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A proposed order has been filed by the U.S. Consumer Financial Protection Bureau (“CFPB”) against Navient Corporation NAVI, according to which the student loan servicer will be permanently banned from servicing federal direct loans and directly servicing or acquiring most loans under the Federal Family Education Loan Program.
NAVI will have to pay $120 million for years of student lending failures, which includes $100 million in restitution and a $20-million civil penalty.
The CFPB’s Remarks About Navient
The CFPB’s director, Rohit Chopra, said that his agency was “closing the book on Navient” as the company “harmed millions of borrowers across the country.”
Navient has been accused of deceiving borrowers into delaying loan repayments even if they qualified for affordable repayment plans based on their incomes, which resulted in them paying more interest because it was cheaper and simpler.
The CFPB has claimed that Navient made mistakes in processing payments and misleading borrowers about their rights.
Chopra stated, “Borrowers don’t get to select who services their student loan, so more than a quarter of all student loan borrowers had no choice but to rely on Navient as their servicer.”
He added, “Navient is now almost completely out of the federal student loan servicing market and we’ve ensured they cannot re-enter it in the future.”
Digging Deep Into the CFPB’s Investigations Against NAVI
The CFPB began investigating Navient a decade ago, almost at the same time the company split off from the consumer banking corporation Sallie Mae.
In 2017, the regulator sued Navient, accusing the firm of predatory lending practices. At that time, NAVI was servicing student loans of more than 12 million borrowers, including more than 6 million accounts under its contract with the Education Department. In total, Navient serviced more than $300 billion in federal and private student loans back then.
In the following years, states began to examine such allegations of forbearance steering, leading to debt cancelations for many borrowers across the country.
Thus, in January 2022, Navient reached a $1.85-billion settlement with 38 U.S. states and Washington, DC, to resolve charges that it made predatory loans that borrowers struggled to repay.
In 2021, NAVI transferred its contract to service government loans to a third party, ending its contract with the U.S. Education Department to service direct loans. Earlier this year, Navient reached an agreement to outsource servicing of legacy loans from the Federal Family Education Loan Program to another servicer starting July 1.
According to NAVI, the latest settlement “puts these decade-old issues behind us. While we do not agree with the CFPB’s allegations, this resolution is consistent with our go-forward activities and is an important positive milestone in our transformation of the company.”
Navient’s Price Performance & Zacks Rank
So far this year, NAVI shares have lost 17% against the industry’s growth of 7.1%.
Currently, Navient carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Legal Issues Faced by Other Finance Companies
This July, Ameriprise Financial Services AMP filed a lawsuit against LPL Financial Holdings’ LPLA subsidiary, LPL Financial LLC, in the United States District Court. The lawsuit accused LPLA of malpractice and mishandling of private and confidential client data, and recruiting advisors while violating legal, regulatory and industry obligations.
The lawsuit, in particular, claimed that LPLA deliberately directed the advisors it recruits from Ameriprise and other competitors to take confidential information with themselves on the way out of their former organizations. The actions were deemed to be in direct violation of several securities laws and regulations and the standards that LPLA is obliged to comply with as a member of the broker protocol for recruiting.
AMP further alleged that LPLA’s actions disregard all reasonable expectations of client privacy rights, and expose its advisors to regulatory and criminal risks.
Zacks Investment Research
Financial stocks edged up in late Thursday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) each adding 0.2%.
The Philadelphia Housing Index climbed 1.9%, and the Real Estate Select Sector SPDR Fund (XLRE) was up 0.1%.
Bitcoin (BTC/USD) increased 1% to $58,214, and the yield for 10-year US Treasuries rose 2.8 basis points to 3.68%.
In economic news, the US producer price index in August grew 0.2% following a flat reading last month, faster than the 0.1% gain expected in a survey compiled by Bloomberg, government data showed.
US initial jobless claims in the week ended Sept. 7 rose to 230,000 from an upwardly revised 228,000 in the previous week, compared with expectations for a decrease to 227,000 in a survey of analysts compiled by Bloomberg.
In regulatory news, the US Treasury and the Internal Revenue Service issued a notice of proposed rulemaking to implement the Inflation Reduction Act's corporate alternative minimum tax. The proposed rules would require the biggest corporations to pay a minimum 15% tax on profit reported to shareholders, with certain adjustments, which the Treasury said would generate about $250 billion over the next 10 years, including $20 billion in 2025.
