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Top news and what to watch in the markets on Thursday, November 21, 2019.
Alnylam (ALNY) gets FDA approval for givosiran injection, to be marketed by the trade name of Givlaari, for the treatment of adults with AHP.
United Technologies (UTX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Billionaire John Fredriksen stepped down as chairman of Seadrill Ltd., raising the question of whether he could become less supportive of an offshore-rig company struggling with high debt.Fredriksen was instrumental in pulling Seadrill through a massive restructuring by injecting fresh cash, but the company remains the most leveraged offshore driller and is getting little help from a sluggish market recovery. Seadrill fell as much as 10% even though the Norwegian-born shipping tycoon, who owns 30% of the company, said his “strong support” would continue.The shares later pared the loss to 0.1% as of 10:52 a.m. in Oslo on Thursday, when the company also reported a third-quarter loss marked by impairments on an debt-laden subsidiary.Read all about the restructuring: Fredriksen Is Back in Rigs After $5 Billion Vanished in SeadrillSeadrill will probably need to restructure again, and it’s not clear what role Fredriksen might play then, said Carnegie AS analyst Frederik Lunde.“I have no illusion that he will throw a lot of good money down the drain here,” Lunde said by phone. “It will depend on a total package on the debt.”Other analysts aren’t so sure the resignation means anything for Fredriksen’s commitment, although Pareto Securities AS’s Christopher Mo Dege acknowledged that it was likely to be interpreted negatively by the market.Most analysts recommend clients buy Seadrill stock. But a more than 90% drop since the company emerged from bankruptcy protection last year suggests investors aren’t convinced that the postponement of almost $6 billion in bank debt will be enough to pull through a market slump that has been much longer than most expected.Ex-Crown JewelFredriksen’s departure marks a milestone for Seadrill, where he has headed the board since founding the company in 2005. In less than a decade, he built the company into the biggest offshore driller by market value and the crown jewel of his business empire. After oil prices collapsed in 2014, Seadrill was forced to face the massive liabilities amassed in the process.The restructuring that followed was the offshore drilling industry’s largest ever and has been described by Fredriksen as the biggest challenge of his career. His leading role in assembling together with several hedge funds $1.1 billion in fresh cash and a deep relationship with banks and shipyards were decisive.Fredriksen will be succeeded by Glen Ole Rodland, who has 25 years in the shipping and oil industries and currently heads the board at Prosafe SE. Fredriksen’s top adviser Harald Thorstein also left Seadrill’s board, as expected, and will be replaced by another of his collaborators, Gunnar Winther Eliassen.“While I have now decided to spend less time on board seats, my close involvement and strong support of Seadrill will remain unchanged,” Fredriksen said in a statement on Thursday. “I will continue to push for business optimization, strategic initiatives such as the recent joint ventures with Sonangol and GDI, and consolidation in the sector.”Succession TalkThe 75-year-old Cypriot citizen has over the past years made comments about how he intends to organize his business empire as he gradually steps back from active management. That includes giving more responsibility to his two daughters but also contemplating consolidation in the shipping industry that could see the group relinquish some operational control. Fredriksen remains chairman of tanker company Frontline Ltd.Seadrill had adjusted earnings before interest, tax, depreciation and amortization of $85 million in the third quarter, ahead of its own forecast, it said in a separate statement. Yet it also reported a net loss of $521 million after a $302 million impairment related to its subsidiary Seadrill Partners LLC.Chief Executive Officer Anton Dibowitz said new contracts strengthened his “confidence in a recovering market across all sectors, albeit at a lower pace.”(Updates with share price, analyst comment from second paragraph)To contact the reporter on this story: Mikael Holter in Oslo at email@example.comTo contact the editors responsible for this story: Tasneem Hanfi Brögger at firstname.lastname@example.org, Stephen TreloarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Lowe's (LOW) bottom line grows year over year in third-quarter fiscal 2019 on improved execution. Management raises fiscal 2019 earnings guidance on solid expectations for the fourth quarter.
