Post Market News
Stocks that were active in U.S. trading on Monday were Theravance Inc. (NASDAQ:THRX), SolarCity Corp (NASDAQ:SCTY), Endo Health Solutions Inc. (NASDAQ:ENDP), Tesla Motors Inc. (NASDAQ:TSLA) and Restoration Hardware Holdings Inc (NYSE:RH).
- U.S.: Dow Jones: 15,091.91 (-0.18%), S&P 500: 1,633.77 (0.00%), Nasdaq: 3,438.79 (+0.06%)
- World Markets: Shanghai: 2,241.92 (-0.22%), Nikkei 225: 14,782.21 (+1.20%), Hang Seng Index: 22,989.81 (-1.42%), TSEC: 8,248.32 (-0.39%), FTSE 100: 6,631.76 (+0.10%), EURO STOXX 50: 2,777.39 (-0.28%), BSE Sensex: 19,691.67 (0.00%)
- Metals: Gold: $1434.30 (-0.16%), Silver: $23.70 (+0.16%), Platinum: $1484.50 (-0.10%)
- Currency: EUR/USD: 1.2971 (-0.08%), USD/JPY: 101.93 (+0.38%), GBP/USD: 1.5290 (-0.42%), USD/CAD: 1.0108 (-0.05%), USD/CNY: 6.1465 (+0.08%), AUD/USD: 0.9953 (-0.56%)
- 10 year U.S. Treasury: 1.92% (-0.02), 30 year U.S. Treasury: 3.11% (-0.01)
Market & Economy Update
Data showed that retail sales rose unexpectedly in April, indicating underlying strength in the economy. Retail sales, which accounts for about 30 percent of the U.S. economy, rose 0.1 percent in April, compared to a 0.5 percent decline in March. There are also reports that the Federal Reserve may wind down its $85 billion a month asset purchase program if the economy shows resilience.
Stock markets were mixed in today’s session. The Dow Jones Industrial Average skidded 26.58 points to 15,091.91, the S&P 500 Index was almost flat at 1,633.77, while Nasdaq gained 2.21 points to 3,438.79.
Amid the turmoil in the public markets and the staggering macroeconomic environment, it should come as no surprise that the private markets are also struggling. In fact, there are some important links between private equity and the current economic environment. A closer look at PE reveals that the industry often serves as a leading indicator Read More
Stocks In Focus
Theravance Inc. (NASDAQ:THRX)
Theravance Inc. shares rose 17.92 percent to close the session at $41.20 after Elan announced that it has signed a $1 billion agreement with Theravance to share royalties from four respiratory drugs.
SolarCity Corp (NASDAQ:SCTY)
SolarCity stock has been soaring ahead of its second quarterly earnings report. Headed by Elon Musk, the company installs solar panels. SolarCity has struggled for the past few years due to fierce competition from cheap panels from China. Analysts estimate SolarCity to report net loss of 26 cents per share on $29 million in revenues. Investors are looking beyond the quarterly results. SolarCity shares were up 24.24 percent to close the session at $35.88.
Endo Health Solutions Inc. (NASDAQ:ENDP)
The pharmaceutical company announced late Friday that the U.S. FDA has rejected its petition to halt competition from generic products to its Opana painkiller drug on safety issues. It will affect the company’s earnings, and Endo Health Solutions will have to explore other options to compensate for the damage. Shares were down 3.60 percent to close the session at $33.71.
Tesla Motors Inc. (NASDAQ:TSLA)
Shares of Tesla Motors continue to surge. The stock posted significant gains on Thursday, rose another 13 percent on Friday, and on Monday too the stock was up 14.38 percent at the end of trading sessions to $87.80. Analysts and investors are getting increasingly bullish after the company posted far better than expected quarterly results on May 9, and set an ambitious 25 percent gross margin target.
Restoration Hardware Holdings Inc (NYSE:RH)
The retailer revised its first quarter revenues and earnings guidance. It now expects revenues in the range of $295-$300 million, a 35 percent to 38 percent growth over the same period of 2012. Same store sales are expected to grow 41 percent in the first quarter. The company now expects adjusted EPS in the range of 2-4 cents, compared to the previous guidance of 2 cents. Shares rose 6.81 percent to end the session at $51.13.