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Kavanaugh accuser Ford accepts request to give Judiciary Committee testimony next week though details require negotiation

18 hours ago

Lawyers for Dr. Christine Blasey Ford, the college professor who has accused Supreme Court nominee Brett Kavanaugh of a sexual assault when they were in high school, told Senate Judiciary Committee staff on Saturday that Ford "accepts" the request to give information to the panel next week about the alleged incident. Other details for any appearance and its specific day and time still need to be worked out. The response from the lawyers said that "many aspects" of an earlier proposal by the Judiciary panel, chaired by Iowa Republican Chuck Grassley, were "fundamentally inconsistent with the Committee's promise of a fair, impartial investigation into her allegations." They also wrote that while "we are disappointed with the leaks and the bullying that have tainted the process, we are hopeful that we can reach agreement on details," according to the Wall Street Journal. The panel had proposed holding a hearing next Wednesday in which it would hear testimony from both Kavanaugh and Ford. Kavanaugh has denied the sexual assault allegation. The office of Utah Republican Sen. Orrin Hatch tweeted, "Worth noting that this is exactly where we were on Monday morning- without agreeing to a date, time, and terms we are no closer to hearing from Dr Ford then we were when her lawyers said Dr. Ford was willing to testify during their media tour 6 days ago."

Comcast outbids Fox in a $39 billion takeover of Sky

19 hours ago

Comcast Corp. [S: CMCSA] topped 21st Century Fox Inc. [S:FOXA] in a weekend auction for Sky [S:SKYAY], securing the British broadcaster with a $38.8 billion bid that ends a takeover battle waging since late 2016. Comcast's offer of £17.28 of a share, or about $22.59, surpassed Fox's highest bid of £15.67 after three rounds of bidding Saturday, in a rare auction held by British regulators, according to the Wall Street Journal. The £29.7 billion pre-auction valuation was by far the highest ever for such a process in the U.K.

Software provider Solarwinds files for IPO

yesterday

Solarwinds Corp. has filed for an initial public offering, seeking to sell up to $500 million worth of shares, according to a filing. The Austin, Texas-based IT infrastructure software provider went public in 2009, and it was acquired and taken private by private-equity firms Silver Lake Partners and Thoma Bravo seven years later. "Today, we are a very different company than we were in early 2016," having added more products recently, the company said in its prospectus. The company listed revenue of $399 million in the six months ended June 30, compared with $341 million in the same period a year ago. It lost $229 million, or $2.25 a share, in the period, compared with a loss of $176 million, or $1.75 a share, a year ago. Goldman Sachs and Morgan Stanley are among the underwriters. Solarwinds plans to trade on the New York Stock Exchange under the symbol SWI.

Dow marks 2nd all-time high in a row but tech stocks weigh on broader market

yesterday

The Dow Jones Industrial Average notched its second straight record close in succession, but declines in consumer-discretionary shares and technology weighed on the broader market. The Dow closed up 0.2% at 26,719 (on a preliminary basis). while the S&P 500 index fell by less than 0.1% to end at 2,929, and the technology-centric Nasdaq Composite Index ended down 0.5% at 7,986, contributing to a weekly decline for the index of 0.3%. Meanwhile, the Dow posted a weekly gain of 2.2%, representing its best weekly advance on a percentage basis since July, while the S&P 500 index logged a weekly climb of 0.8%. Investors have mostly ignored persistent evidence of escalating tensions between the U.S. and China-among other regions-on trade policy. President Donald Trump has announced nearly $500 billion in tariffs on Chinese goods this week; China retaliated with measures of its own and said it would introduce more if the U.S. tariffs take effect. Still, the week proved a banner one for the S&P 500 and Dow during a month that is meant to be traditionally weaker. Both the S&P 500 and Dow are set for sharp monthly gains, while the Nasdaq is on track for a 1.5% decline in September. In corporate news, shares of mega-capitalization companies Apple Inc. Facebook Inc. and Amazon.com Inc. ] and Google-parent Alphabet Inc. all finished sharply lower, weighing on the Nasdaq and S&P. Meanwhile, shares of Micron Technology Inc. sank a day after it reported strong quarterly results, though it gave an outlook that was below expectations.

