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Reuters Company NewsApr 18, 2019
GLOBAL MARKETS-Stocks mixed as strong U.S. retail sales offset weak European manufacturing data
* Strong U.S. retail sales boost dollar (Updates to close of U.S. markets)

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Market Snapshot: Stocks close higher as investors digest plethora of earnings, economic data (MarketWatch)

MarketWatch MarketPulseApr 18, 2019
Intuitive Surgical stock falls after earnings miss
Intuitive Surgical Inc. shares dropped in the extended session Thursday after the surgical robot maker's quarterly results fell short of Wall Street estimates. Intuitive Surgical shares fell 7.3% after hours, following a 0.6% gain to close the regular session at $528.06. The company reported first-quarter net income of $306.5 million, or $2.56 a share, compared with $287.6 million, or $2.44 a share, in the year-ago period. Adjusted earnings were $2.61 a share. Revenue rose to $973.7 million from $847.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $2.70 a share on revenue of $975.3 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseApr 18, 2019
Constellation Brands warrants in Canopy Growth changed by deal--but it's still a positive, analyst says
Constellation Brands Inc. shares rallied Thursday, after Canadian cannabis company Canopy Growth Corp. announced a deal that will give it the rights to acquire U.S. multistate operator Acreage Holdings Inc. as soon as the U.S. federal ban on cannabis has been lifted. The deal brings changes to the terms of Constellation's warrants in Canopy, in which it has invested $4 billion, according to Wells Fargo analyst Bonnie Herzog. As part of that deal announced last August, Constellation Brands gained 38% ownership and received warrants that if exercised would raise that stake to above 50%. Herzog wrote in a note to clients that there are four key impacts from the modification of the warrants, three of which are positive and one slightly negative. On the positive side, the deal extends the exercise period for Constellation to five to eight years from three years previously, "suggesting less 'cash out the door'," for the Corona beer distributor. Also positive, the deal does not change Constellation's representation on the Canopy board in the form of four directors. The deal splits the Tranche B warrants into two parts, "75% of total will be exercisable at C$76.68 ($57.31)with the remainder kept at VWAP (volme weighted average price) - High exercise price (vs where CGC is currently trading at C$57.11) reflects STZ's strong confidence in its CGC investment," Herzog wrote. The slight negative is that the deal now caps Constellation's ownership at 50%, she said. "Net/net - We view today's announcement as positive and continue to believe STZ's involvement in cannabis/CGC positions them well to take a leading position in the global alcohol/cannabis industry over the next decade plus," said the analyst. Constellation shares were up 3.6%, and have gained 18% in the last 12 months, while the S&P 500 has gained 7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseApr 18, 2019
Stock market ends holiday-shortened week higher, with Dow within shouting distance of a record
U.S. stocks ended higher Thursday as investors appeared to find optimism in a round of corporate earnings and economic reports, and as a highly anticipated release of a redacted version of an investigation of Russian interference in Trump's 2016 campaign, known as the Mueller report, hasn't yet revealed major surprises.(Markets will be closed in observance of Good Friday). The Dow Jones Industrial Average finished up 110 points, or 0.4%, at 26,559 (on a preliminary basis), the S&P 500 index ended the session 0.2% higher at 2,905, while the Nasdaq Composite Index finished in positive territory but mostly flat at 7,998. For the week, the Dow rose 0.6%, the S&P 500 booked a 0.1% decline, while the Nasdaq rose a slight 0.2%. All three benchmarks are within striking distance of records, with the Dow about 1% shy of its Oct. 3 closing high. Thursday also featured a parade of prominent initial public offerings, including those for Zoom Video Communications Inc. and Pinterest Inc. . On the data front, a report on retail sales showed a rise of 1.6% in March, beating consensus estimates, and the Conference Board's Index of Leading Economic Indicators rose 0.4% in March, indicating a slight uptick in U.S. economic activity from a weak start to 2019. However, the Philadelphia Fed's regional manufacturing index fell to a three-year low of 8.5, below economists expectations of 11. The market took the release of Special Counsel Robert Mueller's report in stride.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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