|Day's Range||2,891.90 - 2,908.40|
|52 Week Range||2,346.58 - 2,940.91|
Blackstone's stock pops after the company announces it its converting from a partnership to a corporation. Yahoo Finance's Seana Smith and Brian Cheung discuss.
The Food and Drug Administration has given Israeli drugmaker Teva Pharmaceuticals Inc. final approval to market the first generic naloxone nasal spray to treat opioid overdose, the agency announced Friday. The spray, currently sold under the brand name Narcan by Emergent BioSolutions Inc. subsidiary Adapt Pharma, is a life-saving medication that can stop or reverse the effects of an opioid overdose. Shares of Teva have lost 6.9% so far this year, while the S&P 500 has gained 15.9%. Shares of Emergent BioSolutions have fallen 10.6%. This marks the first time a generic naloxone nasal spray has been approved for use by people without medical training, though generic injectable naloxone products have been available for years. "In the wake of the opioid crisis, a number of efforts are underway to make this emergency overdose reversal treatment more readily available and more accessible. In addition to this approval of the first generic naloxone nasal spray, moving forward we will prioritize our review of generic drug applications for naloxone," said Douglas Throckmorton, deputy center director for regulatory programs in the FDA's Center for Drug Evaluation and Research, in a statement. The U.S. in the midst of a deadly opioid epidemic. Almost 400,000 people died from opioid overdose between 1999 and 2017, according to the Centers for Disease Control and Prevention.
BlackRock Inc. Chief Exeuctive Larry Fink says that with stocks knocking on the door of record highs, a surge to the upside appears more likely than a market collapse
Do stock-market bulls need a timeout? One chart watcher argues that the rally that’s seen the S&P 500 roar back from the verge of a bear market to the cusp of its all-time highs has left the stock market looking tired.
MARKET EXTRA Major U.S. exchanges will be closed on Good Friday, while the most-watched European markets will be closed on both Good Friday and Easter Monday. Good Friday is a Christian holiday that commemorates the crucifixion of Jesus Christ, while Easter Monday is the Monday following Easter Sunday, which celebrates Christ’s resurrection.
Bears worry about valuations, profit margins, the length of the economic expansion, and the lack of flows. They may be overstating the problem.
For investors, though, it’s a dream come true. The Dow Jones Industrial Average gained 147.24 points, or 0.6%, to close at 26,559.54, while the S&P 500 dipped 0.1% to 2905.03, and the Nasdaq Composite advanced 0.2% to 7998.06. Fears of a looming recession induced panic-selling in December and left investors wondering what had happened.
Under Armour Inc.'s North American president, Jason LaRose, will step down from his role effective April 30, 2019, the athletic company announced in a filing. Patrik Frisk, Under Armour's chief operating officer, will head up the North American business on an interim basis. Under Armour is scheduled to announce first-quarter earnings on May 2 before the opening bell. Under Armour shares have gained 8.2% over the last three months roughly in line with the S&P 500 index , which is up 8.8% for the period.
Cannabis retailer MedMen Enterprises Inc. said Friday it has accepted the resignations of two senior officials. The company said Chief Operating Officer Ben Cook and General Counsel Lisa Sergi who is also a board member, have both resigned from the company. It said it named Ryan Lissak as chief technology officer during its fiscal quarter ended March 30. "The leaders of the operations group will now report directly to the CEO," the company said in a statement. "The leaders of the legal team include Dan Edwards, who will continue in his role of Senior Vice President of Legal Affairs, and report directly to the CEO." MedMen is currently the subject of a lawsuit from its former finance head James Parker, alleging that he was exposed to racial, homophobic and misogynistic epithets and slurs, drug and alcohol abuse and personal humiliation, while at the company.The company has denied all wrongdoing. In March, it was expelled from the New York Medical Cannabis Association over the allegations. Shares have gained 7% in the year to date, while the S&P 500 has gained 16%.
