(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, here ; for the Morning News Call newsletter, here ) The S&P and the Dow were lower in early afternoon trading on Wednesday as a seven-day rally in financial stocks fizzled, but gains in technology shares kept the Nasdaq in the positive territory.
The Dow Jones Industrial Average was down 0.44 percent at 18,838.86, the S&P 500 was down 0.32 percent at 2,173.51 and the Nasdaq Composite was up 0.23 percent at 5,287.788.
** SINO-GLOBAL SHIPPING AMERICA LTD, $5.99, +147.52 pct
** GLOBUS MARITIME LTD, $14.01, +183.60 pct
** DRYSHIPS INC, $0, +0.00 pct
** DIANA CONTAINERSHIPS, $16.81, +173.78 pct
Shipping stocks have rallied since Donald Trump emerged as the winner of the U.S. presidential election last week, as investors expect lighter regulation to lead to increased demand for shipping of fuels such as coal.
** TARGET CORP, $76.68, +7.33 pct
The U.S.-based retailer reported a much higher-than-expected quarterly profit after benefiting from a strong back-to-school shopping season and increased online sales, and it gave an optimistic outlook for the all-important holiday period.
** LOWE‘S COS INC, $66.61, -3.53 pct
The No. 2 U.S. home improvement chain reported disappointing quarterly results and tempered its full-year forecast as fewer of its do-it-yourself customers remodeled homes due to an unseasonably hot fall season.
** STEMCELLS INC, $1.44, +34.58 pct
The drug developer said it would sell certain stem and progenitor cell lines for $4 million in cash. The company also said it expects to complete its merger with Israeli privately held company Microbot Medical Ltd on or before Nov. 28.
** FLEXION THERAPEUTICS INC, $18.34, -9.61 pct
The specialty pharma company is offering 3.6 million shares at $18.00, an 11.2 percent discount to the stock’s last sale.
** BANK OF AMERICA, $19.735, -2.11 pct
** CAPITAL ONE FINANCIAL, $79.54, -3.18 pct
** WELLS FARGO CO, $51.43, -2.21 pct
** FIFTH THIRD BANCORP, $24.795, -3.41 pct
Brokerage Baird says the rally in U.S. bank stocks following the U.S. presidential election has largely discounted potential benefits from rising interest rates, lower tax rates, and more aggressive capital return.
** REPROS THERAPEUTICS INC, $1.95, +3.72 pct
Ladenburg Thalmann analysts upgraded their rating on the stock to “buy” from “neutral”, citing positive data from company’s experimental drug, Proellex.
** FOSSIL GROUP INC, $35.33, +7.32 pct
KeyBanc raised its rating on the stock to “overweight” from “sector weight”. The brokerage said reception to the company’s new wearables remains very strong and it can drive $175 million-$225 million in revenue.
** JINKOSOLAR HOLDING CO LTD, $14.45, +5.09 pct
The Chinese solar cell maker’s third-quarter revenue beat analysts’ estimates for the seventh straight quarter as higher solar module shipments offset a fall in average selling prices. The company also raised its full-year solar module shipments forecast to 6.6 GW-6.7 GW from 6 GW-6.5 GW.
** INVITAE CORP, $7.54, -11.61 pct
The genetic test maker commenced a $40 million share offering.
** FRANKLIN FINANCIAL NETWORK INC, $32.95, -8.34 pct
The financial holding company priced its offering of 1.95 million shares at $32/share, an 11 pct discount to the stock’s Tuesday close. The offer represents 18 percent of the company’s 10.76 million shares outstanding.
** ENDOLOGIX INC, $7.525, -23.53 pct
The U.S. Food and Drug Administration requested follow-up data from a study of Endologix’s device to treat a type of aneurysm.
** PDL BIOPHARMA INC, $2.945, -20.83 pct
The drug developer offered five-year $150 million convertible senior notes.
** MCEWEN MINING INC, $2.89, -8.25 pct
** HARMONY GOLD MINING COMPANY LTD, $2.57, -7.55 pct
** GOLD FIELDS LTD, $3.315, -7.14 pct
** IAMGOLD CORP, $3.82, -3.29 pct
** FREEPORT-MCMORAN INC, $13.7, -2.07 pct
Gold has shed more than $100 per ounce from last Wednesday’s post-election high due to a sharp rise in bond yields and burgeoning appetite for risk.
** KINSALE CAPITAL GROUP INC, $26.08, -4.57 pct
The specialty insurer said selling shareholders are offering 3.48 mln shares, representing about 17 percent of the company’s shares outstanding. (Compiled by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)