U.S. equity market was mixed on Thursday after The Labor Department said the Consumer Price Index increased more than expected in August. The Dow Jones Industrial average rose 0.21 percent, or 45.9 points, to 22,204.10 on Thursday and hit a new all-time high during the trading session. The S&P 500 was down from record high and closed 0.11 percent lower at 2,495.62. Nasdaq composite Index underperformed, fell 0.48 percent to 6429.08. Katie Stockton, Chief Technical Strategist at BTIG, said in a note, reported by CNBC: “Short-term momentum remains positive behind the SPX, supporting the rally off of the August low. The breakout above July’s peak makes the path of least resistance higher, and it reflects healthy market breadth, or participation.” Oracle Corporation (NYSE: ORCL), Halozyme Therapeutics, Inc. (NASDAQ: HALO), Nordstrom, Inc. (NYSE: JWN), Aldeyra Therapeutics Inc. (NASDAQ: ALDX), Teva Pharmaceutical Industries Ltd. (NYSE: TEVA)
According to The Labor Department, U.S. consumer prices rose 0.4 percent in August and increased 1.9 percent on a year-over-year basis. Economists polled by Reuters has estimated the CPI to rise 0.3 percent in August. The better-than-expected inflation may affect the Federal Reserve’s decision on rate hike. The Fed has an inflation target of 2 percent. Minh Trang, senior FX trader at Silicon Valley Bank, said in a CNBC report: “Overall, the inflation numbers have been below the Fed’s target of 2 percent. That’s why you’re seeing the market call the Fed’s bluff to an extent.”
Oracle Corporation (NYSE: ORCL) announced fiscal 2018 Q1 results Thursday after market. Total Revenues increased 7% from the prior year to $9.2 billion. Cloud plus On-Premise Software Revenues were up 9% to $7.4 billion. Cloud Software as a Service (SaaS) revenues were up 62% to $1.1 billion. Cloud Platform as a Service (PaaS) plus Infrastructure as a Service (IaaS) revenues were up 28% to $400 million. Total Cloud Revenues were up 51% to $1.5 billion. “The sustained hyper-growth in our multi-billion dollar cloud business continues to drive Oracle’s overall revenue and earnings higher and higher,” said Oracle CEO, Safra Catz. “In Q1, total revenues were up 7%, GAAP EPS was up 19%, and non-GAAP EPS was up 12%. Oracle is off to a very, very strong start in FY18.”
Halozyme Therapeutics, Inc. (NASDAQ: HALO) stock up more than 18% on Thursday after the biotechnology company announced that it has licensed its ENHANZE® drug-delivery technology to Roche for exclusive development of an undisclosed therapeutic target. Under the terms of the agreement it will receive an initial $30 million with the potential to earn additional payments of up to $160 million subject to achievement of specified development, regulatory and sales-based milestones. Halozyme will also receive tiered, mid-single digit royalties on sales of commercialized products.
Nordstrom, Inc. (NYSE: JWN) shares jumped about 7% after CNBC announced Tuesday that the Nordstrom family is leaning toward a partnership with private equity firm Leonard Green to assist its bid to take the department store private. According to the report, the Nordstrom family is hoping that as a private company, it will be able to make investments that help it adapt to the changing retail landscape without worrying about short-term shareholder reaction.
Aldeyra Therapeutics Inc. (NASDAQ: ALDX) shares had jumped 34 percent on Tuesday after the company announced positive results from a Phase 2a clinical trial of its ADX-102 treatment in patients with dry eye disease. The stock has gained another 34 percent on Thursday and doubled its value in three days. The company said it expects to begin a phase 2b trial in the first half of 2018. Todd C. Brady, M.D., Ph.D., President and Chief Executive Officer of Aldeyra, commented: “These data represent the fourth set of positive Phase 2 results with ADX-102 in ocular inflammation. The breadth of activity across noninfectious anterior uveitis, allergic conjunctivitis, and now dry eye disease confirms the potential of ADX-102 as an important and differentiated therapy in ophthalmology.”
Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) announced on Monday it has entered into a definitive agreement under which CooperSurgical will acquire PARAGARD, a product within its global Women’s Health business, in a $1.1 billion cash transaction. PARAGARD had revenues of approximately $168 million for the trailing twelve-month period ending June 30, 2017. This transaction includes Teva’s manufacturing facility in Buffalo, NY, which produces PARAGARD exclusively. Teva briefly broke above $20 Tuesday morning.
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