|Day's Range||3,140.91 - 3,148.87|
|52 Week Range||2,346.58 - 3,154.26|
Shares of Fate Therapeutics gained 37% after it shared promising data from one clinical and one preclinical study for its experimental cancer immunotherapy treatments. The company is testing two therapies, FT516 and FT500, in a very small Phase 1 trial as treatments for acute myeloid leukemia and as a combination therapy for advanced B-cell lymphoma. Separately, Fate said preclinical data for FT596 was also positive, and it will begin enrolling patients in its first human trial early next year. Fate's stock is up 46% year-to-date. The S&P has gained 25% during the same timeframe.
(CVX) has been one of the top large-cap energy stocks in a lackluster year for the sector. Citi’s Alastair Syme downgraded shares to Neutral from Outperform on Sunday, and dropped his price target to $120 from $135. Owning energy stocks has been a losing bet in general over the past decade, and particularly over the past year.
The S&P 500 and Nasdaq indexes edged higher on Monday, with investors keeping a close watch on headlines around U.S.-China trade as planned tariffs on Chinese imports kick in on Dec. 15. Beijing and Washington are negotiating a first phase trade deal aimed at de-escalating tariff disputes but they continue to wrangle over key details.
(Bloomberg) -- U.S. stocks were little changed as investors prepared for a week brimming with potential catalysts, from central bank meetings to the looming America-China tariff deadline. Treasuries held modest gains.The S&P 500 fluctuated near an all-time high after weak China export data, with investors awaiting news on whether Washington will go ahead with a planned Dec. 15 tariff hike. The Stoxx Europe 600 Index slipped. Stock indexes posted modest increases in Tokyo and Seoul, though gains mostly fizzled in Hong Kong and Shanghai.The pound edged upward as polls continued to show the U.K. Conservative Party on course to win a majority in Thursday’s election, which would likely mean Britain leaving the European Union by Jan. 31. Gold and the yen were also slightly higher.With time running out for the U.S. and China to reach a deal that would ward off an escalation in tariffs, markets will be watching closely for any signs of progress. White House economic adviser Larry Kudlow said Friday the two sides are haggling over the amount of American farm products Beijing is willing to purchase. Data showed China’s exports fell 1.1% in November, with those to the U.S. tumbling 23%, underscoring why the Asian nation may want to resolve the dispute.“There’s no upside risks on the horizon,” Katrina Ell, an economist at Moody’s Analytics, said on Bloomberg TV. “It is weighted to the downside and that big downside risk is coming from the trade war.”Also in focus for investors this week will be central banks, with policy meetings at the Federal Reserve and the European Central Bank that may offer clues on whether more monetary easing is in store in 2020.Elsewhere, oil slipped, trimming last week’s rally spurred by Saudi Arabia promising significant additional production cuts beyond what was agreed with fellow OPEC+ members.Here are some key events to watch this week:The Federal Reserve decides on interest rates on Wednesday, followed by a press briefing from Chairman Jerome Powell.China reports on inflation Tuesday, and data on credit growth is due at some point in the coming weekThe next European Central Bank policy decision is on Thursday.The U.K. holds a general election Thursday.These are some of the main moves in markets:StocksThe S&P 500 was virtually unchanged at 10:47 a.m. New York time.The Stoxx Europe 600 Index dipped 0.2%.The MSCI Asia Pacific Index advanced 0.3%.The MSCI Emerging Market Index gained 0.3%.CurrenciesThe Bloomberg Dollar Spot Index edged lower.The euro jumped 0.1% to $1.1071.The British pound advanced 0.1% to $1.3147.The onshore yuan declined 0.1% to 7.04 per dollar.The Japanese yen was flat at 108.54 per dollar.BondsThe yield on 10-year Treasuries declined one basis point to 1.82%.The yield on two-year Treasuries fell one basis point to 1.61%.Germany’s 10-year yield sank two basis points to -0.31%.Japan’s 10-year yield climbed less than one basis point to -0.002%.CommoditiesWest Texas Intermediate crude fell 0.8% to $58.73 a barrel.Iron ore climbed 0.1% to $91.99 per metric ton.Gold futures added 0.1% to $1,466.70 an ounce.What’s your 2020 vision? Terminal users are invited to join the Markets Live blog’s survey.\--With assistance from Vildana Hajric.To contact the reporter on this story: Sam Potter in London at email@example.comTo contact the editors responsible for this story: Jeremy Herron at firstname.lastname@example.org, Yakob PeterseilFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
T-Mobile and Sprint go to court today to defend their long-sought merger from a challenge by a coalition of state attorneys general opposed to the deal.
