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Recro Pharma Inc. shares surged 18.6% in pre-market trade Monday after the company announced positive phase 3 trial results for its acute postoperative pain treatment. The drug, intravenous meloxicam, met the trial’s primary endpoint in the second of two late-stage clinical trials, which should put it on track for a new drug application with the Food and Drug Administration for summer 2017, Recro Pharma said. Meloxicam demonstrated a statistically significant difference in pain compared to a placebo in the first day after abdominoplasty surgery in a 219 person trial. The drug “has the potential to be a new, non-opioid alternative for patients with moderate-to-severe pain following soft tissue surgery,” said Dr. Neil Singla, the chief scientific officer of Lotus Clinical Research. Recro Pharma shares dropped 13.8% year-to-date, compared with a 8.3% rise in the S&P 500 .

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From:: Stock Market News

Shares of the Herzfeld Caribbean Basin Fund Inc. soared 18% toward an eight-month high in active premarket trade Monday, in the aftermath of Fidel Castro’s death over the weekend. Volume of about 167,000 shares ahead of the open was already six times the full-day average. The fund (CUBA) invests in issuers likely to benefit from economic and political progress in the Caribbean Basin, including Cuba. “At such time as it becomes legally permissible for U.S. entities to invest directly in Cuba, the fund will consider such investments,” according to the fund’s prospectus. The fund’s holding as of June 30 included shares of Mastec Inc. , Royal Caribbean Cruises Ltd. , Carnival Corp. , Nextera Energy Inc. , Norwegian Cruise Line Holdings Ltd. and Copa Holdings S.A. . CUBA has lost 3.6% year to date through Friday, while the S&P 500 has gained 8.3%.

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From:: Stock Market News

HSN Inc. , operator of the home shopping network, said Monday it has named Rod Little as chief financial officer, effective Jan. 3. Little was previously CFO of Elizabeth Arden Inc. . The executive is replacing Judy Schmeling, who was named president of HSNI division Cornerstone Brands in August 2016. Schmeling is also chief operatiog officer of HSN. Shares were not yet active in premarket trade, but are down 20% in the year so far, while the S&P 500 has gained 8%.

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From:: Stock Market News

Shares of Panera Bread Co. were indicated down more than 1% in premarket trade Monday, after the fast casual restaurant chain was downgraded at Wedbush Securities, which cited concerns over valuation. Analyst Nick Setyan cut his rating to neutral, after being at outperform since March 2014. The stock had rocketed 15% since the election to close Friday at $217.16, or just 1.3% below Seytan’s price target of $220. “We continue to believe drivers of sustained [same-store sales] growth outperformance relative to peers exist,” Seytan wrote in a note to clients. “Nevertheless, we caution against the street’s current optimism relative to our 2017 estimates.” He said unless there are further upward revisions to same-store sales and earnings per share, upside in the stock could prove limited. Seytan forecasts fiscal 2016 EPS of $6.71, matching the FactSet consensus, while his 2017 estimate of $7.45 is below the FctSet consensus of $7.69. The stock has rallied 11% year to date, while the S&P 500 has gained 8.3%.

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From:: Stock Market News

Bank stocks dropped Monday, as weakness in the broader market and declines in Treasury yields prompted a pullback from the recent record run. Among the sector heavyweights, shares of Bank of America Corp. slumped 1.1% in active premarket trade. The stock had rocketed 23% since the election to close Friday at an eight-year high. Elsewhere, Citigroup Inc.’s stock shed 1.3%, shares of Wells Fargo & Co. slid 1% and Goldman Sachs Group Inc. shares lost 0.7%. The SPDR Financial Select Sector ETF fell 0.4%, after closing Friday at an 8 1/2-year high. The XLF has run up 12% since the election through Friday, while the Dow has climbed 4.5% to a record high. Dow futures were down over 60 points ahead of the open, while U.S. bond futures gained 0.4%, meaning yields fell. Lower long-term interest rates narrows the spread between what banks earn by funding longer-term loans with shorter-term liabilities.

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From:: Stock Market News

International Business Machines Corp. said Monday that online sales for U.S. retailers on Thanksgiving jumped 12% from a year ago, and while Black Friday sales rose 10%. Globally, retailers saw online sales increase 24% on Thanksgiving and 28% on Black Friday. Online sales for the four-day weekend rose 9% for U.S. retailers and 20% globally. IBM expects online Cyber Monday sales to grow in the double-digit percentage range, and projects overall online sales for the November-to-December period rising 14%. “It is clear, online shopping during the US holiday period has become a global phenomenon and more than ever companies are turning to IBM as a trusted technology provider and supporter to help them succeed during this critical period,” said Harriet Green, general manager at IBM Commerce. IBM’s stock has climbed 19% year to date, while the SPDR S&P Retail ETF has gained 7.9% and the Dow Jones Industrial Average has climbed 9.9%.

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Barnes & Noble Inc. said it is offering a 15% discount on an entire online order as part of its Cyber Monday promotion. The offer applies to books, as well as toys and games, gift items, music and DVDs and more, the company said in a statement. The book seller is also offering its new 7 inch Nook tablet at $49.99. Shares were not yet active in premarket trade, but are up 49% in the year so far, while the S&P 500 has gained 8%.

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The rough fiscal-stimulus outline offered by President-elect Donald Trump could lift U.S. economic growth to 2.3% in 2017, the Organization for Economic Cooperation and Development said Monday. That’s up from the Paris-based OECD’s projection for 1.9% growth in 2017 sans Trump plans. The OECD projected a growth boost to 3%, from 2.2%, in 2018. Trump pledged to add $1 trillion to U.S. infrastructure but has yet to provide details on how those proposals would be financed. He has also promised corporate and personal income-tax cuts. The OECD now pegs global economic growth at 3.3%, up from 3.2%, in 2017, and lifted its outlook to 3.6%, from 3.3%, for 2018. The OECD said the biggest risk to its outlook hinges on a shift toward protectionism, especially pledged U.S. tariffs on imports from China and Mexico, which could offset the boost from higher government spending and lower taxes. The OECD is the first international economic policy agency to publish an estimate of the likely impact of Trump’s proposals.

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Under pressure from an activist investor, South Korean tech giant Samsung Electronics is considering splitting itself into two companies, according to a new report. Based on a report by Seoul Economic Daily, Reuters reported early Monday that Samsung’s board of directors would meet Tuesday and announce a decision. Hedge fund Elliott Management last month proposed the spinoff, Reuters reported, and Samsung said it would respond to the proposal by the end of November.

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From:: Stock Market News