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Tag: Amgen Inc.

  • Here are Wednesday’s biggest analyst calls: Nvidia, Apple, Target, Amazon, Quest, Deckers, Alphabet & more

    Here are Wednesday’s biggest analyst calls: Nvidia, Apple, Target, Amazon, Quest, Deckers, Alphabet & more




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  • Cramer's week ahead: Earnings season kicks off after JPMorgan Healthcare Conference

    Cramer's week ahead: Earnings season kicks off after JPMorgan Healthcare Conference

    CNBC’s Jim Cramer on Friday told investors what to watch for on Wall Street next week, highlighting JPMorgan‘s market-moving health-care conference in San Francisco. Taking place from Monday to Thursday, the conference is one of the year’s largest gatherings of major industry CEOs where they reveal earnings guidance and updates on clinical trial research.

    “The new year has started with a redistribution of cash out of the ‘Magnificent Seven’ and on to the sidelines,” Cramer said, pointing to health-care stocks as a particularly notable group that will likely be “propelled by what people expect to hear from the JPMorgan Healthcare Conference.”

    Cramer will interview several CEOs at the conference, starting with Walgreens CEO Tim Wentworth on Monday. Cramer said he’s interested to hear how the company plans to get its groove back after cutting its dividend nearly in half this week. Cramer will also speak with leadership from Amgen and Medtronic, as well as the new CEO of Bristol Myers, Chris Boerner, whom he’ll ask about the company’s rigorous biotech acquisition plans.

    On Tuesday and Wednesday, Cramer will continue to interview the CEOs of major industry names, including Eli Lilly CEO David Ricks. Cramer said he’s particularly interested in the company’s diabetes and weight loss drug as well as its Alzheimer’s initiative. He’ll also speak with CVS Health CEO Karen S. Lynch to discuss the company’s ongoing transition from drug store to health-care provider. Cramer will also hear from the CEOs of Pfizer, Regeneron, Novartis, Abbott Labs and Cencora.

    Thursday brings the consumer price index for December. Cramer said he thinks those hoping for soft figures will be disappointed. Cramer will also be tuning into CES, the Consumer Electronics Show, next week. The tech event will include commentary by leadership from Nvidia and Dell.

    Earnings season kicks off Friday with reports from major banks including JPMorgan, Bank of America and Wells Fargo. BlackRock will also report, and Cramer said he thinks the company’s earnings could give investors a solid overview of the financial industry. He’ll also be paying attention to Friday reports from UnitedHealth Group and Delta.

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  • FTC allows Amgen to move forward with $27.8 billion Horizon Therapeutics acquisition

    FTC allows Amgen to move forward with $27.8 billion Horizon Therapeutics acquisition

    The Amgen logo is displayed outside Amgen headquarters on May 17, 2023 in Thousand Oaks, California.

    Mario Tama | Getty Images

    The Federal Trade Commission on Friday said it has reached a deal with drug giant Amgen to allow the company’s $27.8 billion purchase of Horizon Therapeutics to move forward. 

    The FTC filed a lawsuit in May seeking to block the acquisition, arguing that the deal would stifle competition in the pharmaceutical industry. But the agency this week temporarily suspended that suit, which allowed it to consider whether to settle the case. 

    Shares of Horizon rose nearly 3% in premarket trading Friday. Amgen’s stock edged up slightly.

    Spokespeople for Horizon and Amgen did not immediately respond to requests for comment.

    Amgen first moved to buy Horizon in December 2022 in an effort to gain access to the latter’s rare disease assets, including the thyroid eye disease therapy Tepezza. 

    The buyout was quick to attract regulatory and political scrutiny for its potential antitrust issues.

    In its lawsuit, the FTC said that the deal would allow Amgen to “entrench the monopoly positions” of Horizon’s fast-growing medications, including Tepezza, and Krystexxa, a gout medicine.

    Specifically, the agency said, Amgen would be able to offer rebates on its existing drugs to pressure insurers and pharmacy benefit managers into favoring the two Horizon products, a strategy known as “cross-market bundling.”

    The FTC claimed Amgen has a history of leveraging its drug portfolio to gain advantages over potential rivals.

    The suit came four months after Sen. Elizabeth Warren, D-Mass., in a letter to FTC Chairwoman Lina Khan asked the regulator to “heavily scrutinize” the acquisition and the then-pending merger of Indivior and Opian. She warned the deals could lead to higher prices.

    This story is developing. Please check back for updates.

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  • Chip stocks AMD and Nvidia are among the most overbought stocks on Wall Street amid A.I. craze

    Chip stocks AMD and Nvidia are among the most overbought stocks on Wall Street amid A.I. craze

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  • Wall Street edges higher after inflation cooled in November

    Wall Street edges higher after inflation cooled in November

    NEW YORK — Wall Street is rising Tuesday after a report showed inflation cooled more than expected last month, though trading remains turbulent, with an early-morning surge nearly evaporating at one point.

    The encouraging data on inflation raised hopes for easing pressure on the economy because it cemented expectations that the Federal Reserve is about to dial down the size of its hikes to interest rates. But stocks pared their gains through the morning as analysts cautioned investors not to get carried away by hopes for an easier Fed, as they have in the past.

    The S&P 500 was 0.7% higher, as of 2:36 p.m. Eastern time, after seeing an early-morning burst of 2.8% nearly vanish by lunchtime. It had already climbed 1.4% a day earlier, with much of that gain coming in the last hour of trading on anticipation of the inflation data.

    The Dow Jones Industrial Average was up 90 points, or 0.3%, at 34,095. It flipped briefly to a loss after giving up its initial surge of 707 points. The Nasdaq composite sliced its big early gain down to 1%.

