Financialinsiders.com Earnings Recap Week Ending July 7th, 2017

Friday, July 7, 2017 General News
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NEW YORK, July 7, 2017 /PRNewswire/ --

U.S. stocks traded lower on Thursday as technology stocks sell off again and

U.S. Treasury yields rose. The Dow Jones Industrial Average fell as much as 158 points, or 0.74 percent, to 21,320.04, the S&P 500 also dropped 22.79 points, or 0.94 percent, to 2,409.75, while the tech-heavy NASDAQ Composite closed 1 percent lower
at 6089.46. The technology sector is the best-performing sector this year, but it has been under pressure in the past few weeks. The tech sector is down for four out of five trading sessions due to high valuation concerns. The hawkish tone from major central banks sent the treasuries yield higher. U.S. 10-year Treasury yield rose four basis points to 2.37 percent.

Randy Frederick, Vice President of trading and derivatives at Charles Schwab, said in a CNBC report: "Tech has been a strong performer for a very long time, so it's not that surprising to see some weakness every now and then. I think people are also warming up to the idea that interest rates may be going higher, so you've seen a move into financials."

Bad news hit Tesla Inc. (NASDAQ: TSLA) this week. Goldman Sachs released a report where it outlined concerns over slowing sales growth of the company's current electric cars. Shares of Tesla dropped about 15% since the report was announced. "We remain sell rated on shares of TSLA where we see potential for downside as the Model 3 launch curve undershoots the company's production targets and as 2H17 margins likely disappoint," Goldman analyst explained. "This comes as demand for TSLA's established products (Model S and Model X) appear to be plateauing slightly below a 100k annual run rate."

BeiGene Ltd (NASDAQ: BGNE) shares surged more than 12.5% on Thursday on news of collaboration with Celgene Corporation (NASDAQ: CELG). BeiGene will reportedly receive $263 million in licensing fees, and according to the agreement with Celgene, BeiGene is eligible to receive a $980 million in milestone payment and royalties. Celgene is to acquire 5.9% of BeiGene stock at $59.55. Thursday BGNE reached a high of more than $68 a share. The agreement focuses on developing and commercializing BeiGene's cancer drug BGB-A317 in around the world except Asia, but including Japan. BGB-A317 is a monoclonal antibody, and has the potential to restore a T-cell's cancer killing ability by inhibiting PD-1 and removing the blockade of immune activation against cancer. 

Liberty Interactive Corp. (NASDAQ: QVCA) buys the remaining 62 percent of HSN, Inc. (NASDAQ: HSNI). Shares of HSN jumped more than 26% on Thursday after the announcement. Liberty Interactive intends to issue 53.4 million shares of QVC Series A common stock to HSNi shareholders. Based on the Series A QVC Group common stock's closing price as of July 5, 2017 and the number of HSNi undiluted shares outstanding as of May 1, 2017, this equates to a total enterprise value for HSNi of $2.6 billion, an equity value of $2.1 billion, and consideration of $40.36 per HSNi share, representing a premium of $9.06 per share or 29% to HSNi shareholders, based on HSNi's closing price on July 5, 2017. The acquisition of HSNi is expected to be completed by the fourth quarter of 2017. "We are excited to announce the acquisition of HSNi. The addition of HSN will enhance QVC's position as the leading global video e-Commerce retailer. Every year they together produce over 55,000 hours of shoppable video content and have strong positions on multiple linear channels and OTT platforms," said Greg Maffei, Liberty Interactive President and CEO. "The value of the combined QVC, HSNi and zulily will be further highlighted when later this year QVC Group becomes an asset-backed stock as part of the previously announced split-off of Liberty Ventures."

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