China vows to cut auto tariffs, markets surge

The markets opened sharply higher with the Dow leaping 219 points to 24,198 as Chinese President Xi Jinping vowed to cut automobile import tariffs. Nasdaq jumped 110 points to 7060.


On the upside


An investor group led by Francisco Partners will take Verifone Systems (NYSE: PAY) private in a deal valued at approximately $3.4 billion including debt.


Morgan Stanley upgraded Seagate Technology (Nasdaq: STX) from an Equal Weight rating to an Overweight rating and lifted its price target from $51.00 to $72.00.


Rising crude oil prices lifted shares of Oasis Petroleum (NYSE: OAS).

On the downside


Tupperware (NYSE: TUP) warned that first quarter revenue would be lower than last year and cut its earnings outlook.


The Food and Drug Administration extended the time that it needs to review the New Drug Application for elagolix, a treatment for endometriosis and uterine fibroids that was developed by Neurocrine Biosciences (Nasdaq: NBIX) and AbbVie (NYSE: ABBV).


vTv Therapeutics (Nasdaq: VTVT) reported disappointing results from a Phase 3 STEADFAST study of its Alzheimer's treatment azeliragon.


In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 climbed 25 points to 2,638. Bitcoin gained $51 to $6,759.


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