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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