PayPal ends 'business relationship' with Alex Jones' Infowars

yesterday

PayPal Holdings Inc. said Friday that it was terminating its "business relationship with Infowars and its related websites." In a blog post, PayPal said that after reviewing the Infowars sites, it "found instances that promoted hate and discriminatory intolerance against certain communities and religions." The company said it is "working constantly to ensure that PayPal is not used by anyone as a platform for perpetuating hate and discriminatory intolerance" but understands that its decision will be seen as "controversial to some." PayPal shares are up 0.2% in Friday afternoon trading. The stock has gained 40% over the past 12 months, while the S&P 500 has gained 17%.

U.S. oil ends week at 2-month high, books second straight weekly advance

yesterday

U.S. oil prices Friday afternoon finished firmly higher, after briefly paring gains intraday, as prices bounced around ahead of meeting of major oil producers in Algiers over the weekend. November West Texas crude , on its first full day as a front-month contract, closed the session up 46 cents, or 0.7%, higher at $70.78 a barrel. The settlement marked the highest close for a most-active contract since July 13, according to FactSet data. For the week, the U.S. benchmark contract gained 2.6%, marking its second straight weekly advance. A committee made up of representatives of the Organization of the Petroleum Exporting Countries and some of its outside allies plans to hold a meeting on Sept. 23 in Algiers, which will be closely watched as the group addresses plans to address expected supply disruptions due to U.S. sanctions against Iran, which set to take effect in early November.

Apple stock the only Dow loser this week while Caterpillar, Boeing the big winners

yesterday

While the Dow Jones Industrial Average spikes to a record this week, with its biggest weekly point gain in 3 1/2 months, Apple Inc.'s stock is the only Dow component that has lost ground. Apple's stock has lost $5.32, or 2.4%, this week, to shave about 36 points off the Dow's price. The dow has run up 577 points this week, the best weekly point performance since it soared 681 points the week ending June 8. The biggest contributors to the Dow's gain this week have been shares of Caterillar Inc. , which have run up $12.06, or 8.3%, this week to add 82 points to the Dow, and Boeing Co. , which have hiked up $11.78, or 3.3%, provide an 80-point boost to the Dow. 3M Co.'s stock was the third-biggest contributor, rising $8.73, or 4.2%, to provide a 59-point lift.

Rosenstein suggested he secretly record Trump, discussed 25th Amendment: New York Times

yesterday

Deputy Attorney General Rod Rosenstein suggested last year he secretly record President Donald Trump in the White House, the New York Times reported, and also discussed recruiting cabinet members to invoke the 25th Amendment to remove Trump from office. The Times' report said Rosenstein made these suggestions in the spring of 2017, when Trump's firing of then-FBI Director James Comey put the White House into turmoil.

Gold prices end at 1-week low as stocks hit records and the U.S. dollar regains buoyancy

yesterday

Gold prices settled firmly lower Friday, but managed to eke out a razor-thin weekly gain, as a burst higher for U.S. stocks and a renewed climb for the U.S. proved too much for bullion to overcome. December gold finished the session off by $10, or 0.8%, at $1,201.30 an ounce, marking its lowest level since last Sept. 14, but it was enough to eke out a gain of less than 0.1%. Friday's fall for gold came as the Dow Jones Industrial Average extended its romp in to record territory after the blue-chip benchmark booked its first all-time closing high since Jan. 26 on Thursday, underscoring optimism about the U.S. economy that has helped to overshadow--at least for the moment--worries about trade-clashes between the U.S. and China. The S&P 500 index also traded higher Friday, adding to its first record on Thursday since Aug. 29. Gains of equities, considered risky assets, compared against gold, suggests that investors are becoming less fearful about an unexpected geopolitical or economic hit. Declines for the commodity also come as the dollar rose, with a popular dollar index, the ICE U.S. Dollar Index gaining 0.3%, at 94.25. A stronger dollar can weigh on assets priced in the currency, making them less attractive to buyers using other monetary units.

