Burger King Worldwide Inc. (NYSE:BKW) announced a new joint venture in China centered on assertively growing its brand presence there. Burger King is now in a deal with members of the Kurdoglu family, an established Burger King master franchisee, and Cartesian Capital Group, a worldwide private equity firm. This joint venture plans to open 1,000 restaurants in China in the coming 5-7 years. Burger King Worldwide shares are trading 6.53% higher today.
Investing Insights: ConAgra Foods Earnings: Tops Estimates, Shares Tick Upward.
Celgene Corporation (NASDAQ:CELG) shares have fallen hard following EU regulators asking for more data regarding widening authorization of the company’s multiple myeloma treatment Revlimid to treat newly diagnosed patients and as a maintenance therapy. Celgene is withdrawing its submission and plans to resubmit with new data, and is “re-evaluating” a comparable FDA application. Celgene shares are trading 11.19% lower today.
Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX): The FDA panel vote came back in favor of Onyx’s Kyprolis drug for multiple myeloma, with a final FDA approval decision planned for July 27. Shares of Onyx are upped from Neutral to Outperform at Baird, initiated with a Buy at Deutsche Bank, and raised to Buy at Brean Murray. Onyx shares are trading 43.24% higher today.
Bed Bath & Beyond Inc. (NASDAQ:BBBY): Following the company’s announcement of higher than planned EPS but lower than hoped comparative sales, Bernstein believes the company’s results might beat expectations in the future. Bernstein thinks the stock will be attractive during a shaky economic environment and sticks to an Outperform rating. Shares are trading 15.71% lower today.
CarMax, Inc (NYSE:KMX) reports that its historic “sweet spot” has been used cars between one and three years old, and supply of that range is still depressed. This low supply has made prices go up, but CarMax’s margins “haven’t really moved that much,” according to a company executive. The company reports seeing this supply trend continuing until the SAR are again at historical levels. Reports in Q1 sales of five-year and older cars as a percentage of total sales stayed at historic highs over 25%. These comments came from a Q1 earning conference call. Shares of CarMax are trading 6.85% lower today.
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