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: Vertex Pharmaceuticals stock tumbles to pace S&P 500 losers after disappointing drug trial data #FinanceUSA #StockMarketNEWS Shares of Vertex Pharmaceuticals Inc. tumbled 13.8% in premarket trading
@stockMarketNEWS 3 Days ago
Vertex Pharmaceuticals stock tumbles to pace S&P 500 losers after disappointing drug trial data #FinanceUSA #StockMarketNEWS
Shares of Vertex Pharmaceuticals Inc. tumbled 13.8% in premarket trading Friday, enough to pace the S&P 500's early decliners, after the biotechnology company released what was seen as disappointing data on its treatment for people with alpha-1 antitrypsin deficiency (AATD), which can lead to liver and lung disease. The stock was on track to open at the lowest price seen during regular-session hours since October 2019. The company said late Thursday that the Phase 2 trial of VX-864 mets its primary endpoint, showing a mean increase of 2.2 to 2.3 micromolar fAAT levels across the dose groups compared with placebo. Analyst Cory Kasimov at J.P. Morgan reiterated his overweight rating but cut his stock price target to 5 from 9, saying the trials results were "clearly" a setback. "Management is adamant that this is actually a step in the right direction for the program," Kasimov wrote. "We doubt [Wall Street] will agree." Stifel Nicolaus's Paul Matteis cut his stock price target to 4 from 7: "The announcement of modest AAT increases for VX-864, despite what looked like great data in animals, makes it difficult for us to garner conviction that futures compounds will perform materially better." The stock has lost 8.3% year to date, while the S&P 500 has climbed 12.9%.
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: Magnachip stock surges after receiving an unsolicited, higher buyout bid #FinanceUSA #StockMarketNEWS Shares of Magnachip Semiconductor Corp. shot up 15.8% in premarket trading Friday, after the South
@stockMarketNEWS 3 Days ago
Magnachip stock surges after receiving an unsolicited, higher buyout bid #FinanceUSA #StockMarketNEWS
Shares of Magnachip Semiconductor Corp. shot up 15.8% in premarket trading Friday, after the South Korea-based chipmaker confirmed that it received an unsolicited buyout bid representing a premium of more than 50%. The company said Cornucopia Investment Partners, on behalf of itself and a group of investors, has offered to buy all of Magnachip's outstanding shares for in cash, which is 51.8% above Thursday's closing price of .05 and would value the company at about .66 billion. That would top the terms of the buyout agreement with South Dearborn Ltd. announced in March, in which Magnachip agreed to be acquired for .00 a share in cash. Magnachip said it will "carefully review and consider" Cornucopia's bid. The stock has run up 70.5% year to date through Thursday, while the PHLX Semiconductor Index has climbed 14.3% and the S&P 500 has gained 12.9%.
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: Orphazyme stock losing half its value premarket, after rocketing fourfold the day before #FinanceUSA #StockMarketNEWS Shares of Orphazyme A/S plunged 50.2% in active premarket trading Friday, after
@stockMarketNEWS 3 Days ago
Orphazyme stock losing half its value premarket, after rocketing fourfold the day before #FinanceUSA #StockMarketNEWS
Shares of Orphazyme A/S plunged 50.2% in active premarket trading Friday, after rocketing fourfold in the previous session, after the Denmark-based biopharmaceutical company said overnight that wasn't aware of any reason for the recent "extreme volatility." Trading volume was already up to 4.1 million shares before Friday's open, compared with the full-day average over the past 30 days of about 286,000 shares, according to FactSet On Thursday, the stock had soared as much 1,387% intraday before closing up 301.5% on volume of 7.9 million shares, and was halted a total of 22 times for volatility during the day. "The company is not aware of any material change in its clinical development programs, financial condition or results of operations that would explain such price volatility or trading volume that has occurred since June 10, 2021," the company said in a statement. "Investors who purchase the company's ADS or shares may lose a significant portion of their investments if the price of such securities subsequently declines." The company's applications for arimoclomol for Niemann-Pick disease type C are under priority review with the U.S. Food and Drug Administration, with an expected action date of June 17. Even with the previous day's surge, the stock has gained 62.9% over the past three months through Thursday, while the S&P 500 has gained 7.6%.