The company’s coming conference for analysts and investors could be an opportunity for the stock to rise, Wells Fargo says.
U.S. stocks edge lower, one session after a stellar jobs report ignited bullish sentiment on Wall Street, as investors brace for a wave of policy updates from global central banks and fresh developments in U.S. and China trade negotiations, with key tariff deadline looming Sunday.
The stock market opened modestly lower early Monday before mostly turning higher. Chevron was an early loser in morning trade after a downgrade.
Wingstop Inc. stock rose 5% in Monday trading after it was added to Goldman Sachs' "Conviction List" based on same-store sales momentum and declining delivery fees. Wingstop shares are up 31.3% for the year to date, outpacing the 25.6% gain for the S&P 500 index . Wingstop raised the advertising contribution from franchisees to 4% from 3% in 2019, which, coupled with sales growth, gave the company $20 million more for ad spend, according to Goldman analysts. And Goldman data shows growth in digital sales, with October up 8% month-over-month after a 34% increase in September. There's also been a deceleration in chicken wing prices, an item that takes up 65% of Wingstop's food purchasing. Goldman Sachs rates Wingstop shares buy with a $140 price target.
Skyworks and Qorvo led chips higher, and biotechs soared on mergers news, as the Dow Jones fights to hold 28,000 while new China tariffs loom.
On Monday morning, (MRK)(ticker: MRK) announced the $2.7 billion acquisition of (ARQL)(ARQL), a clinical-stage biotech company specializing in cancer drugs. “We think this is a smart, strategic deal which will bolster MRK’s leading oncology franchise,” Cantor Fitzgerald analyst Louise Chen wrote of the Merck acquisition. SVB Leerink analyst Daina Graybosch, who covers Synthorx, was positive on the Sanofi deal.
U.S. stocks edged lower at the opening bell on Monday ahead of a busy week packed with meetings by the Federal Reserve and the European Central Bank. Investors are also on the lookout for signs of easing trade tensions ahead of the Dec. 15 deadline for additional duties on Chinese imports. The S&P 500 was down 0.1% to 3,142. The Dow Jones Industrial Average shed 50 points, or 0.2%, to around 27,965. The Nasdaq Composite was up by less than 0.1% to 8,659. Major stock-market benchmark indexes remain less than a single percentage point away from their record closes set on Nov. 27. In company news, shares of Tesla Inc. were in focus after reports said that a Tesla Model 3 crashed while on autopilot.
Hudson Ltd. announced a new store design on Monday that will include digital displays and a new mobile app. Hudson shops, which are located across commuter hubs, airports and tourist destinations, will add useful perks for airport travelers starting at major markets in 2020. By mid-year the company will also launch the Hudson Blue mobile app that will push promotions and other information. Hudson stock has fallen 19.3% over the past year while the S&P 500 index is up 19.5% for the period.
Shares took off Monday morning after the company reported data at a medical conference over the weekend that relieved investor anxiety over the company’s experimental cancer drug ide-cel.
Paul Volcker, the former Federal Reserve chairman who had a second career pushing for reform on Wall Street, has died at 92, according to numerous reports. Volcker was a legendary Fed chairman at the central bank for his fight against inflation in the late 1970s and early 1980s. Volcker was praised for establishing the Fed's credibility to control inflation. After the 2008 financial crisis, Volcker pushed for reform. He said in his memoir published in the fall of 2018 that he was worried about the impact of money in the political system.
