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Mosaic stock slides more than 2% as JPMorgan downgrades to underweightExternal Link

Mosaic Co. shares slid more than 2% in premarket trade Wednesday, after JPMorgan downgraded the stock to underweight from neutral and said it expects potash and phosphate fertilizer pricing to remain weak. Analysts led by Jeffrey Zekauskas cut their stock price target to $18 from $20. Mosaic cut its phosphate production by 500kt in the first half of 2019, due to weak demand stemming from wet weather. Some investors expect that more normal weather conditions in 2020 should lift the supply/demand balance and lead to a better price outcome. "We are less optimistic," the analysts wrote in a note to clients. "Phosphate imports into the U.S. actually rose by 500kt for the first nine months of 2019, which effectively offset the effects of the Mosaic curtailment. We note that phosphate imports into the U.S. were also heavy in 2018 when they increased by more than 1m tons." JPMorgan continues to view Mosaic as a good long-term investment, but believes there are more favorable entry points than at present. The stock has fallen 28% in 2019, while the S&P 500 has gained 23%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 13 Nov 2019 13:26:23 GMT
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Abbott Laboratories CEO Miles White to step down after 2 decades in chargeExternal Link

Abbott Laboratories said Wednesday that Chief Executive Miles White will step down on March 31, 2020, after 21 years in the role. White, who joined Abbott in 1984, will remain executive chairman. The healthcare company said Robert Ford, who has been chief operating officer since October 2018 and a 23-year Abbott veteran, will succeed White as CEO. Abbott's stock slipped 0.3% in premarket trading. It has rallied 21.4% over the past 12 months through Tuesday, while the SPDR Health Care Select Sector ETF has gained 4.7% and the S&P 500 has advanced 13.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 13 Nov 2019 12:58:08 GMT
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Tilray stock slides premarket as analysts weigh in on disappointing earningsExternal Link

Tilray Inc. shares fell 3.2% in premarket trade Wednesday, as analysts weighed in on a mixed set of earnings with Benchmark analyst Mike Hickey slashing his price target in half. Hickey lowered his price target to $40 from $80 and said profitability again disappointed. "We remain cautious on the Canadian regulatory construct, and expect on-going near term supply and distribution constraints," the analyst wrote in a note to clients. He maintained his buy rating on Tilray stock. MKM analyst Bill Kirk said where other cannabis companies have missed on the top and bottom line, Tilray only missed on the bottom line. "We like Tilray's strategy around: 1) entering the U.S. via hemp seed food products, which serves as a launch pad as regulations change; 2) cultivating in Portugal to service the European markets; and 3) being open to less capital intensive raw material sourcing," Kirk wrote in a note to clients. The analyst has a neutral rating on Tilray stock, which has fallen 69% in 2019, while the ETFMG Alternative Harvest ETF has fallen 26% and the S&P 500 has gained 23%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 13 Nov 2019 12:55:26 GMT
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UPDATE: Energizer tops profit estimates as sales are boosted by acquisitionsExternal Link

Energizer Holdings Inc. stock rose 3.6% in premarket trade Wednesday, after the battery maker blew past estimates for its fiscal fourth quarter. The company said it had net income of $46.2 million, or 61 cents a share, in the quarter to Sept. 30, up from $1.5 million, or 2 cents a share, in the year-earlier period. Adjusted per-share earnings came to 93 cents, ahead of the 81 cents FactSet consensus. Sales rose to $719.0 million from $457.2 million, also ahead of the $713.0 million FactSet consensus. Sales were boosted by acquisitions in the battery and auto care businesses. The company is now expecting fiscal 2020 sales to grow 9% to 10% and adjusted EPS to range from $3.00 to $3.20, compared with a FactSet consensus of $3.22. Shares have fallen 7% in 2019, while the S&P 500 has gained 23%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 13 Nov 2019 12:11:23 GMT
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Canada Goose's stock surges after profit and revenue rise well above expectationsExternal Link

The U.S.-listed shares of Canada Goose Holdings Inc. surged 5.3% in premarket trading Wednesday, after the Canada-based luxury outdoor apparel maker reported fiscal second-quarter earnings that rose well above expectations. Net income for the quarter to Sept. 29 increased to CAD$58.0 million ($43.7 million), or CAD55 cents a share, from CAD$52.0 million, or CAD45 cents a share, in the year-ago period. Excluding non-recurring items, adjusted EPS came to CAD57 cents, above the FactSet consensus of CAD43 cents. Revenue grew 28% to CAD$294.0 million ($221.6 million), above the FactSet consensus of CAD$266.8 million. Wholesale revenue rose 22% to CAD$219.8 million, above the FactSet consensus of CAD$193.5 million, and direct-to-consumer (DTC) revenue jumped 47% to CAD$74.2 million to beat expectations of CAD$73.7 million. The company affirmed its fiscal 2020 outlook. The stock has slumped 10.7% year to date through Tuesday, while the S&P 500 has gained 23.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Wed, 13 Nov 2019 12:06:55 GMT
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