Company Overview and News
The popular adage “Sell in May and Go Away” proved wrong this year as Wall Street is on track to log the best May in nine years. With just one trading session left to the month, the S&P 500 gained 3.3%, Dow Jones is up 3.1%, and Nasdaq Composite Index has moved up by 5.1% in May. Power-packed earnings and easing U.S.-China trade fears led to the rally though bouts of political news like deepening crisis in Italy and renewed sanction on Iran as well as higher yields continued to keep the market at check.
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The Q1 earnings season has reached its tail end with 94.8% of the S&P 500 index market capitalization that has reported so far up 24.2% on 8.5% revenue growth, with 77.6% beating EPS estimates and 74.5% coming ahead of top-line expectations. Though earnings and revenue beat ratios are in line with the prior quarter for the same group of companies, growth rates are tracking above the historical periods.
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At the midway through the second quarter, stocks across the globe are stuck in a nasty web of woes including a strong dollar, U.S.-China trade war fears and geopolitical tension. In particular, with threats of sanctions doing rounds between the two largest economies, investors all over the world were compelled to take flight to safety at the start of the quarter. As such, U.S. stocks had a worst start to the second quarter since the Great Depression, with the contagion spreading to international markets as well.
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Ralph Lauren Corporation (RL - Free Report) , a designer, marketer and distributor of lifestyle products, released fourth-quarter fiscal 2018 results, wherein adjusted earnings of 90 cents came ahead of the Zacks Consensus Estimate of 86 cents. Also, earnings rose by a penny from the year-ago quarter. Earnings Estimate Revision: The Zacks Consensus Estimate for fiscal 2019 has been stable in the last 30 days.
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Shares of Toll Brothers, Inc. (TOL - Free Report) declined more than 9% on May 22 despite reporting better-than-expected results in the second quarter of fiscal 2018. The country’s leading luxury homes builder reported adjusted earnings of 79 cents per share (adjusted for asset impairment costs) in the second quarter of fiscal 2018, beating the Zacks Consensus Estimate of 76 cents. Without the adjustment, the homebuilder reported earnings of 72 cents per share compared with 73 cents a year ago.
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Federal Deposit Insurance Corporation (FDIC)-insured commercial banks and savings institutions reported first-quarter 2018 earnings of $56 billion, up 27.5% year over year. Notably, community banks, constituting 92% of all FDIC-insured institutions, reported net income of $6.1 billion, up 17.7% on a year-over-year basis. Banks’ earnings were driven by higher net operating revenues and a lower effective tax rate.
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Chemicals giant, LyondellBasell Industries N.V. (LYB - Free Report) has secured the approval from the Chinese State Administration of Market Regulation ("SAMR") for its proposed buyout of A. Schulman, Inc. (SHLM - Free Report) in a deal worth $2.25 billion. The clearance satisfies one of the closing conditions to the transaction. The deal now remains subject to other customary closing conditions including approval by A.
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What drives shares or pulls them down after a company comes up with quarterly earnings? It’s not exactly how well a company performed in the recently concluded quarter or exhibited strong growth; it is an earnings beat or a miss which drives the market post release.
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LPL Financial Holdings Inc.’s (LPLA - Free Report) activity report for April 2018 reflects improvement from the prior month. The figures in the reported month include assets from its acquisition of the broker/dealer network of National Planning Holdings, Inc. Notably, the company projects total asset transfer from National Planning Holdings to be $70-$75 billion, driven by more direct business assets joining its platform.
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2018-06-18 - Asif
Business Arrowhead develops medicines that treat intractable diseases by silencing the genes that cause them. Using a broad portfolio of RNA chemistries and efficient modes of delivery, Arrowhead therapies trigger the RNA interference mechanism to induce rapid, deep and durable knockdown of target genes. RNA interference, or RNAi, is a mechanism present in living cells that inhibits the expression of a specific gene, thereby affecting the production of a specific protein. Deemed to be one of the most important recent discoveries in life science with the potential to transform medicine, the discoverers of RNAi were awarded a Nobel Prize in 2006 for their work. Arrowhead’s RNAi-based therapeutics leverage this natural pathway of gene silencing. In fiscal 2017, Arrowhead refocused its resources on therapeutics that exclusively utilize the company’s Targeted RNAi Molecule (TRiMTM) platform technology. Therapeutics built on the TRiMTM platform have demonstrated high levels of pha...
2018-06-11 - Asif
Overview Proteon Therapeutics is a late-stage biopharmaceutical company focused on the development of novel, first-in-class pharmaceuticals to address the needs of patients with renal and vascular disease. The company's product candidate, vonapanitase, is a recombinant human elastase that Proteon Therapeutics is developing to improve vascular access outcomes in patients with chronic kidney disease, or CKD, undergoing or planning for hemodialysis, a lifesaving treatment that cannot be conducted without a functioning vascular access. The company believe data from its completed Phase 2 and Phase 3 clinical trials of vonapanitase support that a one-time, local application of investigational vonapanitase during surgical creation of a radiocephalic fistula for hemodialysis may improve fistula use for hemodialysis and secondary patency (time to fistula abandonment), thereby improving patient outcomes and reducing the burden on patients and the healthcare system. Arteriovenous fistu...
2018-06-11 - Asif
Overview Galena Biopharma is a clinical-stage biopharmaceutical company focused on novel cancer immunotherapeutics for a broad range of cancer indications. The company's lead product candidate, galinpepimut-S, or GPS, is a cancer i unotherapeutic agent licensed from Memorial Sloan Kettering Cancer Center, or MSK, that targets the Wilms tumor 1, or WT1, protein, which is present in 20 or more cancer types. Based on its mechanism of action as a directly immunizing agent, GPS has the potential as a monotherapy or in combination with other immunotherapeutic agents to address a broad spectrum of hematologic, or blood, cancers and solid tumor indications. Phase 2 clinical trials for GPS have been completed and Galena Biopharma has planned Phase 3 clinical trials (pending funding availability) for two indications, acute myeloid leukemia, or AML, and malignant pleural mesothelioma, or MPM. GPS is also in development as a potential treatment for multiple myeloma, or MM, and ovarian can...
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