The S&P 500, Nasdaq and Dow Jones opened lower on Wednesday after registering record highs the past several days, but soon reversed.
Mylan N.V. (MYL, Financial)’s stock has increased more than 17% on the back of the U.S. Food and Drug Administration approving its generic version of Copaxone, which is manufactured by Teva Pharmaceuticals Industries Ltd. (TEVA, Financial) for the treatment of multiple sclerosis. Further, analysts at BTIG Research raised its price target to $45 from $42.
CEO Heather Bresch said the FDA approval “marks another significant milestone for our company, reinforces our proven capabilities in bringing complex and difficult-to-manufacture products to market, and furthers our commitment to providing access to high-quality medicines".
Teva's stock fell after the announcement.
Gainers
- Netflix Inc. (NFLX, Financial)
- TripAdvisor Inc. (TRIP, Financial)
- Dollar Tree Inc. (DLTR, Financial)
- Interpublic Group of Companies Inc. (IPG)
- Range Resources Corp. (RRC)
- Arconic Inc. (ARNC)
- American Airlines Group Inc. (AAL)”‹
Losers
- Republic Services Inc. (RSG, Financial)
- Waste Management Inc. (WM, Financial)
- Acuity Brands Inc. (AYI)
- Advance Auto Parts Inc. (AAP)
- Micron Technology Inc. (MU)
- United Rentals Inc. (URI, Financial)
Global markets
The main European stock markets traded mostly lower. The FTSE 100 lost 0.01%, France's CAC 40 slid 0.08% and the IBEX 35 fell 2.85%, with bank stocks leading the abrupt decline. Meanwhile, Germany’s DAX was up 0.53%.
In Asia, Hong Kong’s Hang Seng Index gained 0.73%, China’s Shanghai Composite Index rose 0.28%, Japan’s Nikkei 225 increased 0.06% and India’s BSE Sensex swelled 0.55%.
Disclosure: The author holds no positions in any stocks mentioned.
