What the S&P 500’s new bull market tells us about what’s to come
- Here’s the main driver of the S&P 500’s bull-market rally, according to Fundstrat’s Tom Lee
- Nasdaq Composite notches 7-week winning streak as U.S. stocks end the week higher
- Small-cap ETFs may look attractive as recession concerns fade, but blindly chasing the rally is not without risk
- S&P 500 exits longest bear market since 1948. What stock-market history says about what happens next.
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Biogen stock rallies after full-day halt as FDA panel recommends Alzheimer’s drug for approval
Biogen Inc. BIIB shares rallied in the extended session late Friday following a full-day halt after the biotech company received a recommendation from a Food and Drug Administration advisory committee to approve an Alzheimer’s treatment it makes with Eisai Co. ESALF Biogen shares rallied as much as 9% after hours, after spending the regular session halted at $308.88. Eisai shares finished Friday up 9.4% at $81.03. On Friday, the FDA’s Peripheral and Central Nervous System Drugs Advisory Committee voted unanimously to recommend the companies’ drug Leqembi to treat Alzheimer’s disease. While the FDA is not bound to committee recommendations, the agency generally follows them. Approval of the drug is expected by July 6.
Specialty-chemicals maker Chase Corp. looking to sell itself: WSJ
Shares of Chase Corp. CCF rallied more than 5% in the extended session Friday after The Wall Street Journal reported that the specialty-chemicals maker is working with advisers on a potential sale. According to the report, which cited people familiar with the matter, Chase has received multiple bids from private-equity firms and other industrial companies. One of the private-equity bids comes from Pritzker Private Capital, the report said. Pritzker Private Capital is a family-owned investment firm connected to the family of Illinois Gov. J.B. Pritzker and others. Chase Corp.’s market capitalization hovered at around $1.17 billion, according to FactSet as of late Friday. The stock has gained about 43% so far this year, compared with an advance of around 12% for the S&P 500 index. SPX
Turo’s quarterly revenue rose 30%, but losses widened, car-sharing company says in IPO filing tweak
Car-sharing company Turo late Friday updated its initial public offering filing, saying that revenue rose 30% to $186 million in first quarter, from $143 million in the year-ago period. That also compares with $747 million in revenue for all of 2022. Losses widened, however, to $24.3 million, or 76 cents a share, in the quarter, from $7 million, or 23 cents a share, a year ago. Turo, which publicly filed for its IPO in January 2022, said that as of March 31 it had more than 165,000 active “hosts,” or people and small businesses using the platform to rent their vehicles. “Many of our small business and professional hosts started their journey with us as consumer hosts and scaled their businesses as they saw success on our platform,” the company said. More than 3 million “guests,” or those who rented the cars, booked more than 19.1 million days on Turo’s platform in all of last year, the company said.
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