Madrigal Pharmaceuticals Soars After Getting FDA Approval for Liver-Scarring Treatment
41 minutes ago
Shares of Madrigal Pharmaceuticals Inc. (MDGL) skyrocketed Friday after the Food and Drug Administration (FDA) gave accelerated approval for its drug, the first-ever drug to treat scarring caused by fatty liver disease approved by the regulator.
The FDA said Madrigal’s drug Rezdiffra, along with diet and exercise, can be given to patients who are afflicted with noncirrhotic nonalcoholic steatohepatitis, or NASH, and have moderate to advanced liver scarring.
The biotech company said that Rezdiffra was expected to be available to patients in the U.S. next month and be distributed through a limited specialty pharmacy network.
Shares of Madrigal Pharmaceuticals were 14% higher at around $277 Friday afternoon. They have advanced by almost 30% so this year.
Jabil Stock Plunges as Sales and Guidance Miss Estimates on ‘Revenue Headwinds’
1 hr 43 min ago
Jabil Inc. (JBL) was the worst-performing stock in the S&P 500 on Friday after the electronics manufacturing services firm’s second-quarter fiscal 2024 sales and current-quarter guidance missed estimates as it faced difficult economic conditions.
Jabil said that quarterly revenue declined 16.8% to $6.77 billion, short of forecasts. Core earnings per share (EPS) came in at $1.68, slightly better than expected.
Jabil anticipates current-quarter revenue of $6.2 billion to $6.8 billion, and core EPS of between $1.65 and $2.05. Both were less than analysts had been looking for. In addition, the company lowered its full-year revenue guidance to $28.5 billion from $30.6 billion.
Jabil shares were down 16.2% at $123.63 Friday afternoon. Despite today’s steep drop, the stock is up more than 50% over the past year.
Real Estate Stocks Tumble on NAR Settlement
2 hr 21 min ago
Shares of real estate firms like Zillow (Z), Redfin (RDFN), and Compass (COMP) tumbled on Friday after the National Association of Realtors (NAR) agreed to a $418 million settlement that could upend the way real estate brokers are compensated.
As part of the settlement, NAR agreed to abandon longstanding rules that required home listings to include offers of broker compensation. In October, a Kansas City, Mo., jury determined that practice had kept U.S. real estate broker’s commissions artificially high.
The agreement also introduces a new rule that requires Multiple Listing Service (MLS) participants to enter written agreements with buyers, effectively allowing buyers to negotiate with their agents and forgo some services.
The $418 million settlement, which is subject to court approval, will be paid out over four years.
Shares of digital home-listing provider Zillow tumbled more than 13% to a 3-month low on Friday. Brokerages Compass and Redfin slid 11% and 5%, respectively.
Volatility Index Up on First Triple Witching Day of 2024
2 hr 55 min ago
The Cboe Volatility Index (VIX) rose more than 4% on Friday, the first of this year’s four triple witching days.
Triple witching refers to the simultaneous expiration of stock options, stock index options, and stock index futures contracts. It occurs on the third Friday of every March, June, September, and December.
Triple witching days are characterized by above-average volatility in equity markets as traders either close or roll out their positions.
About $5 trillion worth of derivatives contracts expire today. More than $3 billion of index options and futures came due at the open. That leaves room for more volatility near the end of the day when about $2 trillion of single stock options and index derivatives will expire.
Ulta Beauty Stock Falls on Weak Margin Forecast
3 hr 56 min ago
Ulta Beauty’s (ULTA) stock fell Friday, a day after the beauty retailer reported fourth-quarter earnings that beat expectations but issued a weak margin forecast for 2024.
Ulta reported $394.4 million in net income, or diluted earnings per share (EPS) of $8.08, both above analyst estimates compiled by Visible Alpha.
For the 2024 fiscal year, Ulta projected net sales of $11.7 billion to $11.8 billion and diluted EPS of $26.20 to $27, above 2023 figures and analyst estimates. However, Ulta said it anticipates a lower profit margin of 14% to 14.3%, compared to 15% in 2023, with margins pressured by higher costs and increased promotions.
Ulta shares were down 5.5% at $535 late Friday morning, though they were up more than 9% year to date.
Ether Slips from Highs as Investors Lock in Profits After Upgrade
4 hr 42 min ago
Ether (ETH), the native coin of the Ethereum blockchain and second largest cryptocurrency by market capitalization, fell to about $3,700…
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