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Catalyst Inc. latest news:
Investors size up U.S. tax reform after Democrats gain in elections
NEW YORK (Reuters) - If the election of Donald Trump as U.S. president was a big catalyst behind a 23 percent rally in the S&P 500 over the past year, Tuesday’s first wide-scale retesting of his...
Delphi set for 'above-market growth': Cowen
Analysts at Cowen have started covering shares of Delphi Automotive Plc at their equivalent of a buy rating, saying the auto parts maker is set for an "above-market" growth as the leading system integrator to tackle the vehicle electrification, autonomous, and infotainment trends. They set a price target of $120 on the stock, which represents a 17% upside from Monday's prices. "We see the anticipated spinoff of (Delphi's) powertrain business in early 2018 a catalyst for the company to unlock value as a pure play on the megatrends of electrified, autonomous, and connected vehicles," the analysts said. Cowen analysts also started their coverage of shares of Lear Corp. at buy, and Autoliv Inc. at their equivalent of a neutral rating.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.
U.S. stock market ends turbulent August on a strong note
U.S. stock indexes on Thursday closed out August in the green, extending a recent uptrend and clawing back from a midmonth slump as previously dormant markets showed signs of volatility reemerging. Relatively upbeat economic data and hope of tax reform has been part of the catalyst that has helped to offer a lift to equities and shake of geopolitical worries. The Dow Jones Industrial Average closed up 0.3% at 21,952, nearing the psychologically important level of 22,000, which it had hit mid August and marking its third straight gain. For the month, the Dow is up 0.3%, representing its fifth monthly gain in a row. The S&P 500 index ended the session with a 0.6% gain, helping it to wrap up August with a gain of a little less than 0.1%, after starting the session on track to end in the red. The broad-market gauge is also scored its fifth monthly rise in a row. The Nasdaq Composite Index finished about 1% higher at 6,428, and produced a monthly rise of 1.3%. The moves come ahead of a closely watched jobs report due Friday, among a few other data reports before the Labor Day holiday commences, with markets closed on Monday. Ahead of that data, consumer spending rose 0.3% last month, helped by higher incomes and low inflation. The pace of inflation, meanwhile, was little changed in July, up 0.1%. Initial jobless claims in the period running from Aug. 20 to Aug. 26 rose by 1,000 to 236,000, which is still close to a postrecession low, pointing to another solid monthly employment report near the end of summer. Official jobs report will be released Friday at 8:30 a.m. Eastern. In corporate news, shares of Walt Disney Co. closed 1.6% lower following news that it is preparing significant budget cuts at its Disney/ABC Television Group that will include staff reductions and restructuring efforts. 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.
Biotech stocks surge on Gilead's Kite Pharma acquisition
After news of Gilead Sciences Inc.'s about $11 billion acquisition of Kite Pharma Inc. , Juno Therapeutics Inc. shares surged 16.3%, Bluebird Bio Inc. shares surged 9.7% and Cellectis SA ADR shares surged 11.8% in extremely heavy midday trade Monday. The Kite Pharma acquisition marks a large investment by Gilead into a cancer treatment called chimeric antigen receptor T-cell therapy, or CAR-T, which uses a patient's immune T-cells and re-engineers them to better fight cancer. Juno, Bluebird and Cellectis are other biotech companies working in CAR-T. BTIF analyst Dane Leone upgraded Juno on Monday, adding, "we continue to be skeptical of JUNO's current competitive positioning, but upgrade our ranking to Neutral from Sell, as there is not a near term catalyst to offset the positive tailwind for the entire CAR T space." Though there has been speculation about Celgene -- which owns about 10% of Juno's current shares outstanding -- acquiring Juno, "we would be surprised" by a full acquisition, Leone said, since "at this juncture with emerging overlap in Multiple Myeloma and third to market status in CD19 hematological malignancies, we struggle to find a rationale for Celgene wanting to fully own Juno." Kite Pharma shares surged 28% in extremely heavy morning trade. Shares have surged 144% over the last three months, compared with a 1% rise in the S&P 500 .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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