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: Janux Therapeutics set to go public after upsized IPO prices, valuing the biotech at 6 million #FinanceUSA #StockMarketNEWS Janux Therapeutics Inc.'s stock is set to start trading Friday, after
@stockMarketNEWS 3 Days ago
Janux Therapeutics set to go public after upsized IPO prices, valuing the biotech at 6 million #FinanceUSA #StockMarketNEWS
Janux Therapeutics Inc.'s stock is set to start trading Friday, after the California-based biotechnology company developing cancer treatments' upsized initial public offering priced overnight at a share. The pricing was at the top of the expected range of between and a share, and valued the company at about 6.0 million. The company raised 3.8 million as it sold 11.4 million shares in the IPO, up from a previously expected offering of 9.5 million shares. The stock is expected to begin trading on the Nasdaq under the ticker symbol "JANX." The company is going public at a time that the Renaissance IPO ETF has lost 5.0% over the past three months while the S&P 500 has gained 7.6%.
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: Lawmaker to introduce bill banning members of Congress from trading stocks: report #FinanceUSA #StockMarketNEWS Rep. Pramila Jayapal, a Washington state Democrat, will introduce a bill banning members
@stockMarketNEWS 3 Days ago
Lawmaker to introduce bill banning members of Congress from trading stocks: report #FinanceUSA #StockMarketNEWS
Rep. Pramila Jayapal, a Washington state Democrat, will introduce a bill banning members of Congress from trading stocks, Business Insider reported, citing an email from her office. Sen. Elizabeth Warren, the Massachusetts Democrat, also plans to do so. Both lawmakers in 2020 had introduced legislation that would limit stock trading by members of Congress, though their bills didn't go anywhere.
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: Alico board raises quarterly dividend to 50 cents a share vs. 18 cents #FinanceUSA #StockMarketNEWS Alico Inc. said Monday its board has approved an increase in its quarterly dividend to 50 cents
@stockMarketNEWS 3 Days ago
Alico board raises quarterly dividend to 50 cents a share vs. 18 cents #FinanceUSA #StockMarketNEWS
Alico Inc. said Monday its board has approved an increase in its quarterly dividend to 50 cents a share from 18 cents. The higher dividend will come into effect in the company's fiscal third quarter. The move will boost the company's dividend yield to 6% from 2.26%. Alico has two operating divisions; Alico Citrus, which is one of the biggest citrus producers in the U.S.; and Land Management and Other Operations, which include environmental services and land leasing. The company said in May it was taking actions to boost long-term shareholder returns and planned to contract or sell about 15,000 acres of the Alico Ranch. The company has so far sold about 12,500 acres and has made progress on ESG initiatives. Shares were not active premarket, but have gained 2.6% in the year to date, while the S&P 500 has gained 13%.
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: ITeos stock jumps 60% after company announces deal with GSK #FinanceUSA #StockMarketNEWS Shares of iTeos Therapeutics Inc. soared 58.5% in premarket trading on Monday after the company announced a
@stockMarketNEWS 3 Days ago
iTeos stock jumps 60% after company announces deal with GSK #FinanceUSA #StockMarketNEWS
Shares of iTeos Therapeutics Inc. soared 58.5% in premarket trading on Monday after the company announced a deal with GlaxoSmithKline to develop and commercialize an experimental cancer therapy. GSK will make a 5 million upfront payment to iTeos, with an additional .4 billion in possible milestone payments available in the future. The immuno-oncology drug candidate is currently being tested in an open-label, Phase 1 clinical trial in patients with advanced solid tumors; as part of this deal, the companies plan to pair the iTeos drug with GSK's Jemperli in studies next year. (Jemperli was initially approved by the Food and Drug Administration as a treatment for endometrial cancer in April.) Shares of iTeos are down 40.8% so far this year, while the S&P 500 has gained 13.1%.
