-- SNB Capital on Wednesday lowered its price target for cement producer Southern Province Cement Co. (SASE:3050) to 19.70 Saudi riyals from 31.60 riyals, with an unchanged neutral rating.
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Health care stocks declined late Thursday afternoon, with the NYSE Health Care Index decreasing 0.2% and the State Street Health Care Select Sector SPDR ETF (XLV) fractionally lower.The iShares Biotechnology ETF (IBB) fell 1.8%.In corporate news, Grace Therapeutics (GRCE) shares tumbled 48% after it said the US Food and Drug Administration issued a complete response letter for its new drug application for GTx-104, an intravenous formulation of nimodipine for aneurysmal subarachnoid hemorrhage.
Consumer stocks were mixed late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1%.In corporate news, Comcast (CMCSA) reported higher-than-expected Q1 results as the media and connectivity giant benefited from the Milan Cortina Winter Olympics and Super Bowl LX. Its shares jumped past 8%.
Vertiv Holdings (VRT) posted strong Q1 results and raised its full-year earnings outlook, signaling continued margin expansion and solid growth momentum, UBS Securities said Wednesday in a note.The company lifted its full-year adjusted earnings per share guidance to about $6.35 at the midpoint, 4% above consensus estimates, helped by 2% higher organic sales and an 80-basis-point improvement in adjusted operating margin, UBS said. The updated outlook implies incremental margins of 32%, up from 28% previously, the note said.Q1 operating results came in 10% ahead of expectations, driven largely by stronger margins, while revenue was slightly above estimates, UBS said. Organic sales growth was modestly below elevated expectations, attributed to timing rather than softer demand, the note said.The midpoint of Vertiv's Q2 EPS outlook at $1.40 is below the $1.43 consensus estimate, which may reflect initial conservatism from management, the note said.UBS has a buy rating on Vertiv stock with a price target of $370.Price: $315.79, Change: $+10.65, Percent Change: +3.49%