sunny.png
Thursday December 5th, 2019 4:45PM

US stocks edge higher on company earnings; Biogen surges

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks edged higher in early trading Tuesday following several positive earnings reports from U.S. companies, holding the S&P 500 above 3,000 and within range of its all-time high set on July 26.

The latest earnings were surprisingly good, though a few large companies gave investors disappointing results and tempered the market's gains.

Biogen soared after the biotechnology giant said it will ask regulators to approve a treatment for Alzheimer's. The company's gains gave a strong shot to the broader health care sector.

Procter & Gamble rose 4% and lifted consumer product makers after the company raised its profit forecast for the year following surprisingly good third quarter earnings.

Technology companies also made strong gains.

Financial stocks were the biggest losers. Travelers sank 7% after the insurance company reported earnings that fell far short of analysts' forecast.

Weak profits and sales sent McDonald's lower.

Bond prices rose. The yield on the 10-year Treasury fell to 1.77%.

The market is coming off a relatively quiet day for corporate news, though the market rallied over optimism about U.S.-China trade talks. Earnings have been the major focus over the last week.

This week will be a busy one for investors. Boeing, Caterpillar and Microsoft all report their results on Wednesday. American Airlines, Twitter and Amazon will report on Thursday.

KEEPING SCORE: The S&P 500 index rose 0.1% as of 10:05 a.m. Eastern time. The Dow Jones Industrial Average fell 18 points, or 0.1%, to 26,810. The Nasdaq rose 0.1%. The Russell 2000 index of smaller company stocks was flat.

HEALTHY STOCK: Biogen soared 36% after the biotechnology company gave investors a double dose of good news. The maker of multiple sclerosis and other drugs surprised investors with its move to ask the Food and Drug Administration to approve a potential Alzheimer's treatment. The drug had previously appeared to fail in studies earlier this year and the company halted development. A new analysis shows the drug met key treatment goals.

The company also handily beat Wall Street's third-quarter profit and revenue forecasts.

SAGGING ARCHES: McDonald's fell 2.8% after its third-quarter profit and revenue fell short of Wall Street forecasts. The company has been spending more money to promote its delivery options and stores are undergoing extensive renovations.

CHANGING OUTFITS: Under Armour rose 2.6% after the athletic gear maker said founder Kevin Plank will step down as CEO in the new year to become the company's executive chairman and brand chief. Patrik Frisk, who became president and chief operating officer two years ago, will be the second CEO since it was founded in 1996.

OVERSEAS: Stocks in Europe edged higher and markets in Asia made broad gains. Tokyo's markets were closed for a holiday marking the ascension of Emperor Naruhito to Japan's Chrysanthemum Throne.