In corporate news, JPMorgan Chase and Bank of America plan to curb and more closely track the working hours of their young bankers in the wake of a Wall Street Journal probe that uncovered a culture of overwork within the industry, the WSJ reported Thursday. JPMorgan shares declined 0.5% while Bank of America shares were 0.9% lower.
Goldman Sachs is poised to acquire a portfolio of about 450 million euros ($497 million) in loans from Spanish lender Bankinter, Bloomberg reported Thursday. Goldman shares added 0.4%.
Mastercard agreed to buy cyber defense and intelligence company Recorded Future from Insight Partners for $2.65 billion. Mastercard shares rose 0.8%.
Navient shares popped 6% after reaching a $120 million settlement with the Consumer Financial Protection Bureau for what the regulator said was "wide-ranging student lending failures."
Financial stocks rose in Thursday afternoon trading with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both up 0.3%.
The Philadelphia Housing Index climbed 1.6%, and the Real Estate Select Sector SPDR Fund (XLRE) fell 0.1%.
Bitcoin (BTC/USD) increased 0.9% to $58,231, and the yield for 10-year US Treasuries rose 4.3 basis points to 3.70%.
In economic news, the US producer price index in August grew 0.2% following a flat reading last month, faster than the 0.1% gain expected in a survey compiled by Bloomberg, government data showed.
US initial jobless claims in the week ended Sept. 7 rose to 230,000 from an upwardly revised 228,000 in the previous week, compared with expectations for a decrease to 227,000 in a survey of analysts compiled by Bloomberg.
In regulatory news, the US Treasury and the Internal Revenue Service issued a notice of proposed rulemaking to implement the Inflation Reduction Act's corporate alternative minimum tax. The proposed rules would require the biggest corporations to pay a minimum 15% tax on profit reported to shareholders, with certain adjustments, which the Treasury said would generate about $250 billion over the next 10 years, including $20 billion in 2025.
In corporate news, Mastercard agreed to buy cyber defense and intelligence company Recorded Future from Insight Partners for $2.65 billion. Mastercard shares rose 0.2%.
Navient was ordered to pay $120 million by the Consumer Financial Protection Bureau on Thursday for what the regulator said was "wide-ranging student lending failures." Navient shares were rising 6.2%.
UBS' asset management unit has been reducing its exposure to corporate bonds during market rallies over fears that a slowing economy or the US elections could lead to volatility, Reuters reported, citing Jonathan Gregory, head of fixed income UK at the bank. UBS shares were up 0.2%.
Shares of Principal Financial Group, Inc. PFG have gained 0.8% in the past year, underperforming the industry’s growth of 11% and the Zacks S&P 500 composite’s rise of 14.4%.
PFG Lags Industry and S&P
Earnings per share missed the consensus estimate in the last two reported quarters of 2024.
Closing at $79.30 on Tuesday, the stock stands almost 10.1% below its 52-week high of $88.26.
The Zacks Consensus Estimate for PFG’s 2024 and 2025 earnings has moved 0.2% and 0.3% south, respectively, in the past 30 days.
Principal Financial’s expenses have been increasing since 2013 due to a rise in benefits, claims and settlement expenses, as well as operating expenses. An increase in expenses weighs on its margins. Net margin contracted 280 basis points to 8.1% in the second quarter of 2024.
Factors Benefiting PFG Stock
Principal Financial’s revenue growth is expected to improve in the long run, riding on higher premiums and other considerations, fees and other revenues, and improved net investment income across its segments.
The Principal International segment is likely to benefit from higher single-premium annuity sales in Chile. The segment’s operating earnings should gain from foreign currency tailwinds.
The Specialty Benefits Insurance business should continue to gain from record sales, strong retention and employment growth. Growth in the business, favorable claims and disciplined expense management should benefit its pre-tax operating earnings.
Strong institutional flows across equities, real estate and specialty fixed income, highlighting the value of diversified distribution through its institutional, retail and retirement channels, are likely to drive positive net cash flow. Principal Financial’s extensive distribution footprint, strategic buyouts and operational discipline should enhance the assets under management growth.
Principal Financial boasts a strong capital position, with sufficient cash generation capabilities and liquidity. To reflect the business mix and risk profile, PFG lowered the target RBC level from the previous 400% to a range of 375-400%. For 2024, PFG remains well-positioned to deliver on enterprise long-term financial targets, with 9% to 12% growth in earnings per share and 75% to 85% free capital flow conversion.