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: Canadian cannabis company Cronos purchases option to acquire 10.5% stake in PharmaCann for 0.4 million #FinanceUSA #StockMarketNEWS Cronos Group Inc. said Monday it has purchased an option to
@stockMarketNEWS 3 Days ago
Canadian cannabis company Cronos purchases option to acquire 10.5% stake in PharmaCann for 0.4 million #FinanceUSA #StockMarketNEWS
Cronos Group Inc. said Monday it has purchased an option to acquire a 10.5% stake in U.S. cannabis company PharmaCann in a deal valued at 0.4 million. Under the terms of the deal, the option can be exercised upon various factors, including the status of U.S. federal cannabis legalization, as well as regulatory approvals, including in states where PharmaCann operates. PharmaCann has six production facilities and 23 dispensaries operating under the Verilife brand in six states, namely New York, Illinois, Ohio, Maryland, Pennsylvania and Massachusetts. "Our U.S. growth strategy focuses on delivering long term shareholder value by assembling a best-in-class brand and intellectual property portfolio and positioning to deploy our products in the U.S. market through investments and opportunities with U.S. leaders who share our vision and commitment to responsibly distributing disruptive cannabinoid products that improve people's lives," said Cronos CEO Kurt Schmidt in a statement. Cronos' U.S.-listed shares were slightly lower premarket, but have gained 28% in the year to date, while the Cannabis ETF has gained 41% and the S&P 500 has gained 13%.
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: Chipotle price hike doesn't change its 'strong' value proposition: Raymond James #FinanceUSA #StockMarketNEWS Chipotle Mexican Grill Inc. was upgraded to strong buy from outperform at Raymond James
@stockMarketNEWS 3 Days ago
Chipotle price hike doesn't change its 'strong' value proposition: Raymond James #FinanceUSA #StockMarketNEWS
Chipotle Mexican Grill Inc. was upgraded to strong buy from outperform at Raymond James based on recent menu price hikes. Analysts maintained the ,800 price target. "We believe Chipotle has a very strong value proposition (chicken burrito still sub- in many markets) and that price increases to cover higher wages will result in limited customer resistance," analysts led by Brian Vaccaro wrote. Wedbush says Chipotle is on the road to "best-in-class store margins" and recent share declines create "a compelling entry point." Chipotle stock is down 6% over the past three months, and down 1.4% for the year to date. The S&P 500 index has gained 13.1% for 2021 so far. Chipotle confirmed price hikes last week. The higher prices will cover the costs of wage increases that were announced last month.
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: Hexo shares slide almost 5% premarket after third-quarter earnings fall far short of estimates #FinanceUSA #StockMarketNEWS Hexo Corp. shares slid 4.8% in premarket trade Monday, after the Canadian
@stockMarketNEWS 3 Days ago
Hexo shares slide almost 5% premarket after third-quarter earnings fall far short of estimates #FinanceUSA #StockMarketNEWS
Hexo Corp. shares slid 4.8% in premarket trade Monday, after the Canadian cannabis company posted a wider-than-expected loss for its fiscal third quarter and revenue that fell short of estimates. Ottawa-based Hexo said its loss widened to C.7 million ( million), or 17 cents a share, in the quarter to April 30, from C.5 million, or 38 cents a share, a year ago. Revenue climbed to C22.7 million from C.1 million. The FactSet consensus was for a loss of 6 cents a share and revenue of C.5 million. "While this was a challenging quarter, we maintained our number one position in the beverage category and increased our net sales outside of Quebec by 169% over last year, including 14% sequential quarterly growth in Ontario, while continuing to maintain our number one position as the preferred supplier to Quebec," Chief Executive Sebastien St-Louis said in a statement. "Moving forward, we are committed to rebuilding our strain strategy and brand mix in the province of Quebec to ensure we meet consumer needs and maintain our dominant position in the province." Hexo announced itsthird and biggest deal of the year so far in late May with news that it is acquiring privately held Redecan for C5 million in cash and stock. That comes after the February news of the purchase of Zenabis Global Inc. for C5 million in stock, and earlier in May, it announced the acquisition of 48North Cannabis Corp. for C million in stock. Hexo shares have gained 80% in the year to date, while the Cannabis ETF has gained 44% and the S&P 500 has gained 13%.
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: Moderna hires J&J executive as chief medical officer #FinanceUSA #StockMarketNEWS Shares of Moderna Inc. were down 2.1% in premarket trading on Monday after the company said it hired Dr. Paul Burton
@stockMarketNEWS 3 Days ago
Moderna hires J&J executive as chief medical officer #FinanceUSA #StockMarketNEWS
Shares of Moderna Inc. were down 2.1% in premarket trading on Monday after the company said it hired Dr. Paul Burton as its new chief medical officer. Burton, a former Johnson & Johnson executive, will report to CEO Stéphane Bancel. He replaces Dr. Zal Taks, who announced plans to leave Moderna earlier this year. Burton most recently was the chief of global medical affairs for J&J's pharmaceuticals business. Both Moderna and J&J have received authorizations for their COVID-19 vaccines in the U.S. Moderna's stock is up 109.5% so far this year, while the broader S&P 500 has gained 13.1%.
