Biotech company Vertex Pharmaceuticals gained Food and Drug Administration approval for a highly anticipated cystic fibrosis treatment — leading Vertex stock to pop early Tuesday. Late Monday, Vertex said the Food and Drug Administration approved Trikafta, a triple-drug that aims to treat the underlying genetic cause of cystic fibrosis in about 18,000 people. Vertex will charge $23,896 for a 28-day supply of Trikafta, Needham analyst Alan Carr said.
(PG) earned more than expected, continuing a long streak of surprisingly strong profit reports. Procter & Gamble stock (ticker: PG) has outpaced the S&P 500 index this year, rising about 30% in 2019 and 37% in the past year. The consumer-staples giant has beaten the consensus forecast among Wall Street analysts in every quarter since early 2015.
(CAT) is expected to report third-quarter earnings before the market opens on Wednesday. The company's stock price has rolled up and down this year—much like the loads of dirt in the lots where its products operate. • If there's one thing everyone on Wall Street can agree on, it's that no one can agree on Caterpillar stock.
Cosmetics maker Coty is exploring the sale of its professional hair and nail products business, including Wella and Clairol, as it seeks to cut debt and simplify its structure after a series of setbacks at the company. Shares in the US-listed group rose nearly 15 per cent on news that Coty, which is majority owned by investment company JAB Holdings, had hired Credit Suisse to run a sale process for the units. Other brands in the portfolio that Coty is putting up for sale include Good Hair Day (ghd) and OPI nail care products.
Joanne Lim, algorithmic and portfolio trader at Bernstein, discusses China's Loan Prime Rate, markets and her outlook for the property sector. She speaks on “Bloomberg Markets: China Open.
Below, we take a more detailed look at the operational performance of Union Pacific Corporation (UNP), CSX Corporation (CSX), and Norfolk Southern Corporation (NSC), as well as go over possible trading tactics. Union Pacific Corporation (UNP) Union Pacific engages in railroad operations in North America – transporting coal, industrial products, intermodal containers, agriculture goods, chemicals, and automotive goods. Last week, the 157-year-old freight carrier posted third quarter (Q3) adjusted earnings per share (EPS) of $2.22 on revenues of $5.5 billion.
Senator Elizabeth Warren waded into last month's turmoil in short-term funding markets, warning Treasury Secretary Steven Mnuchin not to use the incident as a rationale for weakening post-financial crisis regulations. Warren, a front-runner in the race to challenge Donald Trump in the 2020 U.S. presidential election, sent a letter to the Treasury on Friday. In it, she sought Mnuchin's views on what triggered the spike in rates for repurchase agreements and expressed concern about potential costs to businesses and consumers if strains persist.
Bristol-Myers Squibb stock popped Tuesday after the pharmaceutical company's lung cancer treatment outshined chemotherapy in a Phase 3 study. In premarket trading on the stock market today, BMY stock jumped 4.8%, near 55.80, in above-average volume. The study evaluated a combination of immuno-oncology drugs Opdivo and Yervoy plus chemo in previously untreated lung cancer patients.
Buy and hold has been an investment strategy used for centuries. Unfortunately, the rise of high-frequency trading (HFT), greater volatility in the markets and the recession of 2008 seem to have stripped buy and hold of its allure. While the market's new normal does not favor those who do not keep close tabs on their investments, strategic buy and hold is still a viable strategy that can be used with success.
Biogen on Tuesday reported adjusted income of $9.17 per share on $3.6 billion in sales. In the year-ago period, Biogen earnings were $7.40 per share on $3.44 billion in sales. Analysts surveyed by Zacks Investment Research expected Biogen earnings of $8.28 per share on $3.53 billion in sales.
WeWork's board has accepted a takeover plan proposed by SoftBank Group, handing control of the office-sharing startup to the Japanese firm, according to a source directly familiar with the matter. WeWork owner The We Company's board was evaluating SoftBank's offer against an alternative financing proposal from JPMorgan Chase & Co, but decided to go with SoftBank, even though the bank put together a $5-billion debt financing package. This marks a stunning reversal of fortunes for WeWork, which has lost nearly $39 billion of its valuation over the past five weeks, during which it scrapped its hotly-anticipated public debut, ousted co-founder Adam Neumann as CEO and launched a cost-cut plan after starting to run out of cash.
Colin Graham, chief investment officer of multi-asset solutions at Eastspring Investments, discusses the Brexit vote, its impact on the pound and his outlook for markets. He speaks on “Bloomberg Markets: Asia.
Hot China stock New Oriental Education & Technology reported better-than-expected fiscal first-quarter earnings, ahead of quarterly results from rival TAL Education Thursday. New Oriental Education stock opened higher, but then reversed lower. TAL Education stock also fell.
