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Grocery Outlet prices IPO at $22 a share, above high end of range

9 hours ago

Grocery Outlet Holding Corp. announced late Wednesday it will price its initial public offering at $22 a share, well above the high end of its range. On Tuesday, the company hiked its expected range to $18 to $19 a share, from $15 to $17 a share. Grocery Outlet is offering 17,187,500 shares for sale, raising about $378 million. Shares of the California-based company, which has 323 stores across the West Coast and Pennsylvania, are expected to list on the Nasdaq under the ticker symbol "GO" starting Thursday.

Canadian pot producer Canopy Growth details U.S. CBD plans after Acreage deal approval

9 hours ago

Canopy Growth Corp. said late Wednesday that the company has U.S. operations related to hemp and cannabidiol, or CBD, in seven states and when at full capacity will cover more than 4,000 acres. Canopy Growth said that was the equivalent of 11,072 hockey rinks or nearly American 3,268 football fields. The company said that it was currently planting a mix of high-CBD hemp plants and industrialized hemp suitable for textiles, proteins and bioplastics. The update on its CBD operations arrived after the company announced that the landmark deal to acquire the right to buy U.S.-based weed producer Acreage Holdings Inc. for $3.4 billion in paper, pending the relaxation of U.S. federal prohibition on marijuana. Canopy Growth stock was up 0.8% in after hours trading. The stock closed up 1.74% during the regular session, as the S&P 500 index [spx] rose 0.3%.

Slack reference price set at $26 for non-IPO

10 hours ago

Slack Technologies Inc. shares will have a reference price of $26, and are expected to begin trading Thursday morning on the exchange. Slack is listing its shares directly instead of performing an initial public offering, in which shares are priced for sale. Instead, a reference price is set for a direct listing, based on private placements and other factors, but the trading price can still be different. For example, when Spotify Technology SA entered the public markets through a direct listing, a reference price of $132 was set, but the stock opened at $165.90. Landing on an opening price seemed difficult in the Spotify listing, as shares did not begin trading till after midday, much later than typical for a company debuting after an IPO.

Mnuchin says he wants to lift debt limit for a year if there's no spending deal

11 hours ago

Treasury Secretary Steven Mnuchin said Wednesday the administration wants to suspend the federal debt limit for a year if there isn't an agreement with congressional leaders on spending caps. Mnuchin and other officials met with leaders including House Speaker Nancy Pelosi on spending limits that would head off another government shutdown in the fall. The Treasury chief reportedly said if there's no deal the White House proposes a yearlong stopgap budget that would renew government funding at the same levels, in addition to a one-year debt-limit suspension.

U.S. trade regulator approves United Health, DaVita deal with condition

11 hours ago

The Federal Trade Commission said late Wednesday UnitedHealth Group Inc. and DaVita Inc. have agreed to a settlement to resolve FTC allegations their $4.3 billion deal would stifle competition in the Las Vegas area. Under the proposed settlement, UnitedHealth would have 40 days to sell DaVita's healthcare provider in the Las Vegas region, known as HealthCare Partners of Nevada, to Intermountain Healthcare, a Utah-based healthcare provider and insurer. The acquisition was first announced in December 2017. UnitedHealth stock rose 0.6% and DaVita shares fell 0.1% in the extended session after ending the regular trading day up 1.8% and 3.1%.

Smith & Wesson maker American Outdoor Brands stock soars after earnings beat

11 hours ago

Smith & Wesson maker American Outdoor Brands Corp. shares soared more than 8% in the extended session Wednesday after the company beat consensus estimates for earnings and revenue. The company reported fiscal fourth-quarter net income of $9.8 million, or 18 cents a share, compared with $7.7 million, or 14 cents a share, in the year-ago period. Adjusted for items such as amortization of acquired intangible assets, among other things, earnings were 26 cents a share, versus 24 cents in the year-ago quarter. Revenue rose to $175.7 million from $172 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 16 cents a share on revenue of $169.2 million. For the fiscal first quarter, analysts model adjusted earnings of 10 cents a share on sales of $141.6 million. AOBC said it expected fiscal first-quarter adjusted earnings of 3 cents to 7 cents a share on sales of $120 million to $130 million. For fiscal 2020, analysts expect adjusted earnings of 82 cents a share on sales of $654.7 million; the company said it expects adjusted earnings of 76 cents to 84 cents a share on sales of $630 million to $650 million. AOBC stock has fallen 30% in the past year, with the S&P 500 index rising 5.6%.

