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Wall Street rallied on Wednesday, boosted by JPMorgan’s first-quarter results, and unexpectedly strong Chinese trade data raised hopes that the world’s second-largest economy was recovering. The Dow Jones industrial average was up 0.90 percent at 17,881.02, the S&P 500 was up 0.76 percent at 2,077.34 and the Nasdaq Composite was up 1.12 percent at 4,926.787.
** JPMORGAN CHASE & CO, $61.91, +4.44 pct
** BANK OF AMERICA CORP, $13.83, +4.22 pct
** GOLDMAN SACHS GROUP INC, $159.49, +3.36 pct
** WELLS FARGO & CO, $49.14, +2.87 pct
** MORGAN STANLEY, $25.56, +3.99 pct
** CITIGROUP INC, $44.29, +5.70 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, $3.865, -4.57 pct
** KINROSS GOLD CORP, $4.4, -1.35 pct
** NEWMONT MINING COPR, $29.7, -3.04 pct
** YAMANA GOLD INC, $4.03, -2.18 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.
** FITBIT INC, $16.95, +11.88 pct
** Garmin LTD, $42.225, +4.47 pct
Raymond James issued a bullish note on Fitbit and Garmin, saying overall, wearable market continues to show signs of healthy growth.
** HARLEY-DAVIDSON INC, $46.5, +3.52 pct
UBS said it expected the motorcycle maker’s March retail sales to beat analysts’ estimates.
** FACEBOOK INC, $107.0772, -3.19 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.
** CLIFFS NATURAL RESOURCES, $4.24, +6.53 pct
** FREEPORT-MCMORAN INC, $11.06, +6.04 pct
U.S. miners rose as zinc hit eight-month peak after Chinese trade data brightened the outlook for demand in the world’s biggest metals consumer, China.
** AK STEEL HOLDING CORP, $4.73, +5.58 pct
** UNITED STATES STEEL CORP, $19.24, +9.19 pct
** ARCELORMITTAL SA, $5.565, +7.23 pct
Steel stocks rose as iron ore surged to nearly $60 a ton, its highest in a month.
** CYBEROPTICS CORP, $11.1087, +16.93 pct
The sensor manufacturer said it expected first-quarter revenue to nearly double to $18.6 million-$19.1 million.
** EMCORE CORP, $5.9, +16.14 pct
The chipmaker said it received a favorable court ruling in a dispute with Japanese electronics manufacturer Sumitomo Electric Industries Ltd.
** MEDIVATION INC, $48.855, +6.83 pct
The drug developer rebuffed a takeover approach from Sanofi SA, Bloomberg reported, citing sources.
** ARROWHEAD PHARMACEUTICALS INC, $5.86, +11.41 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, $1.09, +6.34 pct
Rodman & Renshaw started coverage of the alternative fuel maker’s stock with a “buy” rating and a $3 price target.
** PAIN THERAPEUTICS INC, $2.28, +8.57 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, $13.17, -7.51 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.
** FORESIGHT ENERGY LP, $1.89, +53.66 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.
** SPRINT CORP, $3.405, -2.44 pct
Brokerage Pacific Crest downgraded the wireless carrier’s stock to “underweight” from “sector weight.”
** VERIZON COMMUNICATIONS INC, $51.22, -1.41 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.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $33.32, +4.16 pct
The Canadian drugmaker said it received a notice of default from its bondholders as a result of a delay in filing its annual report.
** OCULUS INNOVATIVE SCIENCES INC, $0.9713, +4.44 pct
European regulators cleared the company’s drug, Sinudox, which treats moistening of cuts, abrasions and lacerations in the nasal cavity.
** MCCORMICK FOODS, $97.13, -1.79 pct
The U.S. spice maker abandoned its pursuit of British food company Premier Foods, refusing to further improve its 1.5 billion pounds ($2.1 billion) takeover proposal in negotiations with Premier. (Reporting by Vishaka George in Bengaluru)