Tag: stock market

Mylan shares sunk 1.4% in afternoon trade Monday after Bloomberg reported it was facing a U.S. antitrust investigation into its EpiPen competitive practices. Mylan settled charges of misclassifying the EpiPen allergic reaction treatment for Medicaid rebates with the Justice Department for $465 million in October of 2016. Mylan shares have declined 2.8% over the last three months, compared with a 7.0% rise in the S&P 500 .

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GoPro Inc. jumped more than 5% in Monday trading despite a down day overall on the market, as BlackRock Inc. disclosed an increase in its holdings of the action-camera company. According to a filing with the Securities and Exchange Commission, BlackRock now owns 6% of GoPro, or more than 6.2 million shares, a million more shares than BlackRock Fund Advisers disclosed in its most recent filing, according to FactSet. GoPro stock has suffered amid holiday-season manufacturing issues for the hardware company, which included the recall of its first drone. GoPro stock has declined more than 21% in the past three months, compared with a gain of 7% for the S&P 500 index in the same time. GoPro plans to release quarterly earnings Thursday.

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Oil futures fell on Monday for a second straight session. Traders continued to show concern that growth in U.S. crude production could potentially offset efforts by other major producers to rebalance global supply and demand. March West Texas Intermediate crude fell 54 cents, or 1%, to settle at $52.63 a barrel.

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WASHINGTON (MarketWatch) – President Donald Trump will add the Mike Pompeo, the director of the Central Intelligence Agency, to the National Security Council, White House spokesman Sean Spicer said Monday. The CIA chief hasn’t been a member of the NSC since 2005 when the director of national intelligence was formed, he said. Over the weekend, Trump was criticized for including his chief strategist Steve Bannon on the NSC’s principals committee, while appearing to demote the director of National Intelligence and the chairman of the Joint Chiefs of Staff. Some analysts said including Bannon would mix politics with military matters. Spicer said the reports were “utter nonsense” and director of the DNI and the Joint Chiefs chairman could attend principals meetings if they wished.

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Gold futures finished higher Monday for the first time in five trading sessions. A steep decline in U.S. equities, with the Dow Jones Industrial Average trading below the key 20,000 level, and signs of growing U.S. inflation helped prices rebound. April gold rose $4.90, or 0.4%, to settle at $1,196 an ounce.

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General Motors Co. and Honda Motor Co. Ltd. announced Monday the creation of a joint venture to mass produce hydrogen fuel cell systems to be used in “future products” from each company. The JV, named Fuel Cell System Manufacturing LLC, will operate at an existing GM battery plant in Michigan. Fuel-cell vehicles can operate on hydrogen from renewable sources such as wind and biomass, and water vapor is the only emission from fuel cell vehicles, the companies said. GM and Honda are making “a dramatic step toward lower cost, higher-volume fuel cell systems,” said Charlie Freese, GM’s executive director of Global Fuel Cell Business. A cross-functional team is developing advanced manufacturing processes and advances in the design, and the result “is a lower-cost system that is a fraction of the size and mass,” he said. Shares of GM were lower Monday, off 1.9%, while Honda’s American depositary shares were off 0.6%. The S&P 500 index lost 0.9%.

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Shares of Walt Disney Co. rose slightly in early trade Monday before erasing their gains, after Morgan Stanley upgraded the stock to overweight and said distribution renewals for ESPN, new streaming bundles and a strong line-up of films should spur earnings growth. Analysts led by Benjamin Swinburne expect ESPN revenue growth to improve from 2017 to 2020, pushing their estimates above current consensus. The move will be helped by new streaming bundles, which are cheaper than existing ones and should end the roughly 2% subscriber erosion at the service over the last three years. “Film success remains the base case, and perhaps it should be,” they wrote in a note. Morgan Stanley is expecting Disney to rebound from the roughly 20% decline in earnings before interest and taxes caused by the comparisons in 2016 with the latest Star War’s installment and to post EBIT levels of $2.95 billion in 2018. “Demand for Disney-branded IP remains robust and the FY18 slate includes 4 Marvel films, 2 Star Wars films, and 2 Pixar films,” said the note. Disney shares have gained 14% in the last 12 months, underperforming the S&P 500 , which has gained about 19%.

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The U.S. athletic footwear industry grew 3% to $17.5 billion in 2016, according to The NPD Group, below the average 4% growth the industry has experienced over the past 10 years. “The Sports Authority and Sports Chalet bankruptcies certainly shook the industry, with the greatest impact hitting in the fourth quarter, when both retailers were fighting for their survival,” said Matt Powell, sport industry analyst at NPD Group, in a statement. “It is likely that we will still see the impact continue through the first quarter, but after that the drag should be over and trend should return to normal.” The average selling price for the industry was flat at $60.81. The industry grew for the first three quarters of the year, with a”slight” decline during the fourth-quarter holiday season. The Classics category, worth $4.4 billion, drove the industry, with a 26% increase in dollar sales. Dick’s Sporting Goods Inc. was upgraded at Goldman Sachs on market share gains from The Sports Authority bankruptcy. Dick’s shares are up 0.7% in Monday trading, and up 32.3% for the last year, while the S&P 500 index is up 17.2% for the past 12 months.

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Goldman Sachs has upgraded Dick’s Sporting Goods Inc. and Hibbett Sports Inc. on market share gains from The Sports Authority bankruptcy. Dick’s was moved to buy from neutral, though its price target remains at $62. And Hibbett was moved to neutral from sell, though the price target has been cut to $34 from $37. Analysts say Dick’s is the top sporting goods retailer, and the company will accelerate earnings growth in 2017 due to the Sports Authority gains. The company should also see improved profitability from its e-commerce channel, which will entirely be under the company’s control in fiscal 2017. Goldman says Hibbett will also benefit from The Sports Authority bankruptcy, but to a lesser degree. Analysts say they expect to report “tough results” in the near-to-intermediate term, but investors are aware of the issues facing the company. “[W]e see the stock’s current valuation as fair, and we have absolute downside to other sell-rated stocks in our coverage universe versus the 4% upside we see in Hibbett looking out 12 months,” the Monday note said. Dick’s shares are nearly flat in Monday trading, but up 31.4% for the past year. Hibbett shares are up 2.1% in Monday trading, and up nearly 4% for the past year. The S&P 500 index is up 17.6% for the last 12 months.

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Lloyd Blankfein, chief executive of Goldman Sachs, on Monday sent an internal message denouncing the immigration ban President Donald Trump enacted last Friday, reports The Wall Street Journal. “This is not a policy we support,” Blankfein wrote, according to The Journal. Protests and backlash erupted over the weekend following Trump’s executive order that barred Syrian refugees from entering the U.S., blocked citizens of seven Muslim countries from entering the country for 90 days and suspended all refugee admission for 120 days. Trump has tapped a number of former Goldman Sachs executives to his cabinet, including President Gary Cohn to to lead his Council of Economic Advisors and former Goldman Sachs partner Steve Mnuchin to head the Treasury Department.

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