Duke Energy warns coal ash may be flowing into Cape Fear River due to flooding from Florence

yesterday

Duke Energy Corp. warned Friday that flooding at a plant in Wilmington, North Carolina caused by the storm named Florence has caused breaches in the dam holding a cooling lake for a natural gas plant and that coal ash may be flowing into the Cape Fear River. The company has shut down the 625-megawatt natural gas plant as a safety precaution. "The rising river continues to overtop the north end of the cooling lake dam, a surface that is protected by a layer of compacted soil and cement," the company said in a statement. "Water is now exiting the cooling lake through breaches - one large and several smaller - on the southern end of the impoundment." The site contains two coal ash basins, one of which is believed to be holding in place behind a steel wall separating the excavation layer from the cooling lake. But cenospheres, lightweight beads made up of alumni and silica that are byproducts of coal combustion, are moving to the cooling lake and into the river. Experts are on site and are developing a repair plan, the company said. Shares fell about 1% Friday and are down 5% in 2018, while the S&P 500 has gained almost 10%.

Oil prices hold sharp gain after data show U.S. oil rigs slip by 1

yesterday

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 1 to 866, for the week. Last week, the weekly report showed a gain of 7. The total active U.S. rig count, which includes oil and natural-gas rigs, declined by 2 to 1,053, according to Baker Hughes. November West Texas Intermediate crude was trading $1.04, or 1.5%, higher at $71.26 a barrel.

Oil prices pull back, give up earlier rally on talk of higher output

yesterday

Oil prices pulled back on Friday from earlier rally as traders digested a report from Reuters that said oil producers were mulling a possible additional production increase of 500,000 barrels a day. A committee of the Organization of the Petroleum Exporting Countries and some of its allied producers are set to meet Sunday and are expected to discuss output levels. The producers had decided in June to raise production by 1 million barrels in order to bring output closer to a previously agreed ceiling. November West Texas Intermediate oil fell 2 cents to $70.30 a barrel on the New York Mercantile Exchange after an earlier high of $71.80. November Brent lost 19 cents, or 0.2%, to $78.51 on ICE Futures Europe, pulling back after tapping $79.57.

Farfetch's stock opens 35% above its IPO price

yesterday

Shares of Farfetch Ltd. soared in their public debut in the U.S. Friday, trading as much as 39% above its initial public offering price in the open minutes. The first trade for the U.K. luxury-clothing maker's stock was at $27.00, or 35% above the $20 IPO price, at 11:27 a.m. ET for 5.4 million shares. The stock has traded in a range of $27.00 to $28.00 since. The company sold 44.2 million shares to raise $884 mililon in the IPO, which is trading on the NYSE under the ticker symbol "FTCH." The stock went public at a time that the Renaissance IPO ETF has gained 0.6% over the past three months and the S&P 500 has advanced 6.8%.

Y-mAbs' stock soars above IPO price in its public debut

yesterday

Shares of Y-mAbs Therapeutics Inc. soared in their public debut Friday, as they opened 66% above the initial public offering price of $16, and get rising. The first trade for the pediatric cancer biotech's stock was at $26.50 at 10:58 a.m. ET for 444,194 share. The stock was recently up 71% at $27.36, and has traded in a range of $26 to $28.03 since the open. The company sold 6 million shares to raise $96 mililon in the IPO, which is trading on the Nasdaq under the ticker symbol "YMAB." The stock went public at a time that the Renaissance IPO ETF has gained 0.6% over the past three months and the S&P 500 has advanced 6.7%.

