Market Focus

Gilead

Gilead Sciences is reportedly close to making a generic version of its $84,000 drug. The drug Sovaldi cures about 90 percent of patients with hepatitis c who take it, but its high cost has stirred controversy. The company is said to be close to a licensing deal that would allow a lower cost version of the drug to be sold in about 80 developing countries, not including the United States. That sent shares down almost 1.5 percent to $105.36.

Tesla

They say loose lips sink ships, well Tesla shares took a hit today after the company’s CEO Elon Musk was a little too honest about his company’s stock price saying its ‘kind of high right now.’ Musk made those comments after announcing Nevada as the location of its $5 billion battery factory, which we told you about last night. Those comments sent the stock down three percent to $277.39.

Dollar Tree, Family Dollar & Dollar General

Shares of Dollar General fell after Family Dollar rejected its sweetened $9 billion bid, citing anti-trust concerns. Instead the chain is sticking with its $8.5 billion offer to be acquired by smaller rival Dollar Tree. Dollar Tree was the only chain to end higher.

Michael Kors

Michael Kors’ largest shareholder is selling its entire stake in the luxury retailer and the news pushed shares lower. Two of the company’s board members will sell their combined 5.7 percent stake and step down from the board. Shares were off 4.5 percent to $76.39.

Gap 

Also a down day for another retailer: Gap. It reported a two percent drop in August sales, missing forecasts. Its Old Navy unit posted a strong increase in sales, but that didn’t reassure investors. Shares fell four percent to $44.65.

Priceline

Priceline declined after Evercore cut its rating on the stock. The firm downgraded the travel booking sit to “equal weight” and cut its price target by $100 based on concerns about competition from Google. Shares fell two percent to $1,195.02.

 

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