Skip to main content

Stocks Largely Hold on to Gains Following Yellen's Speech

Carnival shares jump after beating quarterly estimates but Adidas stock slumped following an investigation into a NCAA Bribery Scandal.

Stocks largely held on to gains after Federal Reserve Chair Janet Yellen said the Fed may have made an error in assessing the labor market and inflation trends, while also keeping the possibility of an interest rate hike in December alive.

Carnival Corp. (CCL) shares increased more than 3% after beating profit and sales estimates for its recent quarter. Net income of $1.83 a share fell a dime from a year earlier. But adjusted earnings of $2.29 a share exceeded expectations by 9 cents. Revenue of $5.52 billion topped estimates of $5.39 billion. CEO Arnold Donald also said operations were back to normal following an earthquake in Mexico and a string of hurricanes in the Caribbean.

Axovant Sciences Ltd.  (AXON) stock tumbled more than 70% after the firm said its Phase 3 study of intepirdine in patients in Alzheimer's disease did not achieve its co-primary efficacy endpoints. Axovant CEO David Hung said that the company continues to be committed to advancing its pipeline.

Adidas AG  (ADDYY) shares slumped after U.S. federal prosecutors charged four NCAA basketball coaches and a marketing professional with ties to the sportswear group with corruption. In an FBI criminal complaint filed Monday, the head of global sports marketing for Adidas allegedly bribed high school basketball players for their commitment to Adidas-sponsored universities. James Gatto has been charged with four counts of fraud and money laundering. The U.S. attorney for the Southern District of New York said that the investigation does not involve any other senior executives at Adidas.

Watch More with TheStreet:

    • Why Star Trek: Discovery Goes Where None of the Other Franchise Has Gone Before
    • 'The Wolf of Wall Street' Jordan Belfort on Financial Fraud and Bitcoin