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 NEWS: MARKETWATCH MARKETPULSE
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   NEWS: MARKETWATCH MARKETPULSE
MarketWatch MarketPulse
Oct 22, 2019

Netflix prices $2.22 billion of its junk bonds
Netflix Inc. said late Tuesday that it had priced $2.22 billion worth of junk bonds. The streaming company is offering €1.1 billion ($1.22 billion) of its 3.625% senior notes due 2030 and $1 billion of its 4.875% senior notes due 2030. Netflix said it plans to use the junk-rated bonds for a range of purposes that includes content, production, develop and potential acquisitions. Netflix stock fell 0.1% in the extended session and closed down 4.1% during regular trading to $266.69.

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 MarketPulse
Oct 22, 2019

Six Flags stock down 5% after company's Q3 profit, revenue miss
Shares of Six Flags Entertainment Corp. fell more than 5% in the extended session Tuesday after the theme-park operator reported third-quarter profit and sales below Wall Street expectations. Six Flags said it earned $200 million, or $2.11 a share, in the quarter, compared with $204 million, or $2.16 a share, in the year-ago quarter. Revenue rose to $621 million from $620 million a year ago. Analysts polled by FactSet had expected earnings of $2.31 a share on sales of $644 million. Attendance grew 3%, but park-goers spent less, Six Flags said. Shares of Six Flags ended the regular trading session down 1.3%.

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 MarketPulse
Oct 22, 2019

IRobot shares dive 16% after lowering guidance
IRobot Corp. shares plunged more than 16% in the extended session Tuesday after it beat earnings and revenue expectations but lowered its holiday quarter guidance, citing U.S. tariffs on robotic vacuum cleaners, among other issues. The robot vacuum maker reported fourth-quarter net income of $35.5 million, or $1.24 a share, compared with $31.9 million, or $1.12 a share, in the year-ago period. Revenue rose to $289.4 million from $264.5 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 52 cents a share on revenue of $259.4 million. For the fourth quarter, analysts model earnings of $1.03 a share on sales of $444 million. IRobot lowered its full-year guidance to earnings of $2.60 to $2.80 a share on sales of $1.2 billion to $1.21 billion. Previously iRobot had expected full-year earnings of $2.40 to $3.15 a share on sales of $1.2 billion to $1.25 billion. In a statement, iRobot Chief Executive Colin Angle said it lowered guidance because of marketing conditions and the company's plans, which include several strategies to moderate the impact of U.S. tariffs on robotic vacuum cleaners. IRobot stock has fallen 36% this year, with the S&P 500 index rising 20%.

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 MarketPulse
Oct 22, 2019

API data show a more than 4 million-barrel weekly rise in U.S. crude supply: sources
The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 4.45 million barrels for the week ended Oct. 18, according to sources. The API report also reportedly showed stockpile declines of 702,000 barrels for gasoline and 3.5 million barrels for distillates. Inventory data from the Energy Information Administration will be released Wednesday. The EIA data are expected to show crude inventories up by 4.7 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 2 million barrels for gasoline and 3 million barrels for distillates. December West Texas Intermediate crude , the new front-month contract, was at $54.22 a barrel in electronic trading, down from the contract's $54.48 settlement on the New York Mercantile Exchange.

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 MarketPulse
Oct 22, 2019

Skechers stock falls after company misses profit views
Shares of Skechers USA Inc. fell 4% in the extended session Tuesday after the footwear maker reported third-quarter GAAP profit below Wall Street expectations and revenue that met the forecasts. Skechers said it earned $103 million, or 67 cents a share, in the quarter, compared with $91 million, or 58 cents a share, in the year-ago quarter. Sales rose 15% to $1.35 billion from $1.18 billion a year ago. Analysts polled by FactSet expected GAAP earnings of 69 cents a share on sales of $1.35 billion. For the fourth quarter, the company said it expects sales between $1.225 billion and $1.250 billion, and EPS between 35 cents and 40 cents. The analysts surveyed by FactSet expect fourth-quarter EPS of 39 cents a share on sales of $1.224 billion. Skechers ended the regular trading day up 1.3%.

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 MarketPulse
Oct 22, 2019

John Donahoe, former EBay, PayPal executive, to become Nike CEO in January
Nike Inc. said late Tuesday Chief Executive Mark Parker will step down in 2020, and its board has appointed board member John J. Donahoe II as president and chief executive officer effective Jan. 13. Donahoe will continue to serve as a board member. Parker will become executive chairman of the board on that date. Donahoe has been a director of the company since June 2014, and has been president and chief executive officer of ServiceNow, Inc. since 2017. Donahoe also serves as a board member of ServiceNow and held executive positions with PayPal Holdings, Inc. and eBay Inc. . Nike shares were flat in the extended session after ending the regular trading day down 0.6%.

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 MarketPulse
Oct 22, 2019

Travelers, McDonald's stocks exact 150--point toll on Dow as broader stock market ends lower amid political clouds
U.S. stock indexes skidded lower into Tuesday's close, amid negative headlines on Brexit and reports related to President Donald Trump's impeachment inquiry. The Dow Jones Industrial Average closed nearly 40 points, or 0.2%, lower at 26,788, with a post-earnings skid for shares of Travelers Cos. Inc. , off $11.76, or 8.3%, and McDonald's Corp. , down $10.58, or 5%, combining to deliver a 151-put headwind to the blue-chip index. Meanwhile, the S&P 500 index closed down 0.4% at 2,996, slipping below a psychologically significant level at 3,000, while the Nasdaq Composite Index finished 0.7% lower at 8,104. All closing levels are on a preliminary basis. The Wall Street Journal and others reported that U.S. diplomat Kurt Volker told the Ukrainian president he needed to convince Trump he was willing to investigate corruption and alleged Ukrainian 2016 election interference against former Vice President Joe Biden and his son, said the paper, citing people familiar with the former envoy's recent testimony to Congress. The disclosures may intensify the Congressional investigation into allegations that Trump withheld federal funds in exchange for a probe into a political rival. Separately, investors focused on on Brexit after U.K. lawmakers endorsed Prime Minister Boris Johnson's plan to leave the EU but voted against a fast-track plan that would have seen the country leave the trade bloc by Oct. 31, increasing some uncertainty around Brexit.

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 MarketPulse
Oct 22, 2019

British pound falls 0.7% against the dollar as Johnson loses vote to fast-track Brexit plan
U.K. Prime Minister Boris Johnson's plan to exit from the European Union appeared less certain on Tuesday, with the British leader losing a vote to fast-track his plan to abandon the European Union by Oct. 31. Johnson lost a program vote to leave the trade bloc 308-322, but won an earlier vote "in principle" for his Brexit plan 329-299. Johnson is expected to go to the European Commission soon to seek an extension but didn't immediately call a snap election as had been feared by some. Johnson had also threatened to pull his plan, which threatened the U.K. crashing out of the EU. The votes on Tuesday come a day after Speaker of the House of Commons John Bercow refused to allow a "straight up-and-down" vote on Brexit because lawmakers voted to delay approving the the vote on Saturday, and parliamentary rules bar the same measure from being considered a second time during a session of parliament unless something has changed. Sterling fell 0.7% against the U.S. dollar, last changing hands at $1.2865 on Tuesday, according to FactSet data. Meanwhile, the FTSE 100 finished the session before the votes up 0.7%. "Traders pushed the sterling on the back of the first vote and then traders quickly took the profit off the table as the second vote came in," wrote Naeem Aslam, chief market analyst at ThinkMarkets U.K., in a Tuesday research note.

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 MarketPulse
Oct 22, 2019

Caterpillar's stock rallies, defying 6-quarter streak of disappointing earnings reports
Caterpillar Inc. investors appear to be tempting fate, as the stock rallied 1.2% in afternoon trading Tuesday, a day ahead of the company's third-quarter earnings report, even though the previous six quarterly results have led to selloffs. The maker of heavy equipment used for mining, agriculture and the energy markets is scheduled to report results before Wednesday's opening bell. The stock has declined on the day of the past six earnings reports, by an average of 5.4%, according to FactSet data. For the third quarter, analysts surveyed by FactSet are expecting, on average, earnings per share to rise to $2.90 from $2.86 and revenue to decline to $13.41 billion from $13.51 billion. The stock has run up 13.5% over the past two weeks, but has slipped 1.0% over the past three months. The Dow Jones Industrial Average , of which Caterpillar is a component, has eased 1.2% the past three months.

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 MarketPulse
Oct 22, 2019

PulteGroup's stock surges toward 13-year high as effort to attract more first-time home buyers worked
Shares of PulteGroup Inc. surged 3.1% toward a 13-year high in afternoon trading Tuesday, after the home builder reported third-quarter profit that fell less than expected, while revenue surprisingly increased. The number of homes delivered during the quarter increased, compared with expectations of a decline, while the number of new orders increased more than expected. On the post-earning conference call with analysts, Chief Executive Ryan Marshall said that while overall U.S. housing demand has been supported by an ongoing economic expansion, "the catalyst for the most recent rise in housing demand has likely been the decline in interest rates" and the impact that has had on affordability. The average interest rate for a 30-year fixed rate mortgage was 3.69% for the week ended Dec. 17, according to Freddie Mac , down from 4.85% around the same time a year ago. The average sales price of homes increased 3% to $491,000, while prices of first-time homes decreased 6% to $340,000, reflecting Pulte's effort to increase entry-level exposure. It worked, as orders from first-time buyers increased 39%. The stock, on track to close at the highest level since April 2006, has soared 51.5% year to date, while the SPDR S&P Homebuilders ETF has rallied 40.5% and the S&P 500 has gained 19.9%.

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.



MarketWatch MarketPulse
Oct 22, 2019

Sterling slips as U.K. parliament approves Boris Johnson's Brexit plan to 329 Votes to 299
U.K. Prime Minister Boris Johnson's plans to exit from the European Union crossed a key hurdle on Tuesday. British lawmakers backed his Brexit deal in a surprising, and narrow, 329-to-299 vote. The vote "in principle" for the Brexit plan isn't the final world on Britain's three-year saga to divorce from the EU trade bloc, but comes after a key setback a day ago. Speaker of the House of Commons John Bercow on Monday refused to allow a "straight up-and-down" vote on Brexit because lawmakers elected to delay approving the the vote on Saturday, and parliamentary rules bar the same measure from being considered a second time during a session of Parliament unless something has changed. Johnson still faces a second vote the government's schedule for debate and possible amendments. The votes come just nine days before Britain's scheduled departure date. Sterling fell 0.1% against the U.S. dollar, last changing hands at $1.2916, according to FactSet data. Meanwhile, the FTSE 100 closed up 0.7% on Tuesday.

