On Tuesday, Shares of American Airlines Group Inc. (NASDAQ:AAL), lost -0.92% to $43.78, as Bank of America/Merrill Lynch downgraded the airline holding company to “neutral” from “buy.”
The firm lowered its price target on the stock to $50 from $64.
The downgrade comes as the firm feels American Airlines is most exposed to the industry’s capacity risks.
Bank of America/Merrill Lynch believes the company’s PRASM may be hit by another 25bps following the almost 150bps this year, theflyonthewall.com reports, adding that the firm is expecting the company’s 2016 PRASM to be flat as compared to +200bps.
American Airlines Group Inc., through its auxiliaries, operates in the airline industry. As of December 31, 2014, the company operated 983 mainline jets, in addition to 566 regional aircrafts through regional airline auxiliaries and third-party regional carriers.
Shares of Medtronic plc (NYSE:MDT), inclined 0.23% to $76.88, during its last trading session.
Medtronic lost $1 million in its fiscal fourth quarter, as costs tied to its $42.9 billion acquisition of Covidien and other expenses weighed on the medical device maker’s performance, according to AP.
The company, which moved its headquarters to Dublin earlier this year after concluding the deal, absorbed $368 million in acquisition-related costs and $207 million in restructuring. Medtronic’s selling, general and administrative expenses also soared 56 percent to $2.4 billion. Its cost of products sold also more than doubled in the quarter that ended April 24.
But its earnings adjusted for non-recurring expenses and amortization costs came to $1.16 per share. That topped expectations on Wall Street, where analysts predictable, on average, earnings of $1.10 per share, according to Zacks Investment Research. AP Reports.
Medtronic plc, a healthcare solutions company, provides medical technologies, services, and solutions worldwide. It operates through three segments: Cardiac and Vascular Group, Restorative Therapies Group, and Diabetes Group.
At the end of Tuesday’s trade, Shares of Galena Biopharma, Inc. (NASDAQ:GALE), gained 5.59% to $1.70.
Galena Biopharma, declared that data from the Company’s Phase 2 clinical trial of GALE-401, or Anagrelide Controlled Release, will be presented at the forthcoming European Hematology Association 20th Congress in Vienna, Austria.
Phase 2 Study of a Novel Controlled-Release Formulation of Anagrelide (GALE-401) in Subjects with Myeloproliferative Neoplasm (MPN)-Related Thrombocytosis, with title Myeloproliferative neoplasms - Clinical 2, on Saturday, June 13, 2015, at 5:15 p.m. to 6:45 p.m. local time.
Galena Biopharma, Inc., a biopharmaceutical company, focuses on developing and commercializing oncology therapeutics that address major unmet medical needs across cancer care. Its commercial products comprise Abstral, a sublingual tablet that is used for the administration of breakthrough pain in patients with cancer; and Zuplenz, an oral soluble film for use in the prevention of emetogenic chemotherapy-induced, radiotherapy-induced, and post-operative nausea and vomiting.
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