PFG’s Distribution of Wealth
Principal Financial’s wealth distribution through share buybacks and dividend payment looks impressive. In the third quarter of 2023, PFG raised the dividend by 11% for the fifth consecutive quarter, aligned with the targeted 40% dividend payout ratio, demonstrating confidence in continued growth and overall performance. It also boasts a solid dividend yield of 3.6%, higher than the industry average of 2.4%. The company continues to expect to deliver on the targeted 75-85% free capital flow for 2024.
PFG returned more than $415 million of capital to shareholders in the second quarter of 2024, including $250 million of share repurchases. It remains committed to returning excess capital to shareholders and continues to expect $1.5-$1.8 billion of capital deployment for 2024, including $800 million to $1.1 billion of share repurchases. Based on net income, excluding exited business, the company targets 35-45% share repurchases in 2024.
Estimates for Principal Financial
The Zacks Consensus Estimate for Principal Financial’s 2024 earnings per share indicates a year-over-year increase of 11.6%. The consensus estimate for revenues is pegged at $15.81 billion, implying a year-over-year improvement of 7.8%.
The consensus estimate for 2025 earnings per share and revenues indicates an increase of 15.4% and 4.6%, respectively, from the corresponding 2024 estimates.
PFG’s Favorable Return on Equity
PFG’s return on equity in the trailing 12 months was 14.9%, better than the industry average of 9.7%, reflecting efficiency in utilizing shareholders’ funds.
PFG Shares Are Affordable
Principal Financial is trading at a discount compared with the industry average. It presents a compelling investment opportunity with its attractive forward 12-month price-to-earnings ratio of 9.8X, lower than the industry average of 14.82X. Also, it has a Value Score of A.
Shares of other accident and health insurers like Affiliated Managers Group, Inc. AMG, Ameriprise Financial, Inc. AMP and Apollo Global Management Inc. APO are also trading at a discount to the industry average.
Wrapping Up: Keep On Holding
Principal Financial's financial stability, favorable growth estimates and affordability of shares make it an attractive stock to retain for current investors.
PFG should benefit from strategic buyouts, strong retention, higher single premium annuity sales, effective capital deployment, positive net cash flow and favorable return on capital. It is, therefore, wise to hold on to this Zacks Rank #3 (Hold) stock. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
September S&P 500 E-Mini futures (ESU24) are up +0.03%, and September Nasdaq 100 E-Mini futures are down -0.04% this morning as investors looked ahead to the U.S. presidential debate between Donald Trump and Kamala Harris, while also awaiting Wednesday’s release of a key U.S. inflation report.
In yesterday’s trading session, Wall Street’s major indexes closed higher. Super Micro Computer climbed over +6% and was the top percentage gainer on the S&P 500 after GlassHouse Research revealed a long position in the artificial intelligence server company, citing a “highly favorable” risk-reward at current levels. Also, Boeing advanced more than +3% on optimism that a labor agreement with its largest union will prevent a strike at its Seattle-area factories. In addition, Palantir Technologies surged over +14%, and Dell Technologies rose more than +3% after S&P Global announced the inclusion of both companies in the benchmark S&P 500 index, effective before the opening of trading on September 23rd. On the bearish side, shares of health insurers offering Medicare Advantage plans retreated after Leerink Partners released a report indicating that these plans might struggle to achieve high-quality “star ratings” necessary for bonus payments, with Humana sliding over -3% and CVS Health falling more than -2%.
“We’re seeing mostly technical dip-buying,” said Tom Essaye at The Sevens Report. “Economic growth is undoubtedly and clearly losing momentum, but a soft landing remains more likely than a hard landing. This week focus turns back to inflation.”
Economic data released on Monday showed that U.S. consumer credit increased by +$25.45B in July, stronger than expectations of +$12.30B. Also, U.S. July wholesale inventories came in at +0.2% m/m, compared to the preliminary estimate of +0.3% m/m and the +0.2% m/m rise recorded in June.
Meanwhile, U.S. political risk has returned to the spotlight, with former President Donald Trump set to face off in a debate with Vice President Kamala Harris later today.
