Tag: stock market

Apple Inc.’s stock rallied 0.7% in premarket trade Monday, after Goldman Sachs raised its price target, to put it on track to open at a record high. The stock was trading at $133.09 ahead of the open, above Thursday’s record close of $132.42 and above Friday’s all-time intraday high of $132.94. The 97-cent premarket gain in the stock would add about 7 points to the Dow Jones Industrial Average’s price. Goldman raised Apple’s stock price target to $150, which is was 14% above Friday’s closing price of $132.12, from $133, citing increased confidence regarding major new features in the next iPhone. The stock has run up 41% over the past 12 months, while the Dow has rallied 27%.

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Apple Inc.’s 12-month stock price target was increased to $150 from $133 at Goldman Sachs on Monday, reflecting “increased confidence” that “major new features” in the next iPhone will trigger a strong upgrade cycle. The brokerage also raised fiscal 2018 estimates on Apple. Analysts at Goldman Sachs said they expect the company’s 10th anniversary iPhone, due in September, to have software enhancements such as 3D sensing technology that are crucial to augmented reality. They believe augmented-reality features will be a “significant step-up in innovation” compared with the prior two product cycles. Shares of Apple increased 0.4% to $132.65 in premarket trade. They’ve climbed nearly 22% in the past three months, compared with a 7.5% increase for the Dow Jones Industrial Average , a 30-member index of large-cap companies of which Apple is a member.

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Allergan said early Monday it will acquire body-contouring company Zeltiq Aesthetics for $2.475 billion, with the deal expected to close in the second half of this year. Zeltiq Aesthetics has a cooling technology that has been approved for fat reduction, which Allergan said was a $4 billion market opportunity worldwide and growing. Allergan announced in December it would acquire Acelity’s LifeCell, which produces various products used for breast reconstruction and soft tissue repair, and its aesthetics business — including Botox, line fillers, implants and eye care — is expected to drive much of the company’s growth in the coming years. Allergan is creating a “world-class aesthetics business,” Chief Executive Brent Saunders said. “With CoolSculpting, our offerings to plastic surgeons, dermatologists and aesthetic practitioners will now extend to three of the largest and fastest-growing segments of their practices,” he said.
Zeltiq Aesthetics shares, which were halted before the announcement, have surged 25.4% over the last three months. Allergan shares have surged 18.7% over the last three months, compared with a 7.0% rise in the S&P 500 .

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Sonoco Products Co. said Monday it will raise prices on expanded polystyrene (EPS) parts and components by 10%, and on all Sonopost products by 7%, effective March 1. The move is in response to rapid price increases since October 2016 for styrene monomer, the key raw material in all EPS products. “Styrene production outages continue to impact prices,” said Russell Grissett, general manager of Sonoco ThermoSafe. “This is an unprecedented situation, and it is creating a high level of uncertainty as to where pricing could be headed in the coming weeks.” The stock, which was still inactive in premarket trade, has gained 1.9% over the past three months, while the S&P 500 has climbed 7%.

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Lear Corp. boosted Monday its quarterly cash dividend by 67% to 50 cents a share from 30 cents a share. The new dividend is payable March 23 to shareholders of record on March 3. Based on Friday’s stock closing price of $141.35, the new annual dividend rate implies a dividend yield of 1.41%, compared with the aggregate S&P 500 yield of 2.04%, according to FactSet. The automotive seating supplier said it increased its share buyback program to $1 billion, from the $341 million it had remaining at the end of 2016. “The company’s strong operating performance, record financial results and record sales backlog are allowing us to significantly increase our quarterly cash dividend and continue our proven track record of returning capital to our shareholders,” said Chief Executive Matt Simoncini. The stock, which was still inactive in premarket trade, has run up 40% over the past 12 months, while the S&P 500 has gained 24%.

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Burger King parent Restaurant Brands International Inc. reported fourth-quarter earnings that rose to $118.4 million, or 50 cents a share, from $51.7 million, or 25 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share were 44 cents, beating the FactSet consensus of 42 cents. Revenue rose to $1.11 billion from $1.06 billion, just above the FactSet consensus of $1.10 billion. Same-store sales for the Tim Horton restaurants grew 0.2%, compared with 6.3% growth in the same period last year, while Burger King same-store sales increased 2.8% vs. a 3.9% increase last year. Restaurant growth was 4.5% for Tim Hortons and 4.9% for Burger King. The stock, which was still inactive in premarket trade, has soared 61% over the past 12 months, while the S&P 500 rose 24%.

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More than 160,000 people were ordered to evacuate in Northern California on Sunday night, over fears that the spillway at the Oroville Dam could break, potentially causing catastrophic flooding. Evacuated areas included the town of Oroville, at the base of the dam, and nearby Marysville and Yuba City. As of 9 p.m. Pacific time, the situation north of Sacramento had stabilized, with officials making emergency repairs and successfully lowering the water level behind the dam. The earthen Oroville Dam is the tallest in the United States, at 770 feet, and the lake behind it is California’s second-largest reservoir. While officials said the dam itself was not in danger of failing, a 30-foot section of the overflow spillway was weakened by erosion and officials earlier in the evening feared its imminent collapse. Lake Oroville is at 101% capacity following the rainiest winter in more than a decade in Northern California.

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A top aide to national security adviser Michael Flynn was denied security clearance to serve on the National Security Council, Politico reported late Friday. Robin Townley, the senior Africa director on the NSC, learned on Friday that the CIA had denied his “sensitive compartmented information” security clearance. CIA director Mike Pompeo approved of the rejection, the report said. The rejection, which analysts in the Politico report said smacked of a CIA “hit job,” is the latest hurdle for Flynn. Flynn reportedly discussed Obama-led sanctions against Russia with the country’s ambassador to the U.S. in December, the Washington Post reported this week, although Flynn had previously denied it. President Trump on his way to Florida on Friday told the reporter pool he did not know of Flynn’s talk with Russian ambassador Sergey Kislyak, but said he would look into the matter.

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Billionaire hedge fund manager Dan Loeb’s Third Point LLC took new positions in banking giants J.P. Morgan Chase and Bank of America in the fourth quarter, while dumping his stake in biopharmaceutical company Allergan, according to a regulatory filing on Friday. Among other moves, Third Point held 17.5 million shares of Bank of America as of Dec. 31, according to filings tracker Whalewisdom.com. Other new stakes included 5.25 million shares of J.P. Morgan Chase. The firm sold its entire stake of 3.785 million shares of Allergan . Large investors must disclose the long stock positions they held at the end of each quarter.

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Shares of Yelp Inc. tumbled nearly 14% on Friday as investors reacted to a disappointing outlook that offset better-than-expected earnings. The company estimated full-year 2017 revenue in the range of $880 million to $900 million, the midpoint of which missed the FactSet consensus view of $895.3 million. The company had previously forecast that it would hit $1 billion in revenue for the year. Shares of Yelp closed down around $35.83 on Friday. Despite the sell-off, the stock is still up more than 133% in the past 12 months, vastly outperforming the S&P 500’s 25% increase.

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