Some of the names on the move ahead of the open.» Read More
NEW YORK, July 15- U.S. stocks slipped on Tuesday, with riskier equities hit hardest after the Federal Reserve, in an unusual statement, singled out the valuation of social media and biotechnology shares as "substantially stretched." Wall Street equities were supported by bank stocks like JPMorgan Chase& Co, which outperformed following strong results.
European shares ended the day lower, with comments from U.S. Federal Reserve Chair Janet Yellen hitting sentiment.
*JPMorgan, Goldman up after earnings. *Johnson& Johnson falls after results. Facebook shares lost 2 percent to $66.55.
Sales of newer prescription drugs helped boost Johnson & Johnson's earnings to a level much higher than expected.
Fed Chair Janet Yellen, speaking before Congress, said the U.S. economy has yet to recover fully, but raised the possibility the central bank could raise its key short-term interest rate sooner than currently projected.
*JPMorgan, Goldman up in premarket after earnings. NEW YORK, July 15- U.S. stocks were poised for a slightly higher open on Tuesday after earnings from JPMorgan and Goldman Sachs and ahead of testimony from U.S.
U.S. stock index futures pointed to a flat open on Tuesday, ahead of Federal Reserve Chair Janet Yellen's testimony before Congress.
July 15- Johnson& Johnson reported higher-than-expected quarterly revenue and earnings, benefiting from strong sales of its Olysio treatment for hepatitis C. Sales jumped 9.1 percent to $19.5 billion, beating Wall Street expectations of $18.99 billion.
Still, J&J shares fell in midday trading after company officials cited two drags on second-half revenue: the June 30 sale of its Ortho-Clinical Diagnostics business for about $4 billion, and expected new competition for Olysio, J&J's new treatment for chronic hepatitis C. In midday trading, shares were down $1.71, or 1.6 percent, at $103.67.
Some of the names on the move ahead of the open.
Fed Chair Janet Yellen could keep the rally rolling Tuesday, but if there are any surprises, traders expect a violent reaction.
Allergan fell$. 34 or. 2 percent, to $166.09. Baxter International Inc. rose$. 03 or percent, to $76.62. Boston Scientific Corp. fell$. 13 or. 9 percent, to $13.17.
Baxter International Inc. rose$. 03 or percent, to $76.62. Bristol-Myers Squibb Co. rose$. 28 or. 6 percent, to $48.90. Hospira rose$. 43 or. 8 percent, to $51.25.
Baxter International Inc. rose$. 20 or. 3 percent, to $76.79. Bristol-Myers Squibb Co. fell$. 04 or. 1 percent, to $48.58. Hospira fell$. 03 or percent, to $50.80.
Allergan fell$. 82 or. 5 percent, to $165.61. Baxter International Inc. rose$. 20 or. 3 percent, to $76.79. Boston Scientific Corp. fell$. 10 or. 8 percent, to $13.19.
July 14- Several multi-billion dollar deals and bids have made 2014 a busy year for healthcare acquisitions, despite Pfizer pulling its $118 billion offer for AstraZeneca.
Stocks shook off last week's doldrums and finished sharply higher Monday, driven by a round of corporate deal news and strong earnings from Citigroup. Investors cheered AECOM Technology's $4 billion acquisition of engineering and construction services company URS Corp., sending URS' stock up 11.6 percent and AECOM 8.6 percent.
Quarterly earnings growth and clues from companies' commentaries will tell whether there really will be a bounce back in growth in the second half.
July 11- Big Pharma companies are trying to offload low-growth, mature drug portfolios to firms such as Blackstone Group LP and TPG Capital LP which need to figure out how to carve them out, in one of private equity's greatest dealmaking challenges.
WASHINGTON— Commerce Department releases retail sales data for June, 8:30 a.m.; Commerce Department releases business inventories for May, 10 a.m.. BERLIN— Germany's ZEW institute releases its monthly index of investor confidence in Europe's biggest economy.