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 MarketPulse
Oct 22, 2019

Spotify to give away Google Home Mini speakers to users while supplies last
Spotify Technology S.A. said Tuesday it is giving away Google Home Mini smart speakers to premium individual and family account users, for free, while supplies last. The streaming music service said the give-away starts Tuesday. This year's give-away represents and increase from last year, when Spotify unveiled the offer to only Premium for Family account users. Spotify's stock fell 0.5% in afternoon trading, while shares of Google parent Alphabet Inc. inched up 0.1%. Year to date, Spotify's stock has gained 4.3% while the S&P 500 has run up 20.2%.

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.



MarketWatch MarketPulse
Oct 22, 2019

Curaleaf stock hit by analyst note highlighting difficulty in Florida
Curaleaf Holdings Inc. shares fell 2.1% Tuesday, after a report highlighted difficulties facing the company in the Florida market. MKM analyst Bill Kirk said the number of dispensary locations in the Sunshine State are growing faster than the number of patients and that's bad news for Massachusetts-based Curaleaf because it generates about 59% of its retail sales there. In the week to Oct. 17, locations rose 183% from the year-earlier period, while patient numbers rose just 115%. MKM estimates that 754,335 THC milligram equivalents were sold in the week, marking the worst week in a dataset that started the week of July 18, including the week that was hit by Hurricane Dorian. What's more, "it appears Curaleaf is having a flower supply issue: Curaleaf ounces of flower sold were just 795oz the week of October 17, down from 1,780oz and 2,362oz in the preceding weeks," Kirk wrote in a note to clients. "795oz represents just a 6.6% share of industry flower sold in the period, despite Curaleaf having 14.4% of all dispensary locations." The analyst said comments from customers showed disappointment that the company had no flower to sell, and said he expected the company would struggle to win them back. Kirk rates Curaleaf's Canada-listed stock a sell and has a stock price target of C$5 ($3.8), or 36% below its current trading level.

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 MarketPulse
Oct 22, 2019

Zuckerberg to tell Congress Facebook will delay Libra launch until U.S. regulators approve it
Facebook Chief Executive Mark Zuckerberg plans to tell lawmakers that the company won't be a part of launching its Libra digital currency anywhere in the world until U.S. regulators approve it. Zuckerberg is scheduled to appear Wednesday before the House Financial Services Committee, and also says in prepared testimony that U.S. financial leadership is at risk if companies aren't allowed to innovate. "The rest of the world isn't waiting. China is moving quickly to launch similar ideas in the coming months. Libra will be backed mostly by dollars and I believe it will extend America's financial leadership as well as our democratic values and oversight around the world," he will say.

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 MarketPulse
Oct 22, 2019

Boeing's credit-rating outlook downgraded by S&P Global
S&P Global Ratings on Tuesday lowered its outlook on Boeing Co. debt to negative, from stable, citing possible further delays with the 737 Max's return to service after reports the airplane maker may have misled aviation authorities. S&P Global kept its credit rating on Boeing at A, among the lowest rungs of investment-grade ratings. "The negative outlook reflects that potential lasting damage from the 737 MAX grounding could weaken its competitive position and make it difficult to maintain funds from operations (FFO) to debt above 40% after deliveries resume, absent a more conservative financial policy," S&P Global said. Boeing shares recouped some of their recent losses to gain nearly 3% on Tuesday, a day after being hit by downgrades from two investment banks. Boeing is scheduled to report third-quarter earnings before the bell on Wednesday.

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 MarketPulse
Oct 22, 2019

Polaris Indian motorcycle sales fall, but less than the decline for Harley's Hogs
Polaris Inc. reported third-quarter motorcycle sales that fell more than expected, but they outperformed the declines reported by Harley-Davidson Inc. , leading to Polaris' Indian bikes taking global share from Harley's iconic Hogs. Polaris reported a 3% decline in motorcycle sales to $149.9 million from $155.3 million, compared with the FactSet consensus for an increase to $187.3 million. Although the Indian bike brand lost "a modest amount" of market share in the U.S., international motorcycle sales rose 28%, so the company said global market share for Indian "was up for the quarter." Harley reported third-quarter motorcycle revenue that declined 5.2% to $779.3 million, but beat the FactSet consensus of $749.4 million. Harley said total worldwide retail sales fell 1.2% to 58,522 vehicles, with U.S. sales down 3.6% and international sales up 2.7%. Polaris's stock surged 8.4% in midday trading and Harley shares rallied 6.3%, while the S&P 500 edged up 0.2%.

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.



MarketWatch MarketPulse
Oct 22, 2019

Roku makes ad-tech acquisition of dataxu
Roku Inc. announced Tuesday that it has agreed to purchase dataxu, a Boston-based advertising technology company, for $150 million in cash and stock. The dataxu platform gives marketers the ability to conduct bidding, place self-serve ads, and manage campaigns. Roku said in a release that the deal will give the company the ability to offer marketers one "data-driven software solution to plan, buy, and optimize their ad spend across TV and OTT providers." Shares were off 0.3% in midday trading Tuesday as the S&P 500 was up 0.2%. Roku's stock has vastly outperformed the S&P 500 this year, rising 332% over 2019, compared with a 20% gain for the index.

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 MarketPulse
Oct 22, 2019

Roku to acquire video-ad bidding software company Dataxu for $150 million
Roku Inc. said Tuesday it will buy video-ad bidding company Dataxu for $150 million in cash and stock. Boston-based Dataxu makes software that lets marketers manage ad campaigns across digital platforms. Roku said it expects the deal to close in the fourth quarter and plans to provide more information on its third-quarter earnings call scheduled for Nov. 6. Roku shares were up less than 0.1% at $133.06 in recent trading, and are up 335% year to date.

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 MarketPulse
Oct 22, 2019

Biogen's stock surge increases value of recent stock repurchased by over $700 million
Biogen Inc. did a good job buying low, as the biotechnology company's stock rally on Tuesday has boosted the value of the shares repurchased over the past six months by about $708.6 million. The company said it bought back 3.1 million shares for a total value of approximately $718 million, which implies an average price paid of $231.61 per share. With the stock soaring 27% to $283.45, after the company said it would pursue regulatory approval of its treatment for Alzheimer's disease and following a big earnings beat, it would now take $878.7 million to buy back 3.1 million shares, or about $161.7 million more than Biogen paid. During the second quarter, the company had bought 10.4 million shares for about $2.4 billion, implying an average price paid of $230.77 per share. At current prices, it would cost $2.95 billion to buyback 10.4 million shares. The stock had plunged in March after the company said it would discontinue Phase 3 trials of its Alzheimer's drug. The stock has still lost 5.6% year to date, while the Dow Jones Industrial Average has gained 15.2%.

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.



MarketWatch MarketPulse
Oct 22, 2019

Reports of problems accessing Twitter's microblogging site jump Tuesday morning
Social-media site Twitter Inc. was briefly down Tuesday morning and its shares also were sliding, as users attempting to access the platform were confronting difficulties. There were some 15,700 reports of problems getting on to Twitter after 10 a.m. Eastern Time, according to site-tracker Downdetector.com. Twitter appeared to be running normally, however, as of 10:30 a.m. A digital map on that tracking site indicated Twitter outages had been reported along the Northeast of the U.S. and in parts of Europe. Shares of Twitter were down 1.9% Tuesday late-morning but have gained 37% so far in 2019.

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 MarketPulse
Oct 22, 2019

Stocks of earnings reporters are cutting the Dow's price by a combined 77 points
Shares of companies that reported third-quarter earnings are acting as a drag on the Dow Jones Industrial Average , with Travelers Companies Inc.'s stock doing the most damage. The insurer's stock fell $10.75, or 7.6%, after a profit miss, to shave 73 points off the Dow's price. The biggest Dow boost was Procter & Gamble Co.'s stock , which rose $4.60, or 3.9%, after profit and sales beat expectations, to add about 31 points to the Dow. McDonald's Corp. shares shed $6.51, or 3.1%, after profit and revenue missed expectations, to lower the Dow by 44 points, and United Technologies Corp.'s stock tacked on $1.38, or 1.0%, after an earnings beat and raised guidance to add 9 points to the Dow. The Dow fell 10 points, or less than 0.1%, in morning trading.

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 MarketPulse
Oct 22, 2019

Starbucks Delivers expands to 16 U.S. markets
Starbucks Corp. announced that it is expanding its delivery service to Atlanta, Denver, Phoenix, Philadelphia, and New Jersey. It's also making the service available to more parts of the New York City metro area. Starbucks has partnered with Uber Eats since late 2018 on the delivery service. Starbucks aims to make delivery available nationally in early 2020. Delivery is also available in markets around the world including China, the U.K., Vietnam and Canada. Starbucks stock is up 43.6% for the past year while the S&P 500 index has gained 9.2% for the period.

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 MarketPulse
Oct 22, 2019

Stocks trade mixed at market open as third-quarter earnings pour in
U.S. stocks mostly edged higher at the start of trade Tuesday as investors parsed a bevy of third-quarter earnings reports and continued to monitor developments in U.S.-China trade negotiations. The Dow Jones Industrial Average fell about 5 points, or less than 0.1% to 26,824, the S&P 500 index added roughly 3 points, or 0.1% to 3,009 and the Nasdaq Composite index advanced 22 points, or 0.3% to about 8,186. The Dow's advance was held back by declines in McDonald's Corp. shares after the fast-food retailer reported profits that fell more than analysts expected and Travelers Cos. Inc.'s stock , which declined 7.5% on third-quarter earnings that also fell more than analysts hoped. The blue-chip index was supported, however, by advances in United Technologies Corp. shares , which beat estimates for earnings and revenue and Proctor & Gamble Co. shares , which rose about 4% after issuing third-quarter results. On the trade front, U.S. Trade Rep. Robert Lighthizer said that the Trump administration aims to wrap up "phase one" trade talks with China by the middle of next month.

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 MarketPulse
Oct 22, 2019

EA stock falls after Barclays downgrade
Shares of Electronic Arts Inc. are off 1.3% in premarket trading Tuesday after Barclays analysts Deepak Mathivanan and Mario Lu cut their rating on the stock to equal weight from overweight, writing that the bulk of earnings-per-share growth next year is expected to come from buybacks and not business fundamentals. "After a string of disappointing results from the last 'Star Wars' title, 'Battlefield V,' and 'Anthem,' we think investors will need to see a couple of successful title releases before EA's multiple reverts back to its historical mean," the analysts wrote in a note to clients. They lowered their price target on the stock to $99 from $104. EA shares have gained 8.7% over the past three months, while the S&P 500 has risen 0.7%.

