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4:23 a.m. Today - By Tomi Kilgore
AMC stock set to snap 4-week win streakShares of AMC Entertainment Holdings Inc. fell 2.5% in premarket trading Friday, which puts on track to snap a four-week win streak in which it rocketed nearly fivefold. The movie theater chain's stock has lost 4.3% so far this week, after soaring 390.6% over the previous four weeks. During the weekly win streak, the stock had closed at a record $62.55 on June 2. Among , GameStop Corp. rose 1.1% in premarket trading Friday, which would put it on track to snap a two-week losing streak in which it shed 13.9%. GameStop shares have slipped 0.7% week-to-date through Thursday. Separately, the S&P 500 has fallen 0.7% week to date, putting it on track for a third-straight weekly decline.
2:44 a.m. Today - By Tomi Kilgore
Rockwell Automation to buy Plex Systems for $2.2 billion in cashRockwell Automation Inc. announced Friday an agreement to buy Michigan-based privately held software-as-a-service smart manufacturing platform company Plex Systems for $2.22 billion in cash. The deal, which will be financed with a combination of cash and debt, is expected to be completed in Rockwell's fourth quarter. Plex offers a multi-tenant SaaS manufacturing platform, including advanced manufacturing execution systems, quality and supply-chain management capabilities. It has more than 700 customers and manages more than eight billion transactions per day. "Combining Plex's cutting-edge cloud technology with Rockwell's existing software portfolio and domain expertise will add customer value and create more ways to win," said Rockwell Chief Executive Blake Moret. "The acquisition will also accelerate our software revenue growth and strengthen our annual recurring revenue streams." Rockwell's stock, which is still inactive in premarket trading, has rallied 13.8% year to date while the S&P 500 has gained 13.6%.
5:42 a.m. June 24, 2021 - By Jaimy Lee
Arcus stock jumps 19% after announcing it will move forward with trial for lung-cancer treatmentShares of Arcus Biosciences Inc. gained 19.8% in trading on Thursday, the day after the company said its experimental lung-cancer PD-L1 treatment demonstrated clinical activity in an open-label, Phase 2 clinical study. Arcus did not release specific data but said the trial will continue. Gilead Sciences Inc. recently increased its stake in Arcus to 19.% from 13% and has the exclusive option to co-develop the drug, domvanalimab. Wall Street analysts still have some questions about the viability of the research. "Limited details cloud interpretation of just how promising or competitive the program looks thus far," RBC Capital Markets analyst Brian Abrahams wrote in a note to investors. However, SVB Leerink analysts say the data, though limited, bodes well for companies developing similar therapies, including Compugen Ltd. , iTeos Therapeutics Inc. , and Merck & Co. Inc. . Shares of Arcus are down 9.8% this year, while the broader S&P 500 is up 13.0%.
2:37 a.m. June 24, 2021 - By Tomi Kilgore
Brunswick to spend $1.1 billion to buy Norway-based NavicoBrunswick Corp. announced Thursday an agreement to buy Norway-based marine electronics and sensors maker Navico for $1.05 billion. With the purchase of Navico, which had revenue of $470 million in the trailing 12-month period ended May 31, Brunswick will add the Lowrance, Simrad, B&G and C-MAP brands to its Advanced Systems Group. "The acquisition of Navico and its award-winning brands will immediately accelerate Brunswick's ACES (Autonomy, Connectivity, Electrification and Shared-Access) strategy, and support our vision to deliver distinctive new products and technology-enabled experiences," said Chief Executive Dave Foulkes. Brunswick said it plans to fund the deal through a combination of cash on its balance sheet and debt. Brunswick's stock, which was still inactive in premarket trading, has rallied 26.3% year to date, while the S&P 500 has advanced 12.9%.
3:15 a.m. June 23, 2021 - By Tomi Kilgore
Winnebago stock gains after record results beat expectations, as towable revenue nearly tripledShares of Winnebago Industries Inc. rose 0.7% in premarket trading Wednesday, after the recreational vehicle company swung to a fiscal third-quarter profit that beat expectations, as revenue more than doubled to record levels. For the quarter to May 29, the company reported net income of $71.3 million, or $2.05 a share, after a loss of $12.4 million, or 37 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $2.16, beating the FactSet consensus of $1.77. Revenue rose 138.7% to $960.7 million, well above the FactSet consensus of $836.8 million. Towable revenue nearly tripled, rising 194.2% to $555.7 million to top the FactSet consensus of $409.5 million, while motorhome revenue increased 89.2% to $385.3 million to beat forecasts of $356.5 million. Gross profit as a percentage of total revenue improved to 17.7% from 8.0%. The stock has gained 11.0% year to date through Tuesday, while the S&P 500 has advanced 13.1%.
