Tag: stock market

Sotheby’s said Friday that its annual Americana Week auction generated $19.4 million in sales, the most since 2007 when it set a record of $29.1 million. The more than 1,000 lots included in this year’s auction had an 80.4% sell-through rate. Sotheby’s shares are down 1.8% in Friday trading, but up 77.5% for the last year. The S&P 500 index is up 21.8% for the past 12 months.

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Two footwear companies, Crocs Inc. and Steven Madden Ltd. , would be victims of the “Wall Tax,” according to Buckingham Research Group analysts. On Thursday, President Trump suggested a 20% tax on Mexican imports to pay for a border wall, but the White House has said it’s only one option. Buckingham analysts reviewed the latest Crocs 10-K, which shows about 11% of its goods are manufactured in factories in Mexico and Italy. They conclude that about 5% of the Mexico-produced goods come to the U.S., which would impact earnings per share by 5 cents before offsets. Steven Madden sources leather boots from third-party manufacturers in Mexico, about 8% to 10% of its total production volume. About 6% of these goods are likely imported to the U.S. Analysts estimate that about 70% of the company’s cost of goods sold are product costs. So the “Wall Tax” would total about $7.4 million and hurt EPS by 12 cents before offsets. Buckingham rates both Crocs and Steven Madden shares neutral. Crocs has a price target of $8.50 while Steven Madden has a price target of $34. Crocs shares are down 17.6% for the past year, and Steven Madden shares are up 10.5% for the period. The S&P 500 index is up 22% for the last 12 months.

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U.S. stocks opened flat on Friday, as the market’s recent uptrend was seen as intact despite a weak read on economic growth, as well as some disappointing corporate results. The U.S. economy slowed in the fourth quarter, according to the latest GDP data, coming in at a 1.9% growth rate, which was below expectations. Separately, both Chevron Corp and Google parent Alphabet fell after their results missed expectations. The Dow Jones Industrial Average dipped 8.3 points to 20,093, essentially flat on the day. The S&P 500 rose 0.1%, or 1.3 point, to 2,298. The Nasdaq Composite Index rose 10.5 points, or 0.2%, to 5,664.

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Novan Inc. shares were halted in pre-market trade Friday before the company said two phase 3 clinical trials for its topical acne treatment had different results, with one showing statistical significance for all three co-primary endpoints but another showing significance on only one. Chief Executive Officer Nathan Stasko said the company was “pleased” with the successful trial but “disappointed with the discordant results” of the other trial. The company hasn’t yet received the full data set but will provide an update on the acne drug program after more analysis, he said. Cash on hand should fund operations through the end of 2017, with capital allocation depending on the complete analysis of the latest results and other data, the company said. Novan shares have sunk 10.5% over the last three months, compared with a 7.7% rise in the S&P 500 .

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Three hedge funds learned of Johnson & Johnson’s acquisition of drugmaker Actelion Ltd. by tracking Johnson & Johnson’s corporate jet, Bloomberg reports. The $30 billion deal, which sent Swiss biotech Actelion shares surging, was announced Thursday, following weeks of on-again, off-again negotiations. The hedge funds — Och-Ziff Capital Management Group LLC, Eton Park Capital Management and Elliott Management Corp. — had stakes valued at $766 million, almost $500 million and $200 million respectively, Bloomberg reports. Johnson & Johnson’s corporate jet landed in Switzerland in mid-January for the first time in three months or more, Bloomberg said. Johnson & Johnson shares have declined 3.3% over the last three months, and Actelion shares have risen 88.3%, compared with a 7.7% rise in the S&P 500 .

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Chevron Corp. shares fell 3% in premarket trade Friday, after the company missed profit and revenue estimates for the fourth quarter. The first oil major to report earnings for the fourth quarter said it had net income of $415 million, or 22 cents a share, in the quarter, after a loss of $588 million, or 31 cents a share, in the year-earlier period. Revenue rose to $31.497 billion from $29.247 billion. The FactSet consensus was for earnings of 64 cents a share and revenue of $36.964 billion. “Our 2016 earnings reflect the low oil and gas prices we saw during the year,” said CEO John Watson. The company cut capital and operating costs by $14 billion in 2016, leaving it in good share to improve earnings and cash flow in 2017, he said. Shares have gained 40% in the last 12 months, while the S&P 500 has gained 22%.

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Ulta Salon Cosmetics & Fragrance Inc. announced Friday that it is forming a new holding company, Ulta Beauty Inc., on Jan. 29, 2017, the start of the company’s new fiscal year. Business operations won’t change, according to Ulta, but the reorganization will result in “a more efficient corporate structure.” All outstanding shares of common stock will automatically convert, and the stock will continue to trade under the “ULTA” ticker. Ulta shares are down 0.2% in premarket trading, but up 56.6% for the past year. The S&P 500 index is up 22% for the last 12 months.

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Shares of American Airlines Group rose 1% in premarket trade Friday after the company beat fourth-quarter earnings expectations. It reported net income of $475 million, or 92 cents per share, compared to $1.3 billion, or $2 per share, in the year-earlier period. It reported adjusted earnings per share of $1.48, above the FactSet consensus of 92 cents. It reported revenue of $9.79 billion, up from $9.63 billion in the year-earlier period and above the FactSet consensus of $9.75 billion. The company has approved a new $2 billion share buyback program which will expire Dec. 31, 2018. Shares of American Airlines have gained 24% in the past three months, compared to the S&P 500’s gain of 8%.

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Honeywell International Inc. said Friday it had net income of $1.034 billion, or $1.34 a share, in the fourth quarter, down from $1.194 billion, or $1.53 a share, in the year-earlier period. Excluding pension and other costs, the company had EPS of $1.74, matching the FactSet consensus. Sales edged up to $9.985 billion from $9.982 billion, below the FactSet consensus of $10.149 billion. Chief Operating Officer Darius Adamczyk said the company is sticking with its 2017 earnings guidance. Honeywell will host an investor day on March 1 in New York City. Shares were down 1.2% premarket, but have gained 22% in the last 12 months, matching the S&P 500’s gains.

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Mexican billionaire Carlos Slim, who once opposed a Donald Trump presidency and later said it would be “very good for Mexico,” plans to hold a Friday press conference at 12:30 pm in Mexico City. The announcement follows a Thursday announcement by President Trump about an imported goods tax that would pay for a wall along the U.S.-Mexico border, which his administration later said is one of a “buffet of options” on the table. The wall, which has been a central part of Trump’s platform since his presidential candidacy, has been controversial both in the U.S. and with Mexico, particularly because Trump has often claimed that Mexico would pay for the wall. Though Slim has previously spoken positively about a Trump presidency, it’s possible he may oppose the latest proposal, which many prominent businesspeople have already come out against.

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