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: Lordstown Motors shares slammed premarket as CEO and CFO resign #FinanceUSA #StockMarketNEWS Lordstown Motors Corp. shares slid 14% premarket, after the electric pick-up truck company announced a
@stockMarketNEWS 3 Days ago
Lordstown Motors shares slammed premarket as CEO and CFO resign #FinanceUSA #StockMarketNEWS
Lordstown Motors Corp. shares slid 14% premarket, after the electric pick-up truck company announced a series of sweeping changes in its leadership team on Monday, as it seeks to transition from the research and development phase to the commercial production stage of its business. Chief Executive Steve Burns and Chief Financial Officer Julio Rodriguez have resigned from the company with immediate effect. The company has engaged an executive search firm to help find permanent CEO and CFO. In the meantime, it named lead independent director Angela Strand as executive chairwoman and named Becky Roof Interim CFO. "As we transition to the commercial stage of our business -- with planned commencement of limited production in late-September -- we have to put in place a seasoned management team with deep experience leading and operating publicly-listed OEM companies," David Hamamoto said in a statement on behalf of the board. "We have complete confidence in Angela and Becky, and our expanded leadership team, to effectively guide the company during this interim period." The company also named Jane Ritson-Parsons, most recently executive at Hasbro Inc. , as chief operating officer. Separately, the company said a special committee formed to investigate allegations made by short seller Hindenburg Research found issues regarding certain statements made about pre-orders, but that other allegations regarding demand for its Endurance truck were not accurate. Shares have fallen 43% in the year to date, while the S&P 500 has gained 13%.
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: Novavax reports COVID-19 vaccine was 90% effective in Phase 3 study #FinanceUSA #StockMarketNEWS Novavax reported that a Phase 3 study of its COVID-19 vaccine showed it was 90.4% effective overall.
@stockMarketNEWS 3 Days ago
Novavax reports COVID-19 vaccine was 90% effective in Phase 3 study #FinanceUSA #StockMarketNEWS
Novavax reported that a Phase 3 study of its COVID-19 vaccine showed it was 90.4% effective overall. The 29,960-patient study also found that the vaccine provided 100% protection against moderate and severe disease. The company intends to file for regulatory authorizations in the third quarter, and it said it remains on track to reach manufacturing capacity of 100 million doses per month by the end of the third quarter and 150 million doses per month by the end of the fourth quarter of 2021. Shares in the Gaithersburg, Md. company jumped 8% in premarket trade.
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: Mall REIT Washington Prime Group files for Chapter 11 bankruptcy #FinanceUSA #StockMarketNEWS Mall real estate investment trust Washington Prime Group Inc. filed for Chapter 11 bankruptcy protection
@stockMarketNEWS 3 Days ago
Mall REIT Washington Prime Group files for Chapter 11 bankruptcy #FinanceUSA #StockMarketNEWS
Mall real estate investment trust Washington Prime Group Inc. filed for Chapter 11 bankruptcy protection on Sunday, brought down by the impact of the coronavirus pandemic. The Columbus, Ohio-based company said it has a restructuring support agreement with creditors that own about 73% of its outstanding secured corporate debt and 67% of its unsecured notes. The company has secured 0 million in a debtor-in-possession loan to fund daily operations during the Chapter 11 process. The restructuring support agreement will allow the company to deleverage its balance sheet by almost 0 million. It also plans a 5 million equity rights offering backstopped by lead creditor SVPGlobal, proceeds of which will be used to pay down secured debt. "The company's financial restructuring will enable WPG to right size its balance sheet and position the Company for success going forward," Chief Executive Lou Conforti said in a statement. Shares were halted for the news but have fallen 26% in the year to date, while the S&P 500 has gained 13%.