For the entire month of April, the S&P 500 Index (SPX) did not rise or fall more than 1% on any given day. Also intriguing, since March 26, the S&P 500 gapped higher at the open 15 of 17 days. The CBOE Volatility Index (VIX) also has been drifting lower.
U.S. equity funds tracked by EPFR Global took in new money during the week ending April 17, to post the first consecutive weekly inflows since early September. EPFR, a subsidiary of London-based Informa PLC , said the two-week streak coincided with the first consecutive weekly inflows into China equity funds on two months, which may be an indication that investors are banking on hope the two countries will reach a trade agreement. During those two weeks, the S&P 500 has gained 0.9% and the iShares China Large-Cap ETF has advanced 1.3%. Overall, however, EPFR said the global rotation out of equities into bonds continued, as equity funds had outflows of $1.1 billion in the latest week, led by redemptions in developed-markets equity funds, while bond funds took in $7.9 billion.
A recent resurgence for stocks after a more than six-month corrective hiatus has many market participants questioning its durability, with trading volumes holding near the lowest levels of 2019.
Investors are looking for good news on corporate earnings and on the economy, when a deluge of S&P 500 companies report earnings and first quarter GDP is released in the week ahead. Investors are watching U.S.-China trade talks on expectations that a summit will be announced at some point, signaling a pending deal. Earnings season shifts into a higher gear in the week ahead, as investors also watch for fresh economic data that could show that the economy is pulling out of a temporary rut.
Tonix Pharmaceuticals Holding Corp. disclosed Friday that the U.S. Army Medical Material Development Activity (USAMMDA) is exercising its right to "terminate without cause" the research and development agreement with the company. The termination of the agreement, which Tonix and USAMMDA entered in December 2015, is effective April 29. Tonix has two development programs focused on post-traumatic stress disorder (PTSD), and is currently enrolling participants in a phase 3 trial. The stock has gained 8.2% year to date, but has plunged 93% over the past 12 months, while the S&P 500 has gained 16% year to date and advanced 7.9% the past year.
Fastly Inc. has filed Friday for an initial public offering of class A shares. The "edge cloud" platform company, which allows developers to deliver digital experiences "at the edge of the internet," hasn't determined the number of shares it will sell. Fastly will have a dual class share structure, with class A shares entitled to one vote and class B shares entitled to 10 votes. The company has applied to have its class A shares listed on the New York Stock Exchange, under the ticker symbol "FSLY." Fastly recorded a net loss of $30.9 million on revenue of $144.6 million in 2018, after a loss of $32.5 million on revenue of $104.9 million in 2017. The lead underwriters of the IPO are BofA Merrill Lynch, Citigroup and Credit Suisse. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 29% year to date and the S&P 500 has gained 16%.
Here is one analyst’s options strategy that could pay off if stocks fall in the near term but keep rising long term.
Investors have all but abandoned sectors considered defensive in favor of cyclical stocks that perform better during periods of healthy growth.
“Sell in May and go away” is an old, oft-repeated investment saw that no one actually follows. But can an investor actually improve returns simply by following the calendar? The answer might surprise you.
TOKYO (AP) — Global stock indexes were mostly moderately higher in quiet holiday trading on Good Friday as some markets were closed.
Shares edged higher in Japan and Korea, and fluctuated in China, with trading volumes lighter than usual. The yen steadied and Japanese 10-year bond yields rose after the Bank of Japan cut purchases of some longer-dated bonds in a regular operation.
Next week will go a long way in determining whether investors should be concerned about the dawning of an earnings recession or whether back-to-back quarters of negative growth can be avoided in what is the heaviest week for profit reporting by U.S. companies. A wide swath of S&P 500 sectors are scheduled to report next week, with 155 companies representing over $9 trillion in market capitalization in the queue, more than 35 percent of the total for the index. "The focus is going to continue to be on earnings and what the message is and so far the message hasn’t been that great," said Ken Polcari, managing principal at Butcher Joseph Asset Management in New York.