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MarketWatch MarketPulseAug 05, 2020
Bristol-Myers, Pfizer stocks rise on blood-thinner patent win
Bristol-Myers Squibb Co. shares rallied in the extended session Wednesday after a federal judge ruled for it and Pfizer Inc. in a key patent fight over a blood thinner. Bristol-Myers shares surged 4.4% after hours, following a 0.4% rise to close at $59.69. Pfizer shares advanced 1.5% after hours, following a 0.2% gain to close at $38.45. In a ruling Wednesday, a federal judge said that products made by Sigmapharm Laboratories LLC, Sunshine Lake Pharma Co., and Unichem Laboratories Ltd. infringed patents protecting the blood-thinner Eliquis,, which is generically known as apixaban. Bristol-Myers and Pfizer have a profit-sharing agreement on the drug. "While subject to appeal, at present the generic manufacturers currently involved in the case cannot launch their apixaban products until 2031," said a Bristol-Myers Squibb spokewoman in emailed comments. "Based on settlement agreements reached with other generic manufacturers, we currently expect generic entry could occur after 2026 but before 2031, subject to appeals and future challenges." In 2019, Eliquis was Bristol-Myers's top-selling drug with sales of $2.03 billion, following its acquisition of Celgene in November.

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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Fastly stock drops as strong earnings overshadowed by TikTok reliance (MarketWatch MarketPulse)

Yahoo BusinessAug 05, 2020
Goldman Warns Covid-19 Vaccine Approval Could Upend Markets
(Bloomberg) -- Investors should consider the risk of a successful coronavirus vaccine unsettling markets by sparking a sell-off in bonds and rotation out of technology into cyclical stocks, warned Goldman Sachs Group Inc.The increased probability of an approved vaccine by the end of November is underpriced by equity markets and by that time the result of the U.S. election will be known, wrote strategists including Kamakshya Trivedi in a note Wednesday. Investors will also know how the start of the school year will have impacted the spread of the coronavirus, they said.Approval of a vaccine could "challenge market assumptions both about cyclicality and about eternally negative real rates," the team wrote, adding such a scenario may support steeper yield curves, traditional cyclicals and banks, while challenging the leadership of technology stocks. If this happened along with a change in the U.S. administration, emerging market equities could benefit "if trade policy risks diminish while U.S. tax risks rise," according to the note.While the strategists suggested it may be too early for investors to position themselves aggressively for such a shift, they recommended options trades as a way to play the theme. For example, some call options on the S&P 500 still look attractive, and Goldman sees upside to around the 3,700 level should there be an early vaccine.That compares with a potential downside target of 2,200 should there be a significant reversal of activity from a second wave of the virus, the strategis

The Motley FoolAug 05, 2020
Airlines Send Stock Markets Climbing, But Is More Bailout Money Good News for Investors?
Hopes for a new round of financial support don't exactly speak well of the airline industry's prospects.

MarketWatch MarketPulseAug 05, 2020
Costco stock advances after hours as July sales rise 14%
Costco Wholesale Corp. said Wednesday that July sales rose 14% to $13.04 billion, from $11.43 billion in July 2019. Same-store sales rose 13.2%, including a 13.3% increase in U.S. same-store sales. E-commerce sales increased 75.3%, the company said. That's following a June where sales gained 11%. Costco is scheduled to report fiscal fourth-quarter results Sept. 24, with expected quarterly sales of $50.95 billion, according to FactSet. Shares of Costco rose 1.5% in the extended session, following a less than 0.1% rise to close the regular trading day at $339.37.

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 MarketPulseAug 05, 2020
Disney stock gets an upgrade at Guggenheim amid new streaming push
Walt Disney Co.'s plans to get more aggressive with streaming as the pandemic hammers other areas of the media conglomerate helped earn the stock an upgrade from Guggenheim analyst Michael Morris after the company's Tuesday afternoon earnings report. Morris raised his rating on Disney shares to buy from neutral and upped his price target to $140 from $123 after Disney said it would launch a new streaming service overseas under the "Star" brand and release live-action "Mulan" as a direct-to-consumer option on Sept. 4 given disruptions to the traditional theater model due to COVID-19. "Using Disney assets to accelerate a push into DTC will likely be well received by investors," Morris said in his Wednesday morning note to clients. "Bottom line, as we head toward an investor day (in the coming months), we expect the burden of proof to be on why Disney will not be a secular streaming winner rather than justifying the company's ability to deliver on investor expectations." He saw hints in the company's language that may have signaled "a broader willingness to pursue additional opportunities" in streaming down the road, in his view. Disney shares are up 6.6% in premarket trading Wednesday. They've lost 19% so far this year as the S&P 500 has risen 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.



Yahoo BusinessAug 05, 2020
Bezos Sells $3.1 Billion of Amazon Shares After Wealth Jumps
(Bloomberg) -- The numbers are eye-popping: 1 million Amazon.com Inc. shares offloaded for more than $3.1 billion. And yet for the seller, Jeff Bezos, it barely puts a dent in his stake in the e-commerce giant.The disposal, disclosed Wednesday in Securities and Exchange Commission filings, adds to a $4.1 billion sale earlier this year. The proceeds are a fraction of the amount that Bezos's holdings have increased this year as the Covid-19 pandemic forced people to stay at home and created a surge in demand for Amazon's e-commerce services.For Bezos, 56, this year has been a reversal from years of relative restraint in reducing his stake in Amazon. He still holds more than 54 million shares and is worth $189.8 billion, according to the Bloomberg Billionaires Index. His net worth has surged by $74.9 billion this year with Amazon stock rising 73%.The spectacular gains for Bezos and other titans in his industry have put Big Tech under increased scrutiny. Bezos testified before Congress last month along with the chief executives of Facebook Inc., Apple Inc. and Alphabet Inc. to defend their power and influence. It's also highlighting widening income inequality with the U.S. economy entering its worst economic downturn since the Great Depression."In the 19th century, we had the Robber Barons. In the 21st century, we've got the ‘Cyber Barons,'" Representative Jamie Raskin, a Maryland Democrat, told the CEOs at the July 29 hearing. "And we want to make sure that the extraordinary power and wealth that you've been able to