2:44 a.m. June 23, 2021 - By Tomi Kilgore
Clear Secure's IPO terms could value company at up to $4.3 billionClear Secure Inc. has set terms for its initial public offering, in which the New York-based provider of safer and easier travel experiences could be valued at up to $4.34 billion. The company is looking to raise up to $396.0 million as it is offering 13.20 million shares in the IPO, which is expected to price between $27 and $30 a share. The company expects to have a total of 144.8 million shares outstanding after the IPO, including Class A, Class B, Class C and Class D shares. The stock is expected to list on the NYSE under the ticker symbol "YOU." Goldman Sachs, J.P. Morgan, Allen & Co. and Wells Fargo Securities are the lead underwriters. The company recorded a pro forma net loss of $10.8 million on revenue of $230.8 million in 2020, after a loss of $54.2 million on revenue of $192.3 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has edged up 0.5% year to date, while the S&P 500 has advanced 13.1%.
12:24 p.m. June 22, 2021 - By Emily Bary
Microsoft crosses $2 trillion valuation mark in intraday tradingMicrosoft Corp.'s valuation briefly crossed the $2 trillion threshold in intraday trading Tuesday, though the stock later pulled back slightly and Microsoft failed to close out the session with its market value above the milestone mark. Shares of Microsoft traded as high as $265.79 Tuesday, above the $265.55 price needed to give it a $2 trillion valuation, but shares ultimately finished the day pennies shy at $265.51 for a valuation of $1.9997 trillion based on a share count of 7.531 billion. Microsoft is looking to join Apple Inc. , which is the only U.S. company to have closed a trading day with a market capitalization above $2 trillion. Apple is now worth about $2.2 trillion. Both technology giants benefited strongly during the pandemic, with Microsoft seeing growing demand for its cloud-computing service, workplace-productivity solutions, and personal computers. Microsoft shares have gained 32.4% over the past 12 months as the Dow Jones Industrial Average has risen 65%.
3:51 a.m. June 21, 2021 - By Ciara Linnane
WeWork offers business update showing occupancy improved in MayOffice-sharing company WeWork, which had a spectacular failed IPO attempt in 2019 and is now planning to hit public markets via a merger with a special purpose acquisition corporation (SPAC), offered a business update on Monday and said total occupancy stood at 53% as of May, up three percentage points from March. "As vaccine distribution expands, global restrictions ease, and companies begin to action their hybrid return-to-work strategies, WeWork continues to see an improvement in leading indicators such as desk sales, churn rates and occupancy across its portfolio," the company said in a statement. WeWork was hit especially hard by the coronavirus pandemic as most workers started working from home and demand for its service evaporated. The company's real estate portfolio now comprises 767 locations across 38 countries, supporting 947,000 work stations and 505,000 total memberships. Gross desk sales came to about 39,000 in May, up from 33,000 in April. That is equal to about 4.3 million square feet of signed space in the quarter to date, marking the best two-month performance since September of 2019. The company continued to work to optimize its real estate portfolio and cost structure through lease amendments and building exits. Its IPO documents in 2019 showed it had about $50 billion in long-term leases, most without early termination provisions. "Since March, the company has completed an additional 17 exits and 51 amendments and expects to be substantially complete with its optimization efforts by the end of June," said the statement.
4:18 a.m. June 20, 2021 - By MarketWatch
These money and investing tips are timed for a bull market that looks short on timeThese money and investing stories were popular with MarketWatch readers over the past week.
6:25 a.m. June 19, 2021 - Barrons.com
The Road to Regulating CryptoSEC Commissioner Hester Peirce speaks with Jack Hough on the Streetwise podcast about how the U.S. government can effectively approach regulating Bitcoin and other cryptocurrencies. The views expressed by Commissioner Hester Peirce are her own views, not necessarily those of the SEC or her fellow commissioners.
3:09 a.m. June 18, 2021 - By Tomi Kilgore
Sykes Enterprises to be bought out at a 31% premium by Sitel GroupSykes Enterprises Inc. announced an agreement Friday to be acquired by Sitel Group in a cash deal for the customer experience management services valued at $2.2 billion. Under terms of the deal, Sitel will pay $54 for each Sykes share outstanding, which represents a 31.3% premium to Thursday's closing price of $41.17. Sykes' stock was inactive prior to a trading halt for news, which is expected to be lifted at 7:30 a.m. Eastern. The The deal is expected to close in the second half of 2021. "This combination marks a major milestone in our 40-plus year operating history," said Sykes Chief Executive Chuck Sykes. "In Sitel Group, I am confident that we have a valuable partner with a solid heritage of deep industry knowledge and experience, solid industry reputation, a shared vision and a people-first culture to better serve customers." Sykes' stock has gained 9.3% year to date, while the S&P 500 has advanced 12.4%.
