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    Watch: William Shatner Launches Into Space Aboard Blue Origin Flight Watch: William Shatner Launches Into Space Aboard Blue Origin Flight 2:48
    Russia Sends Film Crew to Space to Make Movie, Ahead of Tom Cruise, NASA Russia Sends Film Crew to Space to Make Movie, Ahead of Tom Cruise, NASA 1:41
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7:09 a.m. Oct. 21, 2021 - By Steve Gelsi
WeWork shares rise in trading debut after SPAC merger closesWeWork Inc. moved into positive territory on Thursday, as shares climbed 7.9% to $11.20 in their first day of public trading. The company has completed its previously announced merger with the special purpose acquisition company BowX Acquisition Corp. SoftBank, which has taken an $8.2 billion write-down for its investment in the company, currently holds a 56% equity stake in WeWork. As announced in March, the merger between BowX and WeWork valued the company at about $9 billion and provided $1.3 billion of cash to WeWork, which rents out office space to gig workers. WeWork executive chairman Marcelo Claure said SoftBank "is proud to support WeWork" and that the company "is leading one of the biggest disruptions in commercial real estate with a workspace solution that has never been more in demand."
3:36 a.m. Oct. 19, 2021 - By Tonya Garcia
Toymaker Spin Master creates venture armSpin Master Corp. announced the creation of a venture arm, Spin Master Ventures, that will make minority investments in the company's three core areas: toys, entertainment and digital games. The company will start by allocating $100 million to the venture group and focus on North America and Europe initially. The company has already made an investment in Nørdlight, a Stockholm-based mobile games company with more than 50 years of experience, and Hoot Reading, and online live tutoring service. "Spin Master Ventures will establish us as the partner of choice for entrepreneurs looking for capital to start and grow a business in the kids' space and will complement our acquisition strategy as well as bolster our product development pipeline," said Ronnen Harary, Spin Master co-founder and board chair, in a statement. Spin Master stock has gained 45.3% for the year to date while the S&P 500 index is up 19.5% for the period.
2:24 a.m. Oct. 19, 2021 - By Ciara Linnane
Candela Medical to offer 14.7 million shares in IPO priced at $16 to $18 eachCandela Medical Inc. , which makes devices for cosmetic surgery, set terms for its initial public offering on Tuesday, with plans to issue 14.7 million shares priced at $16 to $18 each. The company would raise $265 million at the top of that range, at a valuation of $1.7 billion. The company has applied to list on Nasdaq, under the ticker 'CDLA.' BofA Securities, Goldman Sachs and Barclays are lead underwriters in a syndicate of 10 banks working on the deal. "We are a leading provider of advanced medical device solutions for a broad range of aesthetic applications," the company says in its IPO documents. "Our brands and products have been recognized for their innovation and as leaders in the high growth medical aesthetics space for almost 40 years. " The deal comes at a time when the Renaissance IPO ETF has gained 5.3% in the year to date, while the S&P 500 has gained 19.5%.
8:06 a.m. Oct. 18, 2021 - By Emily Bary
Upstart stock drops after double downgradeShares of Upstart Holdings Inc. are off 3.6% in Monday morning trading after Bank of America analyst Nat Schindler downgraded the stock two notches, to underperform from buy, writing that he sees "little room for upside" with shares up roughly 800% on the year. The S&P 500 has gained about 19% so far in 2021. Schindler wrote that Upstart sees opportunity in the auto-lending market after having success with its artificial-intelligence-driven personal-loan business, though this new market comes with its own challenges. "Although auto loans represent a much larger [total addressable market], we also highlight the higher barriers to entry with more competitors and established, well-capitalized institutions," Schindler wrote. Upstart's current valuation embeds "premature optimism on Upstart's ability to take material shares in the auto-lending space," he continued. Schindler raised his price objective to $300 from $200 in his note to clients. Shares recently changed hands near $375.