Senate banking committee sets July date to hold hearing on Facebook Libra coin

12 hours ago

The Senate Banking committee on Wednesday set July 16 as the date to hold a hearing centered on Facebook Inc.'s Libra coin, an ambitious cryptocurrency venture led by the social-media giant that is intended as a frictionless way to to make payments over the internet using blockchain technology. The hearing titled "Examining Facebook's Proposed Digital Currency and Data Privacy Considerations," comes after a number of Congressional lawmakers a day ago demanded that Facebook , which is leading the digital-payments venture, delay its attempt to roll out the cryptocurrency by the second half of 2020 as planned, while legislators review possible risks to consumers. House Financial Services Committee head Maxine Waters on Tuesday said Facebook "is continuing its unchecked expansion and extending its reach into the lives of its users." The social-media outfit is wrestling with privacy concerns following its Cambridge Analytica scandal. On Tuesday, Facebook said: "We look forward to responding to lawmakers' questions as this process moves forward." Facebook has been meeting with regulators about its cryptocurrency plans, according to the Wall Street Journal, which reported that Facebook officials have met with Securities and Exchange Commission as its prepares to kick off Libra Coin with more than two dozen partners, including payment company PayPal Inc. [sL PYPL], ride-hailing apps Uber Technologies Inc. and Lyft Inc. , as well as credit card company Mastercard Inc. among many others. Many view this crypto as a powerful way for Facebook to tap into its 2.5 billion monthly active users. Libra coin won't be owned by Facebook and will be governed by a consortium of qualified global partners, with the intention of creating an independent payment system that has the benefits of the immutable ledger technology behind cryptos but none of the price vagaries of bitcoin because the digital asset will be pegged to a basket of fiat currencies like the dollar and euro , for example. Facebook's shares finished 0.5% lower on Wednesday, while the Dow Jones Industrial Average , the S&P 500 index and the Nasdaq Composite Index all finished in the session in positive territory.

Oreo maker Mondelez to buy nutrition-bar company

12 hours ago

Mondelez International Inc. said late Wednesday it has agreed to buy a majority interest in Perfect Snacks, a maker of refrigerated nutrition bars. Terms of the deal were not disclosed. Perfect Snacks had about $70 million in revenue last year and "strong" double-digit growth year-on-year, Mondelez said. Mondelez, the maker of Oreo cookies, Milka chocolate and other snack brands, said it plans to run Perfect Snacks as a separate business "in order to nurture its entrepreneurial spirit and maintain the authenticity of the brand." The deal is expected to close later this summer, the company said. Shares of Mondelez were flat in the extended session Wednesday after the stock ended the regular session up 0.9%.

Stocks end higher after Fed bolsters rate-cut hopes

12 hours ago

U.S. stocks ended modestly higher Wednesday after the Federal Reserve left their benchmark interest rate unchanged at a range between 2.25% and 2.50%, but opened the door to rate cuts later this year. The S&P 500 was up 0.3% to end around 2,926. The Dow Jones Industrial Average advanced 29 points, or 0.1%, to finish near 26,504, based on preliminary numbers. The Nasdaq Composite was up 0.4% to finish around 7,987. The U.S. central bank took out the phrase "patience" from its policy statement, and said it stood ready to act appropriately if risks to the economic outlook reared their head. The Fed's interest-rate projections also showed close to half the members of the central bank's policy-making group anticipated two rate cuts this year. The 10-year Treasury note yield fell to 2.02%, its lowest since Nov. 8 2016. In company news, shares of CBS Corp. were up 1% after news reports said the media giant was readying an offer to buy Viacom Inc.

Dow gains about 60 points after Fed removes 'patient' from policy statement

14 hours ago

U.S. stocks rose Wednesday afternoon after the Federal Reserve appeared to deliver a dovish update to its policy message. The central bank said it acknowledges that "uncertainties" have increased in the economy and opted to remove the word "patient" from its updated statement, even as it left benchmark rates at a range between 2.25%-2.50%. The vote was 9-1 to keep rates steady but the dot plot, a projection of estimates for future rate cuts by Fed members signals that a rate cut could be in the offing. The Dow Jones Industrial Average gained 60 points, or 0.2%, at 26,518, the S&P 500 index climbed 0.2% to 2,924, while the Nasdaq Composite Index rose 0.2% to 7,967. The 10-year Treasury note , meanwhile, was at 2.05%, falling from 2.09% earlier in the day. Fed Chairman Jerome Powell will hold a news conference to discuss the policy moves at 2:30 p.m. Eastern Time. The Fed remained generally optimistic about the economy, but the Fed acknowledged that inflation pressures have receded. The rate-setting Federal Open Market Committee cut its forecast for PCE inflation in 2019 to 1.5% from 1.8%, well below its 2% target. It left its GDP estimate at 2.1%. The FOMC's dot plot predicts one rate cut next year that drops the fed funds to 2.1%, with one increase in 2021 bringing it back up to the current 2.4% level. In another move, the Fed lowered its "longer run" forecast for its fed funds rate to a new low of 2.5% from 2.8%.

