|Day's Range||2,821.99 - 2,835.41|
|52 Week Range||2,346.58 - 2,940.91|
U.S. stocks opened higher to kick off the week.
Tilray Inc. shares gained more than 4% in the extended session Monday after the cannabis producer reported wider-than-expected losses but beat Wall Street revenue estimates. The company reported fourth-quarter net income of $31 million, or 33 cents a share, compared with losses of $2.9 million, or 4 cents a share, in the year-ago period. Revenue rose to $15.5 million from $5.1 million in the year-ago period. Analysts surveyed by FactSet had estimated losses of 14 cents a share on revenue of $14.1 million. For the first quarter, analysts expect losses of 19 cents a share on sales of $19 million. Tilray stock has fallen 53% in the past six months, with the S&P 500 index falling 2.8%.
Banks helped lead Wall Street higher on Monday, while Boeing and Facebook were a drag and investors eyed this week's Federal Reserve meeting for affirmation of its commitment to "patient" monetary ...
U.S. equity benchmarks rose at the start of a week filled with potentially significant catalysts -- from central bank meetings, geopolitical developments and economic data. Financials and consumer stocks also advanced, while the Dow Jones Industrial Average fought to stay positive even as Boeing declined on reports that the U.S. Transportation Department was examining the 737 Max’s design certification. Equities have been trending upward, and volatility declining, on expectations the Fed will point the way to just one rate hike in 2019 when it meets this week.
Health savings account custodian HealthEquity reported strong Q4 earnings late Monday but the stock retreated from a buy point on weak forecasts.
Stocks closed on a positive note on Monday to extend last week's broad-based rally even as Boeing's travails dragged on the blue-chip Dow. The S&P 500 rose less than 0.4% to end near 2,833. The Dow Jones Industrial Average advanced 65 points, or less than 0.3%, to finish near 25,912, based on preliminary numbers. The Nasdaq Composite rose 0.3% to end around 7,714. The Dow notched its fourth straight consecutive gain. The S&P and Nasdaq hit a fresh 52-week high. Major stock-market benchmarks built on last week's rally that lifted the S&P 500 above its long-term resistance level at 2,800. Investors said they would mostly look ahead to the Fed's two-day meeting set to conclude on Wednesday, with expectations for the central bank to lower its forecasts for interest rates. In company news, shares of Boeing Co. were down 2% after The Wall Street Journal said that federal prosecutors and Department of Transportation officials were investigating the development of the firm's 737 Max jetliners.
Equity strategist Anthony Golub sees the index heading to 3025, based on expanding valuation multiples. Many fund managers haven’t re-risked their portfolios, he writes.
Complacent stock-market investors got burned last year, much like the proverbial frog in slowly boiling water, say Société Générale analysts. With the market on the rebound and the Fed on hold, investors might be able to safely slip back into the water, but they need to watch the temperature.
Shares of Aerpio Pharmaceuticals Inc. plummeted 71% toward a record low in active trade Monday, after the biopharmaceutical company said a phase 2b study of its treatment for diabetic retinopathy failed to meet its primary endpoint of improvement over placebo. The stock was the biggest decliner listed on major U.S. exchanges, with volume reaching 5.5 million shares, or about 22 times the full-day average. Meanwhile, the company said the trial of its lead candidate AKB-9778 was found did to be safe and well tolerated and showed some encouraging in some secondary endpoints. "While we are disappointed in the primary endpoint results of this study, we are nevertheless encouraged by the fact that several other promising findings observed in our prior 3-month Phase 2a trial have been prospectively confirmed in this 1-year trial," said Chief Executive Stephen Hoffman. The company said it plans to provide an update on the status of AKB-9778 after a full analysis. The stock has now lost 37% over the past 3 months while the iShares Nasdaq Biotechology ETF has gained 16% and the S&P 500 has tacked on 11%.
Wall Street edged higher on Monday as declines in Boeing and Facebook held gains in check and investors eyed this week's Federal Reserve meeting for affirmation of the central bank's commitment to "patient" monetary policy. Coming on the heels of the S&P 500's best week since November, the benchmark index currently hovers about 3.4 percent below its all-time high reached in September. "People were so pessimistic around year-end, but the market has since had a tremendous rebound and now we're in a wait-and-see phase," said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.
Mylan N.V. said on Monday that it is voluntarily recalling two lots of its levoleucovorin injection due to the discovery of foreign particulates in the drug. Levoleucovorin is used to reduce harmful effects of methotrexate, a medication used to treat patients with osteosarcoma. It is also used in combination chemotherapy with 5-fluorouracil to treat patients with advanced metastatic colorectal cancer. Mylan said it discovered the presence of copper salts in the levoleucovorin during 12-month stability testing. Such particulates can lead to severe health complications like vasculitis, allergic reactions and pulmonary embolism. The drug maker has not received any reports of adverse events related to the recall and said it notified its distributors and customers by letter. Shares of Mylan have fallen 2.2% in the year to date, while the S&P 500 has gained 11.1%.
