U.S. stocks traded in a tight range yesterday as Wall Street tempered its expectations for this week’s trade negotiations between Washington and Beijing and looked ahead to the latest monetary policy decision from the Federal Reserve on Wednesday afternoon.
Pfizer the largest drug maker in the world, announced yesterday that it would be spinning off Upjohn, its off-patent branded and generic medicines business, and combining it with generic drug company Mylan. The all-stock deal will see Pfizer shareholders own 57% of the new business, with Mylan shareholders owning the balance. The new company is expected to have pro forma revenues of as much as $20 billion in 2020.
Beyond Meat reported earnings for the fist time as a public company. The company said that sales quadrupled from the same period a year ago, reporting a second quarter loss of $9.4 million on sales of $67 million. The stock sold off though after the company announced their plans to sell more stock in a secondary offering.
Boeing’s stock fell 1.4% after analysts at credit agencies Standard & Poor’s, Moody’s and Fitch released ratings that gave a cautious outlook on the aerospace giant’s debt due to the prolonged 737 Max crisis. Additionally, Ryanair CEO Michael O’Leary sounded off on Boeing during his company’s earnings conference call, saying that Ryanair may have to cut jobs if Boeing didn’t get their act together.
With Northwest Quadrant Wealth Management, I’m Tyler Simones.