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 MarketPulse
Oct 22, 2019

Verizon to offer Disney to offer all wireless unlimited customers for a year for free
Verizon Communications Inc. said Tuesday that it will offer 12 months of Walt Disney Co.'s new streaming video service Disney to all Verizon wireless unlimited customers for free. Disney , which launches on Nov. 12, will also be offered to Verizon's new Fios Home Internet and 5G Home Internet customers for 12 months. Verizon's stock rose 0.4% in premarket trading and fellow Dow Jones Industrial Average component Disney climbed 2.2%. Over the past three months, Verizon shares have rallied 9.5% and Disneys' stock has lost 7.5%, while the Dow has slipped 1.3%.

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 MarketPulse
Oct 22, 2019

Report: Johnson may pull EU withdrawal bill if MPs reject timetable and EU offers extension
Prime Minister Boris Johnson may pull the bill to withdraw from the European Union if MPs reject a timetable that will be voted on Tuesday and the EU offers an extension, Sky News reported, citing an unnamed source at 10 Downing Street. The pound traded at $1.2908, down 0.4%.

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 MarketPulse
Oct 22, 2019

Dropbox stock gets a boost after Instinet turns bullish
Shares of Dropbox Inc. are up 3.8% in premarket trading Tuesday after Instinet's Christopher Eberle upgraded the cloud storage stock to buy from neutral. "We believe we are nearing an inflection in revenue after six quarters of deceleration as a public company coupled with attractive valuation," he wrote, with the stock trading at 18 times 2020 estimates for adjusted free cash flow. Eberle expects that Dropbox will give more disclosure around key metrics including annual recurring revenue in the next few months. He sees upside to fourth-quarter estimates "as price increases have taken hold with manageable levels of churn." Eberle boosted his price target by a buck, to $25 from $24. Dropbox shares have struggled as of late, sinking 23% over the past three months compared with a 0.7% rise for the S&P 500 in that span.

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 MarketPulse
Oct 22, 2019

Software company Cision to be acquired by Platinum Equity in cash deal valued at $2.74 billion
Cision Ltd. shares soared more than 17% in premarket trade Tuesday, after the company said it has agreed to be acquired by private-equity firm Platinum Equity in a cash deal valued at about $2.74 billion. The software company, which specializes in PR and marketing professionals, said shareholders will receive $10 a share in cash, equal to a 34% premium over 60-day volume-weighted average price ended on October 21, 2019. The deal must be approved by shareholders but affiliates of GTCR that own about 34% of outstanding shares have agreed to vote in favor of the deal. The transaction is expected to close in the first quarter of 2020. Cision has a "go-shop" period that extends to Nov. 12 under which is may seek a superior bid. "This transaction will provide shareholders with immediate and substantial cash value, while also providing us with a partner that shares in our commitment to customers and employees and can add strategic and operational value," Cision Chief Executive Kevin Akeroyd said in a statement. Cision shares have fallen 28% in 2019, while the S&P 500 has gained 20%.

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 MarketPulse
Oct 22, 2019

Bristol-Myers shares surge almost 5% premarket after positive results in lung-cancer trial
Bristol-Myers Squibb Co. shares rose almost 5% in premarket Tuesday, after the company reported positive results in a trial of a treatment for lung cancer. Princeton, N.J.-based Bristol-Myers said the phase 3 trial evaluating opdivo plus low-dose yervoy combined with chemotherapy met its primary endpoint of superior overall survival compared with chemotherapy alone in treating patients with non-small cell lung cancer. The trial called Checkmate -9LA aimed to treat the most common type of lung cancer, which accounts for about 85% of diagnoses. Bristol-Myers said it will present the results at a coming meeting and share them with the regulatory authorities. Shares have gained 2.4% in 2019, while the S&P 500 has gained 20%.

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 MarketPulse
Oct 22, 2019

Coty's problems won't be solved by selling the professional beauty business, analysts say
Coty Inc. will still have problems, even if it does decide to sell off the professional beauty and Brazilian businesses, Wells Fargo analysts say. Coty announced on Monday that it was exploring strategic options for these businesses, which could include a divestiture. Revenue for these businesses is expected to be $2.7 billion for the year. "However, selling off the businesses won't change Coty's ongoing challenges in consumer beauty, and we still view Coty, excluding professional beauty, as a structurally disadvantaged portfolio versus peers," Wells Fargo said. Still analysts say the announcement is positive, and maintained their market perform stock rating. Analysts raised its price target to $11 from $10. D.A. Davidson also raised its price target, to $13 from $10.50. Analysts maintained their neutral stock rating. "Coty has relatively complete portfolios of prestige fragrance and mass color brands, but with its newly-stated strategic objective, we expect the company, once deleveraged, to pursue acquisitions of prestige color and prestige skin care brands," analysts led by Linda Bolton Weiser wrote. Coty stock inched down 0.7% in Tuesday premarket trading, but shares are up 75% for the year to date. The S&P 500 index is up 20% for 2019 so far.

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 MarketPulse
Oct 22, 2019

Biogen's stock soars toward record rally, set to add nearly $17 billion to market cap
Shares of Biogen Inc. soared 40.5% on heavy volume toward a record gain in premarket trading Tuesday, after the biotechnology company said it will pursue FDA approval of its Alzheimer's treatment aducanumab after upbeat trial results and reported a third-quarter profit that was well above expectations. Trading volume was about 1.4 million shares, compared with the full-day average of 1.8 million shares. The stock's biggest one-day gain since going public in September 1991 was 27.5% on April 20, 1999. The implied price gain ahead of the open would add about $16.7 billion to Biogen's market capitalization. Biogen's stock had tumbled 29.2% over the past 12 months through Monday, while the S&P 500 had gained 9.1%.

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MarketWatch MarketPulse
Oct 22, 2019

Michaels gives interim CEO the permanent job
The Michaels Companies Inc. said Tuesday that it had tapped its interim chief executive to take on that role permanently. Mark Cosby had been serving in the interim chief executive position since February 2019 and had stints at Office Depot Inc. , CVS Health Corp.'s Caremark, and Macy's Inc. prior to joining the crafts retailer. "The search committee conducted an exhaustive evaluation of many outstanding candidates and unanimously concluded that Mark brings the right strategic vision and operating skill to lead Michaels into a new chapter," Chairman James Quella said in a release. Michaels shares were inactive in premarket trading. The stock has tumbled 27% so far this year, while the S&P 500 has gained 20%.

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MarketWatch MarketPulse
Oct 22, 2019

UPDATE: Harley-Davidson shares up 6.6% premarket after earnings beat
Harley-Davidson Inc. shares extended their premarket gains to 6.6% Tuesday, after the company beat profit and revenue estimates for the third quarter. The Milwaukee-based motorbike maker said it had net income of $86.6 million, or 55 cents a share, in the quarter, down from $113.9 million, or 68 cents a share, in the year-earlier period. Adjusted per-share earnings came to 70 cents, ahead of the 66 cents FactSet consensus. Revenue fell to $1.069 billion from $1.124 billion, ahead of the $1.037 billion FactSet consensus. U.S. retail sales fell 3.6%, while international retail sales were up 2.7%. The company said it's aiming to expand to 4 million total riders in the U.S. and to grow international business to 50% of motorcycle revenue, launch 100 new high impact motorcycles and to do it profitably and sustainably. The company still expects full-year motorcycle shipments of about 212,000 to 217,000. Shares have gained 8.7% in 2019, while the S&P 500 has gained 20%.

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MarketWatch MarketPulse
Oct 22, 2019

Biogen's stock rockets after earnings beat, Alzheimer's treatment heads for regulatory approval process
Shares of Biogen Inc. rocketed 39% in very active premarket trading Tuesday, after the biotechnology company reported third-quarter profit and revenue that beat expectations and said it would pursue regulatory approval of its Alzheimer's treatment. Net income rose to $1.55 billion, or $8.39 a share, from $1.44 billion, or $7.15 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS rose to $9.17 from $7.40 to beat the FactSet consensus of $8.28. Revenue grew 5% to $3.60 billion, above the FactSet consensus of $3.54 billion. Revenue for Tecfidera, Biogen's biggest seller, increased 3% to $1.12 billion to match expectations. Earlier, the company said a phase 3 trial of aducanumab, an investigational treatment for Alzheimer's, met its primary endpoint, and as a result, the company said it will pursue regulatory approval. The stock has lost 25.7% year to date through Monday, while the S&P 500 has climbed 19.9%.

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MarketWatch MarketPulse
Oct 22, 2019

Kimberly-Clark earnings beat expectations
Kimberly-Clark Corp. reported third-quarter net income of $671 million, or $1.94 per share, up from $451 million, or $1.29 per share, for the same period last year. Adjusted EPS of $1.84 beat the $1.80 FactSet consensus. Sales of $4.64 billion was up from $4.58 billion last year but just below the $4.65 billion FactSet consensus. Kimberly-Clark expects full-year 2019 EPS of $5.75 to $6.00 and adjusted EPS of $6.75 to $6.90. FactSet is guiding for adjusted EPS of $6.83. Sales are expected to be down slightly year-over-year. Kimberly-Clark shares edged down nearly 1% in Tuesday premarket trading, but have gained nearly 31% over the past year. The S&P 500 index is up 9.1% for the last 12 months.

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MarketWatch MarketPulse
Oct 22, 2019

Lockheed Martin beats on earnings and boosts guidance, dividend; stock slips
Shares of Lockheed Martin Corp. slipped 0.7% in premarket trading Tuesday, although the aerospace company and defense contractor reported third-quarter earnings that beat expectation and increased its profit outlook, dividend and stock repurchase program. Net income rose to $1.61 billion, or $5.66 a share, from $1.96 billion, or $5.14 a share, in the year-earlier period, which beat the FactSet EPS consensus of $5.02. Sales grew 6% to $15.17 billion, above the FactSet consensus of $14.87 billion, as aeronautics sales increased 9.5% to $6.18 billion to top expectations of $6.00 billion. The company said it now expects 2019 EPS of approximately $21.55, compared with previous guidance of $20.85 to $21.15. Lockheed raised its quarterly dividend to $2.40 a share from $2.20 a share, starting in the fourth quarter, and boosted its share repurchase program by $1 billion to leave $3.3 billion in its current program. The stock has soared 42.9% year to date through Monday, while the Dow Jones Industrial Average has gained 15.0%.

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MarketWatch MarketPulse
Oct 22, 2019

Continental to take 2.5 billion euro charge on view auto production won't improve
Brake system and tire maker Continental AG said it's going to take a 2.5 billion euro ($2.8 billion) charge in the third quarter, on the planning assumption there will not be a material improvement in global light vehicle production during the upcoming five-year period. Continental said a significant portion of the impairment are attributable to acquisitions made before 2008. Continental said while the impairment will hit earnings, it's not expected to have a material impact on its setting of the dividend, and said preliminary third-quarter results have met analyst expectations.