  • Associated Categories: Associated Press (AP), AP National News, Top General short headlines, AP Health, AP Business, AP Business - Corporate News, AP Health - Senior Health, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Health Care
© Copyright 2019 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Johnson says he'll pull Brexit bill if lawmakers force delay
British Prime Minister Boris Johnson is headed for a showdown with lawmakers who want to put the brakes on his drive to push his European Union divorce bill through the House of Commons in just three days.
10:29AM ( 6 minutes ago )
High prices drove US home sales down 2.2% in September
High prices drove US home sales down 2.2% in September, ending a two-month streak of sales gains
10:28AM ( 7 minutes ago )
US stocks edge higher on company earnings; Biogen surges
Stocks edged higher in early trading following several positive earnings reports from US companies, holding the S&P 500 above 3,000 and within range of its all-time high set on July 26.
10:26AM ( 9 minutes ago )
Associated Press (AP)
Thailand bans use of paraquat and other toxic farm chemicals
Thailand's government has agreed to ban the use of three farming chemicals widely regarded as dangerous to human health
9:19AM ( 1 hour ago )
More choices and stable premiums for 'Obamacare' next year
More choices and stable premiums for 'Obamacare' next year, but court case looms over the program
9:00AM ( 1 hour ago )
$260 million deal averts 1st federal trial on opioid crisis
The nation's three largest drug distributors and a drugmaker have reached a $260 million deal to settle a lawsuit related to the toll of opioids, averting the first federal trial on the crisis
5:22PM ( 17 hours ago )
AP Health
Report: SoftBank to take control of WeWork
Japanese investment firm SoftBank is taking control of WeWork, according to The Wall Street Journal
9:37AM ( 59 minutes ago )
The Latest: British PM warns of new election if bill nixed
Prime Minister Boris Johnson says that if lawmakers reject his accelerated three-day timetable for Brexit bill he will pull it and seek an election
9:36AM ( 59 minutes ago )
Bolivia says Morales near outright victory, unrest spreads
Rioting have broken out in parts of Bolivia among opponents of President Evo Morales after electoral authorities said that a resumed vote count after a day-long delay put the leader close to avoiding a risky runoff in his bid for a fourth term
9:05AM ( 1 hour ago )
AP Business
Demand for fast, online delivery drives UPS 3Q
UPS capitalizes on demand for fast online delivery, topping profit and revenue expectations in 3Q
7:47AM ( 2 hours ago )
Under Armour founder relinquishes CEO post
Under Armour founder Plank will step down from the CEO role
7:32AM ( 3 hours ago )
California governor wants investigation of high gas prices
Gov. Gavin Newsom has asked California's attorney general to investigate why the state's gas prices are so high
8:39PM ( 13 hours ago )
AP Business - Corporate News
Trump cites his support for Medicare, slams Medicare for All
Trump accuses Democrats of an all-out attempt to “totally obliterate Medicare” and portrays himself as the program’s defender
4:27PM ( 2 weeks ago )
Trump touts support for Medicare, slams ‘Medicare for All’
Trump travels to Florida to tout support for Medicare, slam Democrats on their ‘Medicare for All’ plan
11:16AM ( 2 weeks ago )
Japan ups sales tax to 10% amid signs economy is weakening
Japan raises consumption tax to 10%, raising worries economy might sputter
4:14AM ( 3 weeks ago )
AP Health - Senior Health
World shares rise after upbeat talk on China-US trade
World shares gain following upbeat talk on China-US trade dispute
7:54AM ( 2 hours ago )
Lebanese protesters dig in, even after proposed reforms
Lebanese protesters have set up barricades in the streets around their central rallying point in Beirut
7:12AM ( 3 hours ago )
'Just too much': Meet the uber-rich who want a wealth tax
'Just too much': Meet the uber-rich who want a wealth tax
6:15AM ( 4 hours ago )
AP Business - Economy
Stocks rise as investors focus on earnings; Boeing drops
U.S. stocks rose in midday trading on Wall Street as investors remain focused on corporate earnings
12:22PM ( 22 hours ago )
World shares gain on upbeat comment on China-US trade talks
World shares gain on upbeat comment on China-US trade talks
7:33AM ( 1 day ago )
Asian shares mixed amid uncertainties on Brexit, China trade
Asian shares mixed amid uncertainties on Brexit, China-US trade tensions
1:40AM ( 1 day ago )
AP Business - Financial Markets
Blackouts possible again as fire danger looms in California
Less than two weeks after blacking out much of Northern California, Pacific Gas & Electric is warning it might shut off power to about a half-million people
3:54AM ( 6 hours ago )
Tornado slams Dallas; tree falls on Arkansas home, killing 1
A tornado tore buildings apart in a densely populated area of Dallas, where only minor injuries were reported, but a person was killed by a falling tree in northwest Arkansas, as a series of storms caused chaos as it tracked northeast
2:15PM ( 20 hours ago )
Tornado rips through Dallas; 1 dead in Arkansas amid storms
A tornado ripped through the Dallas area, causing damage to homes and businesses and knocking out electricity to tens of thousands of people
10:27AM ( 1 day ago )
AP Business - Industries
Pelosi moves on drug prices despite falling-out with Trump
Pelosi pushing drug price bill through the House despite falling out with Trump
8:10PM ( 4 days ago )
Border Patrol's growing presence at hospitals creates fear
Medical professionals and human rights advocates warn Border Patrol agents are growing their presence at hospitals and creating a chilling effect on immigrant populations around the country
5:44PM ( 4 days ago )
Pelosi moves on drug prices despite falling out with Trump
Pelosi goes ahead with bill governing drug prices despite falling out with Trump
3:42PM ( 4 days ago )
AP Business - Health Care
Johnson says he'll pull Brexit bill if lawmakers force delay
British Prime Minister Boris Johnson is headed for a showdown with lawmakers who want to put the brakes on his drive to push his European Union divorce bill through the House of Commons in just three days.
10:29AM ( 7 minutes ago )
High prices drove US home sales down 2.2% in September
High prices drove US home sales down 2.2% in September, ending a two-month streak of sales gains
10:28AM ( 8 minutes ago )
Under Armour founder Kevin Plank relinquishes CEO post
Under Armour founder Plank will step down as CEO
10:24AM ( 12 minutes ago )
Delivery food fight: Just Eat rejects another takeover offer
Food delivery company Just Eat has rejected a takeover offer from investment firm Prosus, saying that the 4.9 billion-pound ($6.2 billion) cash proposal "significantly undervalues" it
10:19AM ( 17 minutes ago )
Ex-US Ambassador Taylor arrives on Capitol Hill to testify
The top US diplomat in Ukraine, William Taylor, who was drawn into a Trump administration effort to leverage US military aid for Ukraine, arrives on Capitol Hill to testify to Congress
10:18AM ( 17 minutes ago )