Tag: stock market

Tesla Motors Inc. was named top pick for 2017 by Baird Equity Research Friday, with analyst Ben Kallo forecasting that Tesla Energy and Model 3 production will beat expectations. “We believe TSLA’s energy storage business and growth opportunity is not currently reflected in share prices,” Kallo wrote in a note. Baird believes battery sales are increasing and should get another boost from the battery production ramp coinciding with the launch of the Model 3, the all-electric sedan Tesla hopes to sell late next year for about $35,000. “We recommend accumulating shares ahead of additional details being released about TSLA’s current battery costs and density metrics, and believe the upcoming Gigafactory tour on January 4 will be a positive catalyst for the stock,” he wrote. The company’s Powerwall 2 battery offers a competitive pricing advantage on a per kilowatt basis, and should help Tesla grow its share of homes and small business customers, he wrote. The company’s fourth-quarter delivery number might create short-term volatility, but the stock should move higher, he said. Kallo is further expecting Tesla to do a deal some time in the first half that would remove an overhang on the stock. Tesla shares were slightly higher premarket, but are down 10.6% on the year, while the S&P 500 has gained 10%.

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Shares of biotech Innocoll Holdings Plc tumbled almost 50% in premarket trade Friday, after the U.S. Food and Drug Administration issued a refusal to file letter for the company’s product candidate for a treatment for post-surgical pain. The FDA “determined that the application, which was submitted in October 2016, was not sufficiently complete to permit a substantive review,” the company said in a statement. The FDA said Xaracoll should be characterized as a drug and device combination, which would require additional data. “We expect to work with the FDA over the coming weeks in an effort to address the open issues and to define a path forward for a successful re-filing of our application at the earliest point in time,” Chief Executive Tony Zook said. Janney analyst Ken Trvobich downgraded the stock to neutral on the news, and slashed his fair value estimate to $2 from $9. He is expecting the news to delay the new drug application by a year and said the company does not have sufficient cash resources to fund its operations through 2017. “We expect the need for additional capital to lead to a future financings that are far more dilutive than we previously estimated,” he wrote. Shares are now down 79% on the year, while the S&P 500 has gained 10%.

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The ruble slid 1.8% against the dollar on Friday as diplomatic tensions between the U.S. and Russia intensified. The dollar bought 61.326 rubles compared to 60.266 late Thursday in New York. The ruble slump came after U.S. President Barack Obama on Thursday leveled sanctions against Russia over the country’s alleged hacking during the U.S. presidential campaign and other diplomatic tensions. As part of the sanctions, the U.S. expelled 35 Russian diplomats and ordered two Russian diplomatic compounds shut down. Russia responded by reportedly closing down a school attended by diplomats’ children and announced plans to kick out 35 U.S. diplomats.

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U.S. stocks ended little changed after coming off session lows in afternoon trade in the penultimate trading day of 2016, leaving the Dow Jones Industrial Average around 180 points shy of the so-far-elusive 20,000 milestone. The S&P 500 ended less than 0.1% lower at 2,249.26, according to preliminary figures, while the Dow declined around 14 points, or 0.1%, to 19,820. The Nasdaq Composite lost 0.1% to settle around 5,432.

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WASHINGTON (MarketWatch) — President Obama on Thursday ordered the closure of two Russian diplomatic compounds and barred from the U.S. 35 Russians designated as intelligence operatives as retaliation against alleged hacking of the U.S. presidential election. The president also declassified information that he said would help the U.S. and other nations deter cyberattacks by Russian civilians or government agents. The White House acted in response to findings by U.S. intelligence agencies that Russia sought to undermine the campaign of Hillary Clinton and aid the election of Donald Trump. Under the administration’s response, Russia compounds in Maryland and New York will be shut down and 35 Russians have been declared personae non gratae. In a statement, Obama said: “All Americans should be alarmed by Russia’s actions.” Russia has denied involvement and demanded the U.S. offer evidence.

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Oil futures ended lower Thursday, snapping a four-day win streak after weekly data showed a rise in U.S. crude inventories. West Texas Intermediate crude for February delivery on the New York Mercantile Exchange fell 29 cents, or 0.5%, to close at $53.77 a barrel. Oil attempted to turn higher after the Energy Information Administration reported a 600,000 barrel rise in inventories last week but soon returned to negative territory.

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Gold futures closed at their highest level in just over two weeks on Thursday as a leading dollar index pulled off of 14-year highs. Gold for February delivery rose $16.80, or 1.5%, to $1,157.70 an ounce, its fourth straight advance. Gold remains down about 1.4% for December.

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Sears Holdings Corp. shares rose 5% Thursday, after the company said it has obtained a secured standby letter of credit facility, easing liquidity concerns. Sears said the facility will allowit to request standby letters of credit of up to $200 million, what can be further expanded to up to $500 million if the lenders approve. The facility is being offered by JPP, LLC and JPP II, LLC, all units of ESL Investments Inc., with Citibank, N.A. serving as administrative agent and issuing bank. Sears shares are still down 58% on the year, while the S&P 500 has gained about 10%.

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General Cable Corp. has agreed to pay more than $75 million to resolve U.S. Justice Department and Securities and Exchange Commission charges for violating the Foreign Corrupt Practices Act, the SEC said Thursday. The company will pay the SEC another $6.5 million to settle separate accounting violations. The Kentucky-based maker of copper, aluminum and fiber optic wire and cable products was charged with making improper payments to government officials in Angola, Bangladesh, China, Egypt, Indonesia, and Thailand to get or keep business. “General Cable’s weak internal controls also failed to detect improper inventory accounting at its Brazilian subsidiary, causing the company to materially misstate its financial statements from 2008 to the second quarter of 2012,” said the SEC. The regulator charged Karl Zimmer, General Cable’s then-senior vice president responsible for sales in Angola, with knowingly circumventing internal controls. Shares were down 1% Thursday, but have gained 43% in the year, while the S&P 500 has gained about 10%.

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Endologix Inc. shares rose 8.8% in pre-market trade Thursday after the company said it removed a temporary hold on shipments of some of its medical devices. Shares rose 2.6% in official trade so far. All sizes of the AFX Endovascular AAA System and some sizes of the AFX2 Endovascular AAA System will be shipped out and used in medical procedures “effective immediately,” though testing and improvements on other sizes of the AFX2 system were ongoing, the company said. The hold had been announced on Tuesday. Endologix shares dropped 22.6% week-to-date. Shares have dropped 43.7% year-to-date, compared with a 10.2% rise in the S&P 500 .

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