Micron stock falls as analysts weigh in on weaker outlook

yesterday

Shares of Micron Technology Inc. are down 3.8% in Friday morning trading, following the company's fiscal fourth-quarter earnings report during which it reported better-than-expected results but delivered a disappointing outlook. "While softening DRAM demand from select hyperscale customers was well known coming into earnings, negative implications from tariffs (weighing on gross margins by 50 to 100 basis points) and CPU shortages (headwind to DRAM demand) were not," wrote Evercore ISI analyst C.J. Muse, who has an outperform rating and $80 target on the stock. "Obviously, the debate as to whether this time is different or not different for DRAM and Micron will continue, but with DRAM pricing likely heading lower for the next few Qs, an inflection for shares could take until 2Q19 when we see a slowing second derivative of DRAM ASP declines." Rosenblatt Securities analyst Hans Mosesmann said he sees a buying opportunity amid Friday's selloff. "The bear case-based structural collapse in pricing and/or multi-year over-supply impacting the Micron business model is, in our view, untenable given supply dynamics for 2019 (fewer bits per node transitions and CapEx discipline), and healthy memory content growth," he said. Mosesmann lowered his price target to $110 from $120 but kept his buy rating. Shares are up 23% over the past 12 months, while the S&P 500 has gained 18%.

Dow, S&P 500 extend record run, set to post weekly gains on quadruple-witching Friday

yesterday

U.S. stock benchmarks extended their record run early Friday, with stocks adding to a recent uptrend toward all-time highs, despite an escalation in tariff tensions between the U.S. and China. The Dow Jones Industrial Average opened was trading 0.3% higher at 26,734, the S&P 500 index gained 0.3% at 2,938, while the Nasdaq Composite Index advanced by 0.3% at 8,053. Both the S&P 500 and the Dow put in intraday highs at the start of Friday trade. For the week, the Dow is up more than 2% and on track for its biggest weekly percentage gain since July, while the S&P 500 is up about 1%. Signs of economic strength have been enough for investors to ignore repeated escalating tensions between the U.S. and China - among other regions - on trade policy. President Donald Trump has announced hundreds of billion in tariffs on Chinese goods this week; China retaliated with measures of its own and said it would introduce more if the U.S. tariffs take effect. Looking ahead, investors are awaiting Markit manufacturing-and-services sectors report for September. The data will be released at 9:45 a.m. ET. Meanwhile, gains on the day come amid so-called quadruple-witching Friday, which refers to the simultaneous expiration of stock-index futures, stock-index options. single-stock futures, and stock options and occurs on the third Friday of March, June, September, and December.

Avon shares rise after it guides for revenue growth and $400 million in cost savings by 2021

yesterday

Avon Products Inc. shares jumped 4.2% in early Friday trading after the beauty company guided for low-single digit revenue growth, low double-digit margins, and $400 million in cost savings by 2021. The announcement is part of Avon's investor day, in which the company said it has a strategy to reboot the company that includes a focus on recruiting and retaining sales talent and refreshing the brand. Avon will generate cost savings from manufacturing optimization, rationalizing distribution, a revamp of job functions and facilities, and revenue management. The company plans to make about $300 million in investments into things like new categories and marketing, training, and digital tools. Avon shares have rallied 16.3% for the year so far while the S&P 500 index has gained nearly 10% for the period.

Nvidia's Turing pricing strategy has been 'poorly received,' says Instinet

yesterday

Instinet analyst Romit Shah commented Friday on Nvidia Corp.'s new Turing GPU, now that reviews of the product are out. "The 2080 TI is indisputably the best consumer GPU technology available, but at a prohibitive cost for many gamers," he wrote. "Ray tracing and DLSS [deep learning super sampling], while apparently compelling features, are today just 'call options' for when game developers create content that this technology can support." Shah said that the 2080 TI offers roughly 20% better performance than the 1080 TI, but "it's a tough sell" to say that the performance boost warrants a price increase of more than 60%. "Nvidia's pricing strategy remains poorly received by users," he added. Shah maintained a neutral rating and $250 price target on Nvidia's stock. Shares are up 0.5% in premarket trading, though they're up 47% over the past 12 months as the S&P 500 has gained 17%.