U.S. stocks trade modestly higher as investors look ahead to this week’s meeting of Federal Reserve policy makers; losses for aircraft maker Boeing threaten to again weigh on the Dow Jones Industrial Average.
Shares of Microsoft Corp. rose 0.8% in afternoon trade Monday, putting them on track for a 7th-straight gain toward a 2nd-straight record close. The win streak would be the longest since it rose for 8-straight sessions as of Aug. 9, 2018. The software and cloud-computing company continues to hold its lead as the largest U.S. company by market capitalization, ahead of second-place Apple Inc. , third-place Amazon.com Inc. and fourth-place Alphabet Inc. . Wall Street analysts are overwhelming bullish on Microsoft's stock, as 31 of 34 analysts surveyed by FactSet rate it the equivalent of buy, 2 rate it a hold and just one rates it the equivalent of sell. The average price target of $126.37 implies an 8.1% climb from current levels. Microsoft shares have soared 24% over the past 12 months, while Apple's stock has gained 5.5%, Amazon shares have tacked on 11% and Alphabet shares have edged up 4.6%. The Dow Jones Industrial Average has gained 3.7% the past year.
WarnerMedia said Monday that Kevin Tsujihara is stepping down from his role as chairman and CEO of Warner Bros. Entertainment. WarnerMedia CEO John Stankey said it was in the best interests of the company and its employees and partners for the executive to leave. "Kevin acknowledges that his mistakes are inconsistent with the company's leadership expectations and could impact the company's ability to executive going forward," he said in a short statement. The company is continuing to work with a law firm to complete an investigation with Tsujihara's cooperation, said the statement. Tsujihara is alleged to have pushed for auditions for actress Charlotte Kirk with whom he was having a sexual relationship, according to media reports. Shares of AT&T, which owns WarnerMeda after it acquired Time Warner, shares were up slightly Monday, but have fallen 17% in the last 12 months, while the S&P 500 has gained 2.8%.
Shares of Daré Bioscience Inc. rocketed 129% on very heavy volume toward a 13-month high in afternoon trade Monday, after the biopharmaceutical company announced positive findings for the use of its DARE-VVA1 product candidate in treating vulvar and vaginal atrophy (VVA). The stock was the biggest percentage gainer listed on major U.S. exchanges, even though it pared earlier gains of as much as 253%. Volume swelled to 37.8 million shares, compared with the full-day average of about 82,500 shares and enough to make the stock the most active on the Nasdaq exchange. The company said a self-administered vaginal suppository containing tamoxifen administered to four healthy postmenopausal women with VVA showed "significant improvements" in reducing vaginal pH and vaginal dryness, without significant absorption of tamoxifen. "If successful, DARE-VVA1 could be the first and only vaginally administered tamoxifen product approved by the FDA for the treatment of VVA in hormone-receptor positive breast cancer patients," the company said in a statement. The stock has now more than tripled year to date (up 218%), while the iShares Nasdaq Biotechnology ETF has climbed 18% and the S&P 500 has gained 13%.
For international investors looking for exposure to Japanese stocks, the JPX-Nikkei Index 400 is an extremely useful vehicle. The index of 400 stocks is designed with them in mind, screening for quality companies with international standards of corporate governance and attention to shareholder returns. Fortunately, the brokerage Nomura has screened Japanese stocks and is predicting which ones will be put into the index, and which will be taken out.
The Fed has begun a monthslong review of its policy framework to consider alternative approaches to targeting inflation, and Goldman Sachs believes the central bank will decide to allow overshoots of its inflation goal next year. "If implemented ... this change would decrease the likelihood of further near-term policy tightening and lead to a small and gradual increase in both expected and realized price inflation," says Goldman's equity strategist Ben Snider. Since 2012, the Fed has always been attempting to hit a 2 percent target, but inflation has fallen short through much of the recovery.
Berkeley law professor also implied that the indexes on which the funds are based could be subject to manipulation and other abuses. Technically speaking, index funds don't track a nebulous groups of stocks, but rather very specific indexes. For starters, index-based mutual funds and exchange-traded funds get assembled using a particular methodology that determines the specific holdings in that index.
My son, who is now 4 years old, claims that Warren Buffett (Trades, Portfolio) is his favorite super hero. Of course, this is because my son's other super hero, his father, tells him Buffett is so. My son regularly explains to me why Buffett is a super hero.
Sam Stovall, CFRA Research Equity Strategist, says the Dow Jones is “very close to a golden cross”, which is when the 50-day moving average breaks above the 200-day moving average, and that “could be a positive sentiment indicator in the near term.” Yahoo Finance’s Alexis Christoforous speaks to Scott Gamm, Brian Sozzi and Stovall.