4:25 a.m. Oct. 15, 2021 - By Tomi Kilgore
Prologis stock jumps after earnings beat expectations, amid record increases in market rentsShares of Prologis Inc. rallied 1.7% toward a fifth straight gain Friday, after the real estate investment trust focused leasing logistics facilities reported third-quarter earnings that rose above expectations, and boosted its full-year outlook, amid record increases in market rents and valuations. Net income more than doubled to $722.0 million, or 97 cents a share, from $298.7 million, or 40 cents a share, in the year-ago period. Core funds from operations per share increased to $1.04 from 90 cents, beating the FactSet consensus of $1.03. Total revenue rose 9.3% to $1.18 billion, above the FactSet consensus of $1.04 billion. Average occupancy was 96.6%, up from 96.0% in the second quarter, and with 98.0% of property leased as of Sept. 30. Cash rent change was up 12.9%, with cash same-store net operating income grew 6.7%. For 2021, the company raised its core FFO guidance range to $4.11 to $4.13 from $4.04 to $4.08, compared with the FactSet consensus of $4.07. "Our third quarter results were underpinned by record increases in market rents and valuations," said Chief Executive Hamid Moghadam. "With vacancies at unprecedented lows, space in our markets is effectively sold out." The stock has rallied 36.2% year to date through Thursday, while the SPDR Real Estate Select Sector ETF has advanced 26.3% and the S&P 500 has gained 16.8%.
1:00 p.m. Oct. 14, 2021 - By MarketWatch
5 quality energy stocks with high dividend yields propelled by soaring oil pricesThese stocks have dividend yields as high as 5.91%, and the companies never cut dividends after oil prices began their long decline in 2014.
4:19 a.m. Oct. 13, 2021 - By Tonya Garcia
Lowe's launches advertising services networkLowe's Cos. announced the launch of the Lowe's One Roof Media Network, an advertising service. Lowe's will offer clients ad space on its website and app, space on the home retailer's social media channels, trend and other customer research and more. Samsung and Kohler are among the 100 companies that have already tried the network in beta testing. Lowe's stock has gained 30.7% for the year to date while the S&P 500 index is up 15.8% for the period.
5:03 a.m. Oct. 5, 2021 - By Tonya Garcia
Rent the Runway files for IPOFashion rental company Rent the Runway has filed for IPO. Based in Brooklyn, N.Y. and launched from an idea that Co-Founder and Chief Executive Jennifer Hyman had in 2008, Rent the Runway generated revenue of $256.9 million in 2019 and $157.5 million in 2020. Net losses were $153.9 million in 2019 and $171.1 million in 2020. Rent the Runway will offer Class A and Class B shares and plans to trade on the Nasdaq under the ticker "RENT." Goldman Sachs & Co., Morgan Stanley and Barclays are the lead underwriters in a syndicate of nine banks working on the deal. The company aims to raise $100 million in the IPO, a placeholder amount and will use the proceeds to pay debt and for general corporate purposes. Among the directors on the company's board is actress, author and Goop founder Gwyneth Paltrow and Nike Inc. vice president Melanie Harris. It has been an , including in the consumer and retail space. The Renaissance IPO ETF has fallen 4% for the year to date while the S&P 500 index is up 14.5% for the period.
6:52 a.m. Sept. 30, 2021 - By Claudia Assis
Virgin Galactic 'back on track' after FAA clearance, Jefferies saysVirgin Galactic Holdings Inc. is "back on track" after receiving Federal Aviation Administration clearance late Wednesday to restart its spaceflights, analysts at Jefferies said in a note Thursday. That "lifts an overhang for (Virgin Galactic), with focus shifting to Unity 23," the company's next flight, which has been postponed. "We continue to believe that commercial space tourism will be a flourishing industry, unlocking profitability and cash flow for Virgin Galactic," the analysts said. "Near-term challenges have been timing-related, rather than changing the trajectory of the revenue profile." Jefferies has a buy rating on the stock with a price target of $33, representing an upside of about 27% over Thursday prices. Virgin Galactic shares have gained nearly 9% so far this year, compared with gains of around 16% for the S&P 500 index.
