(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 ) Wall Street hit a trifecta of records for the third day in a row on Friday as the month-long post-election rally got a boost from healthcare and technology stocks.
The Dow Jones Industrial Average was up 0.34 percent at 19,681.96, the S&P 500 was up 0.33 percent at 2,253.57 and the Nasdaq Composite was up 0.30 percent at 5,433.443.
** COCA-COLA CO, $42.09, +2.71 pct
The beverage giant said that Muhtar Kent would step aside as chief executive next year and be replaced by James Quincey, a company veteran credited with several recent changes to help the company cut its dependence on sugary drinks.
** BIOGEN INC, $293.07, +1.22 pct
Gradually increasing the dose of Biogen’s experimental Alzheimer’s disease drug appeared to reduce the risk of brain swelling compared to higher fixed doses, interim 12-month results from a small study released showed.
Two brokerages raised their price targets.
** AMERICAN AIRLINES GROUP INC, $48.825, +1.61 pct
** UNITED CONTINENTAL HOLDINGS INC, $74.57, +2.52 pct
American Airline said higher average fares per mile have boosted its revenue and profit expectations for the fourth quarter, a day after rival United Continental Holdings also raised its forecasts.
** STILLWATER MINING CO, $17.42, +18.66 pct
** SIBANYE GOLD LTD, $7.345, -12.14 pct
South Africa’s Sibanye Gold said it will pay $2.2 billion, or $18.00 per share in cash, for U.S.-based Stillwater Mining, taking a major step outside its home market.
** BROADCOM LTD, $178.71, +4.69 pct
The chipmaker reported better-than-expected quarterly profit and revenue for at least the eighth quarter in a row and also doubled its quarterly dividend. At least ten brokerages raised their price targets.
** LAS VEGAS SANDS CORP, $55.31, +1.17 pct
** WYNN RESORTS LTD, $91.98, +1.39 pct
** MELCO CROWN ENTERTAINMENT LTD, $16.935, +0.39 pct
** MGM RESORTS INTERNATIONAL, $29.17, +1.82 pct
Macau, the world’s biggest gambling hub, moved on Friday to clarify it had not tightened daily cash withdrawal limits for Chinese gamblers, after fears of a crackdown on illicit money outflows sent shares in casino operators tumbling.
** SYNERGY PHARMACEUTICALS INC, $5.24, -5.42 pct
The drug developer said its experimental once-daily tablet, plecanatide, met the main goal of a late-stage study on irritable bowel syndrome patients with constipation (IBS-C), according to an analysis of preliminary data.
** HORIZON PHARMA PLC, $14.89, -0.93 pct
Mizuho downgraded the drugmaker’s stock to ‘neutral’ from ‘buy’ and cut its target price to $14 from $30. BMO cut its PT to $24 from $29.
The company on Thursday abandoned a study on Actimmune, a drug to treat a rare neuromuscular disorder.
** DULUTH HOLDINGS INC, $28.47, -23.14 pct
The apparel retailer reported lower-than-expected Q3 revenue, hurt by “unusually warm weather” in September and October, and also cut its full-year sales and profit forecasts.
Two brokerages cut their price targets and two downgraded the stock.
** RESTORATION HARDWARE HOLDINGS INC, $32.15, -17.54 pct
The luxury furniture retailer lowered its Q4 and FY 2016 profit outlook citing deeper markdowns and lower-than-expected November sales due to the US election and a delay in getting its source book to customers.
At least three brokerages cut their price targets on the stock.
** FINISAR CORP, $33.43, -2.05 pct
The network equipment maker’s stock reversed course after hitting a near 6-year high following the company’s better-than-expected Q2 revenue and profit on higher sales of products for telecom applications.
As many as 7 brokerages raised their price targets.
** XACTLY CORP, $11.5, -19.86 pct
The company, whose software helps manage incentive compensation, cut its FY 2016 revenue forecast as subscriber growth slowed in the third quarter.
** MICROVISION INC, $1.059, -20.38 pct
The company, maker of the PicoP scanning technology, announced a proposed public offering of common stock.
** SUPERCONDUCTOR TECHNOLOGIES INC, $1.42, -29.70 pct
The company said a public offering of common stock was priced at $1.50 per share with expected total gross proceeds of about $10.2 million.
** 3M CO, $177.9, +1.15 pct
The maker of Scotch tape and Post-it notes announced that it has entered into agreements to sell the identity management business within its Traffic Safety and Security Division, to Gemalto, the world leader in digital security, for $850 million.
** CLEARSIDE BIOMEDICAL INC, $9.27, -19.60 pct
The company filed amended prospecutus saying it expects to offer 4 million shares at $9.00 vs stock’s $11.53 last sale on Thursday.
** SEARS CANADA INC, $9.27, -19.60 pct
The department store operator reported a bigger third-quarter loss as it same-store sales were hit by a lack of attractive financing options due to the termination of a key credit card agreement.
** TETRA TECHNOLOGIES INC, $4.59, -8.38 pct
The oilfield services company’s offering of 19.4 million shares, upsized from 15 million, was priced at $5.15, a 2.3 percent premium to stock’s Thursday close, while 5-year warrants exercise priced at about 12 percent of public offering price.
** HUDSON TECHNOLOGIES INC, $7.39, +0.82 pct
The refrigerant gas maker said its offering of 6.43 million shares was priced at $7 apiece.
** ELI LILLY AND CO, $67.72, +0.79 pct
AstraZeneca will expand its collaboration with Eli Lilly to develop an experimental Alzheimer’s drug, sticking with an approach that has been a mainstay of research despite recent setbacks.
** ATHENE HOLDING LTD, $43.95, +0.00 pct
Shares of fixed annuity service provider Athene, which is backed by private equity firm Apollo Global Management, jumped as much as 11.5 percent in their debut, in the year’s largest financial IPO.
** LAYNE CHRISTENSEN CO, $10.21, -2.20 pct
The construction and drilling company posted lower-than-expected Q3 revenue and bigger-than-expected loss.
** IRIDEX CORP, $14.25, -8.12 pct
The medical device maker said a public offering of 1.15 million shares was priced at $14 per share, a discount of 10 percent to stock’s Thursday close.
** TWENTY-FIRST CENTURY FOX INC, $27.685, -3.33 pct
Rupert Murdoch’s Twenty-First Century Fox has made a $14.1 billion bid for the remaining shares of European pay-TV group Sky Plc that the U.S. company does not already own, the British broadcaster said.
** NORTHSTAR REALTY EUROPE CORP, $12.17, +3.40 pct
A major shareholder of NorthStar Realty Europe has offered to buy the company for $13 per share and is demanding that the real estate investment trust pursue a new asset management contract according to a letter seen by Reuters.
** DAVIDSTEA INC, $7.2, -22.58 pct
The Canadian specialty tea retailer posted a bigger-than-expected Q3 loss, hurt by more promotions and a strong dollar.
** PHILLIPS 66, $87.01, -0.71 pct
U.S. independent oil refiner Phillips 66 said it lowered its capital budget for 2017 by about 25 percent to $2.7 billion.
** SWIFT TRANSPORTATION CO, $24.58, -6.72 pct
The truckload carrier said it expects FY 2016 adjusted profit at lower end of its previous forecast of $1.20-$1.30, hurt by a “challenging” pricing environment.
** EMERGENT BIOSOLUTIONS INC, $33.13, +21.71 pct
The drugmaker sees FY 16 total revenue between $465-$485 million on a continuing operations basis, excluding its Aptevo operations spun off in August this year. (Compiled by Divya Grover in Bengaluru; Edited by Savio D‘Souza and Shounak Dasgupta)