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MarketWatch MarketPulseMay 26, 2020
Pinduoduo stock gets a downgrade after 45% surge in May
U.S.-listed shares of Chinese e-commerce company Pinduoduo Inc. were the subject of a downgrade Sunday following their 45% surge thus far in May and their roughly 100% climb over the past three months. Jefferies analyst Thomas Chong lowered his rating on the stock to hold from buy while upping his price target to $62.50 from $40.30. "We consider that the positives are in the price following better than expected 1Q results," Chong wrote, as the company showed off improvements in its take rate and adoption of its online marketing services following some scaling back of spending due to COVID-19. He thinks the company now faces "high expectations" in the upcoming quarters. Its U.S.-listed shares have roughly doubled over the past three months, as the KraneShares CSI China Internet ETF has lost 0.9% and as the S&P 500 has dropped 5.2%.

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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Regeneron to buy back $5 billion in stock as Sanofi sells part of its stake (MarketWatch MarketPulse)

MarketWatch MarketPulseMay 26, 2020
Hibbett Sports beats consensus estimates amid spike in e-commerce sales during pandemic
Hibbett Sports Inc. posted stronger-than-expected adjusted profit and sales for the first quarter as a steep rise in e-commerce sales helped offset the effect of closed stores during the coronavirus pandemic. The Birmingham, Ala.-based sports retailer said it had a net loss $15.3 million, or 92 cents a share, in the quarter, after income of $27.9 million, or $1.50 a share, in the year-earlier period. Adjusted per-share earnings came to 31 cents, ahead of the 19 cents FactSet consensus. Sales fell 21.4% to $269.8 million from $343.3 million, but were also ahead of the $211 million FactSet consensus. E-commerce sales rose 110.5% and accounted for 22.3% of total sales. "The decline in overall sales was mainly due to the large number of stores that were closed entirely or limited to fulfill e-commerce orders and curbside pick-up which began in March," the company said in a statement. "Hibbett Sports and City Gear stores began to reopen to customer traffic toward the end of April as permitted by the Company's landlords and the communities the company serves." The company ended the quarter with $106.2 million in cash. It has $50 million of debt outstanding and $25 million available under a $75.0 million secured credit facility. The company is not providing guidance given the uncertainty created by the pandemic. Shares were not active premarket, but have fallen 30% in the year to date, while the S&P 500 has fallen 9%.

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.



Yahoo BusinessMay 26, 2020
Sanofi Adds Firepower in Exiting $13 Billion Regeneron Stake
(Bloomberg) -- Sanofi is selling a stake in Regeneron Pharmaceuticals Inc. valued at about $13 billion, giving the French drugmaker more firepower to potentially snap up promising assets in the cancer, gene therapy and rare-disease fields.The Regeneron exit, part of Sanofi Chief Executive Officer Paul Hudson's revamped strategy to focus on fast-growing areas, is sparking speculation he'll hunt for more targets following a deal in December to buy biotech company Synthorx Inc. for $2.5 billion. The transaction will boost Sanofi's war chest to $50 billion, according to Bloomberg Intelligence.Regeneron has agreed to repurchase $5 billion of its stock from Paris-based Sanofi, the companies said on Monday. Regeneron said that Sanofi also plans to sell approximately 12.8 million shares, a holding worth more than $7 billion based on Friday's closing price. That will mark the largest public equity offering in the heath-care industry on record.Setting a new course, Sanofi said in December that it would end its hunt for new diabetes and heart disease medicines, helping save more than $2 billion, as it expands in lucrative areas such as oncology. Sanofi may also look for gene therapy assets targeting rare illnesses in pursuit of deals of less than $5 billion, according to analysts at Citigroup Inc."We believe the proceeds from this transaction will help further our ability to execute on our strategy to drive innovation and growth," Hudson, who took the reins of Sanofi in September, said in a statement.Stock's SurgeSa

Yahoo BusinessMay 26, 2020
Solid Insider Buying Puts These 3 Stocks in Focus
Finding a reliable stock strategy is a key to sanity in this Age of Coronavirus. The pandemic has pushed governments to impost extreme economic shutdown orders, as part of a larger society ‘stay at home' policy. The result has been a stoppage of business, a decline in earnings, and a sudden sharp turn from steady economic growth to a deep recessionary event, perhaps even a Depression. And so, for investors, a reliable stock strategy is both necessary and hard to find.One strategy is to follow the insiders. Insiders are the corporate officers and board members charged with running and overseeing public companies. Their positions give them access to information that's not always available to the general public. To keep the playing field honest, Federal regulators require that insiders publish their trades - and that information can be used by the general public for trading purposes.When the insiders make large purchases, laying down large sums for hefty blocs of shares, it can be taken as a clear sign of confidence. So following their purchases is a viable strategy for finding potentially profitable stock plays.TipRanks has the tools to help you do just that. The Insiders' Hot Stocks page shows which stocks top insiders are most active on, for both purchases and sales. You can sort insider trades by a variety of filters, including trading strategy. We've done some of the legwork for you, and pulled up three stocks with recent informative buy-side transactions. Here are the results.Microchip Technology (MCHP)We'll start in the semiconductor

MarketWatch MarketPulseMay 26, 2020
Macy's to offer $1.1 billion in senior secured notes due 2025
Macy's Inc. said Tuesday it is planning to offer $1.1 billion in senior secured notes that mature in 2025 in a private offering. Proceeds will be used along with cash on hand to repay the company's revolving credit facility. Shares were up 4% premarket but have fallen 69% in the year to date, while the S&P 500 has fallen 9%.

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.



Yahoo BusinessMay 25, 2020
Hong Kong Finance Has a Security Blanket
(Bloomberg Opinion) -- China's decision to impose a national security law on Hong Kong has spurred speculation of capital flight and an erosion of the city's status as an international financial center. As a venue for share offerings, at least, the near-term future is looking bright. For that, the territory can thank worsening U.S.-China relations.U.S.-listed Chinese technology companies are lining up to sell stock in Hong Kong, seeking refuge from an environment that has become increasingly less hospitable. Nasdaq-traded JD.com Inc. and NetEase Inc. are planning secondary listings in the city next month, following a trail blazed by Alibaba Group Holding Ltd. in November. Optimism that more companies will join them drove shares of Hong Kong's exchange operator up more than 6% on Monday.There's every reason to expect these stock offerings to do well, and push Hong Kong back up the rankings of the world's largest fundraising centers. So far this year, the city is the sixth-largest market by capital raised. It topped the table for the whole of 2019 when New York-listed Alibaba sold $13 billion of stock, underscoring the existence of a strong local investor base for China's most successful companies.The reception for Alibaba suggests that Asian institutional investors want to be able to trade China's leading enterprises in their own time zone. JD and NetEase are also among the nation's technology champions. Beijing-based JD competes with Alibaba in e-commerce, while Hangzhou-based NetEase is behind some of the most popular mobile games in China.
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