Page 25 - ARUBA TODAY

BUSINESS Friday 29 September 2017
A25

Gains for drugmakers help US stocks reach new records

The Standard & Poor’s 500 Its stock gained $4.21, or
index rose 3.02 points, or 0.1 5 percent, to $88.96 and
percent, to a record high Amgen rose 58 cents to
of 2,510.06. The Dow Jones $185.46. Abbott Laborato-
industrial average gained ries jumped after the Food
40.49 points, or 0.2 percent, and Drug Administration
to 22,381.20. The Nasdaq approved its FreeStyle Libre
composite inched up 0.19 Flash glucose monitoring
points to 6,453.45. The Rus- system for adults with Type 1
sell 2000 index of smaller- diabetes. The product uses
company stocks continued a sensor inserted below the
to set new highs as it ad- skin to measure blood glu-
vanced 3.97 points, or 0.3 cose. Analysts say Abbott
percent, to 1,488.79. Drug- could have a competitive
maker AbbVie climbed edge because the FDA did
after it resolved a patent not advise patients to take
dispute over Amgen’s ver- samples of their blood to
sion of AbbVie’s drug Hu- confirm the system’s read-
mira, which is the source of ings.
most of its revenue. Amgen Abbott rose $1.9, or 2.9 per-
agreed not to begin selling cent, to $53.64. DexCom,
This Friday, Jan. 15, 2016 photo shows a sign for a Wall Street subway station in New York. U.S. its version of the anti-inflam- which gets all its revenue
stocks finished slightly higher Thursday, led by technology companies and drugmakers. matory medicine in Europe from selling its own blood
(AP Photo/Mark Lennihan) until October 2018, and the glucose monitoring system,
By MARLEY JAY well as U.S. stocks in 2017, that are linked to U.S. eco- U.S. version won’t go on the plunged $22.03, or 32.7
AP Markets Writer and with the European nomic growth, like banks market until Jan. 31, 2023. percent, to $45.44 in heavy
NEW YORK (AP) — U.S. Central Bank getting ready and industrial and con- The settlement would trading. Spice maker Mc-
stocks finished slightly high- to start raising interest rates, sumer-focused compa- mean billions of dollars in Cormick raised its profit
er Thursday, led by tech- banks in Europe should start nies, should continue to do additional sales for AbbVie, and revenue estimates af-
nology companies and making more money. well. Those stocks mostly which reported $16 bil- ter it beat expectations in
drugmakers. After a big But Samana thinks stocks climbed on Thursday. lion in Humira sales in 2016. the fiscal third quarter. q
move the day before, that
was enough to take stocks Kellogg chooses vitamin executive as next CEO
back to record highs.
After a slow start, stocks NEW YORK (AP) — Kellogg’s C vitamins. every year since 2013. smaller, local brands and
gradually moved upward CEO is retiring and will be Cahillane will start as CEO Bryant said Cahillane’s ex- are worried about the in-
in afternoon trading as succeeded by an execu- next week and will join the perience at Nature’s Boun- gredients they eat. Battle
companies in technology, tive from a vitamin and company’s board. Bryant, ty would help Kellogg ad- Creek, Michigan-based
basic materials, real estate protein bar company, as 51, will remain executive just to consumers’ demand Kellogg has said it will add
and finance contributed packaged food makers try chairman of the board un- for healthier food, but that probiotics to its Special K
modest gains. Drugmak- to keep customers who are til March, when Cahillane it wouldn’t apply to all of cereal later this year to try
er AbbVie jumped after looking for healthier prod- will take over that role. Ca- Kellogg’s products. to boost sales.
it reached a deal with a ucts. hillane, 52, has also worked “I think in our cereal busi- Kellogg and competitors
competitor that would de- The maker of Frosted Flakes, at soda company Coca- ness, health and wellness like General Mills and Post
lay competition for its anti- Pop-Tarts and Eggo waffles Cola Co. and beer maker is important,” Bryant said. have also been cutting
inflammatory treatment said Chief Executive John AB InBev. “The snacks business is costs and changing strat-
Humira, the biggest-selling Bryant will be replaced by Kellogg has struggled to more about indulgence egies as consumer trends
drug in the world. Industrial Steven Cahillane, an ex- make its cereals and snacks and taste.” shift away from processed
firms took small losses as ecutive from The Nature’s more appealing to Ameri- Packaged food conglom- foods. General Mills, which
big names like Boeing and Bounty Co. That company cans who are increasingly erates have been trying to makes Cheerios and Trix
General Electric declined. makes Balance bars, Sol- seeking to avoid processed appeal more to consum- cereals, also replaced its
September is historically gar supplements and Ester- food. Its revenue has fallen ers who favor fresher foods, CEO back in June. q
the weakest month of the
year for stocks, but the
Standard & Poor’s 500 Roku’s stock soars after IPO raises $219M
has risen 1.6 percent this
month. The third quarter By TALI ARBEL $23.50. The Los Gatos, Cali- users, whether on its home able and has amassed
ends Friday, and the index AP Technology Writer fornia, company is known screen or inside video apps. $244 million in losses since it
has climbed 12 percent NEW YORK (AP) — Shares for its boxes and sticks that The company is unprofit- was founded in 2002.q
this year. That has some in- of Roku, an early player in let users watch Netflix, Hulu
vestors wondering if other streaming-video gadgets, and the growing universe
markets are poised to do soared Thursday after its ini- of streaming-video options
better than U.S. stocks in tial public offering of stock on their TVs. It has the big-
the months to come. raised $219 million. gest share of the stream-
“The U.S. economic cycle The shares priced at $14 ing-gadget market, but
is so much further along each, the top of the com- has deep-pocketed com-
than the Europe economic pany’s expected range, petitors in Amazon, Google
cycle,” said Sameer Sa- suggesting strong demand and Apple. Most of Roku’s
mana, global quantita- from investors and valuing revenue comes from sales
tive strategist for the Wells the company at $1.3 billion. of its streaming players, but
Fargo Investment Institute. The shares rocketed almost it’s seeking to capitalize on
He added that European 68 percent Thursday, clos- its “platform” by building its
stocks haven’t done as ing the day at their peak of business of showing ads to