it has boosted its sales force by nearly 40%, or 250 employees. The company said it the move was a sign of its commitment to Salix’s gastrointestinal treatments. “The significant investments in Salix’s dedicated Primary Care Physician (PCP) sales force will help us further reach patients in need of irritable bowel syndrome with diarrhea (IBS-D) treatment, and in doing so, will further accelerate growth for our company,” said Valeant Chief Executive Joseph Papa. Valeant’s stock, which slipped 0.8% in premarket trade, has lost 4.8% over the past three months, while the SPDR S&P Pharmaceuticals ETF has gained 3.9% and the S&P 500 has climbed 7%.

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Women’s apparel retailer J. Jill said it has launched its initial public offering of 11.67 million shares. The IPO is expected to price between $14 and $16 a share. The company will not receive any proceeds from the IPO, as all the shares will be sold by a selling stockholder. The underwriters of the IPO have been granted 30-day options to buy up to an additional 1.75 million shares. The stock will list on the New York Stock Exchange under the ticker symbol “JILL.” BofA Merrill Lynch, Morgan Stanley and Jefferies are the joint lead book-running managers. J. Jill had net income of $14.3 million for the fiscal year ended Jan. 3, 2016, up from $10.3 million in the same period a year ago. The IPO comes at a time that the retail sector has underperformed the broader stock market, as the SPDR S&P Retail ETF has lost 0.8% year to date while the S&P 500 has gained 5.7%.

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Bill Paxton, star of films including blockbuster “Titanic” and “Apollo 13” has died from complications due to surgery, the Associated Press reported Sunday, citing a family representative. Paxton, 61, was a prolific actor who got his start in films in the art department on Roger Corman movies in the ’70s, according to the AP. He became a favorite of director James Cameron and had roles in “Terminator,” “Aliens” and “Titanic.” He was also known for his small screen roles and garnered three Golden Globe nominations for his role in HBO’s drama about a Mormon family, “Big Love.”

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Citigroup Inc. said late Friday that federal officials have launched a probe into the bank’s foreign hiring practices, according to a Securities and Exchange Commission filing. “Government and regulatory agencies in the U.S., including the SEC, are conducting investigations or making inquiries concerning compliance with the Foreign Corrupt Practices Act and other laws with respect to the hiring of candidates referred by or related to foreign government officials,” Citigroup said in the filing. The bank said it is cooperating with investigators. Back in November, J.P. Morgan Chase & Co. paid $264 million to settle charges related to its hiring practices in Asia. Citi shares were unchanged at $59.56 after hours.

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Data-analytics software company Alteryx Inc. plans to raise up to $75 million in an initial public offering, according to a filing with the Securities and Exchange Commission late Friday. In 2016, the Irvine, Calif.-based company reported a net loss of 47 cents a share, or an adjusted loss of 26 cents a share, on revenue of $85.8 million. The company plans to list on the New York Stock Exchange under the ticker “AYX”. Goldman Sachs and J.P. Morgan are among the lead underwriters for the offering.

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Deepak Ahuja, who will rejoin Tesla Inc. as the company’s chief financial officer in April, will earn an annual base salary of $500,000 in addition to a $15 million new-hire stock grant, Tesla said in a filing Friday. The equity will be granted and will vest over four years in accordance with the company’s standard equity policies, Tesla said. Ahuja served as Tesla CFO from July 2008 until November 2015, when he was replaced by Jason Wheeler. Wheeler announced his resignation on Wednesday as Tesla reported fourth-quarter results. Wheeler will remain at the company through early April to ensure a smooth transition, Tesla said. At a conference call with analysts after the Tesla CEO Elon Musk said Ahuja’s appointment is not a temporary assignation.

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A memo the Associated Press obtained from Homeland Security says citizens of the seven Muslim-majority nations subject to President Trump’s travel ban casts doubt on the security rationale for it. The memo says “that country of citizenship is unlikely to be a reliable indicator of potential terrorist activity.” The report says citizens of those countries are rarely implicated in U.S.-based terrorism.

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