Investors are awaiting the U.S. consumer inflation report for August, scheduled for release on Wednesday, for indications on the size of the Federal Reserve’s upcoming interest rate cut. The CPI is expected to ease to +2.6% y/y from +2.9% y/y in July, marking the smallest increase since 2021, while the core CPI is projected to remain unchanged from July at +3.2% y/y.
“With the Fed now in its media blackout period ahead of next Wednesday’s almost certain first cut in the cycle, it looks to us that 25bps is just the more likely based on what the Fed has been telling us,” Deutsche Bank’s Jim Reid said.
U.S. rate futures have priced in a 73.0% chance of a 25 basis point rate cut and a 27.0% probability of a 50 basis point rate cut at the conclusion of the Fed’s September meeting.
The U.S. economic data slate is mainly empty on Tuesday.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 3.710%, up +0.33%.
The Euro Stoxx 50 futures are up +0.10% this morning as investors digested a fresh batch of economic data and looked ahead to the U.S. inflation report and the European Central Bank’s monetary policy decision later in the week. Real estate and technology stocks led the gains on Tuesday, while healthcare stocks slumped. Data released Tuesday by the Office for National Statistics showed that U.K. wage growth slowed again in the three months to July, providing the latest indication that high interest rates are helping to curb inflation. Separately, final data from the Federal Statistical Office confirmed that Germany’s annual inflation rate stood at 1.9% in August, the lowest level since March 2021. Meanwhile, the ECB is set to announce its interest rate decision on Thursday, with the central bank widely expected to cut its deposit rate by 25 basis points to 3.50%. In corporate news, Amplifon Spa slumped more than -6% after Apple announced that its new AirPods can function as hearing aids.
U.K.’s Average Earnings ex Bonus, U.K.’s Unemployment Rate, and Germany’s CPI data were released today.
U.K. Average Earnings ex Bonus has been reported at 5.1% in the three months to July, in line with expectations.
U.K. Unemployment Rate was at 4.1% in the quarter to July, in line with expectations.
The German August CPI arrived at -0.1% m/m and +1.9% y/y, in line with expectations.
Asian stock markets today closed mixed. China’s Shanghai Composite Index (SHCOMP) closed up +0.28%, and Japan’s Nikkei 225 Stock Index (NIK) closed down -0.16%.
China’s Shanghai Composite Index closed higher today, reversing earlier losses as investors cheered stronger-than-expected export data from the country. Software and hardware stocks led the gains on Tuesday. Customs data released on Tuesday revealed that China’s exports in August grew at their quickest rate since March 2023, despite rising trade barriers, while imports fell short of expectations due to weak domestic demand. On the negative side, the U.S. government proposed new sanctions on Chinese biotech firms. WuXi AppTec tumbled more than -10% in Hong Kong after the U.S. House of Representatives passed a bill on Monday aimed at restricting business with several Chinese biotech companies, including WuXi AppTec and BGI Genomics, on national security grounds. Also, mainland developers listed in Hong Kong plummeted after several property companies were removed from the Stock Connect program. In other corporate news, Alibaba Group climbed over +4% after being added to the Stock Connect program, which provides mainland investors with easier access to investing in the Chinese tech giant.
The Chinese August Trade Balance stood at $91.02B, stronger than expectations of $81.40B.
The Chinese August Exports came in at +8.7% y/y, stronger than expectations of +6.5% y/y.
The Chinese August Imports arrived at +0.5% y/y, weaker than expectations of +2.0% y/y.
Japan’s Nikkei 225 Stock Index ended lower today, wiping out earlier gains and declining for the sixth straight session. Japanese shares were broadly lower due to position adjustments before major events this week, including U.S. inflation data, the first presidential debate between Kamala Harris and Donald Trump, and the ECB’s interest rate decision. Meanwhile, solid growth, increasing wages, and persistent inflationary pressures continued to bolster expectations that the Bank of Japan would raise interest rates again before the year’s end. In other news, Katsunobu Kato, Japan’s former health minister and a candidate in the ruling party’s leadership race, on Tuesday urged the creation of a stimulus package to fund spending aimed at boosting domestic investment and revitalizing regional economies. In corporate news, Daiichi Sankyo plunged over -8% after trials revealed that an experimental drug, jointly developed with U.K.-based AstraZeneca, failed to significantly improve overall survival in lung cancer patients during a late-stage trial. At the same time, Joban Kosan climbed more than +8% after announcing that Fortress Investment Group would acquire the company for approximately 14 billion yen ($98 million) in a public tender offer at 1,650 yen per share. The Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, closed down -2.05% to 28.13.