8:13 a.m. June 17, 2021 - Barrons.com
Vimeo CEO on Transforming the Company and Going PublicVimeo CEO Anjali Sud on the journey to the public markets, the transformation from content site to video tool and communicating with customers and staff. From Investing in Tech
2:59 a.m. June 17, 2021 - By Tomi Kilgore
Commercial Metals stock set to rally after profit, sales rise above expectationsShares of Commercial Metals Co. were indicated up nearly 3% in premarket trading Thursday, after the steel and metal products company reported fiscal third-quarter profit and sales that rose above expectations, citing 'robust' demand given "strong" construction activity. Net income for the quarter to May 31 rose to $130.4 million, or $1.07 a share, from $64.7 million, or 54 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.04, above the FactSet consensus of 83 cents. Sales rose 37.5% to $1.85 billion, beating the FactSet consensus of $1.72 billion. Shipment volumes of finished steel increased 9%. "Strong demand across multiple end-use markets should support robust shipment levels of finished steel during the fourth quarter in both North America and Europe," said Chief Executive Barbara Smith. "Construction activity is strong and the industrial sectors are growing in both the U.S. and Central Europe, as both regions continue to recover from the pandemic." The stock has run up 52.6% year to date through Wednesday, while the S&P 500 has gained 12.5%.
2:26 a.m. June 16, 2021 - By Tomi Kilgore
Amazon commits $300 million to help build 3,000 affordable housing units near public transit areasAmazon.com Inc. said Wednesday it has committed $300 million to help accelerate the creation of up to 3,000 new affordable housing units across the Puget Sound area in Washington, in Washington, D.C. and Nashville. The Seattle-based ecommerce giant, in partnership with Sound Transit, said the commitment was in the form of below-market funding to developers to help expedite the building of affordable housing on Sound Transit property. The company has also committed $125 million to help build 1,000 affordable housing units at Metro Stations throughout D.C., and has committed $75 million to help build 800 affordable housing units near high-capacity transit corridors in the Nashville area. "Increasingly, we are facing an affordable housing crisis across the entire Puget Sound region, and Sound Transit is expanding rail service into communities that are becoming less and less affordable for working families," said Sound Transit Chief Executive Peter Rogoff. Amazon's stock, which slipped 0.2% in premarket trading, has gained 3.9% year to date through Tuesday, while the S&P 500 has advanced 13.1%.
12:21 p.m. June 15, 2021 - By Claudia Assis
Blue Apron stock falls more than 12% after company readies share offeringShares of Blue Apron Holdings Inc. tanked more than 12% in the extended session Tuesday after the company said it is planning to tap equity markets, without disclosing more. Underwriters will have a 30-day option to purchase up to an additional 15% of the shares, and all of the shares in the offering are to be sold by Blue Apron, the meal kit company said. Canaccord Genuity is the sole book-running manager for the offering. Shares of Blue Apron ended the regular trading day down 5.5%.
2:46 a.m. June 15, 2021 - By Tomi Kilgore
Sage, Biogen MDD treatment meets primary endpointSage Therapeutics Inc. and partner Biogen Inc. said a Phase 3 study of their major depressive disorder (MDD) treatment met its primary endpoint, as it showed "statistically significant improvement" in symptoms compared with placebo. Sage shares slipped 1.9% in premarket trading while Biogen's stock slipped 0.5%. Sage said zuranolone, an investigational two-week oral drug, was generally well tolerated and the safety profile was consistent with previous studies. "We believe zuranolone has the potential to offer a unique, first-in-class therapeutic for depression with a distinct benefit-risk profile to people living with this common but serious mental health condition," said Alfred Sandrock, head of research and development at Biogen. Sage's stock has dropped 15.8% year to date through Monday while Biogen shares have soared 65.9% and the S&P 500 has gained 13.3%.
7:37 a.m. June 14, 2021 - Barrons.com
Sunrun's Plan to Rev Up SolarEd Fenster, Sunrun co-founder and executive chairman, speaks with Jack Hough on the Streetwise podcast about the benefits of solar and electric vehicles amid the ultra competitive energy landscape.
2:12 a.m. June 14, 2021 - By Steve Goldstein
Novavax reports COVID-19 vaccine was 90% effective in Phase 3 studyNovavax reported that a Phase 3 study of its COVID-19 vaccine showed it was 90.4% effective overall. The 29,960-patient study also found that the vaccine provided 100% protection against moderate and severe disease. The company intends to file for regulatory authorizations in the third quarter, and it said it remains on track to reach manufacturing capacity of 100 million doses per month by the end of the third quarter and 150 million doses per month by the end of the fourth quarter of 2021. Shares in the Gaithersburg, Md. company jumped 8% in premarket trade.
