On The Fly: Top stock stories at midday
Stocks opened little changed and remained in a narrow range throughout the morning. However, the major averages have moved toward session highs near noon, with the Nasdaq the strongest of the equity indexes. Oil prices have rebounded after beginning the day in negative territory, with the price of crude now higher by a bit over 1%. ECONOMIC EVENTS: In the U.S., initial jobless claims dipped 2,000 to 236,000 in the first week of December. A report on consumer credit growth in October is expected at 3 pm ET. COMPANY NEWS: Shares of Broadcom (AVGO) have advanced 1% after the company's earnings were solid, its guidance came in ahead of expectations and its dividend was hiked by more than anticipated... GE (GE) announced that it plans to reduce its global headcount in its Power division by approximately 12,000 positions. While Power "will remain a work in progress in 2018," GE Power president and CEO Russell Stokes said the plan "will position us for 2019 and beyond." MAJOR MOVERS: Among the noteworthy gainers was Sage Therapeutics (SAGE), which surged 78% after it reported "positive" top-line results from its Phase 2 clinical trial of SAGE-217 for the treatment of major depressive disorder. Also higher was Entellus Medical (ENTL), which rallied 50% after it agreed to be acquired by Stryker (SYK) for $24 per share in cash. Among the notable losers after reporting quarterly results were Duluth Holdings (DLTH), Verint (VRNT), and Ciena (CIEN), which fell 16%, 6%, and 3.5%, respectively. INDEXES: Near midday, the Dow was up 97.87, or 0.41%, to 24,238.78, the Nasdaq was up 43.18, or 0.64%, to 6,819.56, and the S&P 500 was up 9.25, or 0.35%, to 2,638.52.