Sycamore cuts buyout bid for Chico's by 14%, cites 'deteriorating' performance

14 hours ago

Private equity firm Sycamore Partners said Wednesday it was revising down its buyout bid for Chico's FAS Inc. by 14%, saying the women's apparel retailer has declined engage in discussions despite continued poor performance. Sycamore said it would pay $3.00 for each Chico's share outstanding, down from a previous bid made last month for $3.50 a share. The stock rose 3.2% in afternoon trade, after closing Tuesday at $3.11, or the lowest level since December 2008. Since Sycamore made its previous offer on May 10, the stock has tumbled 19.5%; on June 11, Chico's beat fiscal first-quarter profit and net sales expectations, but missed on same-store sales and cut its outlook. "Engaging with us so we can perform our due diligence will create an attractive and certain alternative for your shareholders, which we believe is in their best interest given the company's deteriorating performance and share price," Sycamore Managing Director Stefan Kaluzny wrote in a letter to Chico's Chairman David Walker. Chico's stock has tumbled 62.0% over the past 12 months, while the SPDR S&P Retail ETF has lost 15.4% and the Dow Jones Industrial Average has gained 7.3%.

Stock market gains after Fed removes 'patient' from policy statement

14 hours ago

U.S. stocks rose Wednesday afternoon after the Federal Reserve appeared to deliver a dovish update to its policy message. The central bank said it acknowledges that uncertainties have increased in the economy and opted to remove the word "patient" from its updated statement, even as it left benchmark rates at a range between 2.25%-2.50%. The vote was 9-1 to keep rates steady but the dot plot, a projection of estimates for future rate cuts by Fed members signals that a rate cut could be in the offing. The Dow Jones Industrial Average gained 80 points, or 0.3%, at 26,542, the S&P 500 index climbed 0.3% to 2,926, while the Nasdaq Composite Index rose 0.4% to 7,985. The 10-year Treasury note , meanwhile, was at 2.05%, falling from 2.09% earlier in the day. Fed Chairman Jerome Powell will hold a news conference to discuss the policy moves at 2:30 p.m. Eastern Time.

Treasury yields turn lower after Fed policy update

14 hours ago

Treasury yields fell from their session highs after the Federal Reserve announced it would leave interest rates unchanged at a range between 2.25% and 2.50%, as expected. The 10-year Treasury note yield fell 1.1 basis points to 2.047%, after trading at an intraday high of 2.099%. The 2-year note yield fell 5.5 basis points to 1.803%. The 30-year bond yield was virtually unchanged at 2.549%. Bond prices move in the opposite direction of yields. The Federal Open Market Committee dropped the phrase "patience" from its policy statement and said uncertainties around the economic outlook had increased. The central bank's projections for interest rates, or the dot plot, showed eight members of the FOMC anticipated at least one rate cut this year.

Stock market gains after Fed removes 'patient' from policy statement

14 hours ago

U.S. stocks rose Wednesday afternoon after the Federal Reserve appeared to deliver a dovish update to its policy message. The central bank said it acknowledges that uncertainties have increased in the economy and opted to remove the word "patient" from its updated statement, even as it left benchmark rates at a range between 2.25%-2.50%. The vote was 9-1 to keep rates steady but the dot plot, a projection of estimates for future rate cuts by Fed members signals that a rate cut could be in the offing. The Dow Jones Industrial Average gained 80 points, or 0.3%, at 26,542, the S&P 500 index climbed 0.3% to 2,926, while the Nasdaq Composite Index rose 0.4% to 7,985. The 10-year Treasury note , meanwhile, was at 2.05%, falling from 2.09% earlier in the day. Fed Chairman Jerome Powell will hold a news conference to discuss the policy moves at 2:30 p.m. Eastern Time.

