Merck & Co., Inc. (NYSE:MRK) (Ticker.tv)
On Tuesday before the market opened, shares of Merck & Co ($MRK) were gapping up on news of positive results from their lung cancer trial. Merck’s lung cancer treatment, Ketruda, performed better than expected in a late-stage, Phase 3 trial which has “significantly improved overall survival and progression-free survival”. This is a big step in the right direction and has investor excited for its potential as you can see by the price action this morning with a 5% gap up from Friday’s close.
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Under Armour Inc (NYSE:UA) (Barron’s)
Why did Vasilescu throw in the towel on Under Armour? First, he expects Under Armour to earn a lot less than he previously did, with earnings before interest and taxes estimate to $25 million in 2018. That’s a huge cut from his previous estimate for $85 million. That’s based on his new gross margin and selling, general and administrative assumptions, as well as his expectation that revenue will fall 1%. Secondly, he expects Under Armour will have to amend its credit agreement, given that its maximum last 12 months total debt to EBITDA ratio is 3.25 times, which it looks set to exceed.
Spi Energy Co Ltd (ADR) (NASDAQ:SPI) (Benzinga)
Spi Energy Co Ltd (ADR) (NASDAQ:SPI) rose 199.2 percent to $1.900 in pre-market trading after announcing establishment of Blockchain-based infrastructure application division.
General Electric Company (NYSE:GE) (Fox Business)
General Electric Company (NYSE:GE)’s stock fell 3.2% after the conglomerate said a review of GE Capital’s insurance portfolio would result in a $6.2 billion after-tax charge (http://www.marketwatch.com/story/ges-stock-sinks-after-unveiling-62-billion-charge-in-q4-2018-01-16) in the fourth quarter.
Viacom, Inc. (NASDAQ:VIAB) (Morning Star)
Shares of Viacom Inc.(VIA) fell 3.7% after The Wrap on Friday reported that Shari Redstone, president of National Amusements, which owns controlling interests in Viacom and CBS Corp. (CBSA) was reengaging the two media companies in talks to merge.
Fiat Chrysler Automobiles NV (NYSE:FCAU) (Fox Business)
Also at the Detroit event, Fiat Chrysler Automobiles NV(FCA.MI)(FCA.MI) CEO Sergio Marchionne said Monday he has no plans to sell its Jeep business or split up the company (http://www.marketwatch.com/story/fiat-chrysler-ceo-rules-out-split-jeep-sale-2018-01-16), cooling speculation but leaving the company’s long-term strategy unclear. Shares were down 2.8%.
UnitedHealth Group Inc (NYSE:UNH) (CNBC)
UnitedHealth Group – The health insurer reported adjusted quarterly profit of $2.59 per share, 8 cents a share above estimates. Revenue beat forecasts, and the company also raised its full-year forecast due to benefits from the new tax law.
Eastman Kodak (NYSE:KODK) (Madison.com)
Shares of Eastman Kodak (NYSE:KODK), Riot Blockchain (NASDAQ:RIOT), and Xunlei (NASDAQ:XNET) have plunged more than 10% as of 9:45 a.m. EST as the market’s largest cryptocurrencies fall in value. All but one of the 10 largest digital currencies are down more than 10% in the last 24 hours, with the biggest of them (bitcoin) falling 14%, according to CoinMarketCap.
AutoNation, Inc. (NYSE:AN) (CNBC)
Autonation – The automotive retailer said it would see a one-time benefit of 45 cents per share for the fourth quarter, thanks to the new tax law. It also sees a full-year 2018 benefit of 80 cents to $1.10 per share.
