KYTHERA Biopharmaceuticals announced the pricing of its initial public offering of 4,400,000 shares of its common stock at a price to the public of $16.00 per share. The shares of KYTHERA’s common stock will trade on the NASDAQ under the symbol “KYTH.” KYTHERA has granted the underwriters a 30-day option to purchase up to an additional 660,000 shares of common stock to cover over-allotmentsThe offering is expected to close on October 16, 2012J.
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy — they expect to make money. So let’s look at two noteworthy recent insider buys.
Ford Motor Company (F) maintained its quarterly dividend of 5 cents per share. The dividend is payable Dec.
Safeway (SWY) announced that net income increased by 21 percent in the third quarter, which was boosted by the sale of its Genuardi’s stores. The company earned $157 million, or 66 cents per share versus $130.2 million, or 38 cents per share in the same period last year.
In trading on Thursday, metals & mining shares were relative leaders, up on the day by about 2.1%. Leading the group were shares of James River Coal (JRCC), up about 7.3% and shares of Alpha Natural Resources (ANR) up about 6.8% on the day.
The Labor Department reported on Thursday that the number of Americans that filed new claims for unemployment benefits dropped to the lowest level in more than four and a half years. Initial claims for state employment benefits fell by 30,000, to a seasonally adjusted level of 339,000, the lowest since February 2008, while last week’s figure was revised upward to show an additional 2,000 applications.
Vice President Joe Biden landed in Kentucky ahead of tonight’s debate with Paul Ryan. The Obama campaign is hoping to stop the momentum the GOP picked up in the first presidential debate.
ADTRAN (ADTN) announced that it earned 20 cents per share, beating estimates of 16 cents, though it falls short of the 56 cents per share in earnings reported a year ago. Revenues were $162 million, missing estimates of $189 million and lower by by 15.6% year over year.
M&T Bank (MTB) was upgraded by Credit Suisse (CS) to outperform from neutral with a price target of $109 as the firm believes there could be signficant upside potential for earnings. Shares are higher by about 1.4 percent.
Auto insurer Progressive (PGR) announced that third-quarter income increased by 84 percent and was boosted by gains on certain investments. The company earned $277 million, or 46 cents per share, up from $150.7 million, or 24 cents per share in the same period last year.
