On The Fly: Top stock stories for Monday
Stocks began the session with modest gains but ended up putting together a rally that saw the Dow finish with a triple digit gain. There was little to account for the move, as the day's economic data was generally in line with expectations and the volume and news flow were light, as is typical for the final trading week of the summer. ECONOMIC NEWS: In the U.S., personal income rose 0.4% and spending gained 0.3% in July, with both matching expectations. The Dallas Fed's manufacturing index fell 4.9 points to -6.2 in August after improving 17.0 points to -1.3 in July. COMPANY NEWS: After making headlines all last week on price controversy related to its EpiPen devices, Mylan (MYL) announced that its U.S. subsidiary will launch the first generic to the EpiPen Auto-Injector at a list price of $300 per generic two-pack carton, which represents a discount of more than 50% to the list price of the branded medicine... Shares of Herbalife (HLF) advanced 4.6% after Carl Icahn announced after the close on Friday his purchase of another 2.3M shares of the company's stock, adding that he continues to believe in the company and that he never ordered a sale of his holdings, contrary to statements by Bill Ackman... Williams Companies (WMB) has appointed three independent directors who will stand for election at the company's annual meeting on November 23. The announcement comes amid a proxy battle over board seats with Corvex Management's Keith Meister. MAJOR MOVERS: Among the notable gainers was Allegheny Technologies (ATI), which gained 11% after Deutsche Bank analyst Jorge Beristain upgraded the stock to Buy from Hold, saying leverage concerns have eased following the closure of the company's Rowley facility. Also higher was Synergy Resources (SYRG), which gained 4% after two initiatives to limit fracking failed to make Colorado's November ballot. Additionally, Inovio Pharmaceuticals (INO) rose 4.6% following the company's announcement that it has initiated a clinical study of its preventive Zika vaccine in 160 subjects in Puerto Rico, where the virus outbreak has been declared a public health emergency. Among the noteworthy losers was Caesars Entertainment (CZR), which dropped 15.7% after disclosing that the U.S. Bankruptcy Court for the Northern District of Illinois ruled that it will have to face creditor lawsuits related to debt owed by its bankrupt operating unit. Also lower were Geo Group (GEO) and Corrections Corp. (CXW), which slipped 3% and 4%, respectively, following the announcement by the U.S. Department of Homeland Security directing U.S. Immigration and Customs Enforcement, or ICE, to initiate an independent review of its current detention and processing centers. INDEXES: The Dow rose 107.59, or 0.58%, to 18,502.99, the Nasdaq gained 13.41, or 0.26%, to 5,232.33, and the S&P 500 advanced 11.34, or 0.52%, to 2,180.38.