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Monday, October 11, 2021 U.S. stock futures are edging lower ahead of the Columbus Day holiday, with oil prices extending last week gains and moving to fresh 7-year highs ahead of key inflation data later this week and the upcoming earnings season, which starts Friday with the big banks ($JPM, $Citi). Over the weekend, Goldman Sachs cuts its 2021 economic growth forecast by 10 basis points, to 5.6%, while lowering its 2022 estimate by 40 basis point to 4% citing a “longer lasting virus drag on virus-sensitive consumer services” and the impact of an extended shortage in global semiconductors. The bond market is closed today in observance of the Columbus Day holiday after the 10-year yield closed at 1.612% on Friday, the highest level of the week. Oil prices extending gains, as WTI crude rises over $2.20 or 2.8% above $81.50. In Asian markets, The Nikkei Index rose 449 points (1.6%%) to 28,498, the Shanghai Index was little changed at 3,591, and the Hang Seng Index jumped nearly 2% or 487 points to settle at 25,325. In Europe, the German DAX is down about -50 points to 15,150, while the FTSE 100 is up about 0.25% at 7,110. Q quiet day expected ahead with no economic data and bond markets closed. Market Closing Prices Yesterday · The S&P 500 Index dropped -8.42 points, or 0.19%, to 4,391.34 · The Dow Jones Industrial Average fell -8.69 points, or 0.03%, to 34,746.25 The Nasdaq Composite slid -74.48 points, or 0.51%, to 14,579.54 · The Russell 2000 Index declined -17.00 points, or 0.76% to 2,233.09 Events Calendar for Today · No Major Economic Data Earnings Calendar: · Earnings Before the Open: AZZ, ENZ, FAST · Earnings After the Close: PNFP, SGH Other Key Events: · American Society of Retina Specialists Annual Scientific Meeting, in San Antonio, TX 10/8-10/12 World News · Goldman Sachs cuts its forecast for U.S economic growth over the weekend, citing a “longer lasting virus drag on virus-sensitive consumer services” and the impact of an extended shortage in global semiconductors. Goldman trimmed its 2021 growth forecast by 10 basis points, to 5.6%, while lowering its 2022 estimate by 40 basis point to 4%, adding that consumer spending is likely to be held back by pandemic uncertainty and a softer-than-expected fiscal response from the Biden administration. · Taiwan will keep bolstering its defenses to ensure nobody can force them to accept the path China has laid down that offers neither freedom nor democracy, President Tsai Ing-wen said on Sunday – Reuters Sector News Breakdown Consumer · Southwest Airlines ($LUV) cancelled 808 flights yesterday and has cancelled another 1,006 today, according to data from Flightaware.com. The company blamed the disruption on air traffic control issues and weather, although other major airlines are not delaying or cancelling flights at an elevated rate. There was speculation that some Southwest employees have called in sick in a form of protest over the mandatory vaccination rules in place, which have been unconfirmed · Hasbro ($HAS) said CEO Brian Goldner will take a medical leave of absence, effective immediately, slightly more than a year after disclosing that he was undergoing continued medical care following treatment for cancer in 2014. Energy, Industrials and Materials · Honeywell ($HON) raised its business outlook for jet deliveries on Sunday as travel restrictions ease as they now see 7,400 new business jet deliveries worth $238 bln over the next 10 years, up 1% from the same 10-year forecast a year ago. Business jet operators surveyed by Honeywell reported a sharp increase in their used jet purchase plans, 12% above last year’s report · Emerson Electric ($EMR) plans to merge two of its software businesses with Aspen Technology (AZPN) in