Beijing and Washington are negotiating a first phase trade deal aimed at de-escalating tariff disputes but they continue to wrangle over key details. The Dow Jones Industrial Average was down 21.37 points, or 0.08%, at 27,993.69.
Shares of TG Therapeutics Inc. gained 16% in premarket trading on positive data from small early-stage studies testing TG-1701 as a standalone therapy in patients with relapsed/refractory non-Hodgkin's lymphoma and chronic lymphocytic leukemia. It also included TG-1701 as one of three experimental drugs developed by the company in a triple combination therapy for the same cancers. TG stock is up 73% year-to-date, compared to the S&P 500 , which has gained 25% during the same period. T
Shares of Chevron Corp. are off 0.8% in premarket trading Monday after Citi Research analyst Alastair Syme downgraded the stock to neutral from buy. He wrote that Chevron has been a "relative safe haven" among energy stocks over the past 14 months while the category underperformed, and that Chevron benefited from a strong balance sheet and clear capital-allocation policy. Now, however, he argues the stock's role as a safe haven might be "overplayed." He's worried that the company's cash return on capital invested and return on equity have fallen by as much as many integrated oil peers this year and that the company is facing cost overruns with its Tengiz project. "Both make us concerned that the market (and indeed the company) are being a little complacent," Syme wrote. He cut his price target to $120 from $135 in conjunction with the downgrade. Chevron shares are up 8.5% so far this year, while the S&P 500 has risen 25%.
U.S. stocks were set to open lower on Monday as weak data from China brought back fears of a slowdown in the world's second-biggest economy, while investors looked for any positive news on trade talks ahead of a tariff deadline later in the week. China's exports in November shrank for the fourth consecutive month, underscoring persistent pressures on manufacturers from the Sino-U.S. war, but growth in imports may be a sign that Beijing's stimulus steps are helping to stoke demand. In a quiet start to the week, market participants are expected to keep a close watch on trade as planned U.S. tariffs on Chinese imports kick in on Dec. 15 that will cover several consumer products, including mobile phones and toys.
2019 was already a horrible, no-good, very bad year for the industrial conglomerate (MMM) Citigroup analyst Andrew Kaplowitz added a bit more unfavorable news, downgrading the stock to Hold from the equivalent of Buy because of uncertainty over 3M’s environmental liabilities. 3M (ticker: MMM) is setting aside money to clean up sites that produced a group of chemicals—referred to as PFAS—that can now be found in drinking water around the places where the chemicals were manufactured. “We simply see little in the way of near-term catalysts that could drive [3M] back to its historical [valuation] premium until more certainty relative to [the company’s] PFAS-related liability emerges,” wrote Kaplowitz in a Monday research report.
Sheetz, a chain of restaurants and convenience stores across the mid-Atlantic, announced a partnership with Beyond Meat Inc. on Monday that will make the plant-based burgers available at all 597 store locations. The Sheetz Beyond Burger can be customized with seven cheese choices, seven bread choices, 20 toppings and 13 spreads, and starts at $6.99. Beyond Meat stock has tumbled 49% over the last three months while the S&P 500 index is up 5.6% for the period.
Shares of Precision BioSciences Inc. are up 13% in premarket trading after it announced positive results from a small Phase 1 clinical trial for its chimeric antigen receptor (CAR) T cell therapy. Precision, which is developing the drug with a not-for-profit French pharmaceutical company Servier, tested the experimental therapy in patients with Non-Hodgkin lymphoma and B-cell acute lymphoblastic leukemia. "These first-in-human data for PBCAR0191 suggest a tolerable safety profile and encouraging early evidence of clinical activity," Dr. Bijal Shah, an oncologist at the Moffitt Cancer Center in Tampa, Fla., and the trial's clinical investigator, said in a news release. Precision went public earlier this year; its stock is up 144% for the last three months. The S&P 500 has gained 5% during the same period.