12:55 p.m. June 12, 2021 - By MarketWatch
These money and investing tips can help you with stock and bond strategies to whip inflationThese money and investing stories were popular with MarketWatch readers over the past week.
10:27 a.m. June 11, 2021 - By Tomi Kilgore
Biogen stock heads for biggest weekly rally in more than 2 decades, UBS analyst targets more gainsShares of Biogen Inc. dropped 4.1% in afternoon trading Friday, to pull back from a six-year high, but UBS analyst Colin Bristow seems room for further gains to a record close. Even with the pullback, the stock has rocketed 39.0% this week, which would be the biggest weekly gain since it ran up 56.3% during the week ending Dec. 23, 1999, after the Food and Drug Administration , Aduhelm. Bristow upgraded Biogen to buy from neutral, saying "like it or not, Aduhelm is going to get used." He raised his stock price target to $463, which is 5.6% above the March 20, 2015 record close of $438.43, from $311. "We acknowledge there has and will continue to be physician/payor pushback but our doc checks indicate patient-led demand is already extremely high, with even bearish clinicians acknowledging there will be significant use (even if not under their own care)," Bristow wrote in a note to clients. The stock has run up 62.4% year to date, while the S&P 500 has gained 12.9%.
7:20 a.m. June 11, 2021 - By Tomi Kilgore
J&J stock drops after report FDA said millions of COVID-19 vaccine doses need to be discardedShares of Johnson & Johnson took a 1.4% hit in morning trading Friday, after a report that health officials decided the drugmaker needs to throw out millions of doses of its COVID-19 vaccine because of possible contamination. The New York Times reported Friday, citing people familiar with the situation, that after weeks of review, the Food and Drug Administration told J&J to discard 60 million doses of its vaccine made at a Baltimore plant under federal review, which is operated by Emergent BioSolutions Inc. , because of possible contamination. The FDA said Friday that it was authorizing emergency use of two batches of vaccines made at the Baltimore facility, even though it said it is "not yet ready" to include the plant as an authorized facility for the vaccine. The NYT report comes after the , to 4 1/2 months from 3 months, as supply piled up. J&J's stock has gained 3.6% over the past three months, while the SPDR Health Care Select Sector ETF has gained 8.6% and the Dow Jones Industrial Average has tacked on 5.9%.
5:29 a.m. June 11, 2021 - By Tomi Kilgore
Philip Morris sets new $7 billion stock repurchase program, with plans to start buying after Q2 resultsShares of Philip Morris International Inc. rose 0.6% in premarket trading Friday, after cigarette and tobacco company announced a new $7 billion stock repurchase program. The company said it targets spending $5 billion to $7 billion over the next three years as part of the program, and expects to start buying back start after the second-quarter earnings report, current projected for the second-half of July. Based on Thursday's stock closing price of $97.55, the new buyback program could represent about 4.6% of the shares outstanding. The company also declared a regular quarterly dividend of $1.20 a share, payable July 12 to shareholders of record on Jun 25. At Thursday's stock closing price, the dividend yield was 4.92%, compared with the implied yield for the S&P 500 of 1.39%, according to FactSet. "Our announcements today are further testament to our steadfast commitment to generously reward our shareholders as we transform into a smoke-free company," said Chief Executive Jacek Olczak. The stock has rallied 36.9% over the past 12 months, while the S&P 500 has advanced 41.2%.
4:46 a.m. June 11, 2021 - By Tomi Kilgore
Vertex Pharmaceuticals stock tumbles to pace S&P 500 losers after disappointing drug trial dataShares of Vertex Pharmaceuticals Inc. tumbled 13.8% in premarket trading Friday, enough to pace the S&P 500's early decliners, after the biotechnology company released what was seen as disappointing data on its treatment for people with alpha-1 antitrypsin deficiency (AATD), which can lead to liver and lung disease. The stock was on track to open at the lowest price seen during regular-session hours since October 2019. The company said late Thursday that , showing a mean increase of 2.2 to 2.3 micromolar fAAT levels across the dose groups compared with placebo. Analyst Cory Kasimov at J.P. Morgan reiterated his overweight rating but cut his stock price target to $245 from $279, saying the trials results were "clearly" a setback. "Management is adamant that this is actually a step in the right direction for the program," Kasimov wrote. "We doubt [Wall Street] will agree." Stifel Nicolaus's Paul Matteis cut his stock price target to $244 from $277: "The announcement of modest AAT increases for VX-864, despite what looked like great data in animals, makes it difficult for us to garner conviction that futures compounds will perform materially better." The stock has lost 8.3% year to date, while the S&P 500 has climbed 12.9%.
