Tag: stock market

Tesla Inc. shares reversed their post-earnings gains early Thursday to trade down 5.4%, as analysts weighing in on the electric car maker’s latest quarter took a range of views. J.P. Morgan said it expects free cash burn to remain elevated, given the company’s guidance for capex of $2.0 to $2.5 billion for the first half, surpassing the $2.3 billion the bank was modeling for the entire year. That makes it more likely the company will raise capital in the near term, as Chief Executive Elon Musk conceded on the earnings call. “Tesla’s 4Q results were mixed relative to our expectations, with automotive revenue coming in stronger ($1,994 mn vs. JPM $1,856 mn) but gross margin much softer (22.6% vs. JPM 26.3%), seemingly driven by temporal factors likely to reverse in 2017 (primarily a delayed Autopilot update rollout, which is currently being remedied),” analysts led by Ryan Brinkman wrote in a note. Tesla shares have gained about 46% in the last 12 months, while the S&P 500 has gained 23%.

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Shares of AMC Networks Inc. , the network responsible for zombie-drama hit “The Walking Dead,” gained nearly 14% after the company reported fourth-quarter earnings that were better than Wall Street expected. The media and entertainment company reported adjusted earnings of $1.30 per share, which was above the $1.27 per-share consensus from analysts tracked by FactSet. And revenue hit $729.6 million, while FactSet had forecast for $710.0 million in revenue. “[‘The Walking Dead’] is a powerful example of programming that we own and distribute that commands a loyal audience, attracts advertising revenues and has significant ancillary revenues that will benefit our business for years to come,” AMC Chief Executive Josh Sapan said in a statement. Shares of AMC are down nearly 9% in the last 12 months, while the S&P 500 Index is up 23%.

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Pernix Therapeutics Holdings Inc. shares surged 42% in morning trade Thursday after the company said a district judge had ruled in its favor in a patent infringement case against Actavis Laboratories, which is part of Allergan PLC . The judge said Actavis could not make or sell a generic of Pernix’s Zohydro ER, an opioid pain medication, until two patents expire in 2019 and 2034. Pernix Therapeutics shares have risen 17.2% over the last three months, compared with a 7.4% rise in the S&P 500 .

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U.S. stocks opened modestly higher on Thursday, extending the market’s move into record territory and putting the Dow on track for its 10th straight advance. The Dow Jones Industrial Average rose 47 points, or 0.2%, to 20,820. The S&P 500 added 4 points to 2,367, a gain of 0.2%. The Nasdaq Composite Index rose 6 points, or 0.1%, to 5,865. The Dow is coming off its longest streak of consecutive record closes since 1987, and it could post as its lengthiest string of daily gains since March 2013. Energy stocks were among the biggest drivers of the market, boosted as crude oil rose 2.3%. Exxon Mobil rose 0.7% while Chevron Corp. added 1.2%. Both stocks are Dow components, and contributed to the blue-chip average’s gain on the day. In the latest economic data, the number of U.S. workers who applied for unemployment benefits rose slightly in the latest week, but layoffs remained near ultralow levels last seen in the early 1970s.

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Shares of Nvidia Corp. sank 4.3% in premarket trade Thursday, after Instinet swung from bullish to bearish on the graphics chip maker, citing concerns over a slowdown in gaming. Analyst Romit Shah downgraded Nvidia to a rare reduce rating from buy, and slashed his stock price target to $90, which is 19% below Wednesday’s closing price of $110.76, from $100. Only 5% of the companies covered by Instinet were rated reduce through Wednesday. “We believe consensus is underappreciating a slowdown in gaming and the potential negative impact to the multiple,” Shah wrote in a note to clients. He recommended investors take profits on their Nvidia stock and rotate into Intel Corp. . Intel’s stock ticked up 0.2% in premarket trade. Shah said that in addition to Nvidia’s stock trading at a “significant premium” to its peers, “investors should recognize that the market’s enthusiasm for Nvidia’s emerging businesses is historically shortlived.” Nvidia’s stock has more than tripled over the past 12 months, while Intel shares have rallied 25%, the PHLX Semiconductor Index has soared 64% and the S&P 500 has climbed 23%.