Stock market gains after Fed removes 'patient' from policy statement

14 hours ago

U.S. stocks rose Wednesday afternoon after the Federal Reserve appeared to deliver a dovish update to its policy message. The central bank said it acknowledges that uncertainties have increased in the economy and opted to remove the word "patient" from its updated statement, even as it left benchmark rates at a range between 2.25%-2.50%. The vote was 9-1 to keep rates steady but the dot plot, a projection of estimates for future rate cuts by Fed members signals that a rate cut could be in the offing. The Dow Jones Industrial Average gained 80 points, or 0.3%, at 26,542, the S&P 500 index climbed 0.3% to 2,926, while the Nasdaq Composite Index rose 0.4% to 7,985. The 10-year Treasury note , meanwhile, was at 2.05%, falling from 2.09% earlier in the day. Fed Chairman Jerome Powell will hold a news conference to discuss the policy moves at 2:30 p.m. Eastern Time.

Gold futures settle lower, then move higher after Fed cites growing 'uncertainties'

14 hours ago

Gold futures finished with a modest loss on Wednesday, easing back after settling a day earlier at their highest in 14 months. Prices for the precious metal then climbed in electronic trading after the U.S. Federal Reserve left key interest rates unchanged, but also said it will "closely monitor" the economy in light of growing "uncertainties." August gold was at $1,353 an ounce shortly after the Fed policy statement. The contract settled down $1.90, or 0.1%, at $1,348.80 on Comex, ahead of the Fed decision.

FOMC holds fed funds rate steady, will 'closely monitor' data

14 hours ago

WASHINGTON (MarketWatch) - The Federal Reserve on Wednesday left its short-term fed funds rate unchanged and said it "will closely monitor" the economy in light of growing "uncertainties." The so-called dot-plot projections signaled the Fed is unlikely to cut before 2020, though members were sharply divided. Nine senior Fed officials predicted no rate cuts this year while eight forecast one or two reductions. The vote to hold rates steady was 9-1, with St. Louis Fed President James Bullard dissenting in favor of a quarter-point rate cut. The central bank remained generally optimistic about the economy, but the Fed acknowledged "uncertainties" have increased and that inflation pressures have receded. The FOMC cut its forecast for PCE inflation in 2019 to 1.5% from 1.8%, well below its 2% target. It left its GDP estimate at 2.1%. The FOMC's dot plot predicts one rate cut next year that drops the fed funds to 2.1%, with one increase in 2021 bringing it back up to the current 2.4% level. In another move, the Fed lowered its "longer run" forecast for its fed funds rate to a new low of 2.5% from 2.8%.

Shopify stock gains after company announces new products at annual conference

14 hours ago

Shopify Inc. shares are up 5% in midday trading Wednesday after the company announced a series of new products and features at its annual Shopfiy Unite partner conference. The company said that its Shopify Fulfillment Network, which lets merchants access fulfillment centers and use machine learning to time deliveries, was available for early access. The company also debuted the next generation of its in-store point-of-sale system and payments software. Shopify shares have climbed 131% so far this year, as the S&P 500 has gained 16%.

Upwork stock gains after Cantor Fitzgerald comes out bullish

14 hours ago

Shares of Upwork Inc. are up 0.4% in Wednesday afternoon trading after Cantor Fitzgerald analyst Drew Kootman initiated coverage of the company with an overweight rating. The stock was up as much as 4.4% earlier in the session. "We believe Upwork is a compelling investment opportunity as the company's business model appears well-positioned to capitalize on the long-term demand for a flexible labor supply and to improve on its pole position in the freelance employment market," Kootman wrote. He expects the company to further penetrate the market for freelance services beyond its current share of less than 1%. The company is focusing more on enterprise clients, which Kootman predicts could add more top-line stability. He set a $19 price target on shares, which have fallen 16% so far this year as the S&P 500 has climbed 16%.

Stoke Therapeutics shares soar 46% in trading debut

16 hours ago

Stoke Therapeutics Inc. shares rocketed 46% in their trading debut Wednesday, after the company's initial public offering priced above its $14 to $16 price range. The company sold 7.9 million shares priced at $18 each to raise $142 million. Proceeds of the deal will be used to advance clinical trials of its lead product candidate STK-001, a treatment for the severe form of epilepsy Dravet syndrome. JPMorgan, Cowen, Credit Suisse and Canaccord were underwriters on the deal.

