AptarGroup To Buy FusionPKG – Quick Facts
U.S. Stocks Give Back Ground Following Recent Strength
After moving sharply higher over the course of the last several sessions, stocks gave back some ground during trading on Friday.
The Dow tumbled 277.48 points or 0.9 percent to 29,102.29, the Nasdaq slid 51.64 points or 05 percent to 9,520.51 and the S&P 500 fell 18.08 points or 0.5 percent to 3,327.70.
Profit taking contributed to weakness on Wall Street, as some traders looked to cash in on the strong upward move seen in recent days.
Lingering concerns about the coronavirus may re-emerge after traders shrugged off the worries about the outbreak to drive stocks higher.
However, selling pressure was somewhat subdued following the release of a report from the Labor Department showing stronger than expected job growth in the month of January.
The Labor Department said employment jumped by 225,000 jobs in January following a revised increase of 147,000 jobs in December.
Economists had expected employment to rise by 160,000 jobs compared to the addition of 145,000 jobs originally reported for the previous month.
Despite the stronger than expected job growth, the unemployment rate inched up to 3.6 percent in January from 3.5 percent in December. Economists had expected the employment rate to remain unchanged.
Boeing Delivers First Super Hornet SLM Jet To US Navy
Boeing (BA) has delivered the first upgraded F/A-18 E/F Super Hornet to the U.S. Navy under the Service Life Modification (SLM) program, the company said.
Boeing intends to deliver the second jet by the end of the month and the third in April.
The initial Super Hornets delivered from SLM will extend the service life from 6,000 to 7,500 flight hours. Future modification plans in the early 2020s will enable the jets to fly 10,000 hours and incorporate the new Block III capabilities.
“SLM is going to provide a critical resource for the Navy to re-capitalize on long-serving aircraft to return them to the fleet in a near new condition,” said Capt. Stephen May, PMA-265 co-lead for E/F/G Air Vehicles. “It will reduce burden on our maintainers, our supply system and our depot level assets within the enterprise.”
There are now 15 Super Hornets in SLM on production lines in St. Louis and San Antonio. It takes 18 months to complete modifications on an F/A-18, although that time will be driven down to one year as the SLM progresses. Boeing will deliver five more Super Hornets this year.
The Block III conversion will include improved network capability, conformal fuel tanks, and an advanced cockpit system.
Additional upgrades will include signature improvements and an enhanced communication system. The upgrades will add extra life and new capabilities to the F/A-18.
European Economics Preview: Germany GDP Data Due
Quarterly national accounts from Germany and euro area are due on Friday, headlining a busy day for the European economic news.
At 2.00 am ET, Destatis is scheduled to issue Germany’s fourth quarter GDP data. The largest euro area economy is forecast to grow 0.1 percent sequentially, the same pace as seen in the third quarter.
At 2.30 am ET, producer and import price figures are due from Switzerland.
At 3.00 am ET, consumer prices and GDP from the Czech Republic are due. The Czech economy is expected to grow 1.9 percent on year in the fourth quarter, slower than the 2.5 percent reported in the preceding period.
In the meantime, final January inflation data is due from Spain.
At 4.00 am ET, Italy’s Istat publishes foreign trade data for December. Consumer prices and GDP figures are due from Poland. The economy is expected to shrink 0.1 percent sequentially in the fourth quarter.
At 5.00 am ET, Eurostat releases Eurozone flash GDP estimate and foreign trade figures. The economy is forecast to grow 0.1 percent in the fourth quarter, in line with previous estimate.
Economists forecast the euro area trade surplus to fall marginally to EUR 19 billion in December from EUR 19.2 billion in November.
Brazil central bank action puts real on track for biggest rise in two months
BRASILIA, Feb 14 (Reuters) – Brazil’s real rose 1% against the dollar on Friday, on course for its biggest rise since mid-December after the central bank intervened in the swaps market for the second day in a row following the currency’s slump to record lows earlier this week.
The dollar fell as low as 4.3019 reais after the central bank’s $1 billion sale of 20,000 foreign exchange swaps contracts. Earlier this week, the dollar traded above 4.38 reais. (Reporting by Jamie McGeever)
Drug wholesaler stocks falls after WSJ report that states rejected opioid settlement offer
Shares of drug wholesalers, who have held talks to settle opioid litigation, sank in morning trading Friday, after The Wall Street Journal reported that 21 states had rejected an $18 billion settlement offer. Shares of AmerisourceBergen Corp. ABC, -1.12% dropped 2.4%, Cardinal Health Inc. CAH, -0.62% shed 2.5%, McKesson Corp. MCK, -0.61% lost 1.4% and Johnson & Johnson JNJ, -0.30% fell 0.4%. In comparsion, the S&P 500 SPX, +0.06% inched up less than 0.1%. The WSJ report, which cited a person familiar with the matter, said the dissenting states want the wholesalers to pay between $22 billion and $32 billion, for their alleged roles in contributing to the opioid crisis.
AptarGroup To Buy FusionPKG – Quick Facts
AptarGroup, Inc. (ATR) has entered into a binding agreement to acquire Fusion Packaging I, L.P. The company expects the acquisition to be accretive to its Beauty + Home segment margins.
FusionPKG, a provider of airless and color cosmetics packaging, and conception-to-launch turnkey solutions for the North American beauty market, has approximately 100 employees across its headquarters in Dallas, sales and design offices in New York and Los Angeles, and operations in New Jersey and China.
Stephan Tanda, Aptar CEO, said: “This acquisition is a key step in our strategy to address market demands for fast beauty solutions with differentiated design and decorative offerings. FusionPKG’s expertise in turnkey solutions is especially valuable to disruptive indie brands, as well as large established customers requiring expeditious launches.”