Today's News
Peter Thiel, Chairman of Palantir Technologies (PLTR, Financial), has sold over $600 million worth of the company's stock this week, bringing his total disposals this year to over $1 billion. Thiel sold about 16.17 million common shares over three days, according to SEC filings. The venture capitalist had also sold shares in May under a trading plan designed for public-company executives to schedule sales.
The U.S. Food and Drug Administration (FDA) has approved Cobenfy, a novel treatment for schizophrenia developed by Bristol-Myers Squibb (BMY, Financial). The approval has prompted a ~6% increase in the company's shares in premarket trading. Bristol-Myers plans to launch Cobenfy by late October at a list price of $1,850 monthly, or about $22,500 annually. The drug was added to Bristol-Myers' pipeline following its $14 billion acquisition of Karuna Therapeutics in March.
Alibaba (BABA, Financial) and JD.com (JD, Financial) were among Chinese stocks that saw significant gains after Beijing announced measures to stimulate the economy. Alibaba shares jumped 10%, JD.com 14%, and other Chinese tech giants like Baidu (BIDU) and Bilibili (BILI) also saw substantial increases. The stimulus measures included support for the troubled property sector, cash aid for residents in need, and additional social security benefits for unemployed graduates.
Intel (INTC, Financial) is nearing a deal with the U.S. government for $8.5 billion in direct funding under the CHIPS and Science Act, aimed at bolstering domestic semiconductor manufacturing. The funds will support Intel's semiconductor projects across several states, including Arizona, New Mexico, Ohio, and Oregon. This initiative is part of a broader effort to enhance domestic chip production capabilities.
Toyota (TM, Financial) reported an 11.2% year-over-year decline in output for August, marking the seventh consecutive month of decline. The drop was primarily due to certification issues in Japan and a production suspension caused by a recall in North America. The company's shares have declined about 25% in the last six months.
Costco Wholesale (COST, Financial) received positive analyst attention despite a mixed earnings report for its FQ4. Barclays raised its price target to $850, while Morgan Stanley called Costco the envy of retail, backing its Overweight rating and price target of $950. J.P. Morgan also hiked its price target to $945 from $925, highlighting strong growth in durable goods categories like toys and home furnishings.
GuruFocus Stock Analysis
- Fastenal: Strong Business Model, but Little Margin of Safety by Kenio Fontes
- When Buffett Meets Bannister by Smead Capital Management
- Intuit Has a Robust Moat With Undervalued Growth Catalysts by Oliver Rodzianko