(Bloomberg) -- Lowe’s Cos. raised its earnings outlook for the year and said it plans to reorganize in Canada, even as the home-improvement chain reported third-quarter sales that trailed analysts’ estimates. The shares rose to a record high on Wednesday.Excluding some items, profit per share will be between $5.63 to $5.70 for the fiscal year ending in January, the company said Wednesday. That’s above an earlier estimate of as much as $5.65. Same-store sales increased 2.2%, missing projections for 3.2% growth. The company also said it plans to shut 34 underperforming stores in Canada.Key InsightsThe forecast and store-closing plans show that Lowe’s is pushing hard to get back on track. Rival Home Depot Inc. disappointed investors earlier this week. Chief Executive Officer Marvin Ellison also told analysts on a conference call that the company is “still committed to Canada.”The company said the revamping of its web business will slow online growth in the short term. In this quarter, the company expects same-store sales to grow about 3% and the web business will contribute almost nothing to that.Lowe’s is often compared to Home Depot, and for many years it struggled to keep pace. That had changed this year, with Lowe’s at times posting better sales results.Gains in home prices accelerated in the quarter, boosted by a decline in borrowing costs. That usually means home-improvement spending picks up because more people see their properties as investments.Market ReactionLowe’s shares surged as much as 6.9%, the most in three months, to $121.22 on Wednesday. The shares had gained 23% this year through Tuesday’s close, compared with Home Depot’s 31% advance.Get MoreFor more on the results, click here.For the company statement, click here.(Updates headline and story to reflect live trading and comments from conference call.)To contact the reporter on this story: Matt Townsend in New York at email@example.comTo contact the editors responsible for this story: Anne Riley Moffat at firstname.lastname@example.org, Lisa Wolfson, Marthe FourcadeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Medicines Company (MDCO) is rumored to attract acquisition offers after impressive data readouts from three pivotal studies on PCSK9 inhibitor candidate, inclisiran.
Investing.com – Stocks were slumping Wednesday afternoon as investors wrapped their arms around the idea a Phase One trade deal between the United States and China is stalled and probably won't get signed this year.
Lowe's (LOW) delivered earnings and revenue surprises of 4.44% and -1.70%, respectively, for the quarter ended October 2019. Do the numbers hold clues to what lies ahead for the stock?
FT subscribers can click here to receive Moral Money every Wednesday by email. If you want more Moral Money content throughout the week, check our hub page regularly at ft.com/moral-money for breaking news, analysis and curated commentary on this bubbling revolution. The European Investment Bank’s move to stop funding fossil fuel companies received a lot of play in the European media this week.
with Ukraine’s president Volodymyr Zelensky that sparked the impeachment inquiry. Col Vindman and Jennifer Williams, an aide to vice-president Mike Pence who also appeared on Tuesday, were the first officials with first-hand knowledge of the call to testify in public.
(Bloomberg) -- Nestle SA expects to get about a quarter of a billion dollars in extra revenue from Starbucks-branded products this year after it began selling items including Nespresso-compatible capsules under a partnership with the U.S. coffee giant.Starbucks-branded merchandise will add about 250 million Swiss francs ($252 million) to sales this year, a spokesman said Tuesday in response to questions. Last year, Nestle paid more than $7 billion for licenses to use the Starbucks brand for products sold in grocery stores.The move has given a boost to Nespresso, where growth has eased due to competition from cheap imitation pods. Nestle has been hesitant to offer its coffee brand’s capsules in supermarkets because it prefers to keep control over how they’re sold. However, the Swiss company has been using the Starbucks tie-up as an avenue into grocery aisles.The alliance could help Nespresso return to annual revenue growth exceeding 10%, Patrice Bula, chairman of the brand, said in February. As part of the agreement, the world’s largest food company took over a $2 billion business that made Starbucks products for grocery stores.Nestle plans to add 10 more markets next year for the products, including Argentina, Colombia and Panama, which would bring the total to 50. The company will introduce Starbucks-branded soluble coffee next year and expand sales of the broader range to offices and hotels. (Updates last paragraph to include detail on expanded sales. An earlier version of this story corrected details of product in last paragraph.)To contact the reporter on this story: Corinne Gretler in Zurich at email@example.comTo contact the editors responsible for this story: Eric Pfanner at firstname.lastname@example.org, John LauermanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.