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Netflix, Schlumberger Stocks Just Did This, While Apple Falls Short

Netflix ( NFLX ), Schlumberger ( SLB ), AbbVie ( ABBV ) and MasterCard ( MA ) all rose above their 200-day moving averages Tuesday, while Apple ( AAPL ) shares continued to close just below that support level. It’s not a huge surprise that several big-cap stocks retook their 200-day lines. The Nasdaq also did so on Tuesday. The Dow and S&P 500 have been above that level for weeks. Still, it’s a key step on the road to recovery. Netflix Netflix, which reports Q1 earnings on Monday, rose 4.2% on the stock market today to 107, its best level since late January. Netflix had run into resistance for several sessions just below  the 200-day. Netflix has been consolidating since peaking at 133.27 on Dec. 7. Schlumberger Schlumberger rallied along with the energy sector, as crude futures rose above $42 a barrel to a 4-month high. Schlumberger rose 2.7% Tuesday to 75.90, topping its 200-day line for the time since last June. AbbVie AbbVie rose 2.4% Tuesday, just getting above its 200-day line. It hasn’t been consistently held above that level since last August. Late Monday, the FDA approved a leukemia drug by AbbVie and Roche ( RHHBY ) unit Genentech. MasterCard MasterCard rose 0.4% Tuesday to 93.86. The stock has been finding support at or above its 200-day line for the past few weeks. The stock is forming a cup-with-handle base going back to Nov. 11. Apple As for Apple, shares rose 1.3% to 110.44, just below the 200-day line at 110.78. Apple crossed its 200-day on April 4 intraday, but has yet to close above that level since early October.

Valeant Dives As Bondholder Seeks Default; Buyout Buzz Lifts Medivation

Valeant Pharmaceuticals ( VRX ) fell in late trade after Valeant said bondholders submitted a default notice, citing delays in the drugmaker’s annual report. Meanwhile, Medivation ( MDVN ) jumped late on a Bloomberg report , citing sources, that the drugmaker rejected a takeover overture from Sanofi ( SNY ). Valeant fell more than 6% in early after-hours action, pared losses to 4%. Shares closed up 2% at 31.99. Dow Jones, which initially reported the news, said Centerbridge Partners was a bondholder seeking the default notice. Valeant has until June 11 to file its 10-K annual report or be compelled to repay bonds early. Valeant has said it will file by April 29. Centerbridge, which holds some $250 million in Valeant debt, may be seeking concessions rather than a default. Meanwhile, Medivation jumped more than 9% after hours following a 1.1% gain to 45.73 at the close. Sanofi was little changed after hours. Sanofi hasn’t ruled out a hostile bid for Medivation, Bloomberg reported. Sanofi would like to expand its cancer drug portfolio. It was a wild day for some drugmakers. Horizon Pharmaceuticals ( HZNP ) dived 26%, close to its October lows. Horizon gave  weak sales guidance . Meanwhile, Clovis ( CLVS ) fell 5.4% to 14.24 after tumbling intraday to 12.25. An FDA advisory panel overwhelmingly opposed early approval for Clovis’  lung cancer drug, saying the agency should await phase 3 data for rociletinib. The stock had fallen 17.7% on Friday and 4.5% on Monday after the panel’s documents were released  

Teen Interest In Console Gaming Good For EA, Activision, Take-Two

A survey of U.S. teens showed interest and spending on console video games is climbing, boding well for game publishers Activision Blizzard ( ATVI ), Electronic Arts ( EA ) and Take-Two Interactive Software ( TTWO ). Piper Jaffray surveyed 6,500 teenagers nationwide for its 31st semiannual teen survey. Of more than 4,000 video game respondents, 78% own a current-generation game console or expect to in the next two years, up from 73% in the fall survey. Plus, teen video game spending intentions reached new highs in the survey. Piper analyst Michael Olson, in the investment bank’s research report, reiterated his overweight ratings on Activision, EA, Take-Two Interactive and retailer GameStop ( GME ). Teens in the survey expect to spend, on average, $214 this year on video games, up from an 11-year average of $152. “The rising level of interest and ownership in consoles is a clear positive for the game publishers (ATVI, EA, TTWO) and GameStop (GME) as it speaks to the console cycle’s potential to drive software growth in 2016 and 2017,” Olson said in the report Tuesday. Male teens surveyed said they allocate 20% of their overall spending on food, 15% on clothing, and 13% on video games. “Amazingly, video games ranks higher than cars (10%) and electronics (9%),” Olson said. “We believe this is yet another sign that video game consoles are not losing mindshare and, in fact, may be more popular than ever.” Current-generation game consoles include Microsoft ’s ( MSFT ) Xbox One, Nintendo ’s ( NTDOY ) Wii U and Sony ’s ( SNE ) PlayStation 4. Olson anticipates strong spending on video games in the next 12 months, driven by an uptick in the overall quality and quantity of major games. These include new titles in such popular franchises as Activision’s “Call of Duty” and EA’s “Titanfall.”