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MarketWatchAug 05, 2020
London Markets: U.K. stocks close higher as gold miners surge and William Hill's U.S. expansion impresses
U.K. stocks climbed on Wednesday, as the gold price rally boosted the FTSE 100's precious-metals miners and gambling group William Hill impressed investors with its U.S. growth.

MarketWatch MarketPulseAug 05, 2020
Camping World shares fall despite meeting sales estimates amid surge in demand
Camping World Holdings Inc. [s:CWH] shares dropped in after-hours trading Wednesday after the RV retailer failed to meet earnings expectations despite meeting revenue estimates because of a surge in demand during the pandemic. Camping World shares fell 3% after hours, after rising 8% in the regular session to close at $42.29. The company reported second-quarter net income of $163.2 million, or $1.54 a share, compared with $52.6 million, or 46 cents a share, in the year-ago period. Adjusted earnings were $1.62 a share, adjusted for lease terminations, compensation and more. Revenue rose to $1.6 billion from $1.47 billion in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of $1.62 a share on revenue of $1.6 billion. Camping World shares are up 187% this year, compared with the S&P 500 Index [s:SPX], which is up 2.3% 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.



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Metlife stock falls after insurer's Q2 profit comes below forecast (MarketWatch MarketPulse)

MarketWatch MarketPulseAug 05, 2020
Potbelly stock rallies after company's cash burn moderates
Shares of Potbelly Corp. rallied 10% in the extended session Wednesday after the restaurant chain selling sandwiches and other items reported a wider second-quarter loss but said its same-store sales improved toward the end of the quarter and that it now expects to have to permanently close fewer restaurants. Its weekly cash burn also trended lower throughout the quarter and is down about 75% from the early weeks of the pandemic, the company said. Potbelly said it lost $22.2 million, or 93 cents a share, in the quarter, compared with a net loss of $1.9 million, or 8 cents a share, in the year-ago period. Adjusted for one-time items, Potbelly lost 63 cents a share, compared with a loss of less than a penny a year ago. Revenues fell to $56.2 million from $105.6 million. Analysts polled by FactSet had expected an adjusted loss of 46 cents a share on sales of $65 million. Same-store sales "steadily improved throughout the quarter," from a late March low of down 68%, to a decline in the mid-20% range for June, the company said. Potbelly had $29.1 million in cash and kept $16.7 million available under a revolving credit facility, it said. Its total liquidity was $45.8 million, flat compared with $45.8 million at the end of the first quarter. Potbelly said it "continues to have constructive discussions" with landlords, resulting in 16 permanent shop closures and 187 leases renegotiated as of early August. It now expects to have to permanently close fewer than 50 stores, compared to up to 100 as it previously expected, the company said. Shares of Potbelly ended the regular trading session down 4.5%.

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 MarketPulseAug 05, 2020
Rent-A-Center stock gains more than 5% after earnings beat, guidance
Shares of Rent-A-Center Inc. rose more than 5% in the extended session Wednesday after the company reported second-quarter sales above Wall Street views and increased free cash flow guidance for the year. Rent-A-Center said it earned $38.5 million, or 70 cents a share, in the second quarter, compared with earnings of $95 million, or $1.70 a share, in the second quarter of 2019. Adjusted for one-time items, the company earned 80 cents a share, compared with 60 cents a share a year ago. Revenue rose 4% to $683.7 million. Analysts polled by FactSet expected the company to report GAAP and adjusted earnings of 60 cents a share on sales of $605 million. "We believe the changes to the way our customers live and work are here to stay. Our focus will remain on strategically managing our business to increase value for customers and retail partners," Rent-A-Center said in a statement. For 2020, Rent-A-Center guided for free cash flow between $135 million and $165 million, revenue between $2.755 billion and $2.875 billion, and adjusted EPS between $2.45 and $2.85. Shares had ended the regular trading day up 3.8%.

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.



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MarketWatch MarketPulseAug 05, 2020
Blue Apron to sell more shares after pandemic-fueled rise, stock price drops 10%
Blue Apron Holdings Inc. announced Wednesday it would sell more shares after a pandemic-fueled gain in its previously woeful stock price, sending shares in the meal-kit-by-mail service down in after-hours trading. Blue Apron said it plans to sell at least 4 million shares at a yet-to-be-disclosed price, with all the proceeds going to the company. The book-running banks, Morgan Stanley and Cannacord Genuity, will have access to an additional 600,000 shares. Blue Apron went public three years ago at a price of $10 a share, but shares fell lower than $1 by the end of 2018 and forced the company to undergo a reverse stock split that briefly helped the stock price. Shares were back under $3 earlier this year before the COVID-19 pandemic, which has sparked interest in online services that can deliver food and other goods to homes. Blue Apron shares shot higher, gaining more than 175% in the past six months and closing Wednesday at $11.38. After announcing the fresh shares, the stock fell more than 10% in the extended session 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.


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