a roughly $11B deal that values Aspen at around $160 a share, as shareholders would receive $87 and 0.42 share of the combined company for each share they currently own – WSJ https://on.wsj.com/3FxyVx7 · Cleveland-Cliffs ($CLF) agrees to acquire Ferrous Processing and Trading, one of the largest processors and distributors of prime ferrous scrap in the U.S., in a deal with an enterprise value of ~$775M. · Tutor Perini’s ($TPC) joint-venture signed a contract valued at ~$178 million by the U.S. Department of the Interior, Bureau of Reclamation, for the Friant-Kern Canal Middle Reach Capacity Correction Phase I project in central California, southeast of Visalia. Financials · Prudential ($PRU) mentioned positively in Barron’s saying for many years, Prudential Financial’s stock had a nice yield, but it didn’t offer much capital appreciation. The pandemic didn’t help, as the shares lost about 12% last year, dividends included, versus an 18% return for the S&P 500 index. But the market has changed its view, partly owing to an uptick in rates. On top of that, Prudential, whose businesses include life insurance, variable annuities, and asset management, is getting some credit for more-consistent earnings in recent years. Healthcare · Supernus Pharmaceuticals, Inc. ($SUPN) to acquire Adamas Pharmaceuticals, Inc. (ADMS) through a tender offer for $8.10 per share in cash (or an aggregate of approximately $400 million), payable at closing plus two non-tradable contingent value rights (CVR) collectively worth up to $1.00 per share in cash (or an aggregate of approximately $50 million), for a total consideration of $9.10 per share in cash (or an aggregate of approximately $450 million). · AstraZeneca ($AZN) Phase 3 trial met its primary end point; trial showed a reduced risk of death & severe C-19 by 67% in a trial where 90% of participants were from high-risk categories; only long acting antibody combination that can both prevent & treat C-19 · Merck ($MRK) submitted an Emergency Use Authorization (EUA) application to the U.S. FDA for molnupiravir, an investigational oral antiviral medicine, for the treatment of mild-to-moderate COVID-19 who are at risk for progressing to severe COVID-19 and/or hospitalization · Regenxbio ($RGNX) announces initial data from the ongoing Phase II ALTITUDE trial of RGX-314 for the treatment of diabetic retinopathy (DR) without center-involved diabetic macular edema (CI-DME) using in-office suprachoroidal delivery. · BeiGene ($BGNE) announced that BRUKINSA has been approved in Australia for the treatment of adult patients with mantle cell lymphoma who have received at least one prior therapy Technology, Media & Telecom · Apple ($AAPL) asked a federal appeals court on Friday to throw out a legal decision that would require the tech giant to tweak its strict App Store rules and force it to allow app developers to inform customers of ways to pay for subscriptions and services outside the App Store – NYT · Gray Television ($GTN) a positive mention in Barron’s saying at about $23.50 a share, it has a price/earnings ratio of five based on 2022 estimates. It looks like an inexpensive way to bet on broadcast as Gray’s strength in local news helps it make a killing in political ads · Toshiba Corp ($6502.T) said it would announce the results of a strategic review of its business along with its quarterly earnings results and a new mid-term business plan on Nov. 12. A spokesperson said the results of Toshiba’s strategic review would be part of the new business plan. The company had previously said the review would be announced this month. · U.S.-listed Chinese tech stocks Alibaba ($BABA), JD.com ($JD) and Baidu ($BIDU) among market leaders early; BABA shares up over 5% after Reuters noted the Daily Journal Corp, chaired by Berkshire Hathaway Vice Chairman Charlie Munger, boosted its holdings in BABA by 83% during Q3, according to public disclosures. Also helping sentiment in China listed stocks, China’s antitrust regulator also fines delivery giant Meituan 3.4 bln yuan ($527.4 mln), a smaller than expected figure, for abusing its dominant market position · Comcast ($CMCSA) downgraded to Market Perform from Outperform at Raymond James
