Market Today: Verizon's $847M Patent Verdict, Cassava Sciences Fraud Indictment, and More

GuruFocus06-29

The last day of the second quarter began with a strong start but ended on a weaker note. Major indices, including the S&P 500 and Nasdaq Composite, were up between 0.7% and 1.0% at their morning highs...

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Major indices, including the S&P 500 and Nasdaq Composite, were up between 0.7% and 1.0% at their morning highs...</p>\n\n<a href=\"https://www.gurufocus.com/news/2466024/market-today-verizons-847m-patent-verdict-cassava-sciences-fraud-indictment-and-more\">Source Link</a>\n\n</div>\n","source":"gurufocus_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Market Today: Verizon's $847M Patent Verdict, Cassava Sciences Fraud Indictment, and More</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMarket Today: Verizon's $847M Patent Verdict, Cassava Sciences Fraud Indictment, and More\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-29 05:32 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.gurufocus.com/news/2466024/market-today-verizons-847m-patent-verdict-cassava-sciences-fraud-indictment-and-more><strong>GuruFocus</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The last day of the second quarter began with a strong start but ended on a weaker note. Major indices, including the S&P 500 and Nasdaq Composite, were up between 0.7% and 1.0% at their morning highs...</p>\n\n<a href=\"https://www.gurufocus.com/news/2466024/market-today-verizons-847m-patent-verdict-cassava-sciences-fraud-indictment-and-more\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"WOOF","symbol_name":"Petco Health and Wellness Company, Inc.","start_time":0,"source_url":"https://www.gurufocus.com/news/2466024/market-today-verizons-847m-patent-verdict-cassava-sciences-fraud-indictment-and-more","article_id":"2447552736","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2447552736","pubTimestamp":1719610366,"sourceInfo":{"source_id":"gurufocus_highlight","name":"GuruFocus"},"weMediaInfo":null,"summary":"The last day of the second quarter began with a strong start but ended on a weaker note. 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Major indices, including the S&P 500 and Nasdaq Composite, were up between 0.7% and 1.0% at their morning highs, reaching record territory. However, they retreated and closed in the red, except for the Russell 2000 (+0.5%), which saw a late surge due to the reconstitution of the Russell indices, leading to heavier-than-average trading volume.A positive Personal Income and Spending Report for May, showing increases in real disposable personal income and real personal spending along with a moderation in inflation pressures, initially boosted Treasury yields lower and equity futures higher.This positive economic news offset a disappointing performance from Dow component Nike (NKE), which fell 20.0% to $75.36 due to a poor FY25 sales outlook. Additionally, uncertainty over the presidential election grew as reports suggested Democrats might replace President Biden on the Democratic ticket after his debate performance.Mega-cap stocks and semiconductor issues led the early gains, but a reversal in Treasury yields and quarter-end activity dampened the momentum. The 2-yr note yield remained unchanged at 4.72%, while the 10-yr note yield rose six basis points to 4.34% after initially falling to 4.26%.Only four S&P 500 sectors finished higher: real estate (+0.6%), financials (+0.4%), and energy (+0.4%). On the losing side were communication services (-1.6%), consumer discretionary (-1.4%), and utilities (-1.1%). The information technology sector, which was up 1.6% at one point, ended the day down 0.4% but was the best-performing sector for the quarter with a 13.6% gain.The Vanguard Mega-Cap Growth ETF (MGK) lost 0.9% today but ended the quarter up 9.6%. Mega-cap leadership contributed to the S&P 500's 3.9% quarterly gain, while the equal-weighted S&P 500 declined 3.0% in the same period.Nasdaq Composite: +18.1% YTD S&P 500: +14.5% YTD S&P Midcap 400: +5.3% YTD Dow Jones Industrial Average: +3.8% YTD Russell 2000: +1.0% YTDReviewing today's economic data:Guru Stock PicksCI Select Canadian Equity Fund has made the following transactions:Reduce in TSX:CM by 5.14%Sold out in JDAdd in TSX:NPI by 73.67%New position in DOCToday's NewsVerizon (VZ) has been ordered to pay $847 million after a U.S. District Court jury found the company guilty of infringing on patents held by General Access Solutions Ltd. The infringement involved Verizon's 4G and 5G wireless routers, hotspots, and 5G cellular base stations. The jury awarded $583 million for violating one patent and $264 million for another, rejecting Verizon's claims of non-infringement and patent invalidity.Cassava Sciences (SAVA) saw its stock plummet over 40% following the indictment of a company-paid consultant and researcher by a Maryland grand jury. The charges against Professor Hoau-Yan Wang involve falsifying data related to Cassava's Alzheimer's drug, simufilam, to secure $16 million in NIH grants. Wang faces multiple counts, including major fraud, wire fraud, and making false statements.NANO Nuclear Energy (NNE) surged over 41% after the U.S. Senate passed the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act. The legislation supports the development and deployment of advanced nuclear technologies, aligning with NANO Nuclear's mission of creating portable micro nuclear reactors. Additionally, the Department of Energy announced plans to purchase up to $2.7 billion of domestically supplied enriched uranium.Medical Properties Trust (MPW) dropped 8.3% amid reports that UnitedHealth's (UNH) Optum has withdrawn its bid for Steward Health's physician group. The acquisition was anticipated to help Steward resolve financial issues and repay obligations to Medical Properties Trust. The deal's collapse raises concerns about Steward's financial stability and its impact on MPW.Infinera (INFN) shares jumped 17% after Nokia (NOK) agreed to acquire the company for $6.65 per share. However, analysts speculate that the offer may trigger a bidding war, with potential interest from companies like Ericsson (ERIC) and Ciena (CIEN). The current offer price has been deemed disappointing by some analysts.Roku (ROKU) posted its seventh consecutive session of gains, closing 1.32% higher at $59.93. The stock has added 12.06% over the last six trading days, although it remains about 35% down year-to-date. Short interest in Roku stands at 8.21% of the total float.DraftKings (DKNG) ended a six-day losing streak, closing up 2.86% at $38.17. The stock has gained 47.03% over the past 12 months. Despite recent fluctuations, DraftKings maintains a Buy rating from analysts, with a score of 4.00 out of 5, and improved its valuation grade from F to C- over the last six months.Trinity Capital (TRIN) declared a $0.51 per share quarterly dividend, maintaining its forward yield of 14.41%. The company also adjusted the conversion rate of its 6.00% convertible notes due 2025, increasing the rate to 79.2226 shares per $1,000 principal amount from the previous rate of 78.0543 shares. This adjustment follows the company's cash dividend announcement.Chewy (CHWY) and Petco Health and Wellness Company (WOOF) experienced volatility following a social media post by Roaring Kitty. Chewy's stock fell 7.15% on Friday, while Petco rallied 13.14%. Options activity for both stocks has been higher than usual, with significant short interest in both companies.ASML Holding (ASML) and CrowdStrike (CRWD) saw notable purchases by Congresswoman Marjorie Taylor Greene, who disclosed buying stakes in these companies. ASML is known for its critical role in semiconductor manufacturing, while CrowdStrike has been added to the S&P 500, reflecting its growing importance in the cybersecurity sector.GuruFocus Stock Analysis3 Key Factors Driving Nu Holdings' Unprecedented Growth and Efficiency by Bernard ZamboninApple's AI Surge: Growth Potential With Limited Margin of Safety by Kenio FontesPalantir Technologies Is Navigating Growth and Valuation Challenges by Sheraden FrancesDeckers Outdoor Is Overvalued, but Offers Exceptional Growth, High ROIC by Hung Tran","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2447552736"}