NEW YORK, September 22, 2017 /PRNewswire/ --
U.S. stocks fell from record highs on Thursday as investors assess the impact of a potential rate hike in December. The Dow Jones Industrial average fell 0.24 percent, or 53.22 points, to 22,359.37 on Thursday, ending a nine-day win streak. The S&P 500 closed 0.30 percent lower to settle at 2,500.61. Nasdaq composite Index also fell 0.52 percent to 6422.69. The Federal Reserve on Wednesday announced to leave the benchmark unchanged at 1 percent to 1.25 percent. But the FED expects another rate hike this year and three more in 2018. The Fed also said it will begin to shrink its 4.5 trillion balance sheets in October. Calgon Carbon Corporation (NYSE: CCC), FedEx Corporation (NYSE: FDX), Bed Bath & Beyond Inc. (NASDAQ: BBBY), Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY), Orbital ATK, Inc. (NYSE: OA)
Financial sector rose 0.12 percent on Thursday as banks benefited from higher interest rates. According to a report reported by CNBC, Michelle Meyer, chief U.S. economist at Bank of America Merrill Lynch, wrote, "December is definitely in play. This shows a Fed who is still comfortable with near-term hikes but is also acknowledging the structural challenges facing the economy that could ultimately limit the number of interest rate hikes. Market probability of a December rate hike increased to around 60 percent."
Calgon Carbon Corporation (NYSE: CCC) share spiked more than 60% after the company announced on Thursday that it will be acquired by Kuraray Co., Ltd. (TYO:3405). The two companies have reached a definitive merger agreement, under which Kuraray will acquire Calgon Carbon for $21.50 per share in cash, which equates to an equity value of approximately $1.1 billion, and a transaction value in excess of $1.3 billion, including Calgon Carbon's net indebtedness. According to a press release by Calgon, the parties are targeting a closing by the end of December, 2017. The acquisition will be completed through a merger of a newly-created subsidiary of Kuraray with and into Calgon Carbon, with Calgon Carbon as the surviving corporation.
FedEx Corporation (NYSE: FDX) on Tuesday reported earnings of $2.19 per diluted share ($2.51 per diluted share on an adjusted basis) for the first quarter ended August 31, compared to earnings of $2.65 per diluted share ($2.82 per diluted share on an adjusted basis) a year ago. "The first quarter posed significant operational challenges due to the TNT Express cyberattack and Hurricane Harvey, and I want to thank our team members for their extraordinary dedication and performance," said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. "We are confident of our prospects for long-term profitable growth, and we reaffirm our commitment to improve operating income at the FedEx Express segment by $1.2 billion to $1.5 billion in fiscal 2020 versus fiscal 2017."
Bed Bath & Beyond Inc. (NASDAQ: BBBY) on Tuesday reported net earnings of $.67 per diluted share ($94.2 million), including the unfavorable impacts of approximately $.08 per diluted share of cash restructuring charges associated with the acceleration of the realignment of our store management structure announced on August 3, 2017. Comparable sales in the fiscal 2017 second quarter decreased by approximately 2.6%. Comparable sales from customer-facing digital channels continued to have strong growth in excess of 20% for the 13th consecutive quarter, while comparable sales from stores declined in the mid-single-digit percentage range during the fiscal 2017 second quarter.
Alnylam Pharmaceuticals, Inc. (NASDAQ: ALNY) shares jumped more than 40% on Wednesday after the pharma company, together with Sanofi Genzyme, the specialty care global business unit of Sanofi, announced that the APOLLO Phase 3 study of patisiran, an investigational RNAi therapeutic designed for patients with hereditary ATTR amyloidosis with polyneuropathy, met its primary efficacy endpoint and all secondary endpoints. "We are very proud to report the first ever positive Phase 3 results for an RNAi therapeutic, marking the potential arrival of an entirely new class of medicines. This moment is the culmination of a 15-year journey of tireless work by countless contributors who have overcome enormous scientific and business challenges to make RNAi therapeutics a reality," said John Maraganore, Ph.D., Chief Executive Officer of Alnylam.
Orbital ATK, Inc. (NYSE: OA) announced Monday that it has agreed to be acquired by Northrop Grumman Corporation (NYSE: NOC) for $9.2 billion. Shares of Orbital ATK up about 20% after the announcement. According to a definitive agreement Grumman will acquire Orbital ATK for approximately $7.8 billion in cash, plus the assumption of $1.4 billion in net debt. The agreement has been approved unanimously by the Boards of Directors of both companies. Northrop Grumman revealed that the transaction is expected to close in the first half of 2018. "The acquisition of Orbital ATK is an exciting strategic step as we continue to invest for profitable growth. Through our combination, customers will benefit from expanded capabilities, accelerated innovation and greater competition in critical global security domains," said Wes Bush, chairman, chief executive officer and president of Northrop Grumman.
Follow us on Twitter for real time Financial News Updates: https://twitter.com/FinInsiders
Follow and talk to us on Instagram: https://www.instagram.com/financialinsiders/
Facebook Like Us to receive live feeds: https://www.facebook.com/financialinsiders/
About FinancialInsiders.com
Financialinsiders.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially-driven digital space, video production and integration of social media, FinancialInsiders.com creates 100% unique original content. FinancialInsiders.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
Please Note: Financialinsiders.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.Financialinsiders.com (the "site") is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), Financialinsiders.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. Financialinsiders.com has not been compensated directly by any of the companies mentioned here in this editorial. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. Financialinsiders.com receives fees for producing and presenting high quality and sophisticated content on Financialinsiders.com along with other financial news PR media services. Financialinsiders.com does not offer any personal opinions or bias commentary as we purely incorporate public market information along with financial and corporate news. Financialinsiders.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For this release, Financialinsiders.com has not been compensated for financial news dissemination and PR services by any parties. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. Financialinsiders.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialInsiders.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. Financialinsiders.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. Financialinsiders.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by Financialinsiders.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by Financialinsiders.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.Financialinsiders.com .
For further information:
Media Contact:
info@Financialinsiders.com
+1-212-381-6028
SOURCE FinancialInsiders.com