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Tuesday, July 20, 2021 Futures Up/Down % Last Dow 178.00 0.53% 34,017 S&P 500 20.25 0.49% 4,272 Nasdaq 73.50 0.50% 14,614 U.S. stock futures are looking to rebound after major averages posted their worst single day returns in months with attention turning to earnings reports. Major U.S. stock benchmarks dropped sharply on Monday as the Dow Jones Industrial Average marked its worst drop since late October falling -725 points (off earlier lows down over 900 points), amid growing concerns about the global spread of the delta variant of the coronavirus that causes COVID-19. The benchmark S&P 500 index ended down 1.6% at 4,258, getting a boost late day to push back above its 50-day moving average of 4,240 (off lows below 4,235), while the Nasdaq Composite Index declined 1.1% at 14,275. The declines for stocks came as the 10-year Treasury note yield fell to a five-month low beneath 1.18%. The CBOE Volatility Index ($VIX), the SPX option derived measure of implied volatility, lifted $4.05 or 21.95% today to close at $22.50 (off earlier highs above 25). U.S. crude oil slides below $70 in biggest one-day drop since September as OPEC and its allies agreed to increase production at the same time the COVID-19 delta variant threatens global demand. All 30 of the components of the Dow Jones Industrial Average finished lower Monday. In Asian markets, The Nikkei Index declined -264 points to 27,338, the Shanghai Index slipped a few points to 3,536 and the Hang Seng Index dropped -230 points to 27,259. In Europe, the German DAX is higher by 50 points to 15,190, while the FTSE 100 rebounds 40 points to 6,885. Market Closing Prices Yesterday The S&P 500 Index dropped -68.67 points, or 1.59%, to 4,258.49 The Dow Jones Industrial Average fell -725.81 points, or 2.09%, to 33,962.04 The Nasdaq Composite sunk -152.25 1.42 points, or 1.06%, to 14,274.98 The Russell 2000 Index declined -32.56 points, or 1.51% to 2,130.68 Events Calendar for Today 7:45 AM ET ICSC Weekly Retail Sales 8:30 AM ET Housing Starts MoM for June…est. 1.59M 8:30 AM ET Building Permits MoM for June…est. 1.7M 8:55 AM ET Johnson/Redbook Weekly Sales 4:30 PM ET API Weekly Inventory Data Earnings Calendar: Earnings Before the Open: $ALLY, $BMI, $CATC, $CFG, $DOV, $FMBI, $GATX, $HAL, $HCA, $IRDM, $KEY, $MAN, $MBWM, $OMC, $ONB, $PEBO, $PM, $SBNY, $SI, $SNV, $SYF, $TRV Earnings After the Close: $AGR, $AIR, $CMG, $FOR, $FULT, $HOPE, $HWC, $IBKR, $ISRG, $NFLX, $PNFP, $PZN, $RUSHA, $RXN, $SMBL, $SNBR, $UAL, $UCBI, $XM Macro Up/Down Last Nymex 0.25 66.67 Brent 0.00 68.62 Gold 4.70 1,817.35 EUR/USD -0.001 1.179 JPY/USD -0.07 109.39 10-Year Note +0.02 1.6% Sector News Breakdown Consumer Inter Parfums ($IPAR) 2Q net sales $207.6Mm vs. est. $151.3Mm; guides FY net sales about $750Mm vs. est. $715.1Mm, sees FY EPS $1.95 vs est. $1.72 Tesla ($TSLA) Semi electric truck is finally about to go into production, Electrek reports. Sources familiar with the matter tell Electrek one of the last steps before starting production is happening as the general assembly line is debugged and the drive axle production line is ready. Energy, Industrials and Materials Halliburton ($HAL) Q2 EPS $0.26 vs. est. $0.23; Q2 revs $3.71B vs. est. $3.74B Crown Holdings ($CCK) Q2 adj EPS $2.14 vs. est. $1.78; Q2 sales $2.86B vs. est. $2.92B; sees Q3 EPS $1.90-$2.00 