Shares of Apple Inc. (AAPL) are higher by 0.19% to $129.87 in pre-market trading on Wednesday following a Nikkey report that says Cupertino is considering offering ¥200 billion in bonds in Japan, which is equivalent to over $1.6 billion. The publication notes this will be Apple’s first fundraising activity in Japan, and that the tech giant is considering issuing its bonds as early as June.
The iPhone maker aims to sell debt at low cost by taking advantage of Japanese bond yields and issuance costs which are some of the lowest in the world. Bond market participants believe the issuance will draw strong interest from domestic investors if it offers an attractive yield.
Galena Biopharma, Inc. (GALE) shares surged 10.56% to $1.57 in pre-market trading after the company today announced two abstract publications at the ASCO 2015 Annual Meeting. Galena said its GALE-301 demonstrates ‘promising preliminary efficacy data’ with a projected 78% reduction in relative risk of recurrence in the 1000 mcg dose cohort.
“The two abstracts published by ASCO provide meaningful advancements for both of our cancer immunotherapy programs, NeuVax and GALE-301,” said in a statement Mark W. Schwartz, Ph.D., President and Chief Executive Officer of Galena Biopharma.
Shares of Hydrogenics Corporation (HYGS) are up more than 30% this morning on news of the company’s 10 year exclusive agreement to supply France’s Alstom Transport with hydrogen fuel cell systems for European regional commuter trains, valued at over $54 million.
“The selection by Alstom Transport of our technology platform is a strong validation of our team and our products as the best fit for heavy duty propulsion applications,” commented Joseph Cargnelli, CTO and co-founder of Hydrogenics.
Retrophin, Inc. (RTRX) shares were up $2.13, or 7.93%, to $29.00 as of 8:53 a.m. ET after the company today announced an agreement to sell its Rare Pediatric Disease Priority Review Voucher (“Pediatric PRV”) to Sanofi (SNY). Retrophin received the Pediatric PRV when Cholbam™ was approved by the FDA for the treatment of pediatric and adult patients suffering from bile acid synthesis disorders due to single enzyme defects, and for patients with peroxisomal disorders (including Zellweger spectrum disorders).
“We are pleased to know that transferring our voucher will raise awareness of the Pediatric PRV program and give us added flexibility to find and develop new therapies for patients with severe rare diseases,” stated Stephen Aselage, Chief Executive Officer of Retrophin.
Michael Kors Holdings Limited (KORS) reported fourth quarter EPS of $0.90 before the opening bell Wednesday, compared to the consensus estimate of $0.91. Revenues increased 17.8% from $917.4 million last year to $1.08 billion, matching Wall Street’s expectations. Net income for the quarter ended March 28, 2015 was $182.6 million, or $0.90 per diluted share, compared to $161 million, or $0.78 per diluted share a year earlier. The stock is currently down $9.98, or 16.90%, to $50.61 on 200K shares.
Looking ahead, the seller of handbags, clothing and accessories guided Q1/16 revenues of $930 – $950 million, as compared to analysts’ expectations of $1.09 billion. The management also gave its bottom line range of $0.74 – $0.78 per share, against projections of $1.03 per share. For full fiscal 2016, the company anticipates EPS between $4.40 and $4.50 per share. Revenue is expected in a range of about $4.7 billion – $4.8 billion.
On valuation measures, Michael Kors Holdings Ltd. shares, which currently have an average 3-month trading volume of 2.85 million shares, trade at a trailing-12 P/E of 14.56, a forward P/E of 12.89 and a P/E to growth ratio of 0.89. The median Wall Street price target on the name is $80.00 with a high target of $100.00. Currently ticker boasts 11 ‘Buy’ endorsements, compared to 12 ‘Holds’ and no ‘Sell’.
Profitability-wise, KORS has a t-12 profit and operating margin of 20.42% and 29.66%, respectively. The $12.16 billion market cap company reported $979 million in cash vs. $451 million in total current liabilities in its most recent quarter.
KORS currently prints a one year loss of about 37% and a year-to-date loss of around 19%.
The chart below shows where the equity has traded over the last 52 weeks.
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