Oil prices turn higher as EIA reports first U.S. crude supply decline in 3 weeks

17 hours ago

The Energy Information Administration on Wednesday reported that U.S. crude supplies fell by 3.1 million barrels for the week ended June 14. That followed two consecutive weeks of gains. Analysts polled by S&P Global Platts expected a decline of 2 million barrels in crude stocks, on average. The American Petroleum Institute on Tuesday reported an 812,000-barrel fall, according to sources. The EIA data also showed that gasoline inventories were down 1.7 million barrels, while distillate stockpiles edged lower by 600,000 barrels last week. The S&P Global Platts survey had shown expectations for supply increases of 1 million barrels each for gasoline and distillates. July West Texas Intermediate crude was up 36 cents, or 0.7%, to $54.26 a barrel on the New York Mercantile Exchange. It was trading at $53.48 before the supply data.

Lighthizer says he expects to meet China trade official at G-20

18 hours ago

U.S. Trade Representative Robert Lighthizer said Wednesday he will discuss trade with his Chinese counterpart in the next day and a half by phone, and meet in person at the G-20 summit in Osaka, Japan, next week. The U.S. trade chief has held several rounds of discussions with Chinese Vice Premier Liu He in an effort to resolve differences between Washington and Beijing. President Donald Trump said Tuesday he expected to have an "extended meeting" with Chinese President Liu He at the G-20, a comment that helped send stock indexes sharply higher. The U.S. is threatening fresh tariffs on Chinese goods in the absence of trade progress.

Apple considers moving 15% to 30% of production capacity out of China: report

18 hours ago

Apple Inc. is considering moving 15% to 30% of its production capacity from China to Southeast Asia, according to a report from the Nikkei Asian Review, which said that the company has asked its suppliers to look into the costs of such a move. The story, which cites unnamed sources, said that trade tensions between the U.S. and China have Apple considering whether to shift some of its production outside of China but that the company may not turn back on its plans even if the trade disputes were settled since Apple sees heightened risks from its reliance on Chinese manufacturing. Apple declined to comment in the Nikkei Asian Review's report. Wedbush analyst Daniel Ives said that "in a best-case scenario," Apple would likely be able to shift 5% to 7% of its iPhone production to India within 12 to 18 months. "Moving 15% of its iPhone production from China to other regions (India and Vietnam would be top candidates) would take at least two to three years in our opinion given the complexity and logistics involved in such a gargantuan endeavor and clearly have its share of risks (e.g., supply chain disruption, higher costs)," he wrote. Apple shares have gained 29% so far this year. The Dow Jones Industrial Average has climbed 14% in that time.

Stocks open slightly higher as investors await Fed decision

18 hours ago

Stocks saw a slightly higher start Wednesday ahead of the conclusion of a Federal Reserve meeting that's expected to leave interest rates unchanged but potentially signal that policy makers are moving toward an eventual rate cut. The S&P 500 rose 0.1% to 2,921.55, while the Dow Jones Industrial Average gained 45.98 points or 0.2%, to 26,511.52. The Nasdaq Composite was up 0.2% at 7,966.58. The Fed decision is due at 2 p.m. Eastern, followed by Chairman Jerome Powell's news conference at 2:30 p.m.

Melinta Therapeutics' stock rockets on heavy volume after FDA accepts sNDA for Baxdela

18 hours ago

Shares of Melinta Therapeutics Inc. more than doubled (up 128%) on heavy volume Wednesday, after the antibiotics developer said its supplemental new drug application (sNDA) for Baxdela was accepted by the U.S. Food and Drug Administration. Trading volume spiked to over 4.7 million shares, compared with the full-day average of about 334,000 shares through Tuesday, and enough to make the stock the most actively traded ahead of the open. The company said the FDA has granted "priority review" status for Baxdela, in which the sNDA seeks to expand the current indication to include adult patients with community-acquired bacterial pneumonia (CABP). "BAXDELA's potency and activity against the most common bacterial pathogens seen in CABP indicate it could play a significant role in the treatment of this life-threatening illness, if approved," said Melinta Chief Medical Officer Sue Cammarata. "We look forward to working with the FDA to help evaluate bringing this potential option to people with CABP as soon as possible." The stock has tumbled 50% year to date through Tuesday, while the S&P 500 has gained 16%.

TripAdvisor stock rises after SunTrust upgrades to buy

19 hours ago

TripAdvisor Inc. shares are up 3.2% in premarket trading Wednesday after SunTrust Robinson Humphrey analyst Naved Khan upgraded the stock to buy from hold. "Our buy thesis centers on our calculations that TRIP's rapidly (+30% annual growth) expanding experiences segment now represents nearly a third of sales and a solid majority of the stock's intrinsic value, while the multiple on Ebitda appears to us to place far more emphasis on the slow-growing core," Khan said. "Experiences has now reached critical mass, which coupled with stabilization in core should help drive accelerating growth in overall top line in FY20/beyond, in our view." Khan maintained his $60 price target on the stock, which has dropped 14% so far this year as the S&P 500 has climbed 16%.

