Johnson Controls announces $9B increase to share repurchase program
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CNBC
a day ago
- CNBC
Eli Lilly and health-care stocks are week's big winners, 3 sectors in the red
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market update: Stocks are headed lower on Friday, but the S & P 500 is still on pace for a weekly gain of about 1%. This week had some counter-trend components, with value stocks outperforming while more momentum-based companies lagged. Top grade this week : Health care was the best-performing sector this week, and the group was near the top of the leaderboard even before a 13F filing from Berkshire Hathaway revealed that the company had purchased a stake in the beleaguered UnitedHealth Group in the second quarter. Eli Lilly was another large-cap health-care stock that bounced back. The pharma giant had an ugly sell-off last week on disappointing data from its oral GLP-1 trial, but sentiment improved after SEC filings showed a rush of insider buying activity. Also, the company said on Thursday it will increase the list price of its GLP-1 drug Mounjaro for out-of-pocket patients in the United Kingdom. Worst performers : Three sectors posted negative returns this week: Consumer staples, utilities, and technology. The industrials were about flat as of the time of writing. Tech fell as the momentum trade stalled, and the market sold year-to-date winners and rotated into laggards. Utilities declined, but remember, the sector is interest-rate sensitive. When interest rates climb, the group typically underperforms. The weakness in staples was easy to define, as grocery-related stocks like Kroger , Walmart , and Target dropped after Amazon announced a significant expansion to its same-day delivery grocery service. Next week: We're in the part of earnings season when we hear from retail and enterprise software. The retail reports should start to get interesting because they are some of the more tariff-exposed companies in the market, and could struggle to pass on prices to consumers. In total, 14 companies in the S & P 500 are scheduled to report. Within the portfolio, we'll hear from Palo Alto Networks on Monday, Home Depot on Tuesday, and TJX Companies on Wednesday. A few other notable companies reporting are Walmart, Toll Brothers , Target , Lowe's , Intuit , and Workday . On the data side, it's a lighter week with housing starts, weekly jobless claims, and existing home sales. But Fed commentary will be in focus. Next week is the annual Jackson Hole Economic Policy Symposium and Chair Jerome Powell will give his outlook on Friday at 10 a.m. ET. It's a toss-up if Powell will hint at rate cuts as soon as the Sept. 17 meeting or reiterate his wait-and-see stance. As of mid-day Friday, the probability of a 25-basis-point cut at the September meeting was about 91%. (See here for a full list of the stocks in Jim Cramer's Charitable Trust.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
Business Wire
a day ago
- Business Wire
Legence Files Registration Statement for Proposed Initial Public Offering
SAN JOSE, Calif.--(BUSINESS WIRE)--Legence Corp. today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the 'SEC') relating to a proposed initial public offering of shares of its Class A common stock. Legence has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol 'LGN.' The number of shares to be offered and the price range for the proposed offering have not yet been determined. Goldman Sachs & Co. LLC and Jefferies are acting as joint lead book-running managers. BofA Securities, Barclays, Morgan Stanley, RBC Capital Markets, SOCIETE GENERALE, BMO Capital Markets, Cantor, Guggenheim Securities, Wolfe | Nomura Alliance, MUFG, Roth Capital Partners, Santander, Stifel, TD Cowen, BTIG and Rothschild & Co are acting as bookrunners, and Blackstone Capital Markets is acting as co-manager for the proposed offering. The proposed offering will be made available only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from: Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 1-866-471-2526, or by email at prospectus-ny@ and Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at 1-877-821-7388, or by email at prospectus_department@ A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size, price or other terms of the offering. About Legence Legence is a leading provider of engineering, consulting, installation, and maintenance services for mission-critical systems in buildings. The company specializes in designing, fabricating, and installing complex HVAC, process piping, and other mechanical, electrical and plumbing (MEP) systems—enhancing energy efficiency, reliability, and sustainability in new and existing facilities. Legence also delivers long-term performance through strategic upgrades and holistic solutions. Serving some of the world's most technically demanding sectors, Legence counts over 60% of the Nasdaq-100 Index among its clients.
Yahoo
a day ago
- Yahoo
Opendoor CEO, Trump & Intel, Roblox lawsuit: Trending Tickers
Opendoor (OPEN) stock pops after the company announced that CEO Carrie Wheeler is stepping down. The Trump administration is reportedly considering a stake in Intel (INTC), sending shares of the chipmaker higher. The Louisiana Attorney General is suing Roblox (RBLX), alleging the company's platform facilitates the distribution of child sexual abuse material. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts. Now it's time for some of today's trending tickers. We are watching Opendoor, Intel, and Roblox. First up, Opendoor. Those shares are jumping as the company's CEO steps down, effective immediately. The board hasn't appointed an interim leader, but it's actively searching for a new CEO. Earlier this year, hedge fund manager Eric Jackson made a series of posts online about his bull case for the stock. That led to an influx of buying from retail investors, which sparked a meme stock rally. Opendoor is known for its software-driven approach to flipping homes. The shares were up 7% today. They have been very volatile as they've gotten memy. Next up is Intel. It's getting a boost after the Trump administration, a report the Trump administration is considering using CHIPS Act funding for its reported stake in the company. Bloomberg News previously reported that the White House was weighing a stake in the chipmaker. Just the other week, President Trump called for the CEO to resign. Now the government reportedly in early talks for stake in the business. Intel was already poised to be the biggest receipt recipient of CHIPS Act funds. Under the program, the company was awarded nearly $8 billion in grants for commercial chip manufacturing. The White House did not respond to Bloomberg's request for a comment. And finally, Roblox, shares are sinking today as Louisiana's attorney general sues the company. The AG alleges that it facilitates the distribution of child sexual abuse material. It also said the company fails to provide notice to parents and child users of its dangers. TD Cowen did affirm a sell rating on the stock and wrote that regulatory risk is non-negligible at the company. The analyst noting that Roblox has a massive user base that heavily skews young. He says the business model depends on user-generated content, and that is the area creating the most risk for child safety issues. As always, you can scan the QR code below to track the best and worst-performing stocks with Yahoo! Finance's Trending Tickers page. Related Videos Standard Chartered, Joby, Target downgrade: Trending Tickers Salesforce gets an upgrade at DA Davidson Brinker CEO on Chili's revamp, alcohol consumption, GLP-1 impacts Buffett's Berkshire Hathaway sold Apple shares. Should you? Sign in to access your portfolio
