Things were looking up for Caterpillar (CAT)–and then the Fed’s came a knockin’.
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Shares of Caterpillar had returned 7.1 percent so far this year–and 47% over the last 12 months–as optimism about the state of the global economy pushed its shares higher. But Caterpillar’s shares are tumbling this afternoon after reports that its offices in Peoria, Ill. and elsewhere were raided by Federal officers today.
The Wall Street Journal’s Andrew Tangel reports:
Agents from the Internal Revenue Service, the Federal Deposit Insurance Corp. and the U.S. Department of Commerce participated in the searches, according to a spokeswoman for the U.S. attorneys office for the Central District of Illinois.
The U.S. attorneys spokeswoman said agents were at Caterpillar locations in Peoria, East Peoria and Morton, Ill. No arrests were made, the spokeswoman said.
international stock markets: Microbot Medical Inc. (MBOT)
- [By Lisa Levin]
Microbot Medical Inc (NASDAQ: MBOT) shares dropped 34 percent to $2.50. Microbot Medical reported a $10 million registered direct offering
Shares of NewLink Genetics Corp (NASDAQ: NLNK) were down 12 percent to $11.13 after the company reported that indoximod + PROVENGE resulted in statistically significant improvement in rPFS for patients with mCRPC in Phase 2 trial.
- [By Lisa Levin]
Shares of Microbot Medical Inc (NASDAQ: MBOT) got a boost, shooting up 15 percent to $8.77 after the company reported a 700,000 share direct offering for $3.5 million.
- [By Lisa Levin]
Microbot Medical Inc (NASDAQ: MBOT) shares shot up 51 percent to $7.76 after reporting a significant technology patent allowance in the U.S. The patent allowance covers a device for the prevention of shunt stenosis.
international stock markets: Chevron Corporation(CVX)
- [By Elizabeth Balboa]
Here is a preview of the offerings set between June 27 and June 30.
11 IPOs This Week Avenue Therapeutics, Inc. (ATXI) will issue 5 million shares between $5 and $7 Tuesday on the Nasdaq. A Fortress Biotech Inc (NASDAQ: FBIO) subsidiary, the pharmaceutical acquires, develops and commercializes products for in-hospital use, such as its post-operative palliative. Esquire Financial Holdings, Inc. (ESQ) will issue more than 2.36 shares between $14 and $16 Tuesday on the Nasdaq. The business-focused commercial bank has two locations in New York and Florida. Mersana Therapeutics, Inc. (MRSN) will issue 5 million shares between $14 and $16 Wednesday on the Nasdaq. The clinical-stage pharmaceutical specializes in immunoconjugate therapies targeting diverse forms of cancer. TPG Pace Holdings Corp. (TPGHU) will issue 40 million shares at $10 Wednesday on the New York Stock Exchange. Formed by TPG, the firm acquires relevant businesses and stocks across industries, from health care and digital media to real estate and energy. Aileron Therapeutics Inc (ALRN) will issue 3.75 million shares between $15 and $17 Thursday on the Nasdaq. The biopharmaceutical firm targets suppressor proteins to halt tumor progression. Blue Apron Holdings, Inc. (APRN) will issue 30 million shares between $15 and $17 Thursday on the NYSE. The meal-kit service delivers pre-portioned ingredients directly to the consumer. Byline Bancorp, Inc. (BY) will issue 5.7 million shares between $19 and $21 Thursday on the NYSE. The century-old commercial bank has more than 50 branches in the Chicago and Milwaukee areas with offices nationwide. Dova Pharmaceuticals, Inc.(DOVA) will issue more than 4.06 million shares between $15 and $17 Thursday on the Nasdaq. As a clinical-stage company, Dova acquires, develops and commercializes drug candidates for rare diseases. Tintri, Inc. (TNTR) will issue 8.7 million shares between $10.50 and $12.50 Thursday on the Nasdaq. With cloud management software, all-flash stor
- [By Paul Ausick]
Chevron Corp. (NYSE: CVX) traded up 1.44% at $108.90. The stock’s 52-week range is $92.25 to $119.00. Volume was about 10% above the daily average of around 6.2 million shares. The integrated oil & gas company had no specific news.
- [By Matthew DiLallo]
Despite continued turnaround activity in the first quarter, the company’s chemicals joint venture with Chevron (NYSE:CVX) was one of the key drivers of its improving results. Garland noted that the joint venture “had solid results on strong demand and improved margins.” The O&P business was particularly robust, delivering $161 million in adjusted earnings, up 53.3% versus the fourth quarter thanks to improved margins, higher volumes, and lower costs.
international stock markets: Clear Channel Outdoor Holdings, Inc.(CCO)
- [By Sara Cornell]
The agreement between the two companies allows Azincourt to option up to 70% of the East Preston property located in the Athabasca Basin. Home to Cameco’s (TSX:CCO) McArthur River uranium mine, the Athabasca Basin is considered one of the richest sources of uranium in the world, with many uranium deposits hosting grades substantially higher than the world average grade. The area has been a hotbed for energy metal investors over the past few years, due to significant high grade uranium discoveries by large cap mining companies.
international stock markets: Concord Medical Services Holdings Limited(CCM)
- [By Jim Robertson]
On Wednesday,our Under the Radar Moversnewsletter suggested going long on small cap China basedhealthcare equipment and management services stock Concord Medical Services Holdings Ltd (NYSE: CCM):
international stock markets: EQT Midstream Partners, LP(EQM)
- [By Elizabeth Balboa]
Not only does Jana consider the deal price overvalued, but it looks to redirect EQT’s focus to a breakup of pipeline operations to transform the core company into an exploration & production firm. The pipelines already trade publicly under EQT Midstream Partners LP (NYSE: EQM) and EQT GP Holdings LP (NYSE: EQGP).
- [By WWW.INVESTOPEDIA.COM]
Companies in the oil storage business can take advantage of what is known as contango, which is when forward prices are higher than current prices, allowing the purchase of cheap oil to be stored and sold at a later date while securing income using derivatives. Five companies that appear to be in a good position to take advantage of reduced oil storage capacity are Magellan Midstream Partners (NYSE: MMP), Enterprise Products Partners (NYSE: EDP), Spectra Energy Partners (NYSE: SEP), Buckeye Partners (NYSE: BPL) and EQT Midstream Partners (NYSE: EQM).