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: Ferrari downgraded from buy to sell at Goldman Sachs #FinanceUSA #StockMarketNEWS Ferrari shares traded lower in Milan as Goldman Sachs cut its rating on the sportscar maker to sell from buy, and
@stockMarketNEWS 3 Days ago
Ferrari downgraded from buy to sell at Goldman Sachs #FinanceUSA #StockMarketNEWS
Ferrari shares traded lower in Milan as Goldman Sachs cut its rating on the sportscar maker to sell from buy, and its price target was lowered to 7 from 7. The company's announcement of a battery electric vehicle by 2025, and the appointment of a new chief executive with a tech background, may drive the need for incremental capital spending. "Uncertainty around future capex requirements also brings uncertainty around future earnings and cash flow," said analysts led by George Galliers. While the broader auto industry will benefit from improving production as chip shortages ease and improving end markets, the analysts say Ferrari won't be a notable beneficiary.
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: S&P 500 ends week at record as investors brush off inflation rise #FinanceUSA #StockMarketNEWS Stocks ended a choppy session in positive territory Friday, with the S&P 500 logging its second consecutive
@stockMarketNEWS 3 Days ago
S&P 500 ends week at record as investors brush off inflation rise #FinanceUSA #StockMarketNEWS
Stocks ended a choppy session in positive territory Friday, with the S&P 500 logging its second consecutive record close a day after a hotter-than-expected rise in the May consumer-price index. The Dow Jones Industrial Average rose around 15 points, or less than 0.1%, to close near 34,480, according to preliminary figures. The S&P 500 rose around 8 points, or 0.2%, end near 4,248, while the Nasdaq Composite gained around 49 points, or 0.4%, to finish near 14,069. The Dow lost ground for the week, however, falling by around 0.8%, while the S&P 500's record push left it up just 0.4%. The Nasdaq Composite booked a weekly gain of 1.9%, outpacing its peers as Treasury yields fell.
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: Natural-gas futures settle at highest since October; U.S. oil prices post a rally for the week #FinanceUSA #StockMarketNEWS Natural-gas futures rallied on Friday, buoyed by warmer weather forecasts
@stockMarketNEWS 3 Days ago
Natural-gas futures settle at highest since October; U.S. oil prices post a rally for the week #FinanceUSA #StockMarketNEWS
Natural-gas futures rallied on Friday, buoyed by warmer weather forecasts that are likely to boost demand for the commodity from power generators. "Demand is variable, with low load demand expected to persist through the weekend amid milder conditions, but then reverse higher next week with the return of hotter conditions," said Marshall Steeves, energy markets analyst at IHS Markit. July natural gas rose 15 cents, or 4.7%, to settle at nearly .30 per million British thermal units. That was the highest front-month contract settlement since Oct. 30 of last year. Prices rose about 6.4% for the week, FactSet data show. U.S. oil futures, meanwhile, posted gains for the session, ending the week roughly 7% higher after the IEA forecast a return to pre-COVID global oil demand levels by the end of next year. July West Texas Intermediate crude rose 62 cents, or 0.9%, to settle at .91 a barrel, the highest finish since October 2018. For the week, prices gained nearly 1.9%.
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: Biogen stock heads for biggest weekly rally in more than 2 decades, UBS analyst targets more gains #FinanceUSA #StockMarketNEWS Shares of Biogen Inc. dropped 4.1% in afternoon trading Friday, to pull
@stockMarketNEWS 3 Days ago
Biogen stock heads for biggest weekly rally in more than 2 decades, UBS analyst targets more gains #FinanceUSA #StockMarketNEWS
Shares of Biogen Inc. dropped 4.1% in afternoon trading Friday, to pull back from a six-year high, but UBS analyst Colin Bristow seems room for further gains to a record close. Even with the pullback, the stock has rocketed 39.0% this week, which would be the biggest weekly gain since it ran up 56.3% during the week ending Dec. 23, 1999, after the Food and Drug Administration approved the biotechnology company's Alzheimer's drug, Aduhelm. Bristow upgraded Biogen to buy from neutral, saying "like it or not, Aduhelm is going to get used." He raised his stock price target to 3, which is 5.6% above the March 20, 2015 record close of 8.43, from 1. "We acknowledge there has and will continue to be physician/payor pushback but our doc checks indicate patient-led demand is already extremely high, with even bearish clinicians acknowledging there will be significant use (even if not under their own care)," Bristow wrote in a note to clients. The stock has run up 62.4% year to date, while the S&P 500 has gained 12.9%.