5:00 a.m. Sept. 30, 2021 - By Steve Gelsi
Built Technologies valued at $1.5 billion in venture roundBuilt Technologies said Thursday it secured $125 million in Series D financing in a deal that values the Nashville-based construction finance technology company at $1.5 billion. TCV led the round, along with Brookfield Technology Partners, 9Yards Capital, XYZ Venture Capital and HighSage Ventures. Built Technologies CEO Chase Gilbert said the company drew strong interest from investors. Woody Marshall, lead investor at TCV and a new board member at Built Technologies, said the company "has achieved broad market penetration in the notoriously tough construction finance space." At last check, the company has financed more than $135 billion in construction value since it launched in 2015. Existing investors Addition, Index Ventures, Canapi Ventures, GreenPoint Partners, Nine Four Ventures, Fifth Wall, Goldman Sachs and Nyca Partners also took part in the latest investment round.
8:00 a.m. Sept. 22, 2021 - By MarketWatch
Global tally of COVID-19 cases nears 230 million, as Biden convenes virtual pandemic summit and doubles U.S. purchase of Pfizer vaccineThe global tally of confirmed cases of the coronavirus-borne illness COVID-19 was heading close to 230 million on Wednesday, as President Joe Biden prepared to host a virtual summit on the pandemic with world leaders gathered in New York for the United Nations General Assembly.
1:00 p.m. Sept. 19, 2021 - By MarketWatch
You might think investors’ extreme bullishness would be good for stocks. This analysis says you’re wrongWall Street’s 'wall of worry' needs to get higher for stocks to do the same.
8:00 a.m. Sept. 19, 2021 - By MarketWatch
This brewing fight in Congress could boost gold and sink stocks over the next 2 weeksMany investors may be taken by surprise as lawmakers battle over government spending.
5:00 a.m. Sept. 19, 2021 - By MarketWatch
This brewing fight in Congress could boost gold and sink stocks over the next 2 weeksMany investors may be taken by surprise as lawmakers battle over government spending.
1:00 p.m. Sept. 18, 2021 - By MarketWatch
This brewing fight in Congress could boost gold and sink stocks over the next 2 weeksMany investors may be taken by surprise as lawmakers battle over government spending.
8:00 a.m. Sept. 18, 2021 - By MarketWatch
This brewing fight in Congress could boost gold and sink stocks over the next 2 weeksMany investors may be taken by surprise as lawmakers battle over government spending.
5:00 a.m. Sept. 18, 2021 - By MarketWatch
FDA panel recommends Pfizer’s COVID-19 booster for 65 and older, but not for the general publicA group of advisors to the Food and Drug Administration on Friday reframed a proposed approval of BioNTech and Pfizer's COVID-19 booster for the general population, and it instead recommended authorization of an additional dose of the vaccine to people at least 65 years old and those at high risk for severe disease.
1:00 p.m. Sept. 17, 2021 - By MarketWatch
FDA panel recommends Pfizer’s COVID-19 booster for 65 and older, but not for the general publicA group of advisors to the Food and Drug Administration on Friday reframed a proposed approval of BioNTech and Pfizer's COVID-19 booster for the general population, and it instead recommended authorization of an additional dose of the vaccine to people at least 65 years old and those at high risk for severe disease.