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Boston Scientific Corp. shares sunk 8.2% in pre-market trade Thursday after the company said it will voluntarily remove its Lotus Valve devices off the market and from clinical trials due to reports of the premature release of a pin that connects the heart valve device to the delivery system. The company said it believes the problem is caused by “excess tension in the pin mechanism introduced during the manufacturing process,” and expects to bring the products back to market in Europe and elsewhere in the fourth quarter of this year. U.S. approval of the company’s next-generation Lotus Edge Valve System is expected before mid-2018, Boston Scientific said. Boston Scientific shares have risen 19.9% over the last three months, compared with a 7.2% rise in the S&P 500 .

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Saks Fifth Avenue, which is owned by Canada’s Hudson’s Bay Co. , is opening Thursday a third store New York City, targeting men in the financial district. The Saks Fifth Avenue Men’s Store will be at 250 Vesey Street in Manhattan, which was formerly 4 World Financial Center. Shoppers will have access to a “tech bar,” and be able to design their own suits. Hudson’s stock, listed on the Toronto stock exchange, has lost 12% over the past three months, compared with a 5.8% drop in the SPDR S&P Retail ETF and the S&P 500’s 7.2% gain.

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AMC Networks Inc. reported profit and revenue for the fourth quarter on Thursday that came in above Wall Street expectations. Net income for the quarter was $14.5 million, or 20 cents per share, compared with $90.1 million, or $1.23 per share, during the same period a year ago. Adjusted earnings per share were $1.30, above FactSet’s consensus of $1.27. Revenue increased 7.5% to $729.6 million in the quarter, compared with $679.0 million in the year-earlier period. Fourth-quarter revenue was above the $710.0 million FactSet had forecast. The media and entertainment company said revenues at its national networks segment, which includes AMC, WE tv and BBC America to name a few, rose 9.2% to $614.1 million. AMC’s hit show “The Walking Dead” is the No. 1 show on TV and AMC Chief Executive Josh Sapan said in a statement that it “Is a powerful example of programming that we own and distribute that commands a loyal audience, attracts advertising revenues and has significant ancillary revenues that will benefit our business for years to come.” Shares of AMC were inactive in premarket trade, but are down 16% in the last 12 months, while the S&P 500 Index is up 23%.

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Qualcomm Corp. is doubling down on its virtual-reality efforts as it seeks to make its processors more attractive to headset manufacturers over rivals, such as Intel Corp. . The company announced Thursday a head-mounted display accelerator program designed to help original equipment manufacturers enter the virtual-reality market by subsidizing some of their engineering costs. Qualcomm said it will help to reduce the time it takes to create, develop and go to market, and estimates the program will help manufacturers get a commercial product available “within just a few months.” Qualcomm’s Snapdragon chips, which compete with similar chips produced by Intel, power the technology behind immersive virtual-reality experiences. Last year, the company said it was developing a standalone headset that could be easily adapted to specific manufacturers’ specializations. At CES this year, Intel also showcased its own standalone virtual-reality headset called Project Alloy. Shares of Qualcomm were inactive in premarket trade. They’ve declined by more than 16% in the past three months, underperforming a 7.2% increase for the S&P 500 . Intel’s shares are up 2.5% in the past three months.

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Shares of Cyclacel Pharmaceuticals Inc. plunged 19% in premarket trade Thursday, after disappointing late-stage trial results of its leukemia treatment. The company said a phase 3 Seamless trial of its treatment of newly diagnosed acute myeloid leukemia in elderly patients did not meet its primary endpoint of statistically significant improvement in overall survival. Cyclacel said a secondary endpoint of an improved rate of complete remission was observed in patients who had discontinued therapy at the time of analysis. “We plan to discuss the data with European and US regulatory authorities once subgroup analyses are completed over the next few months and will report our further plans as they develop,” said Cyclacel Chief Executive Spiro Rombotis. The stock has soared 26% over the past three months through Wednesday, while the S&P 500 has gained 7.2%.

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