4:15 a.m. June 11, 2021 - By Tomi Kilgore
Magnachip stock surges after receiving an unsolicited, higher buyout bidShares of Magnachip Semiconductor Corp. shot up 15.8% in premarket trading Friday, after the South Korea-based chipmaker confirmed that it received an unsolicited buyout bid representing a premium of more than 50%. The company said Cornucopia Investment Partners, on behalf of itself and a group of investors, has offered to buy all of Magnachip's outstanding shares for $35 in cash, which is 51.8% above Thursday's closing price of $23.05 and would value the company at about $1.66 billion. That would top the terms of the buyout agreement with South Dearborn Ltd. announced in March, in which Magnachip agreed to be acquired for $29.00 a share in cash. Magnachip said it will "carefully review and consider" Cornucopia's bid. The stock has run up 70.5% year to date through Thursday, while the PHLX Semiconductor Index has climbed 14.3% and the S&P 500 has gained 12.9%.
3:55 a.m. June 11, 2021 - By Tomi Kilgore
Orphazyme stock losing half its value premarket, after rocketing fourfold the day beforeShares of Orphazyme A/S plunged 50.2% in active premarket trading Friday, , after the Denmark-based biopharmaceutical company said overnight that wasn't aware of any reason for the recent "extreme volatility." Trading volume was already up to 4.1 million shares before Friday's open, compared with the full-day average over the past 30 days of about 286,000 shares, according to FactSet On Thursday, the stock had soared as much 1,387% intraday before closing up 301.5% on volume of 7.9 million shares, and was halted a total of 22 times for volatility during the day. "The company is not aware of any material change in its clinical development programs, financial condition or results of operations that would explain such price volatility or trading volume that has occurred since June 10, 2021," the company said in a statement. "Investors who purchase the company's ADS or shares may lose a significant portion of their investments if the price of such securities subsequently declines." The company's applications for arimoclomol for Niemann-Pick disease type C are under priority review with the U.S. Food and Drug Administration, with an expected action date of June 17. Even with the previous day's surge, the stock has gained 62.9% over the past three months through Thursday, while the S&P 500 has gained 7.6%.
2:57 a.m. June 11, 2021 - By Tomi Kilgore
Janux Therapeutics set to go public after upsized IPO prices, valuing the biotech at $646 millionJanux Therapeutics Inc.'s stock is set to start trading Friday, after the California-based biotechnology company developing cancer treatments' upsized initial public offering priced overnight at $17 a share. The pricing was at the top of , and valued the company at about $646.0 million. The company raised $193.8 million as it sold 11.4 million shares in the IPO, up from a previously expected offering of 9.5 million shares. The stock is expected to begin trading on the Nasdaq under the ticker symbol "JANX." The company is going public at a time that the Renaissance IPO ETF has lost 5.0% over the past three months while the S&P 500 has gained 7.6%.
11:31 a.m. June 10, 2021 - By Tomi Kilgore
Orphazyme stock's rocket ride leads to 20 volatility halts, Galecto stock halted 7 timesShares of Orphazyme A/S blasted 383.8% higher, enough to make the Denmark-based biopharmaceutical company's stock by far the biggest gainer listed on major U.S. exchanges, prior to a trading halt. The stock, which was up as much as 1,387% at its intraday high of $77.77, was halted for volatility for the 20th time Thursday at 3:24 p.m. Eastern with the last trade at $25.30, and remains halted. The stock's rally gave the company a market capitalization of $884.3 million. The company confirmed that there was no news released Thursday. The last announcement was May 7, when the company said a pivotal trial of its treatment for Lou Gehrig's disease failed to meet primary and secondary endpoints, sending the stock plunging 32.8% that day. After Orphazyme, the next biggest gainer Thursday was Boston-based biotech Galecto Inc.'s stock , which ran up 170.0% prior to its seventh halt for volatility at 3:15 p.m. The stock's rallies comes as Nasdaq Composite gained 0.8% and the S&P 500 rose 0.5%.
