Tag: stock market

Gold prices on Tuesday settled near break-even levels, confounding some market players as the commodity pared an earlier loss in the session, even as U.S. equities rose and the dollar strengthened. Gold futures for April delivery ended down 20 cents, or less than 0.1%, at $1,238.90 an ounce. Some market participants attributed the stronger finish for gold, which traded as low as $1,226.80 during the session, to heighten concerns about the outcome of European elections showing the rise of anti-establishment candidates like France’s far-right Marine Le Pen. Gold may have been drawing some haven bids as a result of worries about geopolitics that could prove disruptive to the eurozone and the euro . Meanwhile, the dollar, as measured by the ICE U.S. Dollar Index gained 0.5% at 101.4000. A stronger dollar ordinarily is a headwind for gold and other assets priced in the currency, which can become less attractive to buyers using other monetary units.

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Wells Fargo & Co. said Tuesday it terminated “for cause” four current or former senior managers in its community banking business following an ongoing investigation into the banking giant’s sales practice scandal. The terminated managers are Claudia Russ Anderson, the former chief risk officer for the community bank; Pamela Conboy, lead regional president of Arizona; Shelley Freeman, the former Los Angeles regional president, and currently the head of consumer credit solutions; and Matthew Raphaelson, head of Community Bank strategy and initiatives. Wells Fargo said its investigation is expected to be completed before the shareholder meeting in April 2017. Wells Fargo was embroiled in a scandal last year, which led to the resignation of former Chief Executive John Stumpf, in which millions of credit-card and deposit accounts were opened without customers’ knowledge in an effort to meet sales targets. The bank’s stock, which slipped 0.2% in afternoon trade, has gained 21% over the past 12 months, while the SPDR Financial Select Sector ETF has run up 44% and the S&P 500 has climbed 23%.

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Two-year Treasury notes auctioned by the Treasury Department on Tuesday received strong demand, largely thanks to a surge in buying from foreign investors. The yield on notes sold at the auction was half a basis point lower than their comparable 1 p.m. level, according to Treasury data, meaning that investors paid a premium for the bonds. Indirect bidders, a group that’s seen as a proxy for foreign demand, received 49.8% of the new notes, a much larger allocation than the 38.9% average from the six most recent auctions, traders said. But despite a drop in Treasury yields ahead of the auction, demand remained surprisingly robust, said Aaron Kohli, a fixed-income strategist at BMO Capital Markets. The auction’s bid-to-cover ratio, a measure of demand, was 2.82, compared with an average of 2.64 from the six most recent auctions. The yield on the two-year note rose 1.7 basis point to 1.203% in recent trade.

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Amazon.com Inc.’s stock ran up 1.4% in midday trade Tuesday toward a second-straight record close, but SunTrust Robinson Humphrey worries that it might run into relative trouble given the expected jump in costs. Amazon announced Monday that it planned to add 15,000 new full-time jobs in Europe through the end of 2017, with many of the new roles in fulfillment centers under construction in France, Germany, Italy, Poland, Spain and the U.K. “We continue to invest heavily across Europe in fulfillment, customer service, cloud technology, research and development, machine learning, advanced logistics and much more,” said Xavier Garambois, vice president of Amazon EU Retail in a statement. Madhukar said the e-commerce giant looks top be actively trying to replicate its U.S. playbook in Europe. He reiterated his hold rating on the stock, saying while he likes the company’s growth, he’s mindful of the costs of that growth. For example, Amazon’s first-quarter guidance suggests margins could compress for the first time since 2014. “As such, we think Amazon likely will continue to grow at an elevated pace, but cash flows could remain depressed give its investment philosophy and intent on actively expanding [total available market],” Madhukar wrote in a note to clients. Consequently, while we believe in the long-term opportunity, we think it may be tough for Amazon to outperform peers in the near term.” The stock has soared 60% over the past 12 months, while the S&P 500 has gained 23%.

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Far-right presidential candidate Marine Le Pen’s lead over her two main challengers in France’s upcoming presidential election was seen widening, according to an electoral poll published Tuesday morning, New York Time. The poll, conducted by communications firm Elabe for French TV station BFMTV and magazine L’Express, showed Le Pen’s lead in the first round of voting increasing between one-and-a-half and two percentage points since a previous poll published on Feb. 8. In addition, conservative candidate Francois Fillon overtook Emmanuel Macron, who is believed to have a better chance of beating Le Pen in the second round. A victory by Le Pen, which could portend a French exit from the European Union, is typically seen as negative for risky assets like stocks, and positive for safety plays like gold, the Japanese yen and Treasurys.