vs. est. $1.79 and raises year EPS to $7.30-$7.40 from prior $6.60-$6.80 (est. $6.89) B. Hunt ($JBHT) Q2 EPS $1.61 vs. est. $1.57’ Q2 revs $2.91B vs. est. $2.71B; Total freight transactions in the Marketplace for J.B. Hunt 360 increased to $500 million in the second quarter 2021 compared to $281 million in the prior year quarter. ICS revenue on the platform increased 73% to $396 million versus a year ago PPG Industries ($PPG) shares fell -7%; Q2 adj EPS $1.94 vs. est. $2.20; Q2 sales nearly $4.4B vs. est. $4.36B and up about 45% yoy; Q2 sales volumes grew about 24% year over year, supported by strong demand recovery across many end-use markets; sees 3q sales volume +21% to +23%; expect that aggregate input and logistics costs will be sequentially higher in q3, compared to q2 Steel Dynamics ($STLD) 2Q EPS $3.32 vs est. $3.42 on sales $4.5B vs est. $4.22B, qtrly steel and fabrication shipments of $2.9Mm tons and $189,000 tons, respectively; says continue to see strong steel demand coupled with extremely low customer steel inventories; auto sector remains strong despite chip shortages; believes 3Q earnings could represent another record performance SPX Flow ($FLOW) confirmed its Board of Directors previously received and rejected an unsolicited, conditional, non-binding proposal from Ingersoll Rand Inc. ($IR) to acquire all outstanding shares of SPX Flow common stock for $85.00 per share in cash Vale ($VALE) produced less iron ore than expected during Q2 saying Q2 iron ore output rose 11.3% Q/Q to 75.7M metric tons and climbed 12% Y/Y, but the analyst consensus estimate called for ~78M mt.; Q2 production of iron ore pellets jumped 27.4% Q/Q to 8M metric tons and 13.3% from the year-earlier quarter Financials ($KEY) 2Q EPS $0.72 vs est. $0.54, NII $1.0B vs est. $1.0B, qtrly return on avg tangible common equity 22.3%; says will evaluate an increase to common stock dividend in 4Q, announced new common share repurchase authorization of up to $1.5B Silvergate Capital ($SI) Q2 EPS 80c vs. est. 51c; Q2 deposits $11.4B, an increase of $4.4B, or 62.4%, from Q1, and an increase of $9.7B or 580.6%, from last year Signature Bank ($SBNY) Q2 EPS $3.57 vs. est. $3.14; Q2 CET1 capital ratio 10.03%, Q2 net charge-off .12% and Q2 book value per share $106.24; Q2 net interest income for 2021 q2 was $457.2 mln, an increase of $70.1 mln Synovus ($SNV) Q2 adj EPS $1.20 vs. est. $1.04; Q2 core transaction deposits increased $702.4M or 2% sequentially; Q2 provision for credit losses of $24.6M; qtrly net interest income of $381.9 mln increased $8.0 mln sequentially Synchrony ($SYF) Q2 EPS $2.12 vs. est. $1.39; Q2 book value per share $23.48, Q2 CET1 capital ratio 17.8% and Q2 net charge-offs 3.57%; qtrly net interest income decreased $84 million, or 2%, to $3.3 billion Cryptocurrency-exposed stocks fall in premarket trading after the selloff in Bitcoin accelerated and pushed the token below $30,000 for the first time in around a month, down over 3% at $29,600 while Ethereum prices fall over 4% to $1,750 (shares of $MARA, $RIOT, $MSTR lower) BCB Bancorp ($BCBC) 2Q EPS $0.45 vs. est. $0.40, NII $24.1Mm vs. est. $23.7Mm; increases qtrly dividend to $0.16/share Chubb Limited ($CB) announced its Board of Directors has authorized a new one-time incremental share repurchase program of up to $5 billion through June 30, 2022 Equity LifeStyle Properties ($ELS) 2Q adj FFO $0.61 vs est. $0.55; revs $156.2Mm vs est. $158.8Mm; sees Q3 FFO $0.59-$0.65 and year $2.42-$2.52 vs. est. $0.65 and $2.40 respectively FB Financial ($FBK) 2Q adj EPS $0.88 vs est. $0.75; NII on tax-equivalent basis $87.3Mm vs est. $83.8Mm FNB Corp. ($FNB) Q2 EPS $0.31 vs. est. $0.29; Q2 revs 4308M vs. est. $305.7M; Q2 net interest income ($NII) $227.9M; Total average deposits grew $3.2 billion, or 11.9%, led