Pfizer Stock Topples After FDA Rejects OPKO-Partnered Rare Disease Drug

Pfizer Stock Topples After FDA Rejects OPKO-Partnered Rare Disease Drug

Pfizer stock skidded Monday after the Food and Drug Administration rejected its rare-disease drug — leading a smaller decline for similarly jilted Merck stock. X The companies received Complete Response Letters, meaning the FDA declined to approve their drugs. Pfizer (PFE) and partner OPKO Health (OPK) aimed to treat growth hormone deficiency in children. Merck … Read more

Kohl’s shares soar 33% as retailer gets multiple takeover bids

Kohl's shares soar 33% as retailer gets multiple takeover bids

Kohl’s shares on Monday soared more than 33% as suitors come out in force with bids to acquire the budget department store. The Wisconsin-based retailer confirmed on Monday that is has received “letters expressing interest in acquiring the company,” but declined to comment further. The letters come on the heels of activist investor Macellum Advisors’ … Read more

Dow tumbles over 600 points early Monday as Wall Street extends decline ahead of Fed decision, earnings wave

Dow tumbles over 600 points early Monday as Wall Street extends decline ahead of Fed decision, earnings wave

U.S. stock benchmarks were under pressure early Monday, falling sharply as the downtrend that has pressured stocks this year continues apace. Investors are watching for an important two-day meeting of the Federal Reserve, the first of the year, that is set to kick off on Tuesday. What’s happening The Dow Jones Industrial Average DJIA, -1.50% … Read more

Morgan Stanley CEO James Gorman rakes in $35M payday

Morgan Stanley CEO James Gorman rakes in $35M payday

Morgan Stanley CEO James Gorman raked in $35 million in total compensation last year — edging past JPMorgan Chase CEO Jamie Dimon to become Wall Street’s most richly paid boss. Gorman’s 6% raise boosted his pay an extra $2 million in 2021 — slightly besting Dimon who made $34.5 million. Gorman earned $1.5 million in … Read more

MicroStrategy Stock Falls After SEC Objects to Bitcoin Accounting

MicroStrategy Stock Falls After SEC Objects to Bitcoin Accounting

Text size The price of Bitcoin has been slumping. Dreamstime MicroStrategy stock continued its downward spiral Monday, dragged down by plunging Bitcoin prices and newly released filings showing that the Securities and Exchange Commission objected to how the software company accounts for its cryptocurrency holdings. Shares of MicroStrategy (ticker: MSTR) were down 10.4% on Monday … Read more

Inflation could lead Fed to hike rates more than 4 times

Inflation could lead Fed to hike rates more than 4 times

The Federal Reserve could hike interest rates more times than expected this year as it aims to curtail the ongoing inflation surge, according to analysts at Goldman Sachs. Goldman’s current projections call for four rate hikes in 2022, with hikes coming in March, June, September and December. But with inflation at a four-decade high, the … Read more

Halliburton Lifts Payout for the First Time in More Than 7 Years

Halliburton Lifts Payout for the First Time in More Than 7 Years

(Bloomberg) — Halliburton Co. more than doubled its dividend after the world’s top fracking provider recorded its biggest quarterly profit in more than half a decade while forecasting years of growth ahead. Most Read from Bloomberg The company joined larger rivals Schlumberger and Baker Hughes Co. in predicting a new multi-year expansion cycle for oilfield … Read more

Kohl’s confirms receipt of takeover offer

Kohl's confirms receipt of takeover offer

Kohl’s Corp. KSS, -2.60% confirmed that “it has received letters expressing interest in acquiring the Company,” in a Monday morning release, and says the board “will determine the course of action that it believes is in the best interests of the Company and its shareholders.” The Wall Street Journal reported Friday that a consortium backed … Read more

Omicron, inflation crushing small businesses, survey shows

Omicron, inflation crushing small businesses, survey shows

Embattled small business owners across the US would support additional federal emergency assistance as they contend with the Omicron variant and other pandemic-related challenges, according to a new survey released Monday. Of the more than 1,400 small business owners surveyed, 71 percent of respondents said they suffered a drop in expected revenue, while 79 percent … Read more

Stock futures fall ahead of a packed week of earnings, Fed meeting

Stock futures fall ahead of a packed week of earnings, Fed meeting

Stock futures fell Monday morning as investors looked ahead to a busy week of corporate earnings results, economic data and a Federal Reserve monetary policy-setting meeting after an already volatile stretch of trading. Contracts on the S&P 500, Dow and Nasdaq fell during pre-market trading. As of Friday’s close, the S&P 500 was off 8.3% … Read more