Why Wells Fargo, Select Comfort, Array Biopharma, American Express, and More Are Trending

Array Biopharma Inc (NASDAQ:ARRY) is in the spotlight after the company upsized its public offering by 15% to 18.4 million shares priced at $6.25 each, with gross proceeds expected to amount to $115 million. As is customary, the deal’s underwriters will have a 30-day option to buy additional shares, up to 2.76 million. Array will use the proceeds to finance R&D and to invest in its commercial capabilities, as well as for general corporate purposes. Julian Baker and Felix Baker’s Baker Bros. Advisors owned 4.31 million shares in Array Biopharma Inc (NASDAQ:ARRY) on June 30.

Traders are watching American Express Company (NYSE:AXP) after Barron’s published a bullish column on the financial company. In the article, writer Johanna Bennett thinks that American Express has more upside given its 150 million-share buyback plan, its recent 10% dividend hike, and the company’s bargain 11.4-times 2017 estimated earnings multiple. American Express also recently received a favorable federal appeals court ruling that could allow it to prevent merchants from asking customers to use lower-cost cards from competitors. Warren Buffett‘s Berkshire Hathaway reported owning a stake of over 151 million shares in American Express Company (NYSE:AXP) as of the end of the second quarter.

Sonic Corporation (NASDAQ:SONC) shares are 5.5% in the red after the company issued soft preliminary results for its fiscal fourth quarter. For the period, Sonic has estimated that system-wide same-store sales inched lower by 2%, and that adjusted net income per diluted share will come in between $0.43 and $0.45. CEO Cliff Hudson added, “the shortfall was largely driven by lower-than-expected traffic, reflecting lower consumer spending in restaurants and continued aggressive competitive activity.” The number of funds in our database with holdings in Sonic Corporation (NASDAQ:SONC) rose by two during the second quarter to 18 at the end of June.

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