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MarketWatch MarketPulseJul 09, 2020
Mohawk Industries' stock dives, as analyst says lawsuit could an 'overhang' for months
Shares of Mohawk Industries Inc. plunged 19.1% in midday trading Thursday, amid concerns over a lawsuit against the commercial flooring products company regarding alleged financial misconduct. The stock has taken a 28.4% dive over the past three days, as details of the lawsuit have become more known. J.P. Morgan analyst Michael Rehaut said the details of the class action complaint, as provided in a filing dated June 29 by the Public Employees' Retirement System of Mississippi, included channel stuffing at the end of the quarter and intentionally overproducing product in order to expand operating efficiencies and benefit margins. "While the veracity of these accusations will likely not be determined until after an extended legal process, which may take the next several months if not longer, we believe that until this matter has been concluded, this lawsuit will likely remain an overhang on the stock...," Rehaut wrote in a note to clients. "Additionally, we believe a higher level of risk now exists for the company due to this lawsuit, given its fairly granular level of detail across the allegations, combined with quotes from interviews with several former employees (including a distribution center manager and a former member of the executive team)." The stock has tumbled 45.8% year to date, while the S&P 500 has lost 2.8%.

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 MarketPulseJul 09, 2020
Regeneron shares are up 2% after SunTrust upgrades the stock
Shares of Regeneron Pharmaceuticals Inc. were up 2.1% in trading on Thursday as SunTrust Robinson Humphrey analysts upgraded the stock to buy from hold, citing the strength of the company's drug pipeline. In a July 8 note to investors, they said that Regeneron's base business, which includes macular degeneration drug Eylea and atopic dermatitis therapy Dupixent, has remained strong during the COVID-19 pandemic. SunTrust analysts also said that the company's work on experimental COVID-19 therapies is an indicator of its "innovation engine." The company is currently testing an experimental antibody cocktail candidate as a treatment for COVID-19 as well as to see if the therapy can prevent infection; however, Regeneron also said last week that a trial examining whether rheumatoid arthritis drug Kevzara, which Regeneron co-developed with Sanofi , could work as a COVID-19 drug had failed in a late-stage study. Regeneron's stock has gained 72.9% year-to-date. The S&P 500 is down 1.8% for the year.

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



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