AstraZeneca PLC
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Health Care : Pharmaceuticals | Large Cap Blend
Based in United Kingdom
Company profile

AstraZeneca PLC is a biopharmaceutical company. It focuses on discovery and development of products, which are then manufactured, marketed and sold. It focuses on three main therapy areas: Oncology, Cardiovascular, Renal & Metabolic (CVRM) and Respiratory, while selectively pursuing therapies in Autoimmunity, Infection and Neuroscience. In CVRM, it is expanding its portfolio into the cardiovascular-renal area with roxadustat, as well as investing to explore the benefits of its SGLT2 and GLP-1 franchises in chronic kidney disease (CKD) and heart failure (HF). It has approximately 38 projects in Phase I, including 26 new molecular entities (NMEs), and 12 oncology combination projects. It has approximately 43 projects in Phase II, including 25 NMEs; six additional indications for projects that have reached phase II, and 12 oncology combination projects. It has approximately 22 projects in late-stage development, either in Phase III/pivotal Phase II studies or under regulatory review.

This security is an American depositary receipt
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Premarket

Last Trade
Delayed
$54.44
-0.35 (-0.64%)
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Closing Price
$54.79
Day's Change
0.00 (0.00%)
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Volume
(Light)
Volume:
20,319

10-day average volume:
5,574,523
20,319

Dow ends at all-time high, U.S. stocks book weekly gains despite tech under pressure

4:42 pm ET October 22, 2021 (MarketWatch)
Print

By Christine Idzelis and Mark DeCambre

The Dow Jones Industrial Average closed at a record high Friday, its first such milestone since August, with U.S. stock benchmarks booking weekly gains on optimism surrounding third-quarter earnings, even as shares of technology companies fell under pressure.

Comments from Federal Reserve Chairman Jerome Powell, which could be read as hawkish, also appeared to keep stock gains in check.

How did stock indexes trade?

On Thursday, the Dow fell 6 points, or 0.02%, to 35,603, the S&P 500 increased 14 points, or 0.3%, to a record 4,549.78, and the Nasdaq Composite gained 94 points, or 0.62%, to 15216.

For the week, the Dow gained 1.1%, the S&P 500 was up 1.6%, and the Nasdaq Composite advanced 1.3%.

What drove the market?

The U.S. equity market on Friday faced pressure from selling in large-capitalization technology stocks, which weighed on the tech-heavy Nasdaq and the broad-market S&P 500.

Quarterly results late Thursday from Snapchat parent Snap Inc. (SNAP), which forecast a weaker-than-expected holiday season and expressed concerns over digital advertising, prompted a decline in internet and social-media related stocks, including Google-parent Alphabet(GOOGL) and Facebook Inc. (FB).

Read: Facebook struggles to figure out how many users it actually has

"When you have 85% of companies beating estimates, it's the misses that are standing out here," said Jeffrey Kleintop, chief global investment at Charles Schwab, in a phone interview Friday. "They're really getting punished today," he said, pointing to the slide in shares of Intel Corp. (INTC) and Snap.

Shares of Snap plummeted 26.6% Friday, while Intel dropped 11.7% after the chip maker's revenue and data-center sales just missed expectations.

Earlier in Friday's session, the S&P 500 and Dow traded in record territory but gains already were evaporating when Fed Chairman Jerome Powell said the U.S. labor market might reach "maximum employment" next year, possibly paving the way for interest rate hikes.

Those comments, made during a speech for the Bank for International Settlements, come as the Fed sees a serious risk of inflation expectations moving persistently higher, with other central bankers saying that it would use its tools to bring inflation in line with the annual 2% target hoped for by policy makers.

Still, bullishness on Wall Street has appeared to be durable after the S&P 500 on Thursday logged its first record closing high since Sept. 2. and the Dow rising to a fresh peak Friday.

See:JPMorgan portfolio manager adds S&P 500 exposure. Here's why he's bullish

A largely upbeat earnings reporting season has pushed the indexes up this week, though worries over inflation, the continuing COVID-19 pandemic, and troubles for China's economy remain a nag. So far for the third quarter earnings season, 84% of companies are reporting EPS above estimates, according to Refinitiv. Profits are on pace in the quarter to increase 33.7%, according to Refinitiv.

"Clearly the economy lost momentum in the third quarter," but the market is coming around to the view that "economic activity is not slumping," Mark Luschini, chief investment strategist of Janney Montgomery Scott, told MarketWatch Friday.

In economic reports, IHS Markit's survey of senior business executives in service-oriented companies rebounded to a three-month high of 58.2 from 54.9 in September. "That's a pretty good jump in the services sector," said Kleintop, a sign of "improving confidence" in the economic reopening as restaurants see more activity.

A similar survey of manufacturers slipped to 59.2 from 60.7. Any reading over 50 signals improving conditions.

Another factor that may be offering some relief to bulls is President Joe Biden saying at CNN town hall meeting Thursday evening that he probably doesn't have the votes to boost corporate taxes. He also said he may alter or eliminate the filibuster to protect voting rights, and would consider using the National Guard to unclog the supply chains.

Which companies were in focus?

How did other assets fare?

--Barbara Kollmeyer contributed to this report.

-Christine Idzelis

	

(END) Dow Jones Newswires

October 22, 2021 16:42 ET (20:42 GMT)

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