Netflix, PayPal, IBM, Others Reporting This Week
Many key companies are set to report earnings this week. Bank of America has reported its quarterly results today while Morgan Stanley, Goldman Sachs, Netflix, United Airlines, Johnson & Johnson, BlackRock, and IBM will report earnings on Tuesday.
On Wednesday, earnings will be released by United Rentals and Abbot Labs. PayPal, BNY Mellon, American Express, Philip Morris, PPG, and Textron are scheduled to report on Thursday.
On Friday, Procter & Gamble, Kansas City Southern, Honeywell, and Schlumberger will release their earnings reports.
Sears Holdings Files Bankruptcy
Shares of Sears Holdings Corp (NASDAQ: SHLD) fell over 23% as the struggling retailer filed for Chapter 11 protection with the U.S. Bankruptcy Court in White Plains, New York. In a press statement, Sears said that Edward Lampert has stepped down from his role as CEO of the company, effective immediately. He will remain chairman of the board.
Bank of America Report Higher Q3 Results
Bank of America Corp (NYSE: BAC) shares fell 1.7% despite the bank reporting a 32% increase in third-quarter profit to around $7.2 billion, versus around $5.4 billion a year ago. Third-quarter revenue rose to around $22.8 billion from around $21.8 billion a year ago.
EyePoint Jumps On FDA Approval of YUTIQ Implant
Eyepoint Pharmaceuticals Inc (NASDAQ: EYPT) shares climbed 8% in premarket trade but have since fallen 5% on the day after the biopharmaceutical company reported receiving approval from the U. S. Food and Drug Administration for YUTIQ (fluocinolone acetonide intravitreal implant) for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye. YUTIQ is a non-bioerodible intravitreal micro-insert in a drug delivery system containing 0.18 mg fluocinolone acetonide, designed to release consistently over 36 months.
Carl Icahn Says To Block Dell’s Plan To Go Public
Legendary investor Carl Icahn is opposing a proposed plan by Dell Technologies Inc (NYSE: DVMT) to public again without an IPO, according to a report by CNBC. The activist investor, who reported an increased 8.3% stake (over 16.5 million shares) in Dell tracking stock, said in a letter that he will vote against Dell’s plan to VMware and encourage other shareholders to do the same. DVMT rose 1.56% in premarket.
Walmart Buys Online Lingerie Retailer Bare Necessities
Walmart Inc (NYSE: WMT) announced late Friday that it acquired online lingerie retailer Bare Necessities for an undisclosed amount. “Bare Necessities will continue to operate its site as it has and will run as a standalone and complementary brand to our other eCommerce sites,” Walmart said in a statement. WMT shares are down 0.7% on the day.
AcelRx Pharmaceuticals Wins FDA Approval For DSUVIA Tablet
Shares of AcelRx Pharmaceuticals Inc (NASDAQ: ACRX) are up 9.5% on Monday as the company announced that the Anesthetic and Analgesic Drug Products Advisory Committee of the U.S. Food and Drug Administration approved DSUVIA for the management of moderate-to-severe acute pain in medically supervised settings for adult patients.