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Wall Street gained on Wednesday as JPMorgan’s results kicked off bank earnings on an upbeat note and strong Chinese trade data raised hopes that the country’s economy was on the mend. The Dow Jones industrial average was up 0.77 percent at 17,858.53, the S&P 500 was up 0.66 percent at 2,075.39 and the Nasdaq Composite was up 1.04 percent at 4,922.871.
** JPMORGAN CHASE & CO, $61.81, +4.27 pct
** BANK OF AMERICA CORP, $13.76, +3.69 pct
** GOLDMAN SACHS GROUP INC, $159.04, +3.07 pct
** WELLS FARGO & CO, $48.87, +2.30 pct
** MORGAN STANLEY, $25.56, +3.99 pct
** CITIGROUP INC, $43.97, +4.94 pct
JPMorgan Chase & Co, the biggest U.S. bank by assets, reported first-quarter revenue and profit that topped analysts’ estimates. Its results boosted shares of other banks.
** HARMONY GOLD MINING COMPANY LTD, $3.91, -3.46 pct
** KINROSS GOLD CORP, $4.405, -1.23 pct
** NEWMONT MINING COPR, $29.77, -2.81 pct
** YAMANA GOLD INC, $4.04, -1.94 pct
The price of gold fell from the previous day’s three-week peak on Wednesday as the dollar surged to a two-week high against the euro, and European share prices jumped after upbeat Chinese trade data allayed concerns over its economy.
** HARLEY-DAVIDSON INC, $46.68, +3.92 pct
UBS said it expected the motorcycle maker’s March retail sales to beat analysts’ estimates.
** FACEBOOK INC, $108.49, -1.92 pct
The tech giant said it has opened up its Messenger app to developers to create “chatbots,” hoping that by simulating one-on-one conversations between users and companies it will expand its reach in customer service and enterprise transactions.
** MEDIVATION INC, $49.41, +8.05 pct
The drug developer rebuffed a takeover approach from Sanofi SA, Bloomberg reported, citing sources.
** ARROWHEAD PHARMACEUTICALS INC, $5.8, +10.27 pct
The drug developer has said it will present promising data on its hepatitis B drug, ARC-520, at the International Liver Congress.
** MAGNEGAS CORP, $1.0972, +7.04 pct
Rodman & Renshaw started coverage of the alternative fuel maker’s stock with a “buy” rating and a $3 price target.
** SPRINT CORP, $3.4, -2.58 pct
Brokerage Pacific Crest downgraded the wireless carrier’s stock to “underweight” from “sector weight.”
** FORESIGHT ENERGY LP, $1.79, +45.53 pct
The coal miner has extended the term of an existing forbearance agreement, which was entered into in December with certain holders of the issuers’ 7.875 pct senior notes.
** PAIN THERAPEUTICS INC, $2.2618, +7.70 pct
The drug developer said the U.S. Food and Drug Administration accepted its marketing application for pain drug Remoxy and will make a decision on the treatment by Sept 25.
** CLOVIS ONCOLOGY INC, $12.8499, -9.76 pct
J.P. Morgan analysts downgraded the cancer drug developer’s stock to “neutral” from “overweight” and slashed its price target to $15 from $42.
** VERIZON COMMUNICATIONS INC, $51.21, -1.42 pct
The No.1 U.S. wireless carrier said its wireline employees launched a strike after unions and management failed to reach an agreement on a new labor contract.
** OCULUS INNOVATIVE SCIENCES INC, $0.96, +3.23 pct
European regulators cleared the company’s drug, Sinudox, which treats moistening of cuts, abrasions and lacerations in the nasal cavity. (Reporting by Vishaka George in Bengaluru; Editing by Anil D’Silva)