    The source of all the action was data showing that U.S. inflation slowed to 7.1% last month from 7.7% in October and more than 9% in the summer. Even though inflation remains painfully high, and shoppers continue to pay prices well above levels from a year ago, Tuesday’s report offers hope that the worst of inflation really did pass during the summer.

    More importantly for markets, the slowdown bolstered investors’ expectations that the Federal Reserve will downshift to an increase of 0.50 percentage points when it announces its next hike to short-term rates on Wednesday.

    Such increases slow the economy by design, in hopes of cooling conditions enough to get inflation under control. But they also risk causing a recession if rates go too high, and they push down on prices for stocks and all kinds of other investments in the meantime. Smaller hikes to interest rates would mean less added pain to both the economy and to markets.

    A hike of 0.50 percentage points would usually be a big deal because it’s double the typical move. But with inflation coming off its worst level in generations, it would be a step down from the four straight mega-hikes of 0.75 percentage points the Fed has approved since the summer.

    Expectations for an easier Fed meant some of Wall Street’s wildest action Tuesday was in the bond market, where yields fell sharply immediately after the inflation report’s release.

    The yield on the 10-year Treasury, which helps set rates for mortgages and other important loans, fell to 3.51% from 3.62% late Monday. The two-year yield, which more closely tracks expectations for the Fed, dropped to 4.21% from 4.39%.

    Other central banks around the world, including the European Central Bank, are also likely to raise their own rates by half a percentage point this week.

    Despite the encouraging data, analysts cautioned that the Federal Reserve’s fight against inflation — and its hikes to interest rates — still has further to go. Even if the Fed is moving at smaller increments each time, it may still ultimately take rates higher than markets expect.

    “That downshift should not be conflated with a pivot,” said Jake Jolly, senior investment strategist at BNY Mellon Investment Management. “It’s going to be a bumpy, long slog and probably going to take most of next year.”

    Some investors continue to bet the Fed will cut interest rates in the latter part of 2023. Rate cuts generally act like steroids for stocks and other investments, but the Fed has been insisting it plans to hold rates at a high level for some time to ensure the battle against inflation is won.

    And even if inflation is indeed firmly on its way down, the global economy still faces threats from the rate increases already pushed through. The housing industry and other businesses that rely on low interest rates have shown particular weakness, and worries are rising about the strength of corporate profits broadly.

    Still, such caution wasn’t enough to erase all of the relief that washed through Wall Street as economists called the inflation data “cool” in more ways than one.

    A measure of fear among stock investors, which shows how much they’re paying for protection from upcoming swings in prices, eased by more than 6%.

    ————

    AP Business Writer Elaine Kurtenbach contributed from Bangkok and AP Business Writer Matt Ott contributed from Washington. Veiga reported from Los Angeles.

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  • Why the Dow is having a killer month as it heads for best October ever

    Why the Dow is having a killer month as it heads for best October ever

    The Dow Jones Industrial Average has been criticized by some market watchers for being a poor barometer of equity-market performance given its relatively small sample size of just 30 stocks.

    But this quality, along with the paucity of megacap technology names, has helped shepherd the index toward what’s expected to be its biggest October gain in its 126-year history.

    With a month-to-date gain of 14%, the Dow
    DJIA,
    +2.57%
    is on track for its best monthly performance since January 1976, when it rose 14.4%, according to Dow Jones Market Data. To clinch its best October ever, it only needs to hang on to a month-to-date gain of 10.65% by the time the U.S. market closes on Monday.

    The Dow is still in a bear market and remains down more than 10% for the year to date. That compares, however, with year-to-date losses of 18.6% for the S&P 500
    SPX,
    +2.40%
    and 29.6% for the Nasdaq Composite
    COMP,
    +2.74%    .

    What exactly has made the Dow’s October performance so stellar?

     The blue-chip gauge is packed with energy and industrials stocks, which have been among the best performing sectors for the stock market since the start of the year, noted Art Hogan, chief market strategist at B. Riley Wealth Management. 

    These stocks have performed particularly well since the start of the latest quarterly earnings season, while megacap technology names like Meta Platforms Inc.
    META,
    +1.14%    ,
    Amazon.com Inc.
    AMZN,
    -7.41%
    and Alphabet Inc.
    GOOG,
    +4.28%
    have sputtered after delivering results and guidance that disappointed Wall Street this week.

    “It’s very tech-light, and it’s very heavy in energy and industrials, and those have been the winners,” Hogan said. “The Dow just has more of the winners embedded in it and that has been the secret to its success.”

    See: Live markets coverage

    The Dow is on track to log its highest close in at least two months on Friday as it outperforms both the S&P 500
    SPX,
    +2.40%
    and Nasdaq Composite
    COMP,
    +2.74%    .
    Furthermore, it’s on track to climb for a sixth straight session, what would be its longest winning streak since May 27, according to DJMD. 

    Adding to the list of notable factoids, the average is also on track to log a fourth straight weekly gain, which would cement its longest winning streak since Nov. 5, 2021, when the index rose for five straight weeks. 

    Caterpillar Inc.
    CAT,
    +3.22%    ,
    Chevron Corp.
    CVX,
    +0.75%
    And Amgen Inc.
    AMGN,
    +2.21%
    are the top-performing Dow stocks so far this month, having gained 29.3%, 21.2% and 18.3%, respectively, as of Friday.  

    In recent trade, the blue-chip average was up around 700 points, or 2.2%, on track for its biggest daily point and percentage gain in exactly one week.  

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