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MarketWatch MarketPulse
Oct 22, 2019

Pizza Hut testing round pizza boxes and plant-based Incogmeato topping
Pizza Hut said Tuesday that it is testing a round pizza box and plant-based Italian sausage topping, made by the MorningStar Farms Incogmeato brand in Phoenix. Pizza Hut is part of the Yum Brands Inc. portfolio, and Morningstar Farms is part of the Kellogg Co. roster of brands. The round pizza box uses less overall packaging and is compostable. Following the test, Pizza Hut will look to roll out the box "in the near future." Pizza Hut, which partnered with a sustainability company called Zune to create the round box, says it was two years in the making. The Garden Specialty Pizza will not only be topped with Incogmeato, but also onions, peppers, and mushrooms. This is the second item to come from the Pizza Hut/Kellogg partnership, following the launch last month of the Stuffed Cheez-It pizza. The Garden Specialty Pizza served in the round box will be available in-store only priced at $10 with proceeds going to a local sustainability organization, Arizona Forward. Yum Brands stock has gained 22.2% for the year to date, Kellogg stock is up 9.6%, and the S&P 500 index has rallied nearly 20% for the period.

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MarketWatch MarketPulse
Oct 22, 2019

Hasbro's stock tumbles after profit, revenue miss expectations
Shares of Hasbro Inc. tumbled 9.6% in premarket trading Tuesday, after the toymaker reported third-quarter profit and revenue that missed expectations, as weakness in franchise brands and trade uncertainty offset strength in partner brands. Net income fell to $212.9 million, or $1.67 cents a share, from $263.9 million, or $2.06 a share, in the year-ago period. Excluding non-recurring items, such as a loss on a hedge of the British pound as part of the Entertainment One Ltd. acquisition, adjusted earnings per share came to $1.84, below the FactSet consensus of $2.21. Revenue edged up to $1.58 billion from $1.57 billion, missing the FactSet consensus of $1.72 billion. Franchise revenue fell 8% to $779.7 million, below the FactSet consensus of $899.0 million, while partner brands grew 40% to $427.0 million to beat expectations of $375.0 million. "Hasbro's global teams are executing within a dynamic trade environment that is impacting the timing of revenues, driving incremental expenses and putting upward pressure on our underlying tax rate," said Chief Financial Officer Deborah Thomas. Hasbro's stock has rallied 10.7% over the past three months through Monday while the S&P 500 has gained 0.7%.

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MarketWatch MarketPulse
Oct 22, 2019

Workday stock rises after another upgrade
Shares of Workday Inc. are up 2.5% in premarket trading Tuesday after Evercore ISI analyst Kirk Materne upgraded the stock to outperform from in line. He has a $215 target price on the stock. "We may be a bit early on this call but believe that the long-term risk/reward at current levels is attractive for one of the best [software-as-a-service] franchises in the software universe," he wrote. In particular, he said that expectations for Workday's financials product are now at a more reasonable level that reflects the time it will take for businesses to migrate to cloud-based financial systems. "In our view, we believe that adding planning and analytics to the broader financial offering will prove to be key over the long-term, and the opportunity in this market is still significant," Materne said. Workday got an upgrade from Goldman Sachs as well earlier in October, but the stock took a tumble after Workday's analyst day last week, when management highlighted a slowdown in the company's human-capital management product. The stock is off 12% over the past month, as the S&P 500 has risen 0.5%. Materne also turned bullish on Anaplan Inc. shares Tuesday while moving to the sidelines on SolarWinds Corp. and Intuit Inc. .

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MarketWatch MarketPulse
Oct 22, 2019

JetBlue shares fall premarket as earnings beat but airline offers soft guidance
JetBlue Airways Corp. said Tuesday it had net income of $187 million, or 63 cents a share, in the third quarter, up from $50 million, or 16 cents a share, in the year-earlier period. Adjusted per-share earnings came to 59 cents, ahead of the 51 cents FactSet consensus. Revenue rose to $2.086 billion from $2.008 billion, just ahead of the $2.076 billion FactSet consensus. Revenue per available seat mile (RASM) fell 0.9%, while operating expenses per available seat mile, excluding fuel (CASM ex-fuel) rose 0.3%. Chief executive Joanna Geraghty said the company's operational improvements more than offset the impact of hurricane Dorian and runway construction in Fort Lauderdale and JFK. "Our Latin and Caribbean franchise was impacted by disruption in multiple markets. We saw challenges begin earlier this year, but ramped significantly through the summer. We've taken quick action and are redeploying capacity to manage demand in the impacted markets," she said in a statement. The airline is now expecting fourth-quarter RASM to fall 3.5% to 0.5%. Shares fell 1.3% in premarket trade but have gained 9% in 2019, while the S&P 500 has gained 20%.

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MarketWatch MarketPulse
Oct 22, 2019

P&G stock jumps after earnings and sales beat expectations
Procter & Gamble Co. stock jumped 4.3% in Tuesday premarket trading after the consumer products company reported fiscal first-quarter earnings and sales that beat expectations. Net income totaled $3.59 billion, or $1.36 per share, up from $3.20 billion, or $1.22 per share, last year. Adjusted EPS was $1.37, well ahead of the $1.24 per share FactSet consensus. Sales of $17.80 billion were up from $16.69 billion for the previous period and ahead of the $17.45 billion FactSet guidance. P&G said it had "disproportionate growth" in the skin and personal care group, with premium brands like SK-II. For fiscal 2020, P&G revised its forecast to sales growth of 3% to 5% from growth of 3% to 4%. EPS is expected to grow 225% to 243% with the comparison period "significantly depressed" by the Gillette Shave Care impairment adjustments in fiscal 2019. P&G now expects adjusted EPS growth for fiscal 2020 in the range of 5% to 10% versus previous guidance for 4% to 9% growth. The company expects to repurchase $6 billion to $8 billion in fiscal 2020 and pay more than $7.5 billion in dividends. P&G stock has rallied 37.5% over the past year while the Dow Jones Industrial Average is up 6% for the period.

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MarketWatch MarketPulse
Oct 22, 2019

UPS stock falls after profit beats, but revenue comes up shy
Shares of United Parcel Service Inc. turned down 1.8% in premarket trading Tuesday, after the package delivery giant reported a third-quarter profit that rose above expectations, but revenue came up a bit shy. Net income increased to $1.75 billion, or $2.01 a share, from $1.51 billion, or $1.73 a share, in the year-ago period. Excluding non-recurring items, adjusted EPS came to $2.07, above the FactSet consensus of $2.06. Revenue grew to $18.32 billion from $17.44 billion, just below the FactSet consensus of $18.35 billion. Domestic revenue rose to $11.46 billion from $11.44 billion to beat the FactSet consensus of $11.30 billion, while international revenue edged up to $3.49 billion from $3.48 billion but missed expectations of $3.54 billion. UPS affirmed its 2019 adjusted EPS guidance range of $7.45 to $7.75. The stock has run up 14.0% over the past three months, while the Dow Jones Transportation Average has inched up 0.3% and the Dow Jones Industrial Average has slipped 1.3%.

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MarketWatch MarketPulse
Oct 22, 2019

Travelers stock falls after earnings miss
Shares of The Travelers Cos. Inc. were off 0.4% in premarket trading Tuesday after the insurer saw earnings decline and fall short of expectations. The company reported third-quarter net income of $396 million, or $1.50 a share, compared with $709 million, or $2.62 a share, in the year-prior period. Adjusted net income dropped to $378 million, or $1.43 a share, from $687 million, or $2.54 a share, in the year-earlier quarter. Analysts surveyed by FactSet were expecting $2.35 in adjusted EPS. Travelers attributed the drop in adjusted income to unfavorable prior-year reserve development in the third quarter, which was impacted by an "increasingly challenging tort environment." Total revenue climbed to $8.01 billion from $7.72 billion. Net written premiums climbed 7% to $7.57 billion. The stock has risen 19% so far this year, while the Dow Jones Industrial Average , of which Travelers is a component, has climbed 15%.

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MarketWatch MarketPulse
Oct 22, 2019

United Tech shares up 1.9% premarket after earnings beat, company raises adjusted EPS guidance
United Technologies Corp. shares rose 1.9% in premarket trade Tuesday, after the aerospace and industrial company beat earnings estimates for the third quarter. The company said it had net income of $1.148 billion, or $1.33 a share, in the quarter, down from $1.238 billion, or $1.54 a share, in the year-earlier period. Adjusted per-share earnings came to $2.21, ahead of the $2.03 FactSet consensus. Sales rose to $19.496 billion from $16.510 billion, also ahead of the $19.325 billion FactSet consensus. "Our strong performance through the first three quarters gives us confidence in the improved adjusted EPS range of $8.05 to $8.15 and free cash flow range of $5.3 to $5.7 billion for the year," Chief Executive Gregory Hayes said in a statement. The adjusted EPS range compares with prior guidance of $7.90 to $8.05. "Continued strength at Collins Aerospace, including the integration of Rockwell Collins, and a lower tax rate are expected to more than offset softness we are seeing at Carrier." The company tweaked its full-year sales range, however, to $76.0 billion to $76.5 billion, compared with prior guidance of $75.5 billion to $77.0 billion. Shares have gained 30% in 2019, while the Dow Jones Industrial Average , which counts United Tech as a member, has gained 15%.

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MarketWatch MarketPulse
Oct 22, 2019

Under Armour names Patrik Frisk CEO, succeeding CEO and founder Kevin Plank
Under Armour Inc. announced Tuesday that Patrik Frisk, the company's chief operating officer, has been named chief executive, effective Jan. 1, 2020, succeeding CEO and founder Kevin Plank. Plank will become executive chairman and brand chief and continue to lead the board, focused on team culture and "product elevation." Frisk joined the company in 2017 after serving as CEO of footwear company The Aldo Group. Plank founded Under Armour in 1996. Under Armour stock rose 1.3% in premarket trading, and is up 13.7% for the year to date. The S&P 500 index is up 20% for the period.

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MarketWatch MarketPulse
Oct 22, 2019

Harley-Davidson shares up 2.2% premarket after earnings beat
Harley-Davidson Inc. shares rose 2.2% in premarket trade Tuesday, after the company beat profit and revenue estimates for the third quarter. The Milwaukee-based motorbike maker said it had net income of $86.6 million, or 55 cents a share, in the quarter, down from $113.9 million, or 68 cents a share, in the year-earlier period. Adjusted per-share earnings came to 70 cents, ahead of the 66 cents FactSet consensus. Revenue fell to $1.069 billion from $1.124 billion, ahead of the $1.037 billion FactSet consensus. U.S. retail sales fell 3.6%, while international retail sales were up 2.7%. The company said it's aiming to expand to 4 million total riders in the U.S. and to grow international business 50% of revenue, launch 100 new high impact motorcycles and to do it profitably and sustainably. The company still expects full-year motorcycle shipments of about 212,000 to 217,000. Shares have gained 8.7% in 2019, while the S&P 500 has gained 20%.

