AbbVie Announces Positive Late-stage Data For Atogepant In Migraine Prevention

AbbVie (ABBV) said that the Phase 3 ADVANCE trial evaluating the investigational medicine atogepant, an orally administered calcitonin gene-related peptide receptor antagonist or gepant met its primary endpoint of statistically significantly greater reduction in mean monthly migraine days, compared to placebo, for all doses across the 12-week treatment period.

The trial also demonstrated statistically significant improvements in all six secondary endpoints in the 30 mg and 60 mg once-daily treatment arms.

The company said it plans to move forward with regulatory submissions in the United States and other countries, based on the data from the trial and previous Phase 2/3 trial.

The company noted that the results support its commitment to providing multiple treatment options, including BOTOX (onabotulinumtoxinA) for the prevention of chronic migraine and UBRELVY (ubrogepant), to treat migraine.

Migraine is a complex, chronic disease with episodic attacks that are often incapacitating and characterized by headache pain as well as neurologic and autonomic symptoms.

Stock Alert: ScottsMiracle-Gro Shares Hit 52-Week High

Shares of ScottsMiracle-Gro Co. (SMG) hit a 52-week high of $167.44 Wednesday morning, after the company raised its fiscal 2020 earnings guidance, while reporting better-than-expected Q3 results.

The stock has been trading in the range of $76.50 – $167.44 for the past one year, and is currently trading at $163.05, up $17.62 or 12.12%.

The company’s Q3 GAAP income from continuing operations was $204.3 million or $3.57 per share, compared to $178.0 million, or $3.15 per share, in the prior year.

Non-GAAP adjusted earnings were $216.8 million, or $3.80 per share, compared with $176.3 million, or $3.11 per share in the previous year.

Net sales rose 28% to $1.49 billion from $1.17 billion generated in the same period of last year.

Analysts polled by Thomson Reuters expected earnings of $3.37 per share on revenue of $1.31 billion for the quarter. Analysts’ estimate typically exclude certain special items.

For fiscal 2020, the company now expects non-GAAP adjusted earnings in the range of $6.65 – $6.85 per share, compared to the previously communicated range of $5.65 – $5.85 per share. Seven Wall Street analysts have a consensus earnings estimate of $5.79 per share for the year 2020.

Fitch Lowers Japan’s Rating Outlook

Fitch Ratings downgraded Japan’s sovereign rating outlook citing the sharp economic contraction caused by the coronavirus pandemic.

The outlook on ‘A’ rating was lowered to ‘negative’ from ‘stable’.

The agency observed that a downturn in consumer spending and business investment has been exacerbated by a steep decline in exports associated with weak external demand.

The economy is forecast to contract 5 percent in 2020, before rebounding to 3.2 percent growth in 2021 due partly to the low base effect. However, the economy would not recover to its pre-pandemic level until the fourth quarter of 2021, Fitch said.

“The Negative Outlook indicates that the higher debt ratio and downside risks to the macroeconomic outlook will nevertheless exacerbate the challenge of placing the debt ratio on a downward path over the medium term,” the agency added.

According to Fitch, Japan’s gross general government debt ratio will rise to around 259 percent of GDP this year, and stabilize just above 260 percent in 2021-22, before turning to a gradual downward path.

The rating agency projected the deficit to narrow to 10.9 percent of GDP in 2021 and 5.3 percent in 2022, as the recovery gradually solidifies and the authorities seek to return to their path of debt reduction.

Last month, S&P Global Ratings had lowered its outlook on Japan’s rating to ‘stable’ from ‘positive’ citing government spending amid pandemic.

Stock Alert: Tupperware Brands Jumps 51% On Upbeat Q2 Profit

Shares of Tupperware Brands Corp. (TUP) are surging almost 51 percent or $4.89 in Wednesday’s morning trade at $14.52 after the household products company’s second-quarter profit surged from last year and beat analysts’ expectations.

Wednesday, Tupperware reported second-quarter net income of $63.8 million or $1.30 per share, up from $39.4 million or $0.81 per share in the year-ago period. Adjusted earnings of $0.84 per share comfortably beat the consensus estimate of analysts polled by Thomson Reuters of $0.14 per share.

However, net sales for the quarter declined 16.4 percent to $397.4 million from $475.3 million last year.

“The improvements in profitability achieved in the second quarter demonstrate the ongoing commitment to improve operating margins and deliver $180 million in gross cost reductions in 2020,” said Sandra Harris, Chief Financial Officer.

Tupperware has traded in a range of $1.15 to $16.94 in the past 52 weeks.

Stock Alert: U.S. Xpress Enterprises Shares Hit 52-Week High

Shares of U.S. Xpress Enterprises Inc. (USX) reached a 52-week high of $8.64 Wednesday morning, and are currently trading at $7.83, up $1.02 or 14.93% in the regular session. The stock has been trading in the range of $2.65 – $8.64 for the past one year.

The company reported second-quarter net income of $9.5 million or $0.18 per share compared to $2.7 million or $0.05 per share last year.

Adjusted net income was $9.5 million or $0.18 per share versus $2.9 million or $0.06 per share in the prior year period.

Analysts polled by Thomson Reuters expected a loss of $0.13 per share for the quarter. Analysts’ estimate typically exclude certain special items.

Operating revenue increased to $422.5 million from $413.9 million generated in the same period of last year.