Bill McColl at Hot Stock Minute 1 hr ago
It’s a decision that could have far-reaching implications for the pharmaceutical industry.
Express Scripts (ESRX), the nation’s biggest pharmacy benefits manager, says it will only cover AbbVie’s just-approved drug, Viekira Pak, for most patients with hepatitis C. That leaves out Gilead Sciences’ (GILD) Sovaldi and Harvoni, as well as Johnson & Johnson’s (JNJ) Olysio. The reason: AbbVie’s treatment costs less. In a statementExpress Scripts says the decision brings added value to those covered by its National Preferred Formulary-- about 25 million people.
Yahoo Finance Editor in Chief Aaron Task says it’s all about money…and possibly some fortuitous timing.
Task warns challenging drug companies about the cost of their products is a double-edged sword.
AbbVie gets boost from Express Scripts; American Apparel confirms a suitor; Sony may release 'The Interview'Kathy Cherpelis at Hot Stock Minute 2 hrs ago
Some stocks to watch this morning.
A win for AbbVie (ABBV). Shares of the drug company shot-up ahead of the bell after the nation's largest pharmacy benefits manager Express Scripts (ESRX) said it will only cover AbbVie's newly approved hepatitis C treatment starting the new year rather than rival medicines from Gilead Sciences and Johnson & Johnson (JNJ). Shares of Gilead Sciences (GILD) were sharply lower on the news.
Elsewhere in the drug industry, shares of BioCryst Pharmaceuticals (BCRX) soared in the pre-market. The Food and Drug Administration approved its intravenous flu treatment. The drug is for adults with acute uncomplicated influenza and who may be unable to swallow pills.
Stocks extend last week's rally; Express Scripts picks AbbVie drug; Sony attorney says 'The Interview' will get outYahoo Finance at Hot Stock Minute 3 hrs ago
Wall Street is still full of holiday cheer this morning as investors continue their buying spree. Stocks are higher after a big three-day rally last week.
“Santa Claus is coming to town for the bulls,” at least for now says Yahoo Finance editor in chief Aaron Task.
“The hope for the week is that it is kind of quiet and we get a slow drift upwards, the thing about holiday- shortened weeks there is less volume and that could lead to more volatility,” according to Task.
Oil erased early morning gains and is now lower. Saudi Arabia's oil minister Ali al-Naimi said OPEC would not cut output and was confident lower crude prices would help demand by giving a boost to the economy.
Bill McColl at Hot Stock Minute 3 days ago
Recently-ousted American Apparel (APP) CEO and founder Dov Charney apparently will not go gentle into that good night.
The New York Post reports Charney is working with a private equity firm looking to buy the teen clothing retailer. The paper says it’s one of multiple takeover bids the company has received in recent weeks.
American Apparel’s board officially gave Charney the boot earlier this week, citing “cause.” Board members suspended him back in June amid allegations of misconduct.
Yahoo Finance’s Jeff Macke spoke with Charney yesterday and feels he has a very good shot at winning the battle to get his old firm back.
“Dov Charney IS American Apparel,” he says. “And if you’re some private equity group that’s going to compete against the founder, the visionary, the guy who really defines this brand, you better have a really good plan. So I think Charney’s chances are very good.”
Newman believes it’s probably time for Charney to move on.
Kathy Cherpelis at Hot Stock Minute 3 days ago
Corporate results topping our list of stocks to watch this morning.
BlackBerry (BBRY) shares were sharply lower in early trading. The struggling smartphone maker reported a surprise profit in the third quarter, but a big miss on revenue. Sales were down more than 33% from a year earlier. BlackBerry has been trying to regain market share by rolling out new devices over the past year. In September, it debuted its Passport smartphone and just this week, the Classic.
CarMax (KMX) shares were firing on all cylinders. The used car dealership chain posted third quarter earnings and revenue that raced past Wall Street expectations. Sales were up 16% from a year earlier as it benefited from strong same-store sales growth.
