Tag: stock market

The bitcoin price rose on Thursday after Chinese digital-currency exchange BTCC said it would temporarily halt withdrawals while it upgrades its anti-money laundering systems, becoming the third major exchange to do so. Last week, OKCoin and Huobi, which, along with BTCC, comprise China’s “big three” bitcoin exchanges, made similar announcements, saying the necessary upgrades should take a month, if not less. One bitcoin cost $1,019 in recent trade, according to Coin Market Cap. In the past, the bitcoin price has fallen following reports of Chinese regulators stepping up pressure on the exchanges. Instead, the price reaction on Thursday suggests that investors are less worried about interference from Chinese authorities, who have sought to tighten oversight over the country’s exchanges in recent months. “The market is kind of numb,” said Chris Burniske, blockchain analyst and products lead at ARK Invest. “It’s priced in this information and it’s not concerned.” Earlier in the week, a former governor of the People’s Bank of China, the country’s central bank, said on local television that bitcoin will continue to exist in China.

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U.S. stocks opened modestly higher on Thursday following their best record-setting run in a quarter-century. The S&P 500 index was flat at 2,350. The Dow Jones Industrial Average gained 10 points, or 0.1%, to 20,621. The Nasdaq Composite Index advanced four points, or 0.1%, to 5,823. The three benchmarks on Wednesday notched their longest streak of simultaneous record closes since January 1992. Cisco Systems Inc. shares rose after the company posted better-than-expected results late Wednesday. CBS Corp. shares slipped despite serving up forecast-topping earnings. Kraft Heinz Co. shares also fell despite the company posting strong earnings.

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Pfizer Inc. said early Thursday that its Xeljanz drug met its primary endpoint in combination with methotrexate as compared to AbbVie’s blockbuster drug Humira, although it didn’t meet the primary endpoint on its own. The results of the phase 3B/4 trial, which lasted 12 months and enrolled about 1,150 patients, show Xeljanz’s efficacy as a combination therapy for moderate-to-severe rheumatoid arthritis, said Chief Development Officer Michael Corbo. Xeljanz has already been approved for rheumatoid arthritis in the U.S., but pharmaceutical companies have increasingly looked to efficacy data to show the value of their treatments relative to competitors’. Humira is the world’s top-selling drug. Pfizer shares have risen 4.9% over the last three months, compared with a 7.9% rise in the S&P 500 .

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Kate Spade & Co. shares rose 6.8% in premarket trading after the handbag company said it has hired consultants, Perella Weinberg Partners, to explore strategic alternatives. Net income for the fourth quarter totaled $85.5 million, or 66 cents per share, up from $61.5 million, or 48 cents per share, for the same period last year. The FactSet EPS consensus was 34 cents. Sales for the quarter were $470.8 million, up from $428.0 million, but below the $472.0 million FactSet consensus. Direct-to-consumer same-store sales rose 9% for the quarter. The company said it will not provide guidance and won’t provide updates on the review process, nor is there a guarantee of a transaction or other move as a result. There’s no timeline for the strategic review. Kate Spade shares are up 17.6% for the past year while the S&P 500 index is up 24% for the same period.

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Shares of Dean Foods Co. slumped 2.2% in premarket trade Thursday, after the food and milk processing company missed fourth-quarter profit expectations and provided a downbeat outlook. Earnings rose to $32.8 million, or 36 cents a share, from $18.5 million, or 20 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 38 cents, below the FactSet consensus of 41 cents. Revenue of $2.02 billion matched the year ago revenue and the FactSet consensus. Total volume across all products declined 0.8% to 653 million gallons, but the company’s share of U.S. fluid milk volumes increased by 0.1%. Looking ahead, the company expects first-quarter adjusted EPS of 12 cents to 20 cents, below the FactSet consensus of 40 cents, and projects 2017 adjusted EPS of $1.35 to $1.55, below expectations of $1.57. “In the first quarter, we expect dairy commodity inflation of nearly 20% and a roughly 1% decline in total volume performance versus prior year,” said Chief Executive Ralph Scozzafava. The stock has lost 2.4% over the past 12 months through Wednesday, while the S&P 500 has climbed 24%.

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MGM Resorts International shares fell more than 5% in premarket trade on Thursday after the company reported earnings for the fourth quarter, in which profit missed expectations. The casino and entertainment company reported net income of $24.67 million, or 4 cents per share, after a loss of $781.45 million, or $1.38 per share in the year-earlier period. Analysts tracked by FactSet had forecast earnings of 20 cents per share. Revenue for the quarter hit $2.69 billion, up from last year’s $2.38 billion during the same quarter. Revenue fell short of FactSet’s $2.46 billion consensus. MGM said the board of directors approved a quarterly dividend of 11 cents per share, payable March 15 to shareholders of record as of March 10. Shares of MGM have increased more than 54% in the trailing 12-month period, while the S&P 500 Index is up nearly 24%.

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Valeant Pharmaceuticals International Inc. shares surged as much as 3.1% in pre-market trade Thursday after the company said its plaque psoriasis injection had been approved by the Food and Drug Administration. Siliq, which is intended for patients with moderate-to-severe iterations of the chronic skin condition who haven’t responded to other therapies, will have a “black box warning” about risks for patients with a history of suicidal thoughts or behavior, Valeant said. Valeant said it expects to begin sales and marketing for Siliq in the second half of 2017. AztraZeneca — which granted Valeant the right to develop and commercialize Siliq in most countries globally — will receive $130 million in a milestone payment, Dow Jones reports. Valeant shares have declined 5.6% over the last three months, compared with a 7.9% rise in the S&P 500 .

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Charter Communications Inc. reported fourth quarter earnings on Thursday that were better than Wall Street expected. The cable company reported net income of $454 million or $1.67 per-share for the quarter, after a loss of $122 million, or $1.21 per share during the same period a year ago. Analysts tracked by FactSet expected earnings to be $1.05 per share. Revenue for the quarter hit $10.28 billion, up from $2.51 billion in the year-earlier period and above FactSet’s consensus of $10.23 billion. Charter said it added 345,000 total customers in the quarter, though on the video side Charter reported losing 51,000 customers. Charter shares were inactive in premarket trade, but have gained 74% in the trailing 12-month period, while the S&P 500 Index is up 24%.

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Tempur Sealy International Inc. said Thursday it het income of $63.4 million, or $1.12 a share, in the fourth quarter, after a loss of $11.3 million, or a loss of 18 cents a share, for the year-earlier period. Adjusted per-share earnings came to $1.18, ahead of the FactSet consensus of $1.13. The mattress seller said sales rose 0.3% to $769.5 million, also ahead of the FactSet consensus of $766 million. “Overall the worldwide markets for our products are solid and the Team remains focused on our long-term initiatives,” Chief Executive Scott Thompson said in a statement. Shares were not yet active premarket, but are down 18% in the last 12 months, while the S&P 500 has gained 25%.

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Avon Products Inc. said Thursday it had a net loss of $10.7 million, or 4 cents a share, in the fourth quarter, narrower than the $333.4 million loss, or 76 cents a share, recorded in the year-earlier period. Excluding special charges, the direct seller of beauty products had adjusted per-share earnings of 1 cent, below the FactSet consensus of 9 cents. Revenue edged down to $1.57 billion from $1.61 billion, compared with a FactSet consensus of $1.61 billion. The company said it made good progress with a cost-cutting plan, exceeded its own cost targets and bolstering its balance sheet. The company is on track to deliver the $350 million in savings related to the plan over its three-year period. Shares were not yet active in premarket trade, but are up 74% in the last 12 months, outperforming the S&P 500 has gained 25%.

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