PG&E to pay $1 billion to resolve wildfire claims held by 18 public entities

19 hours ago

Shares of Pacific Gas and Electric Co. rose 1.6% in premarket trading Wednesday, after the bankrupt utility said it reached agreements to pay $1 billion to resolve claims related to the 2015, 2017 and 2018 wild fires. The claims are held by 18 local public entities, including cities, counties, districts and public agencies, hurt by the Butte Fire in 2015, the Northern California fires in 2017 and last year's Camp Fire. The payment of the claims is subject to confirmation by the bankruptcy court. "This is an important first step toward an orderly, fair and expeditious resolution of wildfire claims and a demonstration of our willingness to work collaboratively with stakeholders to achieve mutual acceptable resolutions," said PG&E Chief Executive Bill Johnson. The stock has lost 19.4% year to date through Tuesday, while the SPDR Utilities Select Sector ETF has gained 14.1% and the Dow Jones Industrial Average has advanced 13.5%.

Gilead strikes deal with Nurix Therapeutics to tackle disease-causing proteins

19 hours ago

Gilead Sciences Inc. is partnering with Nurix Therapeutics, a biotech working on drugs to destroy disease-causing proteins, the companies announced Wednesday. Under the terms of the multi-year deal, Gilead will have the option to license certain drug candidates from Nurix, and Nurix will have the option to develop up to two programs with Gilead in the U.S., splitting the costs, U.S. sales and losses of those drugs. The deal excludes Nurix's lead drug program, for which Nurix will retain all rights. Nurix will receive an upfront payment of $45 million and is eligible to receive up to approximately $2.3 billion in additional milestone payments and royalties, the companies said. "There are many molecular targets involved in disease pathways that have traditionally been challenging to manipulate using conventional approaches," said John McHutchison, Gilead's chief scientific officer and head of research and development. "Nurix's innovative protein degradation discovery technology provides Gilead with a new strategy to interrogate these drug targets, as we continue to build a pipeline of small molecule therapeutics for patients with cancers and other diseases." Nurix's drug platform targets the ubiquitin system, a natural way the body degrades normal and disease-associated proteins. The company is working on ways to manipulate this system to fight diseases in immuno-oncology and hematology. Shares of Gilead have gained 9% so far this year, while the S&P 500 has gained 16.4%.

Adobe stock upgraded at Stephens after earnings

19 hours ago

Shares of Adobe Systems Inc. are up 4.7% in premarket trading Wednesday after the company reported better-than-expected results the prior afternoon but delivered a disappointing outlook. Stephens analyst James Rutherford upgraded the stock to overweight from equal weight following the report. "We believe the strong showing in digital media will help quiet any investor worries about a near-term slowdown in that business," he wrote. "Second, based on our field work and the report last night, we have become convinced that the Marketo and Magento acquisitions will be material drivers of revenue growth in the near-term as that cross-selling motion heats up." Rutherford argued that while Adobe's quarterly outlook was "a touch light on revenue and EPS," the company looks well positioned through the rest of the year. Adobe shares have climbed 22% so far in 2019, as the S&P 500 has risen 16%.

Energizer's stock falls toward 3-year low after J.P. Morgan turns bearish, slashes price target

19 hours ago

Shares of Energizer Holdings Inc. dropped 5.6% toward a more-than 3-year low in premarket trading Wednesday, after J.P. Morgan turned bearish on the battery maker, citing evidence of deteriorating Rayovac battery sales. Analyst Andrea Teixeira cut her rating to underweight from neutral, and slashed her price target to $36 from $45. Teixeira said that based on recent Nielsen data, worsening retailer shelf-space losses for Rayovac will likely continue to hurt results until at least Energizer's fiscal third quarter, which she believes could hurt gross margins and the company's ability to achieve its full-year guidance. Teixeira said what could put further pressure on Energizer's stock is Spectrum Brands Holdings Inc.'s 7.6% share stake in the company, as the lock-up agreement expires in January 2020. The stock, which is on track to open at the lowest price seen during regular-session hours since March 2016, has tumbled 32.2% over the past 12 months, while the Dow Jones Industrial Average has gained 7.2%.