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MarketWatch MarketPulse
Oct 22, 2019

Hasbro's stock falls after profit, revenue miss expectations
Shares of Hasbro Inc. sank 7% in premarket trading Tuesday, after the toymaker reported third-quarter profit and revenue that missed expectations, as weakness in franchise brands and trade uncertainty offset strength in partner brands. Net income fell to $212.9 million, or $1.67 cents a share, from $263.9 million, or $2.06 a share, in the year-ago period. Excluding non-recurring items, such as a loss on a hedge of the British pound as part of the Entertainment One Ltd. acquisition, adjusted earnings per share came to $1.84, below the FactSet consensus of $2.21. Revenue edged up to $1.58 billion from $1.57 billion, missing the FactSet consensus of $1.72 billion. Franchise revenue fell 8% to $779.7 million, below the FactSet consensus of $899.0 million, while partner brands grew 40% to $427.0 million to beat expectations of $375.0 million. "Hasbro's global teams are executing within a dynamic trade environment that is impacting the timing of revenues, driving incremental expenses and putting upward pressure on our underlying tax rate," said Chief Financial Officer Deborah Thomas. Hasbro's stock has rallied 10.7% over the past three months through Monday while the S&P 500 has gained 0.7%.

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MarketWatch MarketPulse
Oct 22, 2019

Biogen says it will pursue FDA approval of early Alzheimer's drug
Biogen said it will pursue regulatory approval for aducanumab, an investigational treatment for early Alzheimer's disease after consulting with the U.S. Food and Drug Administration. A Phase 3 trial met its primary endpoint showing a significant reduction in clinical decline, and Biogen believes that results from a subset of patients in the study who received sufficient exposure to high dose aducanumab support the finding. The decision to file is based on a new analysis, conducted by Biogen in consultation with the FDA, of a larger dataset from the Phase 3 clinical studies that were discontinued in March 2019 following a futility analysis.

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MarketWatch MarketPulse
Oct 22, 2019

China's Harbin weighing bid for GNC, Bloomberg reports
Harbin Pharmaceutical Group is considering a bid to buy U.S. vitamin retailer GNC Holdings , Bloomberg News reported, citing people with knowledge of the matter. Harbin is an investor in GNC, which has lost more than half its value over the last year.

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MarketWatch MarketPulse
Oct 22, 2019

Centene reports profit growth that edges past consensus
Centene , the health insurer, said third-quarter net income rose to $95 million, or 23 cents a share, from $19 million, or 5 cents a share, with revenue climbing to $18.98 billion from $16.18 billion on growth from the Health Insurance Marketplace business. Adjusted for various items, Centene said it would've earned 96 cents a share. Analysts polled by FactSet expected earnings of 95 cents a share on revenue of $18.47 billion. The health benefits ratio, a measure of medical costs as a percentage of premium revenues, rose to 88.2% from 86.3%.

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MarketWatch MarketPulse
Oct 22, 2019

Just Eat rejects 710 pence a share offer from Prosus
Just Eat said it's rejected the 710 pence a share bid from Prosus that was announced earlier on Tuesday. "The Board of Just Eat has considered the terms of the Prosus Offer and believes that it significantly undervalues Just Eat and its attractive assets and prospects both on a standalone basis and as part of the proposed recommended all-share combination with Takeaway.com," the company said. Just Eat said it had rejected earlier indicative bids from Prosus, and that it's provided due-diligence information to Prosus.

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MarketWatch MarketPulse
Oct 22, 2019

Prosus launches rival, 4.9 billion pound bid for Just Eat
Prosus on Tuesday announced a rival bid for the U.K. based food delivery service Just Eat , offering 4.9 billion pounds ($6.35 billion), or 710 pence a share, in cash. Prosus said it's a premium of 20% to the bid from Takeaway.com , based on the Oct. 21 close. Prosus and the Just Eat board have not managed to reach agreement, the company said. Just Eat shares jumped 21% to 715 pence.

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MarketWatch MarketPulse
Oct 21, 2019

Howard Hughes stock tanks after CEO replaced, 'transformation plan' underway
Shares of Howard Hughes Corp. fell more than 18% in the extended session Monday after the real-estate company announced a "transformation plan" and its board appointed Paul Layne the company's new chief executive, replacing David R. Weinreb. Howard Hughes plans to sell about $2 billion worth of assets in the next 12 to 18 months and cut overhead by $45 million to $50 million by 2021, among other goals. The goal is to create "a lean, focused, decentralized organization built around the company's core master-planned communities," Howard Hughes said in a statement. Shares ended the regular trading day up 2%.

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MarketWatch MarketPulse
Oct 21, 2019

Cadence Design stock rises on earnings beat
Cadence Design Systems Inc. shares rose in the extended session Monday after the chip-design software company topped Wall Street estimates for the quarter. Cadence shares rose 3.7% after hours, following a 1.8% rise in the regular session to close at $66.75. The company reported third-quarter net income of $101.5 million, or 36 cents a share, compared with $99.3 million, or 35 cents a share, in the year-ago period. Adjusted earnings were 54 cents a share. Revenue rose to $579.6 million from $532.5 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of 51 cents on revenue of $576.1 million. Cadence expects adjusted earnings of 52 cents to 54 cents on revenue of $590 million to $600 million for the fourth quarter, while analysts had forecast earnings of 52 cents a share on revenue of $591.9 million.

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MarketWatch MarketPulse
Oct 21, 2019

Del Taco stock sinks after company cuts guidance, misses quarterly expectations
Shares of Del Taco Restaurants Inc. fell more than 8% in the extended session Monday after the fast-food company posted an adjusted per-share profit below expectations and trimmed its guidance. Del Taco said it lost $7.7 million, or 21 cents a share, versus earnings of $5.9 million, or 15 cents a share, in the fiscal third quarter of 2018. Adjusted for one-time items, Del Taco earned $3.7 million, or 10 cents a share, compared with $6 million, or 15 cents a share, a year ago. Revenue rose 2% to $120.2 million. Analysts polled by FactSet had expected the company to report adjusted earnings of 14 cents a share on sales of $119 million. The outlook for 2019 was revised to "reflect (the company's) performance year-to-date and more conservative expectations for the 16-week fiscal fourth quarter," Del Taco said in a statement. Del Taco said it expects 2019 sales between $512 million and $515 million, down from a previous expectation of sales between $517 million and $527 million. The company called for adjusted per-share earnings between 44 cents and 47 cents, from a previous guidance of adjusted EPS between 47 cents and 52 cents. Shares of Del Taco ended the regular trading day up 2.9%.

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MarketWatch MarketPulse
Oct 21, 2019

TD Ameritrade stock rises after earnings beat
TD Ameritrade Holding Corp. shares gained more than 1% in the extended session Monday after the company beat sell-side expectations for earnings and revenue. The company eliminated the fees for most of its online trading activity earlier this month, which will eat into the company's revenue, TD Ameritrade has previously said. The financial services company reported fiscal fourth-quarter net income of $551 million, or a dollar a share, compared with $454 million, or 80 cents a share, in the year-ago period. Adjusted for items such as amortization of acquired intangible assets, earnings were $1.05 a share. Revenue rose to $1.56 billion from $1.4 billion in the year-ago period. The company has previously warned investors that it expects a reduction in quarterly revenue of $220 million to $240 million, or 15% to 16% of sales, because it is eliminating commissions for online exchange-listed stock, exchange traded funds, and options trades. "Earnings are expected to decline in the first quarter of fiscal year 2020, but with a stronger competitive position, we expect to see stronger organic growth," chief financial officer Steve Boyle said in a statement. Analysts surveyed by FactSet had estimated adjusted earnings of 98 cents a share on revenue of $1.47 billion. For the fiscal first quarter, analysts model adjusted earnings of 71 cents a share on sales of $1.25 billion. TD Ameritrade stock has fallen 23% this year, with the S&P 500 index rising 19.1%.

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MarketWatch MarketPulse
Oct 21, 2019

Stamps.com lands deal with UPS, stock shoots more than 15% higher in after-hours trading
Stamps.com Inc. shares jumped more than 15% in after-hours trading Monday following the announcement of a deal with United Parcel Service Inc. The arrangement gives users of Stamps.com's at-home printing services discounted shipping rates as part of a new Digital Access Program for UPS. It was part of a broad range of new partnerships and tech initiatives that UPS announced after the markets closed Monday. "This new collaboration with UPS will make UPS shipping services available to Stamps.com's customers at attractive discounts of up to 55 percent off daily rates, including various waived surcharges," UPS stated in its announcement. Stamps.com could use the boost toward the end of a rough 2019, which started with a gigantic stock dive after the company declined to extend its exclusive partnership with the U.S. Postal Service in order to look for deals with other shippers. Stamps.com stock had declined more than 50% this year through Monday's regular trading session, which ended with shares up 0.7% at $76.13; after the partnership was announced, shares were trading for $88 and higher in the extended session.

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MarketWatch MarketPulse
Oct 21, 2019

S&P 500 logs first finish above 3000 in a month as stocks broadly rise; Dow's gain capped by Boeing
U.S. stock indexes finished mostly higher Monday but the Dow's ascent was capped by a sharp decline in shares of component Boeing Co. The Dow Jones Industrial Average closed up 57 points, or 0.2%, at 26,828, with gains for the blue-chip index limited by a 3.8% decline in shares of Boeing , which produced a roughly 90-point drag on the index. Meanwhile, the S&P 500 index advanced 0.7% to 3,007, marking its highest finish since Sept. 21 and its first close above the psychologically significant level at 3,000 since that date, according to FactSet data. The Nasdaq Composite Index ended the session up 0.9% at 8,163. All closing levels for the stock-market indexes are on a preliminary basis. Shares of Boeing sank for a third straight session as the Wall Street Journal reported that Congress was intensifying scrutiny of the plane maker as new details pointed to undue management pressure on employees and allegations suggested that officials knew of problems with its 737 MAX jet before the plane got approval to fly. Monday's trading action came as investors were digesting mostly upbeat reports on Sino-American trade talks and corporate quarterly results, which were coming in better than expected. Meanwhile, the 10-year Treasury note yield rose 4.7 basis points to a four-week high of 1.794%, reflecting a so-call risk-on environment.

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MarketWatch MarketPulse
Oct 21, 2019

SoftBank looks to take control of WeWork: report
SoftBank Group Corp. plans to take control of WeWork following the company's aborted initial public offering plans, according to a report Monday. Softbank, which already owns a significant stake in WeWork parent We Co., plans to spend $4 billion to $5 billion on new equity and existing shares, according to a CNBC report. The deal would value WeWork at $7.5 billion to $8 billion and could be announced as soon as Tuesday, according to CNBC. We Co. cancelled its IPO plans at the end of September.

