Stocks looked poised in early trading to extend their winning streak, though the S&P is now on track to break its run of advances if midday levels hold into the close. The major averages are only slightly lower near noon despite threats from President Donald Trump to raise tariffs again on China if President Xi Jinping doesn’t meet with him at the Group of 20 summit later this month.
ECONOMIC EVENTS: In the U.S., the Producer Prices Index for May tracked estimates with gains of 0.1% for the headline PPI and 0.2% for the core.
TOP NEWS: Last night, Shutterfly (SFLY) announced that funds managed by affiliates of Apollo Global Management (APO) will acquire the photo products company for $51 per share in cash, or an enterprise value of approximately $2.7B. As part of the deal, Apollo Funds entered into a definitive agreement to combine Snapfish with Shutterfly. Upon the closing of the Snapfish transaction, the Snapfish owners will become significant minority owners in the combined Shutterfly and Snapfish business.
Shares of GrubHub (GRUB) have risen 6% in morning trading following a report that Amazon (AMZN) is shutting down its restaurant delivery service in the U.S. Amazon is shuttering Amazon Restaurants in the U.S., as well as Daily Dish, as of June 24, the company confirmed in a statement provided to GeekWire.
MAJOR MOVERS: Among the noteworthy gainers was Jaguar Health (JAGX), which surged 66% after announcing that its human-health subsidiary Napo will receive preclinical services from the National Institute of Allergy and Infectious Diseases to support the development of lechlemer, Napo's drug product candidate for a cholera indication.
Also higher were Chico's (CHS) and Casey's General Stores (CASY), which gained a respective 13% and 11% after reporting quarterly results.
Among the notable losers was CymaBay (CBAY), which plunged 47% after announcing 12-week topline results from an ongoing 52-week Phase 2b study of seladelpar for the treatment of nonalcoholic steatohepatitis.
Also lower was Beyond Meat (BYND), which fell 21% after JPMorgan analyst Ken Goldman downgraded shares to Neutral from Overweight, stating that with the stock at around $168 seeing more upside "requires assumptions" he is "not yet comfortable with."
INDEXES: Near midday, the Dow was down 10.31, or 0.04%, to 26,052.37, the Nasdaq was down 14.17, or 0.18%, to 7,809.00, and the S&P 500 was down 2.24, or 0.08%, to 2,884.49.