10:53 a.m. June 10, 2021 - By Tomi Kilgore
Clean Energy Fuels stock pulls back after disclosing largest shareholder sold more sharesShares of Clean Energy Fuels Corp. tumbled 17.8% in afternoon trading Thursday, after the provider of environmentally friendly fuel for the transportation industry disclosed that its largest shareholder reduced its stake by another 1.25 million shares, after selling about 4.06 million shares over the previous five weeks. The stock's trading volume swelled to 51.2 million shares, compared with the full-day average of about 13.9 million shares. The disclosure of share sales comes after the stock shot up 31.5% on Wednesday to bring the month-to-date gain to 64.4%. In a 13D/A filing with the Securities and Exchange Commission late Wednesday, TotalEnergy SE said it beneficially owned 53.44 million Clean Energy shares, or 26.7% of the shares outstanding, after selling a total of 1,249,813 shares at a weighted average price of $10.1139 to raise $12.64 million over the previous two days. On Monday, after adjusting for a clerical error disclosed by TotalEnergy SE, TotalEnergy said it beneficially owned 54.69 million shares, or 27.4% of the shares outstanding, after selling 4,061,291 shares at a weighted average price of $8.5852, from April 28 to June 4, to raise $34.87 million. The stock has hiked up 36.1% year to date, while the S&P 500 has gained 12.9%. (This updates an earlier report in which TotalEnergy disclosed a "clerical error" in the number of shares it said it owned in the June 7 filing.)
10:10 a.m. June 10, 2021 - By Tomi Kilgore
IM Cannabis stock rallies toward an 8-day win streak after bullish analyst callThe U.S.-listed shares of IM Cannabis Corp. rallied 3.2% in afternoon trading Thursday, putting them on track for an eighth straight gain, after a bullish call from Alliance Global Partners analyst Aaron Grey, saying the Israel-based cannabis company is an "international play" on legal cannabis. The stock, on track to close at a five-week high, has run up 36.86% during its win streak. Grey initiated coverage of the company with at buy rating and stock price target of $10, which is about 66% above current levels. He said he believes IM Cannabis is "particularly well positioned" to benefit from the growing Israeli medical cannabis market. "Additionally, we look for [IM Cannabis] to grow its business in the German medical market, with recent acquisitions positioning it in Canada's premium segment (and allowing for exports, in time)." The stock is rallying despite broad weakness in the cannabis sector, as the Cannabis ETF dropped 1.7% with 26 of 32 equity components losing ground. Year to date, IM Cannabis shares have slumped 22.9% while the Cannabis ETF has soared 42.0% and the S&P 500 has gained 13.0%.
9:00 a.m. June 10, 2021 - By Tomi Kilgore
Hertz stock rallies after court ruling paves way for emergence from bankruptcy by end of JuneShares of Hertz Global Holdings Inc. rose 1.7% in midday trading Thursday, after the car rental company said the bankruptcy court has confirmed its plan of reorganization. That paves the way for the company to emerge from bankruptcy by the end of the month, about 13 months after it filed for bankruptcy. The reorganization plan will eliminate more than $5 billion of debt, and provide more than $2.2 billion of global liquidity. "As a result of its restructuring efforts, Hertz will emerge from Chapter 11 with a substantially stronger balance sheet and greater financial flexibility than it had prior to the onset of the COVID-19 pandemic, which forced Hertz to file for Chapter 11 relief in May 2020," the company said in a statement. The stock has rocketed 693.6% over the past three months, while shares of rival Avis Budget Group Inc. have rallied 34.7% and the S&P 500 has gained 8.8%.
5:52 a.m. June 10, 2021 - By Tomi Kilgore
Walgreens to extend pharmacy hours for the next 3 Fridays for walk-in COVID-19 vaccinationsWalgreens Boots Alliance Inc. said Thursday that starting June 11, its 4,000 pharmacy locations will extend hours for walk-in COVID-19 vaccinations for the next three Fridays. The drug store chain also has 400 pharmacy locations that are open 24 hours. The extended vaccination hours, for June 11, June 18 and June 25, as part of the Biden administration's " " to push for Americans to be vaccinated. The stock, which rose 1.7% in morning trading, has climbed 36.3% year to date, while the Dow Jones Industrial Average has gained 13.4% this year.
4:14 a.m. June 10, 2021 - By Tomi Kilgore
Moderna files for its COVID-19 vaccine to be granted emergency use in adolescentsModerna Inc. said Thursday that it has filed for Emergency Use Authorization (EUA) with the U.S. Food and Drug Administration for use of its COVID-19 vaccine in adolescents. Moderna's stock slipped 0.2% in premarket trading. In May, the biotechnology company said the vaccine efficacy in the nearly 2,500 participants aged 12 to less than 18 years who received its COVID-19 vaccine was when using the same case definition as in the Phase 3 study in adults. "We are encouraged that the Moderna COVID-19 vaccine was highly effective at preventing COVID-19 and SARS-CoV-2 infection in adolescents," said Chief Executive Stéphane Bancel. "We have already filed for authorization with Health Canada and the European Medicines Agency and we will file with regulatory agencies around the world for this important younger age population." The vaccine developed by Pfizer Inc. and BioNTech SE has already been granted EUA for adolescents. Moderna's stock has soared 108.1% year to date through Wednesday, while the Pfizer shares have gained 8.2% and the S&P 500 has advanced 12.3%.