Yahoo Finance at Hot Stock Minute 3 days ago
Stocks are struggling to keep the Fed induced two-day rally going on Wall Street despite a jump in crude prices.
The Dow (^DJI) and S&P 500 (^GSPC) putting in their best performance in more than three-years on Thursday as investors continued to bask in the glow of the Federal Reserve’s pledge to be “patient” about raising interest rates.
Yahoo Finance Editor in Chief Aaron Task says for now the mini-correction in stocks seems to be over.
“I would expect more of this kind of volatility as we start the new year, but for right now the bulls seem very much in control. The animal spirits are alive and well. And there was this pent up demand for an opportunity to buy stocks into year end...and we got it from the Fed on Wednesday,” Task points out.
Corporate results also dominating the headlines.
Related: BlackBerry bruised; CarMax in the fast lane; Nike stumbles
Kathy Cherpelis at Hot Stock Minute 4 days ago
Sony (SNE) tops our list of stocks to watch this morning.
The company's movie studio is pulling the plug on the planned Christmas release of "The Interview" after major theater chains abandoned plans to show the film amid terror threats. Meanwhile, U.S. officials reportedly concluded that North Korean government was involved in the hacking of Sony's corporate computer systems. Shares of Sony were higher on the news in early trading
Hertz (HTZ) shares jumped after billionaire investor Carl Icahn disclosed he raised his stake in the rental car company once again. Icahn's stake now stands at 11.3%
Oracle (ORCL) rose ahead of the bell. The business software maker's earnings and revenue topped estimates for the first time this year thanks to growth in its cloud service business.
Bill McColl at Hot Stock Minute 4 days ago
The difference between the “haves” and the “have nots” is larger than it’s ever been.
That’s according to a Pew Research Center report, which finds the median wealth of upper-income families is almost seven times that of middle-income ones, and nearly 70 times more than low-income families. Pew defines wealth as the difference between the value of a family's assets and its debts.
Pew looked at 2013 data from the Federal Reserve, which shows the top bracket coming in at $639,400. That compares to $96,500 for the middle and just $9,300 for the low end. Pew says that’s the biggest divide between both upper and middle and upper and lower since the Fed began recording such data a generation ago.
Yahoo Senior Columnist Michael Santoli says the stock market boom is a big reason for the increasing separation.
Santoli feels growth in what folks take home in their paychecks is needed to change the equation.
Bill McColl at Hot Stock Minute 4 days ago
Stocks are in rally mode once again this morning as Wall Street hangs on to the Federal Reserve’s pledge to be “patient” in raising interest rates in 2015 and oil prices show signs of stablizing after a steep drop.
Yahoo Finance Senior Columnist Michael Santoli says investors are betting that the year-end rally is back on and we may even see the markets challenge the highs of a few weeks ago.
Sony ( SNE ) continues to grab headlines.
The company's movie studio is pulling the plug on the planned Christmas release of "The Interview" after major theater chains abandoned plans to show the film amid terror threats. Meanwhile, U.S. officials reportedly concluded that North Korean government was involved in the hacking of Sony's corporate computer systems. Shares of Sony were higher on the news.
Bill McColl at Hot Stock Minute 5 days ago
Hackers are targeting the movie industry…with possibly monumental financial consequences.
Sony (SNE) says it is canceling the Christmas Day release of its new comedy, “The Interview,” after a group calling itself the Guardians of Peace threatened to attack movie houses that run the film. Sony's move comes after major theater chains-- including the 278-outlet Carmike Cinemas (CKEC)-- decided not to show "The Interview," which depicts the assassination of North Korean leader Kim Jung Un.
Guardians of Peace launched a cyber attack on Sony Pictures last month, exposing private company emails and documents and demanding “The Interview” be pulled from theaters. That has led to a selloff of Sony shares this month.
Yahoo Finance Editor in Chief Aaron Task says the potential loss of revenue from this threat is staggering.
“It’s definitely a major liability,” he points out. “It obviously could be tens, if not hundreds of millions of dollars for Sony and also hitting the movie chains.”