When Microsoft Corp. stopped supporting its Windows XP operating system, the rush to replace aging machines that relied on the older software led to a huge boost to the company's earnings. IDC and Gartner have noted strong PC sales this year as businesses prepare for life without Windows 7, and analysts are suggesting that the windfall will be spread over multiple quarters or even years. “We expect upside from migration to Win 10 to continue for several quarters, and industry conversations suggest more multi-year contracts to come,” they wrote in previewing Microsoft's (MSFT) fiscal first-quarter earnings, which are expected to be released Wednesday afternoon.
UPS)stock has fallen in early trading despite the logistics company reporting double-digit profit growth. The rise was led by strong demand for UPS's U.S. next-day delivery service as a result of FedEx's breakup with (AMZN) and the growing popularity of e-commerce. The company missed revenue expectations and said trade between the U.S. and Asia was still not generating growth.
The low prices have pushed down stock prices in the energy sector, which has paradoxically opened an opportunity for income investors. The energy sector's production companies benefit from dealing in commodities – oil and gas – that are always in demand. Low share prices are attractive to investors, and the companies have been following two strategies to boost their shares.
California's governor has asked the attorney general to investigate why the state's gas prices are so high, pointing to a new report suggesting big oil companies are "misleading and overcharging customers" by as much as $1 per gallon. Name brand retailers — including 76, Chevron and Shell — often charge more because they say their gasoline is of higher quality. But a new analysis from the California Energy Commission could not explain the price difference, concluding "there is no apparent difference in the quality of gasoline at retail outlets in the state."
Shares of Howard Hughes Corp. (hhc) fell more than 18% in the extended session Monday after the real-estate company announced a "transformation plan" and its board appointed Paul Layne the company's new chief executive, replacing David R. Weinreb. Howard Hughes plans to sell about $2 billion worth of assets in the next 12 to 18 months and cut overhead by $45 million to $50 million by 2021, among other goals. The goal is to create "a lean, focused, decentralized organization built around the company's core master-planned communities," Howard Hughes said in a statement.
Southwest Airlines was downgraded from "buy" to "hold" by an investment bank based on speculation that it might look to solve its 737 Max issue through an acquisition. Southwest Airlines Co. (NYSE: LUV) has hundreds of 737 Max planes on order through Boeing Co. (NYSE: BA). "An acquisition by Southwest motivated by a desire to diversify away from the Max creates significant risks in the near term for LUV," Stifel analysts said in a Monday research note speculating whether low-cost carriers Alaska Air Group Inc. (NYSE: ALK) and JetBlue Airways (Nasdaq: JBLU) could be M&A targets.
The downside: Annuities are rather illiquid. "You sometimes have to pay a [tax] penalty if you withdraw the funds prior to age 59½ or if you don't take them as an income stream [after retirement],” cautions Klein. Even if you avoid the penalty, by moving the funds directly to another annuity product, you still probably will be subject to the insurance company's surrender charges.
The company said Monday it received an initial $550 million term loan and $100 million in letters of credit to help stabilize its business and ward off bankruptcy. McDermott's stock slumped about 13% Monday and its bonds fell as investors fretted about uncertainty over its free cash flow and 2019 outlook, the high interest rates on the rescue loan, and the hurdles it faces accessing the remaining balance of the $1.3 billion term loan and $400 million in letters of credit.
Most retirees rely on retirement income they didn't personally put away for their futures, although they did work for it. Young adults won't have that luxury, and they know it, a recent survey found. All but 5% of current retirees consider Social Security and a pension plan as their primary sources of retirement income, according to a Wells Fargo (WFC) survey released Friday.
Days after Oracle Corp. co-CEO Mark Hurd's death while on medical leave, the Redwood City-based company hasn't yet named a co-CEO for Safra Catz — but two analysts told the Silicon Valley Business Journal they could see a particular high-profile competitor filling the role. Constellation Research founder Ray Wang suggested Bill McDermott, who stepped down as CEO of Oracle rival SAP this month after 17 years with the company. French Caldwell, CFO of the Analyst Syndicate, said McDermott would be “killer” as a co-CEO of Oracle.
It's hard to imagine anything less important to investors about Boeing's third-quarter earnings report than the actual earnings. Instead, investors will want updates about three big issues facing the commercial aerospace giant: (1) internal communications from 2016 about the design and safety approvals for the 737 MAX, (2) MAX production plans and, of course, (3) when regulators will allow the MAX to fly again. Here's what to watch for when Boeing reports numbers on October 23, before the market opens for trading, along with some recent history.
Not only are there strict rules about withdrawing 401(k) money prematurely, but your 401(k) could be the most valuable piece of your retirement income pie someday; most people do not have any other employer retirement plan. For all of these reasons your 401(k) is more important than you might think. Saving for Retirement With a 401(k) In the past, many private-sector employees could depend on a traditional, defined-benefit pension from their employer.