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EyeGate Pharmaceuticals Inc. shares surged nearly 50% in morning trade Tuesday after an announcement of the company’s $4 million licensing agreement with Valeant Pharmaceuticals International Inc. . The deal is for exclusive, global commercial and manufacturing rights for EyeGate’s EyeGate II Delivery System, which is an alternative to eye drops and ocular injections, and EGP-437 combination product, which is being developed for post-operative pain and inflammation in patients who’ve had ocular surgery. The deal consists of cash upfront for EyeGate, and up to $99 million in potential milestone payments and royalties on Valeant’s net sales of the product, according to an EyeGate Securities and Exchange Commission filing. Valeant had previously licensed the same product, EGP-437, from EyeGate for uveitis in 2015. EyeGate reported positive results from a early/mid-stage trial in December. Valeant shares lifted 1.3% in Tuesday morning trade. Valeant shares have dropped 11.4% over the last three months, and EyeGate shares have risen 35.3%, compared with a 7.5% rise in the S&P 500 .

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MLB Advanced Media, Major League Baseball’s interactive media and internet company, said on Tuesday it has tapped Michael Paull to serve as the chief executive officer of BAMTech. BAMTech is a video streaming business that was grown out of MLBAM and is owned in part by MLBAM, Walt Disney Co. and the National Hockey League. The company’s former CEO stepped down in December. Paull, who will help guide BAMTech to become an independent company, brings more than 20 years of experience in technology, content distribution and the media industry. Before BAMTech, Paull served as vice president for digital video at Amazon.com Inc. . At Amazon he oversaw the company’s Prime Video business, transaction video on demand service and the development of Prime Music. “Michael is a talented and accomplished executive who shares our collective vision for BAMTech as it aggressively explores new means to acquire and distribute video content,” Robert D. Manfred Jr., Commissioner of Baseball, said in a statement. “We are confident Michael will deliver on the incredible potential and promise this venture has for building powerful viewing experiences for its clients and their customers.” BAMTech’s streaming technology, which includes the capacity for live events, is used by a host of sports, news and entertainment platforms, including Time Warner Inc.’s HBO Now, the NHL, MLB and the PGA Tour.

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Amphastar Pharmaceuticals Inc. shares plummeted 15.8% in morning trade Tuesday after the company said the Food and Drug Administration failed to approve its nasal spray for opioid overdoses. The FDA said the company needed to resolve various issues, including studying users’ ability to understand and administer the product correctly and evaluation of the device itself, according to Amphastar, which currently sells the opioid overdose treatment naloxone in pre-filled syringes. Chief Executive Officer Dr. Jack Zhang said the company will work with the FDA to address the regulator’s concerns. Naloxone nasal sprays are seen as the easiest to use in an emergency situation, and amid an opioid crisis across the U.S., prices have spiked. Amphastar shares have dropped 22.0% over the last three months, compared with a 7.6% rise in the S&P 500 .

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PepsiCo Inc. will change the labeling of its Naked Juice smoothie products as part of a settlement agreement with the watchdog Center for Science in the Public Interest. The changes, which PepsiCo plans to implement over the next eight months, include changes to the naming system to explicitly state the nature of the product — such as “fruit juice” or “fruit and veggie juice” — and what’s inside of it, for example, “kale flavored blend of 8 juices with other natural flavors,” according to the agreement. Any imagery on the labels and descriptive statements will also reflect the product’s most significant ingredients, and the claim “no sugar added” will be displayed less prominently, along with the disclaimer that the product is not a low-calorie food. The company also said it will not use “unsubstantiated health-content or health-based claims” in marketing or advertising of Naked juices. The settlement does not count as an admission of wrongdoing, PepsiCo and Naked Juice said. CSPI, which advocates for a healthier food system, commended PepsiCo on its cooperation and “commitment to transparency.” “Consumers deserve to know at a glance what they’re buying, and Naked’s labeling and marketing enhancements accomplish that,” litigation director Maia Kats said. According to the agreement, the various labeling and marketing commitments expire in five years maximum, and could expire earlier depending on changes in the products or relevant regulations that would affect the entire agreement. PepsiCo agreed to remove the “all natural” claim from its Naked line in 2013 as part of a $9 million lawsuit settlement. PepsiCo shares were up a scant 1.0% in morning trade Tuesday. Shares have surged 6.9% over the last three months, compared with a 7.0% rise in the S&P 500 .

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The total number of U.S. restaurants fell 2% year-over-year to 620,807 units, according to the latest count of commercial restaurant locations compiled by The NPD Group. Restaurant density, the number of units per million population, is at the lowest point in a decade, dropping to 1,924 units per million in the fall of 2016 from 1,992 per million in fall 2007. “If consumers continue to reduce their restaurant visits, we expect the number and density of restaurant units will continue to decline in response to the lower demand,” said Greg Starzynski, director of product management at NPD Foodservice, in a statement. Independent restaurant units decreased 4% in fall 2016, with declines in both the quick- and full-service areas. The number of chain restaurant units grew 1% to 297,351. The number of fast-casual units grew 7% to 23,798.

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