2:46 a.m. June 10, 2021 - By Tomi Kilgore
BANG stocks take a hit after GameStop discloses regulators on investigatingShares of so-called "BANG" stocks, which refers to some of the more popular meme stocks, dropped in premarket trading Thursday, amid concerns over increased regulatory oversight. Late Wednesday, GameStop disclosed in a quarterly filing that the Securities and Exchange Commission was investigating trading activity in its stock, GameStop shares fell 6.1% ahead of the open, putting them on track to snap a three-day win streak in which they shot up 21.8% to $302.56 on Wednesday, the highest close since Jan. 29. The selloff comes despite the videogame retailer reported and sales that rose above forecasts. Among other "BANG" stocks, BlackBerry Ltd. fell 1.7%, AMC Entertainment Holdings Inc. slid 4.0% and Nokia Corp. shed 1.1%. Meanwhile, futures for the S&P 500 edged up 0.1%.
6:23 a.m. June 9, 2021 - By Tomi Kilgore
Aethlon Medical stock more than quadruples on heavy volumeShares of Aethlon Medical Inc. skyrocketed more than fourfold on massive volume toward a two-year high in morning trading Wednesday, even though the California-based therapeutic technology company hasn't released any news in nearly a week. On June 3, that has not yet completed peer review that was highlighting case studies of two critically ill COVID-19 patients who were given access to the company's Hemopurifier through Emergency Use. "Case studies demonstrate the successful removal of viral-associated exosomes in first patient and a 58% decrease of plasma SARS-CoV-2 viral load in second patient," the company stated. The stock shot up 341.2%, putting it on track for the highest close since May 2019, and enough to pace all gainers listed on major U.S. exchanges. Trading volume ballooned to 93.1 million shares, compared with the full-day average over the past 30 days of about 827,000 shares, according to FactSet. The latest available data show that short interest has been declining over the past several months and . The company is projected to report fiscal fourth-quarter results on or about June 30. The stock has now gained 294.7% year to date, while the iShares Nasdaq Biotechnology ETF has edged up 6.2% and the S&P 500 has tacked on 12.6%.
3:59 a.m. June 9, 2021 - By Tomi Kilgore
Jack Daniel's parent Brown-Forman stock drops after profit miss, but sales beat forecastsShares of Jack Daniel's parent Brown-Forman Corp. dropped 2.4% in premarket trading Wednesday after the spirits seller reported a fiscal fourth-quarter profit that fell short of expectations, while revenue beat forecasts. Net income for the quarter to April 30 fell to $120 million, or 25 cents a share, from $128 million, or 27 cents a share, in the year-ago period. The FactSet consensus was for net earnings per share of 31 cents. Sales rose 14% to $812 million, above the FactSet consensus of $774 million. Gross profit as a percentage of sales fell to 61.3% from 63.9%. For fiscal 2021, Jack Daniel's family of brands sales rose 3% from a year ago, Tequila sales increased 9% and wine sales grew 10%, while vodka sales dropped 18%. American whiskey sales rose 3% and premium bourbons sales jumped 19%. The stock has ticked up 0.3% year to date through Tuesday, while the S&P 500 has gained 12.5%.
3:31 a.m. June 9, 2021 - By Tomi Kilgore
Campbell Soup stock sinks after profit and sales fall more than expected as inflation, supply chain costs weighShares of Campbell Soup Co. sank 7.7% in premarket trading Wednesday, after the soups, snacks and simple meals company reported fiscal third-quarter profit and sales that fell more than expected and cut its full-year outlook, as inflation and rising supply chain costs weighed on results. Net income for the quarter to May 2 declined to $160 million, or 52 cents a share, from $168 million, or 55 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 57 cents from 83 cents, below the FactSet consensus of 66 cents. Sales declined 11% to $1.984 billion, shy of the FactSet consensus of $1.998 billion. Meals and beverages sales fell 14% to $1.04 billion, matching the FactSet consensus, while snacks sales dropped 8% to $945 million to miss expectations of $964 million. Gross margin decreased to 31.7% from 34.5%. For fiscal 2021, the company cut its adjusted EPS guidance range to $2.90 to $2.93 from $3.03 to $3.11 and its revenue growth outlook to negative 3.5% to negative 3.0% from negative 3.5% to negative 2.5%. "Our results were impacted by a rising inflationary environment, short-term increases in supply chain costs, and some executional pressures as we continued to advance our transformation agenda, primarily in our Snacks division," said Chief Executive Mark Clouse. "We are confident that these are all addressable, and we are taking appropriate actions, including putting pricing in place for the next fiscal year." The stock has gained 1.6% year to date through Tuesday, while the SPDR Consumer Staples Select Sector ETF has tacked on 5.0% and the S&P 500 has advanced 12.5%.