Pre-Market U.S. Stock Movers
Oracle climbed over +8% in pre-market trading after the IT giant reported stronger-than-expected Q1 results.
Hewlett Packard Enterprise slumped more than -6% in pre-market trading after commencing a $1.35 billion offering of Series C mandatory convertible preferred stock in an underwritten registered public offering.
Apple fell over -1% in pre-market trading as Huawei’s tri-fold smartphone overshadowed the launch of the company’s new iPhone series and other products. Also, the EU’s top court upheld a ruling permitting Ireland to recover over $14 billion, plus interest, in taxes from Apple.
Equity Residential rose more than +1% in pre-market trading after Deutsche Bank upgraded the stock to Buy from Hold with an $83 price target.
Johnson Controls gained over +2% in pre-market trading after BofA upgraded the stock to Buy from Neutral with an $80 price target.
Today’s U.S. Earnings Spotlight: Tuesday - September 10th
GameStop Corp (GME), Academy Sports (ASO), Dave & Buster’s Entertainment (PLAY), InnovAge Holding (INNV), Petco Health and Wellness (WOOF), Bioceres Crop (BIOX), Cognyte Software (CGNT), Cantaloupe (CTLP), Mama’s Creations (MAMA), Evolution Petroleum (EPM), Dynagas LNG (DLNG).
On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
September S&P 500 E-Mini futures (ESU24) are down -0.21%, and September Nasdaq 100 E-Mini futures are down -0.45% this morning as investors looked ahead to the U.S. presidential debate between Donald Trump and Kamala Harris, while also awaiting Wednesday’s release of a key U.S. inflation report.
In yesterday’s trading session, Wall Street’s major indexes closed higher. Super Micro Computer climbed over +6% and was the top percentage gainer on the S&P 500 after GlassHouse Research revealed a long position in the artificial intelligence server company, citing a “highly favorable” risk-reward at current levels. Also, Boeing advanced more than +3% on optimism that a labor agreement with its largest union will prevent a strike at its Seattle-area factories. In addition, Palantir Technologies surged over +14%, and Dell Technologies rose more than +3% after S&P Global announced the inclusion of both companies in the benchmark S&P 500 index, effective before the opening of trading on September 23rd. On the bearish side, shares of health insurers offering Medicare Advantage plans retreated after Leerink Partners released a report indicating that these plans might struggle to achieve high-quality “star ratings” necessary for bonus payments, with Humana sliding over -3% and CVS Health falling more than -2%.
“We’re seeing mostly technical dip-buying,” said Tom Essaye at The Sevens Report. “Economic growth is undoubtedly and clearly losing momentum, but a soft landing remains more likely than a hard landing. This week focus turns back to inflation.”
Economic data released on Monday showed that U.S. consumer credit increased by +$25.45B in July, stronger than expectations of +$12.30B. Also, U.S. July wholesale inventories came in at +0.2% m/m, compared to the preliminary estimate of +0.3% m/m and the +0.2% m/m rise recorded in June.
Meanwhile, U.S. political risk has returned to the spotlight, with former President Donald Trump set to face off in a debate with Vice President Kamala Harris later today.
Investors are awaiting the U.S. consumer inflation report for August, scheduled for release on Wednesday, for indications on the size of the Federal Reserve’s upcoming interest rate cut. The CPI is expected to ease to +2.6% y/y from +2.9% y/y in July, marking the smallest increase since 2021, while the core CPI is projected to remain unchanged from July at +3.2% y/y.
“With the Fed now in its media blackout period ahead of next Wednesday’s almost certain first cut in the cycle, it looks to us that 25bps is just the more likely based on what the Fed has been telling us,” Deutsche Bank’s Jim Reid said.
U.S. rate futures have priced in a 73.0% chance of a 25 basis point rate cut and a 27.0% probability of a 50 basis point rate cut at the conclusion of the Fed’s September meeting.
The U.S. economic data slate is mainly empty on Tuesday.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 3.710%, up +0.33%.