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Oct 21, 2019

Senators ask SEC, FBI to probe Trump 'chaos trades'
A group of 14 Democratic senators is asking federal agencies including the Securities and Exchange Commission and the Federal Bureau of Investigation to probe possible market manipulation timed to President Donald Trump's comments on trade talks with China and other events. Senators including Jack Reed of Rhode Island wrote to the SEC and other agencies in the wake of a Vanity Fair report that traders may have made more than a billion dollars in potential profits from suspicious market bets timed to futures trades and statements or actions from Trump. The article delved into what it called the Trump "chaos trades." The senators ask the agencies to investigate whether any rules were broken and to hold violators accountable to the fullest possible extent.

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Oct 21, 2019

Teva shares jump about 10% on news of settlement with four states in opioid litigation
Teva Pharmaceutical Industries Ltd. shares jumped 9.7% in afternoon trade Monday, after the Israeli generics company said it has reached a settlement with a group of attorneys general from North Carolina, Pennsylvania, Tennessee and Texas, along with defendants, to resolve litigation relating to opioid cases. Under the terms of the agreement, Teva will donate 10-years worth of buprenorphine naloxone (sublingual tablets), valued at about $23 billion at wholesale level. The drug is the main treatment for opioid addiction. The company will further provide a cash payment of up to $250 million over 10 years. Earlier, Teva was part of a group of companies that unveiled a settlement agreement with counties in Ohio with Teva agreeing to provide $25 million of naloxone over a three-year period and to pay $20 million in cash. Shares have fallen 47% in 2019, while the S&P 500 has gained about 20%.

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Oct 21, 2019

Destination Maternity files for chapter 11 bankruptcy
Destination Maternity Corp. filed for chapter 11 bankruptcy protection on Monday in the U.S. Bankruptcy Court for the district of Delaware. According to The Wall Street Journal, the retailer listed $260 million in assets and $240 million in debts. Shares of Destination Maternity, which were trading at about 19 cents Monday afternoon, have sunk more than 95% over the past year. The S&P 500 index is up 8.6% during the period. On the September 17 earnings call, Interim Chief Executive Lisa Glaves said second quarter revenue and earnings "fell well short of expectations," and same-store sales had fallen 10.5%. That morning, the board initiated a review of strategic alternatives, which could include a sale of the company.

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Oct 21, 2019

Dunkin' launching Beyond Meat sandwich to more than 9,000 U.S. locations on Nov. 6
Dunkin' Brands Group Inc. said Monday that it will expand the Beyond Meat Inc. plant-based sausage sandwich to more than 9,000 U.S. locations starting on Nov. 6. Dunkin' introduced the Beyond Sausage Sandwich exclusively in Manhattan in July. Dunkin' says it quickly became a top seller. Dunkin' has more than 12,900 restaurants across 43 countries. On Nov. 8 and Nov. 9, Dunkin' will offer free samples of the sandwich while supplies last. Dunkin' stock has gained nearly 19% for the year to date, while the S&P 500 index is up 19.7% for the period.

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Oct 21, 2019

U.K. House Speaker Bercow rejects government bid to hold a new Brexit vote
U.K. House of Commons Speaker John Bercow said Monday afternoon that Prime Minister Boris Johnson cannot hold a new Brexit vote, saying it "would be repetitive and disorderly," according to media reports. A Parliamentary vote on the deal failed to get off the ground on Saturday, which forced the Prime Minister to send a letter to the EU asking for a three-month Brexit delay. Johnson, who is opposed to any delay, was going to attempt to win parliamentary approval for his plan on Monday as the Oct. 31 Brexit deadline draws nearer. The pound eased off slightly after that news, while the FTSE 100 was unchanged.

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Oct 21, 2019

Boeing gets downgraded by Credit Suisse; 'indefensible' after new scandal
Boeing Co. got yet another downgrade Monday, with analysts at Credit Suisse saying they can "no longer defend the shares in light of the latest discoveries," which "significantly increase the risk profile for investors." Boeing reportedly knew about problems with the anti-stalling system linked to the 737 Max's two deadly crashes before the plane was certified. The jet family's return to service could be blocked "as the messages may shatter the fragile trust between regulators and (Boeing)," Credit Suisse said in a note. The internal messages that surfaced "may further undermine public confidence in the aircraft," Credit Suisse said. The analysts cut their rating on Boeing stock to their equivalent of hold from sell and cut their price target to $323 from $416. Analysts at UBS also cut their rating and price target on Boeing stock. Boeing shares dropped to their lowest in three months, and are down five out of six sessions. The stock has gained 2% this year, compared with gains of 15% for the Dow Jones Industrial Average . Boeing is a Dow component.

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Oct 21, 2019

PetMed's stock rockets toward biggest gain in 17 years after earnings beat
Shares of PetMed Express Inc. rocketed 29% toward an 11-month high in active morning trading Monday, after the pet pharmacy reported fiscal second-quarter profit and sales that fell less than expected, as growth in re-order sales offset a decline in new order sales. The stock was on track for the biggest one-day gain since it ran up 30.6% on Oct. 10, 2002. Net income for the quarter to Sept. 30 fell to $6.7 million, or 33 cents a share, from $3.1 million, or 52 cents a share, in the year-ago period, to beat the FactSet earnings-per-share consensus of 26 cents. Sales declined 2.0% to $69.9 million, but topped the FactSet consensus of $69.7 million, as re-order sales grew 1.4% to $61.9 million and new order sales tumbled 22% to $8.1 million. The company added 98,000 new customers during the quarter, down from 117,000 last year, while advertising costs of acquiring a customer rose to $49 from $45. The stock has soared 54.3% over the past three months, while the S&P 500 has edged up 0.7%.

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Oct 21, 2019

Infosys stock slammed after it says it has received whistleblower complaints alleging unethical practices
U.S.-listed shares of Indian IT and outsourcing company Infosys fell 12% Monday, after the company said it has received anonymous whistleblower complaints alleging unethical practices. "These have been placed before the Audit Committee as per the Company's practice and will be dealt with in accordance with the Company's whistleblower policy which can be found at" https://www.infosys.com/investors/corporate-governance/Documents/whistleblower-policy.pdf, the company said in a statement. The statement came after a report in India's The Economic Times that an anonymous group had sent letters to the company's board and to the U.S. Securities and Exchange Commission alleging the company was using unethical means to boost short-term earnings. The group said it has emails and voice recordings to substantiate their claims. Infosys ADRs have fallen 2% in 2019, while the S&P 500 has gained 19%.

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Oct 21, 2019

Dow transports surge as Kansas City Southern's stock extends record rally
The Dow Jones Transportation Average surged 1.4% in morning trading Monday, and is now outperforming the Dow Jones Industrial Average this year, as Kansas City Southern's stock shot up toward a fifth-straight record close. The Dow transports are now up 16.1% year to date, while the Dow industrials, which is up 21 points, or 0.1%, in morning trading, has gained 14.9% this year. Kansas City Southern's stock climbed 1.5%, after running up 7.3% on Friday, after the railroad operator reported third-quarter profit and revenue that rose above expectations. The shares have run up 12% amid a five-day win streak, and have shot up 54.3% this year.

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Oct 21, 2019

Seattle Genetics stock soars 15% on positive trial of breast cancer treatment
Seattle Genetics Inc. shares soared 15% Monday, after the company announced positive results in a trial of a treatment for breast cancer. Bothell, Wash.-based Seattle Genetics said the trial of tucatinib in locally advanced or metastatic HER2-positive breast cancer met its primary endpoint of progression-free survival. Patients were treated with tucatinib in combination with trastuzumab and capecitabine to trastuzumab and capecitabine alone. The trial also met its secondary endpoints. "Based on these findings, we plan to unblind the trial and offer tucatinib to patients on the control arm," Chief Medical Officer Roger Dansey said in a statement. The company is also planning to submit a New Drug Application to the FDA in the first quarter of 2020, he said. HER2-positive breast cancer is an aggressive form of the disease that affects 15% to 20% of cases worldwide. The trial is expected to enroll about 460 patients in North America, Europe and Asia. Leerink analysts said the trial is another win for Seattle Genetics and a "near best-case scenario." They reiterated their outperform rating on the stock. Shares have gained 76% in 2019, while the S&P 500 has gained 19%.

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Oct 21, 2019

HPE stock gets a boost after Bank of America double upgrade
Bank of America analyst Wamsi Mohan upgraded shares of Hewlett-Packard Enterprise Co. two notches on Monday, to buy from underperform, arguing that the company is showing structural improvements in its business trends. The company is sporting better free-cash flow with fewer one-time items and is also lessening its reliance on Tier 1 server sales, Mohan wrote. "Management is focused on driving some top line growth, despite weaker macro," he said. "This growth would be a result of a combination of management's strategic shift to higher-growth segments of the market including high-performance compute (HPC), HyperConverged infrastructure (HCI) and Intelligent Edge (IE)." Mohan upped his target price to $19 from $13. Shares are up 3.9% in Monday morning trading, and they've gained 10.5% over the past month. The S&P 500 has gained 0.4% in that time.

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Oct 21, 2019

Stocks rise at market open on renewed trade optimism
U.S. stocks rose at the start of trade Monday after China's top trade negotiator, Vice Premier Liu He said over the weekend that the U.S. and China had made "substantial progress" toward a so-called "phase-one" trade deal that investors hope will remove the threat of higher U.S. tariffs on Chinese imports set to go into effect in December. The Dow Jones Industrial Average rose 27 points, or 0.1% to roughly 26,799, the S&P 500 index advanced about 14 points, or 0.5% to 3,000 and the Nasdaq Composite index rose 51 points, or 0.6% about 8,140. Investors were also eyeing developments in the ongoing Brexit saga, after U.K. Prime Minister Boris Johnson was forced to ask the European Union for a three-month extension to the Oct. 31 deadline for leaving the trade bloc. Third-quarter earnings season continues, with 130 S&P 500 companies set to report this week. About two dozen companies in the index have reported quarterly results so far, with an above-average 83.6% surpassing analysts earnings-per-share forecasts.

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Oct 21, 2019

Boeing's stock sinks after UBS backs away from bullish stance, slashes price target
Shares of Boeing Co. sank 3.1% in premarket trading Monday, after UBS backed away from its 14-month-long bullish stance on the aerospace giant, citing recent reports over the company's role in disclosing safety concerns regarding the 737 Max planes. Analyst Myles Walton cut his rating to neutral, after being at buy since August 2018, and slashed his price target to $375 from $470. "Our working thesis has been that the failures on the 737MAX development by the company centered on fault intolerant design compounded by poor assumptions of pilot response," Walton wrote in a note to clients. "We now have to append that assessment further based on source material provided to Congress and the FAA on Friday that reinforces the perception of and heightens the potential of incomplete disclosure, which inherently puts more money/trust & time at stake." Boeing's stock had tumbled 6.8% on Friday after Reuters reported the company may have misled federal authorities about the safety of the 737 Max, which has been grounded since March following two deadly crashes. The Wall Street Journal reported over the weekend that employees felt pressure regarding safety approvals. The stock has shed 8.8% over the past three months through Friday, while the Dow Jones Industrial Average has slipped 1.4%.