by increases in average non-interest-bearing deposits of $1.9 billion, or 23.5% PacWest Bancorp. ($PACW) Q2 EPS $1.52 vs. est. $0.97; Q2 net interest income $270.1M vs. $264.6M in Q1 ServisFirst Bancshares (SFBS) 2Q EPS $0.92 vs. est. $0.93, total loans grew $517.3 ex impact of PPP, deposits +17% yr/yr Wintrust Financial ($WTFC) Q2 EPS $1.70 vs. est. $1.59; Q2 net interest income $279.6M vs. $263.1MM last year; Q2 net interest margin 2.62% vs. 2.73% last year Zion Bancorp ($ZION) 2Q EPS $2.08 vs est. $1.29, CET1 ratio 11.3% vs 10.2% at beginning of pandemic; released more than $120Mm of allowance for credit losses Healthcare Ardelyx ($ARDX) shares tumble 75%; received a letter from the FDA on July 13 stating that, as part of its ongoing review of the co’s New Drug Application for the control of serum phosphorus in adult patients with chronic kidney disease on dialysis, the FDA has identified deficiencies that preclude discussion of labeling and post-marketing requirements/commitments at this time Cytokinetics ($CYTK) announces $200M common stock offering Thousands of opioid-crisis lawsuits filed against major drugmakers and distributors are nearing a conclusion, with the outlines of a $26 billion deal between states and four companies expected to be announced this week and a $1 billion settlement to resolve some of New York’s claims likely on Tuesday, Dow Jones reported. Drug distributors AmerisourceBergen Corp. ($ABC), Cardinal Health Inc. ($CAH) and McKesson Corp. ($MCK) and Johnson & Johnson ($JNJ) have been negotiating the $26 billion settlement for more than two years HCW Biologics ($HCWB) 7M share IPO priced at $8.00 PLx Pharma ($PLXLP) rises after saying Vazalore, a liquid-filled aspirin capsule, will be available in over 8,000 Walgreens (WBA) stores across U.S. in August Regeneron ($REGN) announced that Japan’s Ministry of Health, Labour and Welfare, or MHLW, has approved Regeneron’s casirivimab and imdevimab antibody cocktail to treat patients with mild to moderate COVID-19 Technology, Media & Telecom IBM Corp. ($IBM) Q2 operating $2.33 vs. est. $2.29; Q2 revs $18.75B vs. est. $18.29B; Q2 cloud & cognitive software revs up 6% to $6.1B, Q2 Global Business revenue $4.3B, up 11.6% and Q2 Global Technology Services revenue $6.3B, up 0.4%; GAAP gross profit margin of 48.0%, flat; said it sees FY revenue to grow based on mid-July 2021 foreign exchange rates and continues to expect adjusted free cash flow of $11 billion to $12 billion in 2021 Omnicom ($OMC) 2Q EPS $1.60 vs est. $1.38 on revs $3.57B vs est. $3.38B (organic +24.4%); says experienced improvement in biz in 2Q, op mgn 15.9% vs est. 14.3% Rapid7, Inc. ($RPD) acquired IntSights Cyber Intelligence Ltd., a leader in contextualized external threat intelligence and proactive threat remediation for approximately $335 million in cash and stock; RPD sees revs and adj EPS above high end of prior guidance
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/*============================================= = Monday June 07, 2021 = =============================================*/ Monday, June 7, 2021 Futures Up/Down % Last Dow 30.00 0.09% 34,772 S&P 500 -4.25 0.10% 4,224 Nasdaq -45.50 0.33% 13,721 U.S. futures are mixed to start the trading week as the Dow rises, S&P little changed and Nasdaq futures slide about 45 points as shares of U.S. tech giants decline after the Group of Seven (G7) advanced economies agreed this weekend to back a minimum global tax rate of at least 15% (watch shares of $AAPL, $AMZN, $FB, $GOOGL). Apple (AAPL) will kick off its annual Worldwide Developer Conference at 1 p.m. ET. In healthcare, all eyes on Biogen ($BIIB) as the company rises ahead of FDA decision on Alzheimer’s drug aducanumab as the FDA is set to decide on whether to approve company’s controversial