4:52 a.m. Sept. 17, 2021 - By Emily Bary
Take-Two stock downgraded amid concerns about 'Grand Theft Auto' delayShares of Take-Two Interactive Software Inc. are off 1.1% in premarket trading Friday after BMO Capital Markets analyst Gerrick Johnson downgraded the stock to market perform from outperform. Johnson is concerned about Take-Two's plans to delay the release of its new "Grand Theft Auto" version by four months, which will push it out of the holiday window. "We believe it is very prudent to delay a game if it is not to the highest possible standard," Johnson wrote, noting that gaming companies can ruin potential "long-term" successes by rushing games out prematurely. "However, delays no longer seem to be an isolated event at TTWO and are happening with more frequency," he continued, citing a delay for "Red Dead Redemption 2" a few years back and for "Kerbal Space Program 2" more recently. "In the current environment, we think investor concerns around delays are heightened owing to the fact that video game consumption is high now, boosted by the COVID-19 pandemic, and there is plenty of skepticism that engagement might not be as strong as we emerge from COVID restrictions at some point in the future," Johnson wrote. He also said that Take-Two's multiple could "continue to come under pressure, mostly owing to exogenous events such as new Chinese gaming regulations and closer scrutiny of video game companies including content in 'Grand Theft Auto' releases owing to heightened ESG focus amongst institutional investors." Take-Two shares have lost 11% over the past three months as the S&P 500 has gained 6%.
3:30 a.m. Sept. 17, 2021 - By Steve Gelsi
Wedbush upgrades Silicon Valley Bank to outperformWedbush Securities analyst David J. Chiaverini on Friday upgraded SVB Financial Group to outperform from neutral and raised the bank's 12-month price target to $700 a share from $600 a share. Chiaverini said the parent company of Silicon Valley Bank is positioned to benefit from its favorable business mix as well as interest rate hikes from the U.S. Federal Reserve. "SIVB has reported several consecutive blowout quarters, driven by its emphasis on banking the innovation economy, especially the tech and life sciences industries, which have thrived throughout the pandemic," he said. Wedbush Securities expects multiple rate hikes, which will potentially benefit the bank. It's also poised to gain from its acquisition of Boston Private as well as new hires in the technology banking space. Wedbush now expects three 25 basis point rate hikes each in late 2022 and 2023 from the Fed. Shares of SVB closed at $608.45 on Thursday, The stock has risen 57% so far this year, compared to an increase of 28% in the Financial Select SPDR Fund .
2:47 a.m. Sept. 15, 2021 - By Ciara Linnane
Coronavirus tally: Global cases of COVID-19 near 226 million and Alaska is latest state to ration care The global tally for the coronavirus-borne illness climbed above 225.8 million on Wednesday, while the death toll rose to 4.65 million, according to . The U.S. continues to lead the world with a total of 41.4 million cases and 663,936 deaths. Alaska has joined Idaho in announcing one major hospital is operating under "crisis standards of care," because it is overwhelmed with COVID-19 patients, In Alabama, all ICU beds are occupied, and hospitals in other southern states are also dangerously low on space. The U.S. is still recording about 1,500 deaths from COVID every day, the most since winter, and cases are averaging more than 152,000. India is second by cases after the U.S. at 33.3 million and has suffered 443,497 deaths. Brazil has second highest death toll at 587,797 and 21 million cases. In Europe, Russia has most fatalities at 191,566, followed by the U.K. at 134,774.
3:44 a.m. Sept. 14, 2021 - By Ciara Linnane
Boeing says aerospace market is recovering as it expected in 2020, sees strong demand for freighters Boeing Co. said Tuesday the commercial airplanes and services businesses are showing expected signs of recovery from the depths of the pandemic slowdown in 2020, while the global defense, space and government services markets have remained stable. The aerospace giant published its annual Boeing Market Outlook for 2021 and said it expects a $9 trillion market in the next decade for aerospace products and services, up from $8.5 trillion a year ago and from $8.7 trillion in 2019, before the outbreak of COVID-19. "We are encouraged by the fact that scientists have delivered vaccines more rapidly than imaginable and that passengers are demonstrating strong confidence in airplane travel," Boeing Chief Strategy Officer Marc Allen said in a statement. The commercial market is recovering as Boeing had predicted it would in 2020, with demand for domestic air travel leading the way. The company is expecting intra-regional markets to follow once health and travel restrictions are lifted, followed by long-haul flights, which are expected to return to pre-pandemic levels by 2023 to 2024. Boeing is expecting increased demand for freighters, given the growth in e-commerce and air freight's speed and reliability and expects the global freighter fleet to be 70% larger in 2040 than it is now. Vaccine supply and uptake will be key in the near-term recovery of passenger air travel and traffic is expected to increase by an average of 4% a year, unchanged from last year's forecast. Boeing shares were down 0.6% premarket, and have gained 0.2% in the year through Monday, while the Dow Jones Industrial Average has gained 14% and the S&P 500 has gained 19%.