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Oct 21, 2019

Netflix plans $2 billion bond offering to finance content, production and potential deals
Streaming giant Netflix Inc. said Monday it is planning a $2 billion bond offering as it seeks to raise the funds to finance content acquisition, production and development and potential acquisitions, among other factors. The company said it is planning to issue bonds in dollars and euros. The company's most active bonds, the 5.875% notes that mature in November of 2028, traded Friday a yield spread of 271 basis points over comparable Treasurys, according to MarketAxess. Shares were down 0.9% in premarket trade, but are up 2.9% in 2019, while the S&P 500 has gained 19%.

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Oct 21, 2019

IBM stock drops after UBS downgrade
UBS analyst Munjal Shah cut his rating on International Business Machines Corp. shares to neutral from buy on Monday, writing that he believes it will be hard for the company to sustainably reach mid-single-digit revenue growth. For next year, he argues that challenges for IBM's legacy businesses will "somewhat offset" the growth that stems from the beginning of the mainframe cycle as well as IBM's recently completed Red Hat deal. "The following year (2021) should be even more challenging with greater revenue pressure due to tough Year 2 mainframe compare and lower incremental Red Hat contribution," Shah wrote. He lowered his target price to $140 from $170 on the stock, which is off 0.7% in premarket trading Monday. The stock has shed 10% over the past three months, as the Dow Jones Industrial Average has fallen 1.4%.

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Oct 21, 2019

UPDATE: Apple target price boosted to Street-high target at Raymond James
Raymond James analyst Chris Caso became more bullish on Apple Inc. shares on Monday, boosting his target price to $280 from $250 while maintaining an outperform rating. Caso sees "more stable near-term conditions" for Apple, including encouraging iPhone 11 channel checks. His new target is the highest listed on FactSet. Amid reports that the company plans to launch a new low-end SE model early next year, Caso argues that Apple will be able to "create a bridge to the 5G cycle," which will "continue to squeeze shares higher," in his view. "We increasingly view the 5G opportunity as a two-year cycle, with 5G representing an estimated 40% of mix in the fall 2020 cycle, growing to the vast majority in the 2021 cycle," Caso wrote of his longer-term expectations. Apple shares are up 0.6% in premarket trading Monday. The stock has risen 17% over the past three months, as the Dow Jones Industrial Average has dropped 1.4%.

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Oct 21, 2019

Industrial company NN Inc. to eliminate dividend, cut capex in cost-cutting effort
Diversified industrial company NN Inc. said Monday it is planning to eliminate its quarterly dividend, reduce capital spending and streamline facilities as part of a cost-cutting effort aimed at paying down debt and supporting growth. Charlotte, North Carolina-based NN said it expects to generate annualized savings of about $32 million. The company is expecting the cost cuts to be fully realized by the second quarter of 2020. "We are focused on carefully evaluating each of our businesses to determine where we can further streamline costs and allocate our capital more strategically and efficiently to ensure that we have the flexibility to continue to de-lever while also making investments that have the highest potential return," Chief Financial Officer Tom DeByle said in a statement. The company is also planning to refinance senior credit facilities to extend the tenor and provide additional liquidity to execute on its plans. Shares were not yet active premarket, but have gained 13% in 2019, while the S&P 500 has gained 19%.

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Oct 21, 2019

Boeing's stock extends selloff, could cut 58 points off the Dow's price
Shares of Boeing Co. dropped 2.5% in premarket trading Monday, putting them on track to be the biggest drag on the Dow Jones Industrial Average for a second straight session, after reports surfaced that employees felt pressured regarding safety-related approvals of the 737 Max planes. The implied price decline would shave about 58 points off the Dow's price, while Dow futures rose 41 points. The stock had tumbled 6.8% on Friday, the biggest one-day selloff since February 2016, after Reuters reported that the company may have misled federal authorities about the safety of the 737 Max, which has been grounded since March after two deadly crashes. Boeing is scheduled to report third-quarter results early Wednesday.

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Oct 21, 2019

Walmart brand breakfast meat recalled due to potential salmonella contamination
George's Prepared Foods, a Tennessee meat business, is recalling 6,444 pounds of ready-to-eat pork and turkey sausage patty products sold under the Walmart Inc. Great Value brand, according to the U.S. Department of Agriculture. The recall is due to a potential salmonella contamination. The products were produced on April 19, April 27, May 7 and May 9 of this year. There have been no confirmed reports of illness from eating these products. Consumers who purchased the products are urged to throw them away or return them. Walmart stock has gained nearly 28% for the year to date while the Dow Jones Industrial Average is up 14.8% for the period.

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Oct 21, 2019

Opko and Pfizer announce positive results in late-stage trial of human growth hormone treatment
Opko Health Inc. shares soared 21% in premarket trade Monday, while Pfizer Inc. shares rose 0.6%, after the companies announced positive results in a late-stage trial of a human growth hormone treatment for children with growth hormone deficiency, or GHD. The companies said the phase 3 trial evaluating somatrogon dosed once a week in pre-pubertal children with GHD met its primary endpoint of non-inferiority to daily GENOTROPIN(R) (somatropin) for injection, as measured by annual height velocity at 12 months. The trial involved 224 children around the world. GHD is a rare disease in which the pituitary gland does not secrete adequate amounts of growth hormone, affecting height and delaying puberty. The condition affects about 4,000 to 10,000 people. Opko and Pfizer are collaborating in developing the treatment, with Opko conducting the clinical program and Pfizer responsible for selling the product. Opko shares have fallen 30% in 2019 through Friday, while the S&P 500 has gained 19%.

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Oct 21, 2019

Pinterest stock rises after RBC turns bullish
Shares of Pinterest Inc. are up 3.2% in premarket trading Monday after RBC analyst Mark Mahaney upgraded the stock to outperform from sector perform. He's optimistic about the stock since the lockup on shares expired last week. "Our analysis of 60-plus tech IPOs since 2017 shows lockup periods have generally acted as a significant overhang leading up to the expiration (median 3-month prior return: -11%), with performance improving thereafter (median 3-month after return: 8%)," Mahaney wrote. He's also upbeat about new advertising strategies and the company's opportunity to close the monetization gap with other social-media names with generate higher per-user revenue than Pinterest. Mahaney boosted his target price to $35 from $30. Shares are off 16% over the past month as the S&P 500 has lost 0.2%. Mahaney's upgrade is at least the second over the past week, with Pivotal Research Group also turning bullish on the stock a few days back.

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Oct 21, 2019

Coty to explore strategic options for its professional beauty business, shares rise
Coty Inc. stock rose 5.8% in Monday premarket trading after the beauty company announced it will explore strategic alternatives for its professional beauty business. Coty's professional beauty business includes the OPI, Clairol and Wella brands. The move is part of the company's turnaround plan, and an effort to focus on the fragrance, cosmetics and skin care business, Coty said in a statement. Coty is also considering the options for its Brazilian operations, including a divestiture. The entire scope of business under consideration is expected to generate $2.7 billion in 2019 revenue. The company expects to use the proceeds from any transaction to pay down debt, with the excess going back to shareholders. There is no change to the company's guidance for operating margin between 14% to 16% by fiscal 2023. Coty stock has rallied 54.3% for the year to date, but is down nearly 4% for the last year. The S&P 500 index has gained nearly 8% for the past 12 months.

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Oct 21, 2019

Bank of America says Merrill Edge platform will offer commission-free online stock, ETF and options trading
Bank of America said Monday its Merrill Edge Self-Directed platform will expands its offer of zero-dollar online trading, offering unlimited commission-free stock, exchange-traded fund and options trading. About 87% of trades on the platform were already commission-free through benefits offered to members of the company's Preferred Rewards program, the company said in a statement. The news comes after Charles Schwab Corp. announced that it would offer fully commission-free trades to its clients, prompting other online discount brokerages to follow suit. Bank of America said clients that are not enrolled in the rewards program will receive flat-trade pricing of $2.95 for online stock and ETF trades, down from $6.95. Bank of America shares rose 0.9% in premarket trade, and have gained 23% in 2019, while the S&P 500 has gained 19%.

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Oct 21, 2019

Saks Fifth Avenue parent Hudson's Bay Co. to be taken private for C$10.30 per share
Hudson's Bay Co. said Monday that it will be taken private by a group of shareholders for C$10.30, about a 62% premium to the department store company's closing share price on the Toronto Stock Exchange on June 7, 2019. That was the last day before the initial proposal to go private. The price is a 9% increase over the initial proposal of C$9.45 per share. Hudson's Bay's portfolio includes Saks Fifth Avenue. In August, the company announced that it was selling its Lord & Taylor brand to a clothing rental subscription company, Le Tote, for $100 million. That came after the company shuttered or sold some of the store's locations, including the iconic Fifth Avenue Lord & Taylor shop. The company reported a sales miss in its most recent earnings. Hudson's Bay expects to hold a special meeting in December 2019. Shares are up 29.6% for the year to date while the S&P 500 index has gained 19.1% for the period.

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Oct 21, 2019

McKesson, Cardinal Health, Amerisource Bergen and Teva stocks all fall after settling with Ohio counties on opioid suit
Shares of McKesson Corp. , Cardinal Health Inc. , AmerisourceBergen Corp. and Teva Pharmaceutical Industries Ltd. all fell in premarket trading Monday, after the drug companies reached a last-minute settlement with two Ohio counties in opioid litigation, according to a report in The Wall Street Journal. The report, which cited people familiar with the matter, said the settlements come just in time to avoid a trial. Walgreens Boosts Alliance Inc. , which is also in litigation on its role in the opioid crisis, had not yet reached a deal by Monday morning, the WSJ report said. The settlement still falls short of a more comprehensive deal being negotiated to resolve thousands of opioid lawsuits. Shares of McKesson slid 2.2% ahead of the open, Cardinal Health fell 1.5%, AmerisourceBergen shed 1.8% and Teva dropped 4.0%, while futures for the S&P 500 rose 8 points, or 0.3%. Walgreens's stock slipped 0.6% premarket.

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Oct 21, 2019

McDermott's stock rockets after new $1.7 billion financing deal
Shares of McDermott International Inc. rocketed 31% in premarket trading Monday, after the provider of technology, engineering and construction services to the energy industry announced an agreement on $1.7 billion in new financing. Under terms of the agreement, the company will have immediate access to $650 million in financing, including $550 million available under a term loan and a $100 million letter of credit facility. McDermott said it expects to use the new financing for working capital and to support the issuance of required performance guarantees on new projects. The new financing comes after reports surfaced that the struggling company was in talks to restructure its balance sheet. "This new credit agreement is a continued signal from our lenders that they support McDermott, our underlying business, growth strategy and ability to achieve a long-term balance sheet solution," said Chief Executive David Dickson. Separately, the company said it was withdrawing its previously stated 2019 financial guidance. The stock has plunged 77.5% over the past three months, while the SPDR Energy Select Sector ETF has lost 9.1% and the S&P 500 has ticked up 0.3%.

