Midday Market Update
May 02, 2018
US Market Snapshot
US markets are mixed today, with small-cap stocks outperforming large-caps. The S&P 500 is down 0.26%, the Russell 2000 is down 0.46%, and the Nasdaq Composite is down 0.06%.
The S&P 500 is being led lower today by Consumer Staples (-1.36%), Health Care (-1.05%), and Financials (-0.47%), while Telecom (+1.33%), Energy (+0.55%), and Technology (+0.09%) are the biggest outperforming sectors.
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AllianceBernstein (AB) will be relocating its corporate headquarter to Nashville, Tennessee from its current location in New York City.
Akorn Inc’s (AKRX) deal with Fresenius SE, in which Fresenius would acquire Akorn for $4.3 billion, has been terminated. Fresenius pulled out of the deal after Akorn officials were accused of submitting false data to regulators about one of the company’s antibiotic drugs, called azithromycin.
Clean Harbors (CLH) reported 1Q2018 EPS that was slightly better than forecasted (-$0.12 vs -$0.16 consensus).
Dine Brands (DIN) announced 1Q2018 EPS that was relatively in-line with expectations ($1.10 vs $1.11 projected).
SodaStream (SODA) released 1Q2018 EPS that was firmly above estimates ($0.81 vs $0.71 consensus).
Spirit AeroSystems (SPR) has agreed to buy Asco Industries, a Belgian aerospace parts maker, for $650 million.
United Technologies (UTX) will reportedly be receiving conditional approval from EU antitrust regulators regarding the company’s purchase of Rockwell Collins.
United Parcel Service (UPS) is reported to be in discussions with US firm trucking Werner Enterprises, regarding the expanded delivery of large items, such as couches and treadmills.
Wyndham Worldwide (WYN) reported 1Q2018 EPS of $1.33, that came in above the consensus ($1.27).
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