8:00 a.m. Sept. 10, 2021 - By MarketWatch
Dow stages over 300-point U-turn and trades lower, as opening gains fizzleThe Dow industrials pivot lower and the broader stock market struggles to end a series of losses on Friday, as investors weigh COVID-19 vaccine mandates announced by President Joe Biden to fight the coronavirus delta variant that some worry is slowing the economic recovery.
5:00 a.m. Sept. 10, 2021 - By MarketWatch
This Wall Street firm is sticking to its S&P 500 price target. Here’s why it says a correction is overdue.There's nothing like higher prices to change the minds of investors — and Wall Street analysts. But one firm is sticking to its guns.
5:27 a.m. Sept. 9, 2021 - By Tonya Garcia
Tyson Foods launching Hillshire Farm snacks for kidsTyson Foods Inc. said Thursday that it's jumping into the kids snack space with the launch of Hillshire Farm Snacked! The snack packs are designed to be on-the-go and come in four flavors including Pepperoni with Confetti Cake Bites and Mini String Cheese and Salami with Pretzel Rods and Monterey Jack Cheese. Hillshire Snacking for adults launched in 2016 and has grown 20% year-over-year since 2017, the company said. The Tyson and Jimmy Dean brands also sell protein snacks. Tyson stock is up 18.2% for the year to date while the benchmark S&P 500 index has gained 20.2% for the period.
1:00 p.m. Sept. 2, 2021 - By MarketWatch
Apple stock closes at record high following concessions to Netflix, Spotify, other app makersApple Inc. shares closed at a record high Thursday after the most valuable U.S. company by market cap announced concessions for some large developers on its App Store regarding commissions, while those app makers' stocks also gained.
11:02 a.m. Aug. 31, 2021 - By Emily Bary
Virgin Galactic stock surges amid bullish view of space-tourism opportunityShares of Virgin Galactic Holdings Inc. are up 11.7% in Tuesday afternoon trading after Jefferies analyst Greg Konrad weighed in with an upbeat view of the prospects for space tourism and Virgin Galactic's positioning in that market. He initiated coverage of the stock with a buy rating and $33 price target. Konrad is encouraged by consumer interest in space as well as "a recovering economy that is experiencing rapid GDP growth and wealth," which could help drive a bigger market for Virgin Galactic's "premium offering." He sees space tourism as potentially a $120 billion market, and one that could drive Virgin Galactic to deliver $1.7 billion in annual revenue by 2030. Konrad's consumer survey of more than 200 people with a disclosed net worth above $1 million found strong awareness of the Virgin Galactic brand. Among respondents, 37% were interested in traveling to space, with about 30% of them willing to spend more than 5% of their net worth to do so and 10% willing to spend upwards of 10%. Virgin Galactic shares have gained 58.4% over the past 12 months as the S&P 500 has risen 28.9%.
7:14 a.m. Aug. 25, 2021 - Barrons.com
The Outlook for Office WorkHessam Nadji, CEO of Marcus & Millichap, discusses demand for physical office space as businesses continue to explore options for reopening.
6:38 a.m. Aug. 25, 2021 - By Tomi Kilgore
Rocket Labs stock tumbles on first day under new name, tickerThe company now named Rocket Lab USA Inc. didn't get a warm reception on Nasdaq, even after Chief Executive Peter Beck rang the Nasdaq's Opening Bell, as the between special purpose acquisition company (SPAC) Vector Acquisition Corp., with a previous ticker of "VACQ," and Rocket Lab was completed. Shares of the spacecraft and rockets builder, under the new ticker symbol "RKLB," tumbled 11.7% in morning trading, after they soared 15.6% over the past three days to close Tuesday at the highest price since March 31. Rocket Lab said Wednesday that it will receive $777 million in proceeds as the merger is completed, which it plans to use to accelerate growth in its space systems business. Meanwhile, shares of space travel company Virgin Galactic Holdings Inc. slipped 0.6% in morning trading, while the Nasdaq Composite gained 0.1% toward a record and the S&P 500 tacked on 0.1%.
