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The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
Go to Proactive UK
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Pharma & Biotech

Stocks make strong progress

Adverse reaction to results from heavyweights such as Deere & Co, Foot Locker and the Campbell Soup tempered the S&P 500's rise

The S&P 500 raced ahead at the outset, despite some disappointing corporate updates and the oil price coming off the top.

Having popped its head above the $49 mark, the price of West Texas intermediate ebbed to $48.93, but was still up around half a percentage point on the day.

Results from the Campbell Soup Company (NYSE:CPX) were not to investors' tastes, resulting in the shares shedding 6%.

Sportswear seller Foot Locker Inc (NYSE:FL) got a kicking as its first quarter numbers also disappointed. The shares fell 6.7%.

Faring slightly less badly was industrial and agricultural machinery maker Deere & Company (NYSE:DE) after its fiscal second quarter update. Despite beating expectations with earnings and revenue, the shares tumbled 4.35 to $78.73.

The negative reactions to results from these blue-chips meant the top-shares index, the S&P 500, made less progress than indices that track smaller stocks.

The S&P 500 was up 0.7%, or 14 points, at 2,054, while the S&P 400, which focuses on medium caps, was up 1.1% (15 points) at 1,446 and the Russell 2,000, a gauge to the performance of small caps, was also up 1.1% (12 points) at 1,107.

InterOil Corporation (USA) (NYSE:IOC) saw its market value rise by a third to $2.1bn as Aussie peer launched a $2.2bn bid.

InterOil shares rose to $42.12 as the board succumbed to an offer worth $40.25 for each InterOil share.

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