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: Biotech Century Therapeutics to offer 10.6 million shares in IPO, priced at to each #FinanceUSA #StockMarketNEWS Biotech Century Therapeutics Inc. set terms for its initial public offering
@stockMarketNEWS 3 Days ago
Biotech Century Therapeutics to offer 10.6 million shares in IPO, priced at to each #FinanceUSA #StockMarketNEWS
Biotech Century Therapeutics Inc. set terms for its initial public offering on Monday, with plans to offer 10.6 million shares priced at to each. The company has applied to list on Nasdaq, under the ticker symbol "IPSC." JP Morgan, BofA Securities, SVB Leerink and Piper Sandler are underwriting the deal. Proceeds will be used to fund pre-clinical activity and research and development, as well as working capital and general corporate purposes. "e are an innovative biotechnology company developing transformative allogeneic cell therapies to create products for the treatment of both solid tumor and hematological malignancies with significant unmet medical need," the company says in its prospectus.
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: Coronavirus tally: Global cases of COVID-19 near 176 million as U.S. daily death count falls below 400 #FinanceUSA #StockMarketNEWS The global tally for the coronavirus-borne illness continued its
@stockMarketNEWS 3 Days ago
Coronavirus tally: Global cases of COVID-19 near 176 million as U.S. daily death count falls below 400 #FinanceUSA #StockMarketNEWS
The global tally for the coronavirus-borne illness continued its climb toward 176 million on Monday, according to data aggregated by Johns Hopkins University, while deaths climbed above 3.8 million. The U.S. led the world in total cases at 33.46 million, while deaths totaled 599,769. The new reported daily cases of COVID-19 stood at 14,288 on Sunday, down from 14,464 the day before, according to a New York Times tracker. New deaths fell to 363, after holding above 400 for several days. The seven-day average of cases stood at 14,288, down 29% from two weeks ago, while the average for deaths declined to 362. The number of fully vaccinated Americans rose to 143.9 million, or 43.4% of the total population, according to the latest data from the Centers of Disease Control and Prevention (CDC), with the number of U.S. adults receiving at least one dose increasing to 64.4%. On a global basis, India was second in total cases at 29.5 million on Wednesday, followed by Brazil at 17.4 million, according to JHU data, while Brazil was second in deaths at 487,401 and India was third at 374,305.
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: ATAI Life Sciences sets IPO terms, to be valued at up to .3 billion #FinanceUSA #StockMarketNEWS ATAI Life Sciences N.V. has set terms for its initial public offering, in which the Germany-based
@stockMarketNEWS 3 Days ago
ATAI Life Sciences sets IPO terms, to be valued at up to .3 billion #FinanceUSA #StockMarketNEWS
ATAI Life Sciences N.V. has set terms for its initial public offering, in which the Germany-based biopharmaceutical company focused on mental health disorders looks to raise up to 4.3 million and be valued at up to .28 billion. The company is offering 14.29 million shares in the IPO, which is expected to price between and a share. ATAI expects 151.86 million shares to be outstanding after the IPO. The stock is expected to list on the Nasdaq under the ticker symbol "ATAI." Credit Suisse, Citigroup, Cowen and Berenberg are the lead underwriters. The company recorded a net loss of 9.8 million in 2020 on no revenue, after a loss of .1 million on no revenue in 2019. The company is looking to go public at a time that the iShares Nasdaq Biotechnology ETF has edged up 3.7% over the past three months, while the Renaissance IPO ETF has slipped 4.2% and the S&P 500 has gained 7.6%.
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: Gold futures settle at lowest in over a week #FinanceUSA #StockMarketNEWS Gold futures posted losses for the session, as well as the week, on Friday, marking their lowest settlement in more than a
@stockMarketNEWS 3 Days ago
Gold futures settle at lowest in over a week #FinanceUSA #StockMarketNEWS
Gold futures posted losses for the session, as well as the week, on Friday, marking their lowest settlement in more than a week as strength in the U.S. dollar dulled investment demand for the precious metal. "Gold still has a lot going for it, but trade leading up to the FOMC decision [on Wednesday] could see prices settle between the ,870 to ,900 trading range," said Edward Moya, senior market analyst at Oanda. August gold fell .80, or 0.9%, to settle at ,879.60 an ounce, the lowest most-active contract finish since June 3, FactSet data show. For the week, prices lost about 0.7%.