Alzheimer’s disease drug. This weekend, Treasury Secretary Janet Yellen said President Joe Biden should push forward with his $4 trillion spending plans even if they cause an inflation spike into next year. She also told Bloomberg in an interview that slightly higher interest rates would be a plus. Other than that, a quiet day for economic data. Stocks climbed on Friday as the key May jobs report showed solid gains, boosting confidence in the economic comeback, while for the week, the S&P rose 0.62%, the Dow added 0.66%, the Nasdaq gained 0.48%. Bitcoin and most other top cryptocurrencies fell on Sunday on concerns that there may be a further crackdown on the industry in China and as a report from Goldman Sachs Group Inc. served as a reminder that institutional adoption may be a long process. In Asian markets, The Nikkei Index rose 77 points to settle at 29,020, the Shanghai Index rose 7 points to 3,599, and the Hang Seng Index slipped -130 points to 28,787. In Europe, the German DAX is up about 35 points to 15,725, while the FTSE 100 is up around 20 points to 7,090. Market Closing Prices Yesterday The S&P 500 Index jumped 37.04 points, or 0.88%, to 4,229.89 The Dow Jones Industrial Average rose 179.39 points, or 0.52%, to 34,756.39 The Nasdaq Composite surged 199.99 points, or 1.47%, to 13,814.49 The Russell 2000 Index advanced 7.16 points, or 0.31% to 2,286.41 Events Calendar for Today 3:00 PM EST Consumer Credit for April Earnings Calendar: Earnings Before the Open: $GII Earnings After the Close: $BBCP, $COUP, $HQY, $MRVL, $MTN, $NAPA, $REVG, $SFIX Other Key Events: American Society of Clinical Oncology (ASCO), 6/4-6/8 Deutsche Bank Global Consumer Conference (virtual), 6/7-6/10 Goldman Sachs Travel & Leisure Conference 2021 (virtual), 6/7-6/8 Oppenheimer Virtual Software & Semiconductor Bus Tour, 6/7-6/11 Macro Up/Down Last Nymex -0.39 69.23 Brent -0.43 71.46 Gold -5.90 1,885.70 EUR/USD -0.0015 1.2152 JPY/USD -0.04 109.48 10-Year Note +0.019 1.579% World News The G7 reached a landmark deal on Saturday to squeeze more money out of multinational companies such as Amazon and Google and reduce their incentive to shift profits to low-tax offshore havens. Hundreds of billions of dollars could flow into the coffers of governments left cash-strapped by the COVID-19 pandemic after the Group of Seven (G7) advanced economies agreed to back a minimum global corporate tax rate of at least 15%. Treasury Secretary Janet Yellen said President Joe Biden should push forward with his $4 trillion spending plans even if they trigger inflation that persists into next year and higher interest rates. “If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the Fed’s point of view,” Yellen said Sunday in an interview with Bloomberg News Sector News Breakdown Consumer Las Vegas is making a comeback according to Barron’s saying bookings at casino resorts have gone up, but convention and expo business still faces uncertainty after the pandemic. Among REITs, MGM Growth Properties ($MGP) and VICI Properties ($VICI) offer yields above 4%. Two major Las Vegas Strip players are MGM Resorts International ($MGM) and Caesars Entertainment ($CZR). Regional casinos Boyd Gaming ($BYD) and Red Rock Resorts ($RRR), which cater more to the local market, have gained more than MGM and Caesars since the end of last January. Avis Budget Group Inc ($CAR) board approved a $325 mln increase to company’s share repurchase authorization Lordstown Motors ($RIDE) said it received a notice of delinquency for late filing from the Nasdaq Stock Market because it has yet to file its 10-Q for the quarter ended March 31 Reckitt Benckiser Group Plc agreed to sell its Chinese baby-formula business to Primavera Capital Group for $2.2 billion as the company seeks to exit from the struggling