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Oct 21, 2019

Dominion Energy says Brookfield to take 25% interest in Cove Point for over $2 billion
Dominion Energy Inc. said Monday it has agreed to transfer a 25% non-controlling equity interest in Cove Point to Brookfield Super-Core Infrastructure Partners, an infrastructure fund managed by Brookfield Asset Management Inc., for just over $2 billion in cash. Cove Point owns a liquefied natural gas import, export and storage facility located in Chesapeake Bay in Lusby, Md. The deal is part of Dominion's plan to establish a permanent capital structure for Cove Point, which has a 136-mile pipeline that connects the facility with the interstate pipeline system. The facility provides services to clients in the U.S., India and Japan. The deal has an implied enterprise value of $8.22 billion, said Dominion, excluding working capital. Proceeds will be used to reduce annual common equity financing and for general corporate purposes. The deal is expected to close by year-end. Dominion shares were not yet active premarket, but have gained 15% in 2019, while the S&P 500 has gained 19%.

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Oct 21, 2019

Kennametal warns of revenue 'well below' expectations, slashed outlook
Shares of Kennametal Inc. plunged 15% in premarket trading Monday, after the industrial technology company warned Monday that fiscal first-quarter revenue would fall well more than expected and slashed its full-year outlook, citing further slowing in the general engineering, energy and transportation markets. The company expects to report revenue of $518 million down 12% from $587 million a year ago, and below the FactSet consensus of $547 million. For fiscal 2020, the company cut its adjusted earnings-per-share guidance range to $1.70 to $2.10 from $2.80 to $3.20, compared with the the FactSet consensus of $2.81, and revised its organic sales growth outlook to negative 9% to negative 5% from negative 2% to positive 2%. "Our first quarter results are well below our expectations as market conditions deteriorated more significantly than we anticipated across all regions, and primarily in the general engineering, energy and transportation end markets," said chief Executive Christopher Rossi. The company is projected to report results at or around the end of the month. The stock has dropped 10.2% over the past three months, while Dow Jones Industrial Average has slipped 1.4%.

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Oct 21, 2019

Canopy Growth to provide medical cannabis to Luxembourg and UK
Canadian cannabis company Canopy Growth Corp. said MOnday it has become the exclusive supplier of medical cannabis to Luxembourg in a deal that extends through Dec. 31, 2021. Luxembourg launched a medical cannabis program by decriminalizing it for patients with severe unmet needs in 2018. The Duchy is also expected to fully legalize the production and consumption of recreational cannabis in the near term and may be the first European country to do so. Canopy will provide cannabis to the Duchy via its Spectrum Therapeutics subsidiary. Spectrum has also been granted a license to store and distribute medical cannabis-based products in the UK. The UK has had a medical program for less than a year. "We are actively working with regulators to find the best way to ensure we can deliver continuous treatment to patients within the framework," Cosmo Feilding Mellen, managing director of Spectrum in the UK said in a statement. Canopy's U.S.-listed shares rose 1.9% in premarket trade, but are down 25% in 2019, while the ETFMG Alternative Harvest ETF has fallen 21% and the S&P 500 has gained 19%.

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Oct 21, 2019

Casper Sleep working with bankers on IPO as early as this year
Casper Sleep Inc. is working with Morgan Stanley and Goldman Sachs Group Inc. on an initial public offering, according to a Bloomberg report. The New York-based online mattress seller's IPO could occur by the end of this year, or in the first half of 2020, the Bloomberg report said, citing people with knowledge of he matter. Casper's valuation could exceed $1.1 billion, the report said. The company is reportedly working on going public at a time that the Renaissance IPO ETF has lost 13.6% over the past three months while the S&P 500 has tacked on 0.3%.

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MarketWatch MarketPulse
Oct 21, 2019

Halliburton's stock falls after profit matches expectations but revenue falls below
Shares of Halliburton Co. slipped 0.7% in premarket trading Monday, after the oil services company reported a third-quarter profit that was in line with expectations but revenue that fell below, amid lower pressure pumping activity and reduced drilling and wireline activity. Net income fell to $295 million, or 34 cents a share, from $435 million, or 50 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 34 cents. Revenue dropped 10.1% to $5.55 billion, missing the FactSet consensus of $5.82 billion, as completion and production revenue declined 15.9% to $3.51 billion to miss expectations of $3.66 billion while drilling and evaluation revenue rose 2.1% to $2.04 billion but missed projections of $2.15 billion. Halliburton's stock has lost 15.3% over the past three months, while the VanEck Vectors Oil Services ETF has tumbled 21.1% and the S&P 500 has edged up 0.3%.

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MarketWatch MarketPulse
Oct 19, 2019

UK PM sends unsigned letter to Brussels seeking further Brexit delay
U.K. Prime Minister Boris Johnson has sent a request to the EU for a delay to Brexit - but without his signature. The request was accompanied by a second letter, signed by Mr Johnson, which says he believes that a delay would be a mistake. The PM was required by law to ask the EU for an extension to the 31 October deadline after losing a Commons vote earlier Saturday. EU Council President Donald Tusk tweeted that he had received the extension request.He did not provide details of its content, but added that he will now consult EU leaders "on how to react". Hours after losing a cvote in a historic Saturday session in the House of Commons, the prime minister ordered a senior diplomat to send an unsigned photocopy of the call by MPs set out in the so-called Benn Act, passed last month. A senior Downing Street source said that the hard copy and email copy of the letter would be conveyed by Sir Tim Barrow, the UK's representative in Brussels.

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MarketWatch MarketPulse
Oct 19, 2019

British MPs pass amendment that delays Brexit
British MPs on Saturday passed an amendment 322-to-306 that will delay Brexit until Parliament passes the bill implementing the withdrawal agreement. The so-called Letwin amendment will have the effect of postponing a vote on the withdrawal agreement negotiated by U.K. Prime Minister Boris Johnson with the European Union and will force Johnson to ask the EU for an extension. Proponents of the Letwin amendment say it will prevent a no-deal Brexit from occuring on Oct. 31.

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MarketWatch MarketPulse
Oct 18, 2019

Dow industrials end 1% lower as Boeing, J&J shares exact more than 220-point toll on the blue-chip index
U.S. stocks finished near their lows of the session on Friday, with declines in Johnson & Johnson and Boeing Co. delivering the lion's share of the pain for the Dow industrials. The Dow closed off 255 points, or 0.9%, at 26,770. Dow components Boeing cut about 170 points from the price-weighted average, while J&J and shares exacted a 57-point toll on the index. The S&P 500 index closed 0.4% lower at 2,986, while the Nasdaq Composite Index ended 0.8% lower at 8,090. Boeing's stock got slammed after the Federal Aviation Administration said the aviation and defense contractor withheld "concerning" messages from 2016 between employees about a flight-control system tied to two fatal crashes of the 737 MAX, while J&J's stock got pulverized, off more than 6%, after the consumer-product giant recalled some baby powder - after tests revealed traces of asbestos.

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MarketWatch MarketPulse
Oct 18, 2019

White House picks Perry's deputy to replace him as energy chief
President Donald Trump on Friday tweeted that he is nominating Energy Department Deputy Secretary Dan Brouillette to become the department's new secretary, replacing Ricky Perry. Perry "will be leaving at the end of the year to pursue other interests," Trump said.

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MarketWatch MarketPulse
Oct 18, 2019

Dow transports gain, all because of Kansas City Southern's stock rally
Shares of Kansas City Southern surged 6.2% toward a record high in afternoon trading, enough to keep the Dow Jones Transportation Average in positive territory to buck weakness in the broader market, after the railroad company reported better-than-expected third-quarter earnings. The stock's price gain of $8.43 was adding about 51 points to the Dow transports' price, and the index was up nearly 5 points. Meanwhile, the Dow Jones Industrial Average was down 164 points, or 0.6%.

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MarketWatch MarketPulse
Oct 18, 2019

Oil futures end lower for the session and week as demand worries linger
Oil futures fell modestly on Friday to post a loss for the week, as data from China showing slower economic growth fed worries about weaker demand for oil. Gross domestic product expanded at a 6% pace in the third quarter, the slowest in 27 years. November West Texas Intermediate oil fell 15 cents, or 0.3%, to settle at $53.78 a barrel on the New York Mercantile Exchange. The front-month contract lost 1.7% for the week, according to FactSet data.

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MarketWatch MarketPulse
Oct 18, 2019

Dow's 170-point drop belies upbeat NYSE breadth data
The Dow Jones Industrial Average is selling off by 171 points, or 0.6%, despite positive market breadth data for the NYSE. The number of advancing stocks is outnumbering decliners 1,429 to 1,360 on the NYSE, while volume of advancing stocks represents 53.8% of total volume on the Big Board. Meanwhile, decliners are leading advancers 1,708 to 1,148 on the Nasdaq exchange and down volume is 64.4% of total volume. The Nasdaq Composite is losing 0.7% and the S&P 500 is shedding 0.2%.

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MarketWatch MarketPulse
Oct 18, 2019

Boeing's stock selloff a triple-digit point drag on the Dow
Boeing Co. is by far the biggest drag on the Dow Jones Industrial Average on Friday, as the aerospace giant's stock selloff accounts for a triple-digit decline all by itself. Takeaway Boeing and Johnson & Johnson's tumbled, and the Dow would actually be higher. Boeing's stock fell 4.8% in afternoon trading after Reuters reported that the company misled the Federal Aviation Administration regarding the safety of its 737 Max planes, which have been grounded since March after two deadly crashes. The $17.86-price decline was shaving about 121 points off the Dow's price. Meanwhile, J&J's stock dropped $7.83, or 5.8%, after the company announced an asbestos-related recall of its baby powder, to undercut the Dow by 53 points. With the Dow down 168 points, excluding the shares of Boeing and J&J would turn the Dow slightly positive.

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MarketWatch MarketPulse
Oct 18, 2019

Gold futures down for the session, but post a slight gain for the week
Gold futures settled lower on Friday, but posted a modest 0.4% gain for the week. "Gold appears to be in 'no man's land'," said Edward Moya, senior market analyst at Oanda. "The trade war is the gift that keeps on giving, but uncertainty on how much the [Federal Reserve] will fill the punchbowl has gold stuck in a range" of between $1,470 and $1,530 until the Oct. 30 Fed meeting, he said. December gold fell $4.20, or 0.3%, to settle at $1,494.10 an ounce.

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