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: Janux Therapeutics stock opens at double the upsized IPO's pricing #FinanceUSA #StockMarketNEWS Janux Therapeutics Inc. received a bullish reception on its Wall Street debut, as shares of the California-based
@stockMarketNEWS 3 Days ago
Janux Therapeutics stock opens at double the upsized IPO's pricing #FinanceUSA #StockMarketNEWS
Janux Therapeutics Inc. received a bullish reception on its Wall Street debut, as shares of the California-based biotechnology company developing cancer treatments opened at double the upsized initial public offering price before paring some gains. The company raised 3.8 million as it sold 11.4 million shares in the IPO, which priced at a share. That compares with previous expectations for an offering of 9.5 million shares and a pricing of between and a share. The stock's first trade was at .00 at 10:55 a.m. Eastern for 64,588 shares, which valued the company at about .3 billion. The stock has pulled back some since then, but was still up 43.1% at .32 in recent trading. the stock's bullish debut comes on a day that the Renaissance IPO ETF rose 0.8% while the S&P 500 declined 0.1%.
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: Baker Hughes data show a weekly climb in U.S. oil-drilling rigs #FinanceUSA #StockMarketNEWS Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was up by six at 365
@stockMarketNEWS 3 Days ago
Baker Hughes data show a weekly climb in U.S. oil-drilling rigs #FinanceUSA #StockMarketNEWS
Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil was up by six at 365 this week. The increase was the largest since the week ended May 14. Last week, the number was unchanged at 359. The total active U.S. rig count, which includes those drilling for natural gas, rose by five to stand at 461, according to Baker Hughes. July West Texas Intermediate crude continued to trade higher for the session. The contract was up 83 cents, or 1.2%, to .12 a barrel on the New York Mercantile Exchange.
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: Amazon could be forced to shed assets under House bill: report #FinanceUSA #StockMarketNEWS House lawmakers are preparing to propose legislation that could require Amazon.com Inc. and other tech giants
@stockMarketNEWS 3 Days ago
Amazon could be forced to shed assets under House bill: report #FinanceUSA #StockMarketNEWS
House lawmakers are preparing to propose legislation that could require Amazon.com Inc. and other tech giants to effectively split into two companies or shed their private-label products, the Wall Street Journal reported Friday, citing people familiar with the matter. The bill could be announced Friday, the Journal said. The proposal could force structural separation of Amazon and other big tech companies that Congress has spent 15 months investigating, according to the Journal. The report said a separate bill targets the ability of big tech companies to leverage their online platforms to favor their own products. Each bill has Democrats and Republicans signed on, the Journal said.
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: Amazon, Google executives to testify before Senate antitrust committee next week #FinanceUSA #StockMarketNEWS As House Democrats prepared to announce a handful of bills to rein in Big Tech's market
@stockMarketNEWS 3 Days ago
Amazon, Google executives to testify before Senate antitrust committee next week #FinanceUSA #StockMarketNEWS
As House Democrats prepared to announce a handful of bills to rein in Big Tech's market powers, the Senate Judiciary Committee's antitrust subcommittee announced Friday that executives from Amazon.com Inc. and Google parent Alphabet Inc. are scheduled to testify next week, along with an exec from speaker maker Sonos Inc. , a critic of the two tech behemoths. Amazon Associate General Counsel Ryan McCrate and Google's public policy specialist Wilson White are slated to testify, Sens. Amy Klobuchar, D-Minn., chair of the panel, and Mike Lee, R-Utah, said in a statement.
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: Tesla stock holds to weekly advance after 'Plaid' Model S #FinanceUSA #StockMarketNEWS Tesla Inc. stock fell on Friday after the unveiling of a souped-up version of its Model S sedan late Thursday,
@stockMarketNEWS 3 Days ago
Tesla stock holds to weekly advance after 'Plaid' Model S #FinanceUSA #StockMarketNEWS
Tesla Inc. stock fell on Friday after the unveiling of a souped-up version of its Model S sedan late Thursday, but the stock held on to gains around 1.3% for the week. The Model S, a sedan first sold in 2012, has lost ground to Tesla's cheaper sedan, the Model 3, and the newest offering, the compact SUV Model Y. The "Plaid" version of the Model S, which had its interior redesigned and is faster and more expensive, is also a few months late to get to market, and the Thursday event itself was more than one hour late in starting. Tesla and other auto makers have endured months of chip and parts shortages and rising raw-materials costs just as demand for new and used cars has increased. A revamped Model X, Tesla's full-size SUV, is also in the works. Shares of Tesla have lost 14% this year, but advanced 212% in the past 12 months. That contrasts with gains of 13% and 41% for the S&P 500 index in the same period.