3:30 a.m. Aug. 23, 2021 - By Tomi Kilgore
Virgin Orbit to go public valued at $3.2 billion through merger with SPAC NextGen Acquisition Corp. IIVirgin Orbit is set to go public, as the launch and space solutions company announced Monday a merger agreement with special purpose acquisition company (SPAC) NextGen Acquisition Corp. II in a deal that values Virgin Orbit at about $3.2 billion. The deal is expected to provide the combined company with proceeds of $483 million in cash. Once the deal closes, which is expected to occur around the end of the year, the company will be named Virgin Orbit and the stock is expected to list on the Nasdaq exchange under the ticker symbol "VORB." NextGen's stock, which started trading in May, rallied 3.9% in premarket trading Monday. Virgin Orbit's current shareholders consist of Richard Branson's Virgin Group, which is also involved in Virgin Galactic Holdings Inc. , and Mubadala Investment Co., as well as management and employees. Boeing Co. has committed to invest in Virgin Orbit, according to . NextGen's stock has edged up 0.1% over the past three months while the S&P 500 has gained 6.9%.
8:00 a.m. Aug. 19, 2021 - By MarketWatch
U.S. prepares to administer 100 million booster shots as Biden tells Americans it will ‘help us end the pandemic faster’The Biden administration plans to administer 100 million COVID-19 booster shots over the fall and winter in a move that underscores the complexity of the pandemic at the current moment.
4:50 a.m. Aug. 13, 2021 - By Tomi Kilgore
WeWork's Q2 net loss widens from a year ago but is less than half that of Q1 as recovery acceleratesWeWork reported Friday a second-quarter net loss that widened slightly from a year ago, but was less than half that of the first-quarter, as the flexible-office-space company said recovery trends that started earlier this year accelerated. by way of a merger with special purpose acquisition company (SPAC) BowX Acquisition Corp. WeWork reported a net loss of $888.85 million for the quarter ended June 30, compared with a loss of $863.83 million in the year-ago period but down from . Revenue fell 32.7% from a year ago to $593.48 million, and was down slightly from $598 million in the first quarter, but the company said revenue increased sequentially each month in the second quarter. The company expects third-quarter revenue to improve to $650 million to $700 million. "Regardless of how companies are thinking about the future of work, access to a space to collaborate, innovate, mentor and build culture remains critical," said Chief Executive Sandeep Mathrani. "The demand from businesses of all sizes accelerated through the quarter and steadily continued into July, delivering strong sales momentum that will drive occupancy and revenue growth." BowX Acquisition's stock edged up 0.1% in premarket trading.
4:15 a.m. Aug. 12, 2021 - By Tomi Kilgore
Workhorse stock rises after pilot program to use drones to support NRCS supervisory effortsShares of Workhorse Group Inc. rose 2.5% in premarket trading Thursday, after the provider of "drone-integrated electric vehicles" announced a pilot program with the U.S. Department of Agriculture's Natural Resources Conservation Service (NRCS). Workhorse said the pilot program is to demonstrate its ability to provide small Unmanned Aerial Systems (sUAS) as a service to support NRCS's supervisory efforts in Mississippi. "Engaging in this pilot agreement with the NRCS is the first step in expanding our footprint beyond package delivery and the last mile delivery space," said John Graber, Workhorse president of aerospace. "Our sUAS technology presents opportunities to diversify our product offerings as well as our potential customer base." The stock has rallied 27.4% over the past three months through Wednesday but has tumbled 50.5% year to date, while the S&P 500 has gained 9.5% the past three months and rallied 18.4% this year.