Novavax's stock soars after J.P. Morgan swings to bullish from bearish ahead of trial results

yesterday

Shares of Novavax Inc. soared 12% in premarket trade Friday, after J.P. Morgan analyst Eric Joseph swung to bullish from bearish, citing a favorable risk-reward investment profile ahead of pivotal trial data on its RSV treatment for infants, due out in the first quarter of 2019. Joseph raised his rating two notches to overweight from underweight. He said the shares have already pulled back sharply from recent highs on "receding expectations" regarding the trial outcome. As a result, he sees 50% to over 100% potential upside in the stock after the results, and about an 80% downside risk on a trial failure, but that is viewed as a "less likely" event. "Looking beyond the phase 3 readout, we believe positive PREPARE data would support broader development to additional at-risk populations and their inclusion in the model (pediatric patients under 2yo)," Joseph wrote in a note to clients. The stock had tumbled 39% from the Feb. 20 17-month closing high of $2.42. Over the same time, the iShares Nasdaq Biotechnology ETF has climbed 9.2% and the S&P 500 has advanced 7.9%.

AT&T stock gains after UBS upgrades to buy

yesterday

Shares of AT&T Inc. are up 1.4% in premarket trading Friday after UBS analyst John Hodulik upgraded the stock to buy from neutral, citing a valuation that's near an all-time low and the widest valuation gap relative to Verizon Communications Inc. . "Wireless remains the key and should post solid growth," Hodulik wrote. "Improving ARPU [average revenue per user] trends across the industry (and limited iPhone promos) attest to the benign competitive environment." He sees room for AT&T and Verizon to benefit from the rise of 5G "given other carriers' inability to invest in 5G at competitive levels." Hodulik raised his price target to $38 from $33. The stock is down 13% over the past 12 months, while the S&P 500 has gained 17%.

Domo President Harrington resigns less than 3 months after company goes public

yesterday

Domo Inc. said Friday that President Christopher Harrington resigned, effective Oct. 1, after about 6 years with the company. Harrington, who joined the company as president in 2012, said he was leaving to "pursue other opportunities." The cloud-based data analytics software company went public at the end of June. The stock, which was still inactive in premarket trade, has declined 21% since it closed its first day of trading at $27.30 on June 29. Over the same time, the Renaissance IPO ETF has gained 3.2% and the S&P 500 has climbed 7.8%.

IAC stock falls after Guggenheim downgrade

yesterday

Shares of IAC/InterActiveCorp. are down 1% in premarket trading Friday after Guggenheim analyst Jake Fuller downgraded the stock to neutral from buy. "It is increasingly difficult for us to see Angi Homeservices Inc. /Match multiple expansion as a driver for IAC with both now trading close to the high end of our coverage list," Fuller wrote. "Without underlying multiple expansion at Angi and Match, an IAC bull case would be reliant on a narrowing of the implied discount to the market value of those stakes." He calculates that the implied discount would have to narrow to less than 13%, from 24% currently, which is below the historical average. "While we would ultimately expect the discount to narrow, that would likely require a catalyst and we do not see anything on the horizon," he wrote. IAC shares have gained 86% over the past 12 months, as the S&P 500 has risen 17%.

GTx Inc. stock drops 94% premarket after phase 2 trial failure

yesterday

GTx Inc. stock dropped as much as 94% in Friday premarket trade after the company said that enobosarm, its therapy intended for post-menopausal women with stress urinary incontinence, did not meet the primary endpoint in a phase 2 clinical trial. The double-blind and placebo-controlled trial had enrolled nearly 500 women. Enobosarm is the company's main product candidate, which it has been developing in stress urinary incontinence as well as breast cancer. GTx is also developing a preclinical candidate for prostate cancer. Company shares have surged nearly 26% to $23.29 over the last three months, compared with a 6.6% rise in the S&P 500 and a nearly 9% rise in the Dow Jones Industrial Average .

AMD stock gains after Jefferies boosts target due to Intel supply constraints

yesterday

Shares of Advanced Micro Devices Inc. are up 0.8% in premarket trading Friday after Jefferies analyst Mark Lipacis raised his price target on the stock to $36 from $30. He maintained a buy rating. Lipacis cited a report from Fubon Research that said Intel Corp. would undersupply the market through the middle of next year. The report "leaves us with higher conviction that AMD will report improving revenue, pricing and margins near term, and that is positioned to take share in the high-end PC MPU and server market long term," Lipacis wrote. He also said that AMD seems to be "creating a foothold in the higher end commercial desktop and server markets." The stock is up 133% over the past 12 months, while the S&P 500 has gained 17%.

