U.S. stocks were tugged higher on Friday following comments by White House officials that talks toward a U.S.-China phase one trade deal were entering their final stages. The S&P 500 was up 0.4% to around 3,109. The Dow Jones Industrial Average advanced 106 points, or 0.4%, to 27,888. The Nasdaq Composite rose 0.5% to 8,524. All three equity benchmarks hit all-time intraday records on Friday. White House economic adviser Larry Kudlow said that trade negotiations were in their "short strokes." Expectations for the partial agreement to be signed soon have waned in recent days following news reports that have pointed to snags between U.S. and Chinese negotiators over issues like farm good purchases. U.S. retail sales jumped 0.3% in October, from a 0.3% decline in September. Shares of Applied Materials, Inc. jumped after the chip-equipment company topped analyst expectations.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 White House on Friday released a record of an April discussion between President Donald Trump and Volodymyr Zelensky, who had then just won Ukraine's presidential election. It was released just as Marie Yovanovitch, the ousted U.S. ambassador to Ukraine, arrived for open testimony in Democrats' impeachment proceedings. The discussion is largely congratulatory. Democrats are focusing in their impeachment inquiry on a July 25 discussion between Trump and Zelensky, in which Trump asked his counterpart to "look into" former Vice President Joe Biden and his son Hunter. Trump calls the inquiry a "witch hunt." 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. […]
Shares of Amarin Corp. are up about 6% in premarket trading after a U.S. Food and Drug Administration advisory committee on Thursday voted 16-0 in favor of a broader label for the company's prescription fish oil-derived pill. The FDA is expected to decide on the new label by Dec. 28. If approved, Vascepa would be marketed as a treatment to lower the risk of cardiovascular events, like heart attacks or strokes. This label expansion would also likely expand the size of the patient population from 4 million to more than 40 million, according to Maxim Group analyst Jason McCarthy. "In our view, the market has the potential to be statin-like in size," he wrote in a note Friday. Stifel estimates $3 billion peak sales of Vascepa. Shares of Matinas BioPharma Holdings , which is developing a similar drug to Vascepa, also rose in premarket market trading, up 14%. Amarin stock has jumped 57.9% year-to-date, while the S&P 500 is up 23%.
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. […]
Shares of Masco Corp. rallied 1.9% in premarket trading Friday, after the home improvement products company said it will sell its Masco Cabinetry business to ACProducts Inc. in a deal valued at $1 billion. Under terms of the day, the sale price includes $850 million in cash and $150 million in preferred stock, which will have a coupon of 8% that increases to 10% in the third year. The deal is expected to close int the first quarter of 2020. Masco said Masco Cabinetry will be accounted for as discontinued operations for the fourth quarter. The company expects 2019 earnings per share from continuing operations is expected to be $2.12 to $2.16 and adjusted EPS of $2.19 to $2.23. The FactSet consensus for 2019 EPS was $2.55. 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. […]
Under Armour Inc. has issued a statement in response to a Wall Street Journal story, maintaining that its accounting practices have been "entirely appropriate." The Wall Street Journal spoke with former executives who said the company took a number of measures in the lead up to past earnings announcements, including redirecting goods to the off-price channel, in order to cover up slowing sales. "For many years, quarterly shifts in wholesale revenue related to timing of shipments based on financial goals; customer requests; year-to-year seasonal variance; different fiscal calendar alignments; product availability; logistics; and numerous other dynamics have been, and continue to be, part of the normal course of business practices in the apparel, footwear and retail sector," the Under Armour statement says. "In this respect, our process for recognizing revenue and recording returns and other allowances has not changed and has always been in compliance with generally accepted accounting principles." Last week, it was revealed that Under Armour was under federal investigation for its accounting practices. The athletic gear company also announced third-quarter earnings, which included a decline in North American sales and a downward guidance revision. Under Armour stock is down 17.1% for the month to date, and down 23.5% over the past year. The S&P 500 index is up 13.4% for the past 12 months.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. […]