5:15 a.m. Aug. 6, 2021 - By Tomi Kilgore
Sphere 3D stock rockets after deal for rights to bitcoin mining agreementsShares of Sphere 3D Corp. soared 54.4% on heavy volume to pace all premarket gainers Friday, after the stand-alone storage and technologies company announced an agreement that provides a six-month exclusive right to assume all of Hertford Advisors Ltd.'s rights to bitcoin mining agreements. Trading volume spiked to 14.3 million shares ahead of the open, already more than double the full-day average of about 5.6 million shares. As part of the deal, Sphere 3D can purchase up to 60,000 new bitcoin mining machines, with deliveries to begin in November 2021 and continue over the course of 10 months. "We are pleased to have the opportunity to place Sphere 3D as a leader in the space with state of the art miners, in a very competitive market where time to delivery is paramount," said Sphere 3D Chief Executive Peter Tassiopoulos. The stock's surge comes on a day that bitcoin inched up 0.1% and the futures for the S&P 500 were little changed.
4:52 a.m. Aug. 3, 2021 - By Tomi Kilgore
Expeditors beats earnings expectations, sees logistics challenges remaining for rest of the yearExpeditors International of Washington Inc. reported Tuesday second-quarter profit and revenue that rose well above expectations, and said logistics challenges are likely to remain through the rest of the year while demand is expected to remain robust. The airfreight and ocean freight company's stock was still inactive in premarket trading. Net income rose to $316.4 million, or $1.84 a share, from $183.9 million, or $1.09 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.63. Revenue increased 49.7% to $3.61 billion, above the FactSet consensus of $3.40 billion. Cost of transportation and other expenses rose 56% to $2.60 billion. "Robust demand is bumping up against capacity constraints in the air and ocean markets, all of which is made more challenging by limited warehouse space, staffing constraints, port congestion, equipment dislocations, and driver shortages, not to mention additional disturbances such as the closure of the Yantian port due to a COVID-19 outbreak in May or the blockage of the Suez Canal back in March," said Chief Executive Jeffrey Musser. "While we remain optimistic that conditions will improve over time, we are unable to predict when that might take place, or how even the recovery might be, and we believe that demand will likely continue to outstrip capacity in both air and ocean for the near term, keeping buy/sell rates unsettled for at least the duration of 2021." The stock has rallied 12.0% over the past three months, while the Dow Jones Transportation Average has dropped 8.0% and the Dow Jones Industrial Average has gained 2.1%.
4:15 a.m. Aug. 3, 2021 - By Jaimy Lee
Sanofi to buy mRNA developer for $3.2 billionShares of Translate Bio Inc. soared 29.8% in premarket trading on Tuesday after Sanofi said it will spend $3.2 billion to buy the developer of messenger RNA (mRNA) technologies. The U.S.-listed shares of Sanofi were down 0.1% in premarket trade. "A fully owned platform allows us to develop additional opportunities in the fast-evolving mRNA space," Sanofi CEO Paul Hudsons said in a statement. Investors are paying much closer attention to mRNA developments since the mRNA COVID-19 vaccines developed by Moderna Inc. and BioNTech SE /Pfizer Inc. have been authorized. Sanofi and Translate are also developing a mRNA COVID-19 vaccine; the experimental shot is currently in a Phase 1/2 clinical study. "Given the early stage of TBIO's platform, and the company's recent pivot into vaccines, the deal terms strike us as favorable for SNY and fair for TBIO," SVB Leerink's Geoffrey Porges told investors on Tuesday. So far this year, Translate's stock has gained 58.1% and Sanofi is up 5.5%. The S&P 500 has gained 17.0%.
3:00 a.m. Aug. 3, 2021 - By MarketWatch
Ghost kitchens may be the future of restaurantsThe number of ghost kitchens surged at the start of the pandemic as consumer demand for delivery food spiked. Here's how this emerging space is ushering in a new era for restaurants.
