The S&P 500 index will have some new members in 2020, after S&P Dow Jones Indices announced a shuffle set to take place just before Christmas. Live Nation Entertainment Inc. , Zebra Technologies Corp. and Steris PLC will join the benchmark index ahead of trading on Dec. 23, S&P Dow Jones Indices said in an announcement Friday afternoon. They will graduate from the S&P MidCap 400 and replace three companies that will drop down to that index: TripAdvisor Inc. , Affiliated Managers Group Inc. and The Macerich Co. "All companies moving to the S&P 500 have market capitalizations above $12 billion, and all companies moving to the S&P MidCap 400 have market capitalizations below $4.5 billion," the announcement notes. Live Nation's stock showed the largest reaction to the news, jumping 1.8% in after-hours trading, after falling 7.3% in regular trading after a report that the Justice Department is preparing legal action against the Ticketmaster parent company. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]
Amarin Corp. received U.S. approval to market its drug Vascepa to reduce the risk of cardiovascular events in people with high triglyceride levels, according to the Food and Drug Administration late Friday. U.S.-traded shares were halted at $24.12 at 10:06 a.m. Eastern, hours before the announcement; when they resumed trading at 5:30 p.m., they gained more than 2% in after-hours action. "Vascepa is the first FDA approved drug to reduce cardiovascular risk among patients with elevated triglyceride levels as an add-on to maximally tolerated statin therapy," the agency said in a statement. Vascepa was originally approved in 2012 to treat patients with severely high triglyceride levels. ADRs of Dublin-based Amarin are up 77% year-to-date, compared with a 26% rise in the S&P 500 index Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]
The Supreme Court said Friday it will hear three cases next year involving President Donald Trump's financial records. Trump has sought to keep his tax and bank records private, and rulings against him could result in the quick release of personal financial information, the Associated Press wrote. Arguments will take place in late March with decisions poised for June. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]
Chesapeake Energy Corp. got a notice earlier this week from the New York Stock Exchange for being out of compliance with a trading rule that requires listed companies to keep an average closing price of at least a dollar over 30 days, the energy company said late Friday. Chesapeake plans to regain compliance by working on its ongoing plans to cut expenses, sell assets, look into a reverse share split, and find more savings, Chesapeake said. It also intends to respond to the NYSE notice shortly, it said. In the meantime, the stock will trade under its existing ticker plus the suffix "BC" to indicate below compliance, Chesapeake said. Chesapeake shares fell 1.8% to 77 cents a share in the extended session Friday after ending the regular trading day up 0.8%. The natural-gas producer has struggled with falling natural-gas prices that have also hit Chevron Corp. this week. The company last week secured a $1.5 billion loan facility after spooking markets with a "going concern" warning in November. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]
The S&P 500 and the Nasdaq Composite finished the week at records Friday but enthusiasm over an announced China-U.S. partial trade deal, which had sparked buying Thursday, faded as investors weighed aspects of the so-called phase-one pact. The Dow Jones Industrial Average closed up about 0.01% at 28,135, missing a record close at 28,164, while the S&P 500 index advanced less than 0.01% to 3,169, enough for a fresh all time high. The Nasdaq Composite Index closed up 0.2% to end at 8,735, marking its second straight all-time closing peak. For the week, the Dow gained 0.4%, the S&P 500 returned 0.7%, while the technology-laden Nasdaq gained 0.9% for the five-day period. Underpinning the week's advance was the easing of fears --at least temporarily--surrounding two of the biggest points of friction for stock-market investors: U.K. elections and trade tensions. The U.S. and China announced a limited agreement Friday to halt the trade war, eliminating tariffs that were set to go into effect Sunday; but some critics worry that the phase-one deal may not accomplish as much to alleviate future trade tensions as had been expected--a point that some say doesn't entirely help business leaders make strategic plans.
Meanwhile, a resounding election victory for Prime Minister Boris Johnson's Conservative Party raised hopes for a quick divorce from the European Union. In corporate news, shares of Live Nation Entertainment Inc tumbled after the Wall Street Journal reported that the Justice Department was preparing to take legal action against the company, alleging that it sought to strong-arm concert venues into using its dominant Ticketmaster subsidiary.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news. […]