sector. Reckitt will retain an 8% stake in the unit and sees net cash proceeds of about $1.3 billion Tesla ($TSLA) CEO Elon Musk told Twitter followers that the Plaid+ trim is “canceled” as the imminent, lower-priced ‘regular’ Plaid model is “just so good.” It’s the quickest production car ever, he claimed Energy, Industrials and Materials Peabody Energy ($BTU) files to say has entered into at market issuance sales agreement to offer and sell up to 12.5 mln shares of common stock Diana Shipping Inc. ($DSX) files for mixed shelf of up to $750 mln TimkenSteel ($TMST) announced it will increase base pricing on all special bar quality products by $50 per ton Trucker rating changes at Goldman Sachs as they upgraded CH Robinson ($CHRW) to Buy from Sell with a $108 price target saying asset-based truckload sector fundamentals are very robust right now with supply tight, demand strong and prices elevated, while the firm downgraded ArcBest (ARCB) to Neutral and Werner ($WERN) to Sell Financials Barron’s said Allegiance Bancshares ($ABTX), PNC Financial Services Group ($PNC), Pinnacle Financial Partners ($PNFP), SVB Financial Group ($SIVB) are banks that operate in regions where growth is booming, and they can benefit from loan growth sooner Realty Income Corp ($O) files mixed securities shelf Essex Property ($ESS) raises low end of core FFO guidance for Q2 and FY21 as now sees Q2 core FFO of $2.92-3.00 (prior: $2.84-3.00) vs. a consensus of $2.98; sees FY21 core FFO of $12.02-12.46 (prior: $11.46-$12.46) vs. $12.23 consensus. Visa ($V) upgraded to Overweight from Neutral at Piper Sandler and up tgt to $260 from $234 Healthcare Biogen ($BIIB) rises ahead of FDA decision on Alzheimer’s drug aducanumab as the FDA is set to decide on whether to approve company’s controversial Alzheimer’s disease drug. If approved, Biogen’s aducanumab would be the first treatment in more than a decade to treat the disease (other companies with Alzheimer treatments include $AVXL, $PRTA, $SAVA) ChromaDex Corp. ($CDXC) announced the launch of its flagship consumer product Tru Niagen(R) in Walmart, available in 3,800 stores across the United States. Walmart is the first major U.S. retailer to bring this well-studied healthy aging nutrient to stores Fate Therapeutics ($FATE) upgraded to Buy from Neutral at H.C. Wainwright Liminal BioSciences ($LMNL) shares jumped post-market Friday after the U.S. FDA approved Ryplazim for the treatment of patients with plasminogen deficiency type 1 (hypoplasminogenia) Iovance Biotherapeutics ($IOVA) announced updated clinical data for lifileucel from Cohort 2 in the C-144-01 clinical study in patients with advanced melanoma. The data were presented in an oral presentation at the ASCO 2021 Annual Meeting Novartis ($NVS) announced Phase 2 primary endpoint data showing investigational iptacopan – a first-in-class, oral, targeted factor B inhibitor – reduced protein in the urine, an increasingly recognized surrogate marker correlating with progression to kidney failure, and showed promise in stabilizing kidney function in patients with IgA nephropathy, or IgAN Technology, Media & Telecom Apple ($AAPL) will debut major software updates for the iPhone and iPad at its developers’ conference this week Software maker PTC ($PTC) is up 60% over the past two years, but it has more upside as it seeks to dominate the Internet of Things, Barron’s says. Autodesk ($ADSK) confirmed that it has submitted a non-binding proposal to acquire all the outstanding shares of common stock of Altium ($ALMFF) for A$38.50 Flextronics ($FLEX) forecasted that the chip shortage disrupting the car industry and the supply of consumer technology products will last until at least mid-2022 – Financial Times reported
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