3:20 a.m. July 29, 2021 - By Ciara Linnane
Northrop Grumman blows past estimates for second quarter, raises guidanceDefense contractor Northrop Grumman Corp. blew past earnings estimates for the second quarter on Thursday, and raised its full-year guidance. The Falls Church, Va.-based company posted net income of $1.04 billion, or $6.42 a share, for the second quarter, up from $1.01 billion, or $6.01 a share, in the year-earlier period. Sales rose 3% to $9.2 billion from $8.9 billion. The FactSet consensus was for EPS of $5.84 and sales of $8.8 billion. "Based on the strength of our growth and performance year-to-date and our enhanced outlook for the year, we have increased our 2021 sales and EPS guidance," Chief Executive Kathy Warden said in a statement. Aeronautics systems sales edged down to $2.913 billion from $2.925 billion, while defense systems sales fell to $1.427 billion from $1.886 billion. Mission systems sales rose 6% to $2.588 billion from $2.446 billion and space systems sales rose 34% to $2.748 billion. The company is now expecting full-year transaction adjusted EPS of $24.40 to $24.80, up from prior guidance of $24.00 to $24.50. The transaction referred to is the sale of the company's IT services business in the first half. It expects sales to range from $35.8 billion to $36.2 billion, up from prior guidance of $35.3 billion to $35.7 billion. Shares were slightly lower premarket, but have gained 18% in the year to date, while the S&P 500 has gained 17%.
3:49 a.m. July 28, 2021 - By Tomi Kilgore
Boeing stock jumps after swinging to surprise profit, as commercial airplanes revenue more than triplesShares of Boeing Co. powered up 3.6% in premarket trading Wednesday, after the aerospace and defense giant swung to a surprise profit, amid higher commercial volume and lower period costs. Net income for the quarter to June 30 was $587 million, or $1.00 a share, after a loss of $2.38 billion, or $4.20 a share, in the year-ago period. Excluding nonrecurring items, Boeing swung to core earnings per share of 40 cents from a per-share loss of $4.79, beating the FactSet consensus for a per-share loss of 83 cents. Revenue rose 44.0% to $17.00 billion to beat the FactSet consensus of $16.60 billion. Among Boeing's business segments, Commercial Airplanes revenue rose 268% to $6.02 billion, to top the FactSet consensus of $6.00 billion, as deliveries increased to 79 from 20; Defense, Space & Security revenue grew 4% to $6.88 billion, above expectations of $6.78 billion; and Global Services revenue increased 17% to $4.07 billion, topping expectations of $3.69 billion. The company said the 737 MAX program is producing at a rate of 16 planes per month, with the rate expected to gradually increase to 31 per month in 2022. "While our commercial market environment is improving, we're closely monitoring COVID-19 case rates, vaccine distribution and global trade as key indicators for our industry's stability," said Chief Executive David Calhoun. The stock has edged up 3.8% year to date through Tuesday, while the Dow Jones Industrial Average has gained 14.6%.
3:13 a.m. July 27, 2021 - By Tomi Kilgore
Raytheon stock rallies after profit, revenue and FCF beats and raised outlookShares of Raytheon Technologies Corp. rallied 1.4% in premarket trading Tuesday, after the aerospace and defense company reported second-quarter profit, revenue and free cash flow that were above expectations and raised the full-year outlook, as commercial aerospace continued to recover and amid strength in its defense businesses. The company swung to net income of $1.03 billion, or 68 cents a share, from a loss of $3.84 billion, or $2.55 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.03, above the FactSet consensus of 93 cents. Revenue rose 13% to $15.88 billion to top the FactSet consensus of $15.83, as revenue beats by the Pratt & Whitney, intelligence and space and missiles and defense businesses helped offset a Collins aerospace miss. Free cash flow was $966 million, well above the FactSet consensus of $775.8 million. The company raised its 2021 outlook for EPS to $3.85 to $4.00 from $3.50 to $3.70 and for revenue to $64.4 billion to $65.4 billion from $63.9 billion to $65.4 billion. The stock has advanced 20.2% year to date through Monday, while the S&P 500 has gained 17.7%.
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