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: J&J stock drops after report FDA said millions of COVID-19 vaccine doses need to be discarded #FinanceUSA #StockMarketNEWS Shares of Johnson & Johnson took a 1.4% hit in morning trading Friday, after
@stockMarketNEWS 3 Days ago
J&J stock drops after report FDA said millions of COVID-19 vaccine doses need to be discarded #FinanceUSA #StockMarketNEWS
Shares of Johnson & Johnson took a 1.4% hit in morning trading Friday, after a report that health officials decided the drugmaker needs to throw out millions of doses of its COVID-19 vaccine because of possible contamination. The New York Times reported Friday, citing people familiar with the situation, that after weeks of review, the Food and Drug Administration told J&J to discard 60 million doses of its vaccine made at a Baltimore plant under federal review, which is operated by Emergent BioSolutions Inc. , because of possible contamination. The FDA said Friday that it was authorizing emergency use of two batches of vaccines made at the Baltimore facility, even though it said it is "not yet ready" to include the plant as an authorized facility for the vaccine. The NYT report comes after the FDA approved the extension of the shelf life of J&J's one-dose vaccine, to 4 1/2 months from 3 months, as supply piled up. J&J's stock has gained 3.6% over the past three months, while the SPDR Health Care Select Sector ETF has gained 8.6% and the Dow Jones Industrial Average has tacked on 5.9%.
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: Philip Morris sets new billion stock repurchase program, with plans to start buying after Q2 results #FinanceUSA #StockMarketNEWS Shares of Philip Morris International Inc. rose 0.6% in premarket
@stockMarketNEWS 3 Days ago
Philip Morris sets new billion stock repurchase program, with plans to start buying after Q2 results #FinanceUSA #StockMarketNEWS
Shares of Philip Morris International Inc. rose 0.6% in premarket trading Friday, after cigarette and tobacco company announced a new billion stock repurchase program. The company said it targets spending billion to billion over the next three years as part of the program, and expects to start buying back start after the second-quarter earnings report, current projected for the second-half of July. Based on Thursday's stock closing price of .55, the new buyback program could represent about 4.6% of the shares outstanding. The company also declared a regular quarterly dividend of .20 a share, payable July 12 to shareholders of record on Jun 25. At Thursday's stock closing price, the dividend yield was 4.92%, compared with the implied yield for the S&P 500 of 1.39%, according to FactSet. "Our announcements today are further testament to our steadfast commitment to generously reward our shareholders as we transform into a smoke-free company," said Chief Executive Jacek Olczak. The stock has rallied 36.9% over the past 12 months, while the S&P 500 has advanced 41.2%.
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: S&P 500 opens higher Friday, aims to end week at a record ahead of big Fed policy update #FinanceUSA #StockMarketNEWS U.S. equity benchmarks rose modestly early Friday, looking to end the week on a
@stockMarketNEWS 3 Days ago
S&P 500 opens higher Friday, aims to end week at a record ahead of big Fed policy update #FinanceUSA #StockMarketNEWS
U.S. equity benchmarks rose modestly early Friday, looking to end the week on a positive note after the S&P 500 logged a record close despite another round of hotter-than-expected inflation data. Investors are now looking to the start on June 15 of the Federal Reserve's two-day policy meeting. The S&P 500 index was heading 0.1% higher at 4,244, the Dow Jones Industrial Average gained 0.3% at 34,552, while the Nasdaq Composite Index advanced less than 0.1% at 14,022. The U.S. economic calendar is light following Thursday's inflation fireworks. A preliminary June consumer sentiment index reading is due at 10 a.m. Eastern. On Thursday, stocks and government debt rallied, despite data that showed the rate of U.S. consumer inflation over the past year escalated to a 13-year high of 5% from 4.2% in the prior month. That put it at the highest level since 2008, when the cost of oil hit a record 0 a barrel. Before that, the last time inflation was as high was in 1991. In corporate news, meme stocks remain in focus, with shares of AMC Entertainment Holdings Inc. up more than 6% in premarket trading Friday, after falling 22.2% over the past two sessions. The stock and other meme stocks, took a hit Thursday after GameStop Corp. .
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