Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Katie Griefeld, Scarlet Fu, Carol Massar and Jess Menton.
On this episode of Stock Movers:
- The Trump administration is considering selling shares of Fannie Mae (FNMA) and Freddie Mac (FMCC) in an offering that could start as early as this year, according to senior administration officials. The plan could value the government-controlled mortgage giants at some $500 billion or more and would involve selling between 5% and 15% of their stock with an offering expected to raise about $30 billion. No final decision has been made and President Donald Trump is still weighing his options, one official said. The Wall Street Journal earlier reported the news. Shares of both Fannie Mae and Freddie Mac surged as much as 22% in Friday trading, the most in more than two months.
- Gilead Sciences (GILD) lifted its full-year outlook after strong HIV drug sales in the second quarter helped revenue and earnings modestly beat analyst expectations. The company now expects profit excluding some items will be as much as $8.25 a share this year, up from a prior forecast of as much as $8.10. The drugmaker also raised its guidance for annual product sales by about $100 million.
- Under Armour (UAA) plummeted after forecasting worse-than-expected sales and profit for the current quarter, stalling a turnaround plan that was taking hold. The Baltimore, Maryland-based brand said revenue for its second quarter is expected to fall between 6% and 7%. Analysts on average projected a drop of almost 3%. Shares of the athletic-wear brand company dropped as much as 21% in New York. So far this year, the stock had declined almost 20% as of the close on Thursday.
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