3:01 a.m. June 9, 2021 - By Tomi Kilgore
Merck enters $1.2 billion agreement to supply U.S. government with potential COVID-19 treatmentShares of Merck & Co. Inc. rose 0.9% in premarket trading Wednesday, after the drug maker announced a supply agreement with the U.S. government for molnupiravir, its investigational oral antiviral candidate to treat mild to moderate COVID-19. Molnupiravir, which is being developed in collaboration with Ridgeback Biotherapeutics, is currently undergoing a Phase 3 clinical trial for treating COVID-19 in non-hospitalized patients with at least one risk factor. If molnupiravir is granted Emergency Use Authorization (EUA) from the Food and Drug Administration, Merck will receive about $1.2 billion to supply the government with 1.7 million courses of molnupiravir. The company expects to have more than 10 million courses of therapy by the end of 2021. Merck's stock has lost 7.2% year to date through Tuesday, while the Dow Jones Industrial Average has gained 13.1%.
2:50 a.m. June 9, 2021 - By Tomi Kilgore
Wall Box Chargers to go public through SPAC merger, valuing combined company at $1.5 billionWall Box Chargers SL is set to go public, after the maker and distributor of electric vehicle charging stations announced an agreement to merge with special purpose acquisition company (SPAC) Kensington Capital Acquisition Corp. II , in a deal that will value the combined company at $1.5 billion. Kensington Capital's stock rose 2.9% in premarket trading. After the deal closes, which is expected to occur in the third quarter of 2021, the combined company will be listed on the NYSE under the ticker symbol "WBX." The deal raises about $330 million in proceeds. Wall Box's largest institutional investor, Spain-based electricity generator Iberdola S.A. , recently announced the acquisition of the first 1,000 Wallbox Supernova fast chargers. Kensington Capital's stock, which went public on April 19, closed Tuesday 1% below where it closed on April 19, while the Renaissance IPO ETF has lost 1.6% over the same time and the S&P 500 has gained 1.5%.
2:12 a.m. June 9, 2021 - By Tomi Kilgore
UPS targets revenue to rise to up to $102 billion in 2023Shares of United Parcel Service Inc. gained 0.1% in premarket trading Wednesday, after the package delivery giant laid out financial targets for 2023, and also provided long-term ESG targets. The company targets 2023 revenue of $98 billion to $102 billion, which is up from the 2021 FactSet consensus of $93.68 billion, and surrounds the current 2023 FactSet consensus of $99.92 billion. The company's other targets are adjusted operating margin of 12.7% to 13.7%, adjusted return on invested capital of 26% to 29% and 2021 to 2023 capital expenditures of $13.5 billion to $14.5 billion. UPS also said it pledges to be carbon neutral by 2050. In the meantime, interim targets for 2035 include a 50% reduction in CO2 per package, 100% of company facilities powered by renewable electricity and 30% of fuel used in its air fleet be sustainable aviation fuel (SAF). The stock has rallied 24.6% year to date through Tuesday, while the Dow Jones Transportation Average has run up 23.8% and the Dow Jones Industrial Average has advanced 13.1%.
10:27 a.m. June 8, 2021 - By Tomi Kilgore
Biogen expects its $56,000 Alzheimer's drug to be covered by Medicare for 'most' patientsShares Biogen Inc. pulled back 1.4% in afternoon trading Tuesday, in the wake of the company's conference call with analysts following the approval of Aduhelm by the Food and Drug Administration to treat Alzheimer's disease. The decline comes a day after . Chief Executive Michel Vounatsos said on the call that while wholesale acquisition cost of Aduhelm, with shipping expected to be started in two weeks, was priced at $56,000 per year for an average patient, he expects dose titration to result in an average WAC of about $41,000 for an average patient. Vounatsos also said that since the "vast majority" of Alzheimer's patients are at least 65 years old, he expects "most" patients to be covered by Medicare, either through fee for service or Medicare Advantage. BofA Securities analyst Geoff Meacham upgraded Biogen to neutral from underperform, and boosted his price target by 70% to $400, but said he suspects "Aduhelm is likely to disappoint commercially given confusion over the benefit -- and payer pushback -- and we suspect the number of treated patients could easily fall short" of consensus forecasts. Stifel Nicolaus's Paul Matteis said the "high price is sure to draw scrutiny from payors," particularly given Aduhelm's broad label, which could narrow use.
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