Shares of Estee Lauder Companies Inc (NYSE:EL, ETR:ELAA) rose 6.5% on Thursday after Bank of America reinstated coverage of the beauty giant with a “Buy” rating and a $110 price objective, implying a 30% upside from current levels.
The brokerage cited growing confidence in Estee Lauder’s “Beauty Reimagined” turnaround plan, forecasting 4% annual revenue growth through fiscal 2027 and a 430 basis-point improvement in operating margin to 12%.
Shares of Ultragenyx Pharmaceutical Inc (NASDAQ:RARE) slumped around 26% on Thursday afternoon after the company and partner Mereo BioPharma said their late-stage study of setrusumab in osteogenesis imperfecta failed to meet a key interim goal.
Ultragenyx is developing setrusumab as a potential first-in-class treatment for osteogenesis imperfecta, a rare genetic bone disorder with no approved therapies in the US.
MP Materials (NYSE:MP) shares surged almost 50% after it revealed the Pentagon has become its largest shareholder in a bid to boost the domestic supply of rare earth minerals.
The US Department of Defense (DoD) has invested $400 million in MP Minerals’ preferred stock, giving it a roughly 15% stake in the company.
Dollar Tree, Inc. (NASDAQ:DLTR) said on Wednesday evening it has authorized a new $2.5 billion share repurchase program, signaling confidence in its long-term strategy just days after completing the $1 billion sale of its Family Dollar business.
The buyback plan, which matches the company’s previous authorization from September 2021, represents approximately 11.5% of Dollar Tree’s current market capitalization. The retailer had about $450 million remaining under the prior program before launching the new one.
Klotho Neurosciences (NASDAQ:KLTOW) announced that its novel therapy KLTO-202, also known as s-KL-AAV.myo, for the treatment of Amyotrophic Lateral Sclerosis (ALS) has received Orphan Drug Designation from the US Food and Drug Administration (FDA),
The news initially sent Klotho’s shares rocketing in early trade on Thursday, up around 44%, before settling at the open around 5.8% higher at about $1.45.
Conagra Brands Inc (NYSE:CAG) shares moved lower as the company’s fiscal fourth quarter came in below Wall Street expectations, attributed to ongoing supply constraints and macroeconomic uncertainty.
The North American packaged foods company’s revenue was down 4.3% from the year-ago quarter at $2.78 billion, below consensus estimates of $2.83 billion to $2.88 billion.
Shares of Delta Air Lines Inc (NYSE:DAL) surged more than 11% at the open on Thursday after the carrier reported second-quarter earnings that beat Wall Street expectations and reinstated its full-year guidance, signaling confidence in strong travel demand and operational efficiency.
The Atlanta-based airline posted adjusted earnings per share of $2.10, topping the average analyst estimate of $2.05, though the figure marked an 11% drop from a year earlier.
WK Kellogg shares soared 49% ahead of Thursday’s opening bell in New York, after reports surfaced that Italian confectionery group Ferrero is close to acquiring the US cereal maker in a deal worth around $3 billion.
The sharp rally, which sent shares to $26, comes as Ferrero looks to unite its brand portfolio with Kellogg’s iconic brands such as Special K and Corn Flakes.