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Tesaro Inc. shares rose 5.9% in after hours trade Monday after the company said its ovarian cancer drug Zejula, also called niraparib, had been approved by the Food and Drug Administration. Zejula was approved for maintenance treatment of women with several kinds of recurrent ovarian cancer, including epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have undergone chemotherapy. Zejula is the first of a class of cancer drugs called PARP inhibitors to gain approval without being limited to patients with certain biomarkers, such as a BRCA mutation. Tesaro also said Monday afternoon that it would be developing Zejula for metastatic ovarian, breast and lung cancers. Tesaro shares, which closed at $156.73 on Monday, have risen 14.7% over the last three months, compared with a 3.2% rise in the S&P 500 .

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From:: Stock Market News

Darden Restaurants Inc gained in late trading Monday after the parent company of restaurant chains including Olive Garden and LongHorn Steakhouse beat earnings expectations. The Orlando, Florida, company reported net income from continuing operations of $165.6 million, or $1.32 a share, on revenue of $1.88 billion in its fiscal third quarter, with more than $1 billion coming from Olive Garden. Analysts on average expected earnings of $1.27 a share on sales of $1.87 billion. The company also slightly raised its earnings expectations for the full year, to $3.95 to $4 a share from $3.87 to $3.97 a share. The stock topped $78 in late trading after closing with a 1.5% decrease at $75.58.

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From:: Stock Market News

Shares of Sears Holding Corp. shot up 9.7% toward a 2-month high in afternoon trade Monday, after the troubled department store chain’s largest shareholder disclosed that he bought more shares over the past few sessions. That came after the retailer’s second-largest shareholder also boosted its stake. Chief Executive Edward Lampert said disclosed late Friday in a filing with the Securities and Exchange Commission that he bought 507,936 shares last week, to increase his stake to 31.84 million shares, or about 29.8% of the shares outstanding. He bought 327.879 shares on Wednesday at an average of $7.829, 178,109 shares at $8.072 and 19,948 shares at $8.3934. Late on Wednesday, Fairholme Capital Management disclosed that it bought 613,900 shares at a weighted average of $8.17 over the past three sessions, to bring the hedge fund’s stake to 28.56 million shares, or 26.7% of the shares outstanding. The stock, on track to close at the highest level since Jan. 24, has gained 0.3% year to date, while the SPDR S&P Retail ETF has lost 6.4% and the S&P 500 has gained 4.6%.

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From:: Stock Market News

WOW Air said Monday that it will begin service between Chicago’s O’Hare International Airport and Iceland’s Keflavik Airport on July 13. Tickets are on sale beginning Monday for $99, with service between O’Hare and Keflavik to be offered on Mondays, Wednesdays, Thursdays and Saturdays. For $149, passengers can travel to 23 other cities, including London, Paris and Berlin. WOW already offers transatlantic service from a number of U.S. cities including New York, Pittsburgh, Boston and Washington, D.C., as well as western cities including San Francisco. The NYSE Arca Airline Index is up 25.2% for the past year, while the S&P 500 index is up 15% for the period.

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From:: Stock Market News

Oil prices settled lower Monday as meeting of major crude producers over the weekend failed to calm concerns over global supplies. The Organization of the Petroleum Exporting Countries told member nations to uphold their production cut agreements, but traders worry that the producers will find less incentive to cut as output from the U.S., which isn’t part of the pact, rises. May West Texas Intermediate crude fell 24 cents, or 0.5%, to settle at $47.73 a barrel-giving back nearly all of the nearly 0.6% gain it registered Friday.

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From:: Stock Market News

Cellect Biotechnology Ltd. ADR shares rose 71.3% in heavy volume after the company said on Monday that it had completed the first stem cell transplant procedure in an early/mid-stage clinical trial. The Israel-based biotech said the transplant had been conducted in a patient with blood cancer, as part of a clinical trial looking at how well Cellect’s technology works to prevent life-threatening rejection disease, which occurs in up to half of stem cell transplant procedures, according to Cellect. Trading volume as of Monday afternoon was nearly 47 times the company’s 30-day average volume. Cellect shares were valued at $10.73 as of Monday afternoon. Shares have risen 283.2% over the last three months, compared with a 3.0% rise in the S&P 500 .

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White House press secretary Sean Spicer said Monday that Treasury Secretary Steven Mnuchin has identified August as a target date for tax reform but added consensus is needed for a major policy overhaul. Spicer said various groups would want “a ton of input” and “part of this is going to be dependent on the degree to which we can come to consensus on a lot of big issues.” Trump has said he wants to focus on tax reform following the failure of the health-care bill last week.

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National Football League owners approved the Oakland Raiders’ move to Las Vegas from Oakland on Monday, the Raiders confirmed in a news release Monday. News reports said that 31 of the 32 NFL teams voted to allow the move, with the Miami Dolphins as the lone holdout. Nevada has approved $750 million in public money to build a new stadium in Las Vegas for the franchise, with another $650 million coming from Bank of America Corp. after initial backer Sheldon Adelson, chief executive and chairman of Las Vegas Sands Corp. , departed the project. Davis, the son of former Raiders owner Al Davis, thanked Adelson in the announcement and pleaded with fans in the Bay Area to support the Raiders as they play in Oakland the next two seasons while the Las Vegas stadium is built. “The Raiders were born in Oakland and Oakland will always be a part of our DNA,” Davis’s statement read. “We know that some fans will be disappointed and even angry, but we hope that they do not direct that frustration to the players coaches and staff.”

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From:: Stock Market News