The Euro Stoxx 50 futures are up +0.10% this morning as investors digested a fresh batch of economic data and looked ahead to the U.S. inflation report and the European Central Bank’s monetary policy decision later in the week. Technology stocks led the gains on Tuesday, while healthcare stocks slumped. Data released Tuesday by the Office for National Statistics showed that U.K. wage growth slowed again in the three months to July, providing the latest indication that high interest rates are helping to curb inflation. Separately, final data from the Federal Statistical Office confirmed that Germany’s annual inflation rate stood at 1.9% in August, the lowest level since March 2021. Meanwhile, the ECB is set to announce its interest rate decision on Thursday, with the central bank widely expected to cut its deposit rate by 25 basis points to 3.50%. In corporate news, Amplifon Spa slumped more than -6% after Apple announced that its new AirPods can function as hearing aids.
U.K.’s Average Earnings ex Bonus, U.K.’s Unemployment Rate, and Germany’s CPI data were released today.
U.K. Average Earnings ex Bonus has been reported at 5.1% in the three months to July, in line with expectations.
U.K. Unemployment Rate was at 4.1% in the quarter to July, in line with expectations.
The German August CPI arrived at -0.1% m/m and +1.9% y/y, in line with expectations.
Asian stock markets today closed mixed. China’s Shanghai Composite Index (SHCOMP) closed up +0.28%, and Japan’s Nikkei 225 Stock Index (NIK) closed down -0.16%.
China’s Shanghai Composite Index closed higher today, reversing earlier losses as investors cheered stronger-than-expected export data from the country. Software and hardware stocks led the gains on Tuesday. Customs data released on Tuesday revealed that China’s exports in August grew at their quickest rate since March 2023, despite rising trade barriers, while imports fell short of expectations due to weak domestic demand. On the negative side, the U.S. government proposed new sanctions on Chinese biotech firms. WuXi AppTec tumbled more than -10% in Hong Kong after the U.S. House of Representatives passed a bill on Monday aimed at restricting business with several Chinese biotech companies, including WuXi AppTec and BGI Genomics, on national security grounds. Also, mainland developers listed in Hong Kong plummeted after several property companies were removed from the Stock Connect program. In other corporate news, Alibaba Group climbed over +4% after being added to the Stock Connect program, which provides mainland investors with easier access to investing in the Chinese tech giant.
The Chinese August Trade Balance stood at $91.02B, stronger than expectations of $81.40B.
The Chinese August Exports came in at +8.7% y/y, stronger than expectations of +6.5% y/y.
The Chinese August Imports arrived at +0.5% y/y, weaker than expectations of +2.0% y/y.
Japan’s Nikkei 225 Stock Index ended lower today, wiping out earlier gains and declining for the sixth straight session. Japanese shares were broadly lower due to position adjustments before major events this week, including U.S. inflation data, the first presidential debate between Kamala Harris and Donald Trump, and the ECB’s interest rate decision. Meanwhile, solid growth, increasing wages, and persistent inflationary pressures continued to bolster expectations that the Bank of Japan would raise interest rates again before the year’s end. In other news, Katsunobu Kato, Japan’s former health minister and a candidate in the ruling party’s leadership race, on Tuesday, urged the creation of a stimulus package to fund spending aimed at boosting domestic investment and revitalizing regional economies. In corporate news, Daiichi Sankyo plunged over -8% after trials revealed that an experimental drug, jointly developed with U.K.-based AstraZeneca, failed to significantly improve overall survival in lung cancer patients during a late-stage trial. At the same time, Joban Kosan climbed more than +8% after announcing that Fortress Investment Group would acquire the company for approximately 14 billion yen ($98 million) in a public tender offer at 1,650 yen per share. The Nikkei Volatility, which takes into account the implied volatility of Nikkei 225 options, closed down -2.05% to 28.13.
Pre-Market U.S. Stock Movers
Oracle climbed over +8% in pre-market trading after the IT giant reported stronger-than-expected Q1 results.
Hewlett Packard Enterprise slumped more than -6% in pre-market trading after commencing a $1.35 billion offering of Series C mandatory convertible preferred stock in an underwritten registered public offering.
Today’s U.S. Earnings Spotlight: Tuesday - September 10th
GameStop Corp (GME), Academy Sports (ASO), Dave & Buster’s Entertainment (PLAY), InnovAge Holding (INNV), Petco Health and Wellness (WOOF), Bioceres Crop (BIOX), Cognyte Software (CGNT), Cantaloupe (CTLP), Mama’s Creations (MAMA), Evolution Petroleum (EPM), Dynagas LNG (DLNG).
On the date of publication, Oleksandr Pylypenko did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
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