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 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
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 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
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
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
(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 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
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 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