Nxt-ID shares surge 15% after it unveils plan to spin off payments division

yesterday

Nxt-ID Inc. shares surged 15% in premarket trade Friday, after the company unveiled plans to spin off its payments division into a separate listed entity. The Sebastian, Fla.-based Nxt-ID, which makes technology for identify verification, security and data protection, said it expects the deal to be completed by Nov. 15. Nxt-ID shareholders who owns shares on Oct. 15, will own shares in both companies. The new entity will include assets acquired in a May 2017 business combination with Fit Pay Inc., as well payment and authentication assets developed previously. The new company has an investment commitment for $6 million and will apply to list on Nasdaq. "We believe that this transaction will help to unlock the true value of both our payments and our healthcare businesses," Chief Executive Gino Pereira said in a statement. Shares have fallen 60.6% in 2018, while the S&P 500 has gained 9.6%.

Level Brands stock jumps after launching new Kathy Ireland-branded CBD products

yesterday

Shares of Level Brands Inc. jumped 5% in premarket trade Friday, after the marketing and licensing announced the launch online of five new cannabidiol (CBD) products under the Kathy Ireland Health and Wellness brand. The company said the launch is through its 10-year licensing agreement with Canada-based CBD company Isodiol International Inc. signed in January 2018. "It's very exciting to be at the forefront of the CBD industry, as we educate families about the power of CBD without THC," said Kathy Ireland, chief brand strategist at Level Brands. "We continue to believe that the CBD industry will see enormous growth over the next decade on a global scale." Level Brands stock had soared 50% over the past three months, while the S&P 500 has gained 6.6%.

Medical marijuana company Aleafia added to Horizons Marijuana ETF

yesterday

Canadian medical marijuana company Aleafia Health Inc. has been added to the Horizons Marijuana Life Sciences exchange-traded fund , the company said Friday. HMMJ is the first and biggest ETF offering exposure to the North American cannabis market with holdings that include Canadian players Aurora Cannabis Inc. and Canopy Growth Corp. . The ETF has gained 37% in 2018 as excitement builds ahead of Canada fully legalizing cannabis on Oct. 17. Aleafia is expecting to reach growing capacity of 38,000 kg of cannabis flower in 2019. The company has 50,000 individual patients using medical marijuana and on Thursday announced a partnership with Cronos Group Corp. on a study of the substance as a treatment for insomnia. Shares have gained 193% in 2018, while the S&P 500 has gained 9.6%.

Pediatric cancer biotech Y-mAbs Therapeutics raises $96 million in IPO

yesterday

Pediatric cancer biotech Y-mAbs Therapeutics Inc. priced its initial public offering late Thursday at $16 a share, selling 6 million shares to raise $96 million. Shares will start trading later Friday on Nasdaq, under the ticker symbol "YMAB". BofA Merrill Lynch and Cowen were joint bookrunners on the deal with Canaccord Genuity acting as lead manager and BTIG acting as co-manager.

Resonant CFO resigns after joining company less than 3 weeks ago

yesterday

Resonant Inc. said Friday that Chief Financial Officer Michael Seifert has resigned, after less than three weeks in the role. He had joined the radio frequency front-ends company on Sept. 4 from Analogix Semiconductor. The company did not give a reason for the sudden departure. Resonant said Seifert will be replaced on an interim basis by former CFO Jeff Killian, who is currently a company consultant. the stock, which was still inactive in premarket trade, has tumbled 27% over the past three months, while the S&P 500 has gained 6.6%.

UK luxury-clothing marketplace Farfetch prices IPO above price range

yesterday

U.K. luxury-clothing marketplace Farfetch Ltd. priced its initial public offering at $20 a share, above its price range of $17 to $19. The company sold 44.2 million shares to raise $884 million. Shares will start trading later Friday on the New York Stock Exchange under the ticker symbol "FTCH." No fewer than nine banks worked as underwriters on the deal, led by Goldman Sachs, JPMorgan, Allen & Co. and UBS.