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Summit Therapeutics stock surges 50% on news of licensing deal with Sarepta

Shares of Summit Therapeutics Plc surged more than 50% in premarket trade Tuesday, after the company said it has entered an exclusive license and collaboration agreement with Sarepta Therapeutics Inc. for the European rights to Summit’s utrophin modulator pipeline for the treatment of Duchenne Muscular Dystrophy. As part of the deal, Sarepta and Summit will share research and development costs and Sarepta will also get an option to license Latin American rights. Summit will receive $40 million upfront and up to $522 million plus royalties if certain milestones are achieved. Utrophin modulation is a possible treatment for patients with the muscle-wasting disease, DMD. Sarepta recently won the first approval from the Food and Drugs Administration for a drug to treat the disease. Sarepta shares were up 1.7% premarket, and have gained 58% in the year so far, while the S&P 500 has gained 6%.

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From:: Stock Market News

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Olive Garden operator, Darden Restaurants, beats Q1 earnings, raises FY guidance

Shares of Darden Restaurants Inc. saw a nearly 5% pop after the company reported fiscal first-quarter earnings that beat expectations and raised its fiscal year guidance above consensus. Net earnings for the quarter came in at $110.2 million, or 87 cents per share, compared with earnings of $86.4 million, or 67 cents per share during the same period a year ago. Adjusted earnings per share were 88 cents, which beat the 82 cents FactSet consensus. Sales for the Olive Garden and Longhorn Steakhouse operator hit $1.71 billion, which was an increase compared with last year’s $1.69 billion, but just below the FactSet consensus of $1.72 billion. And same-restaurant sales were up 1.3%, below FactSet’s expectations of 1.5%. For fiscal 2017 Darden still expects same-restaurant sales to increase 1% to 2%, but the company raised its earnings per share outlook to a $3.87 to $3.97 range, from a $3.80 to $3.90 range. The FactSet consensus is $3.87. Darden shares have declined 3.6% in the year to date, underperforming the S&P 500 Index , which is up 5.7%.

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From:: Stock Market News

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Bank Mortgage Delinquency Up, Foreclosures Down

Residential loan performance on mortgages serviced by large banks worsened, though there was a decline in new, pending and completed foreclosures.

First-lien delinquency of at least 30 days as of the second quarter, including foreclosures in process, came to 5.3 percent at federally regulated banks.

The past-due rate rose from 5.1 percent as of the end of the first quarter. But there was an improvement from 6.2 percent as of the second-quarter 2015.

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From:: Financing

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Banks to get no special treatment in Brexit talks: report

Banks based in the U.K. will get no special treatment in the country’s negotiations to leave the European Union, Bloomberg reported late Monday, citing three senior figures in the British government. Britain’s financial-services sector is concerned it may lose its “passporting” rights — which ease access to business in the EU’s member states — in the Brexit deal. But Prime Minister Theresa May’s government will not give priority to protecting the sector in the country’s exit, and nor will it push for an interim agreement with the EU to support a transition for the sector, Bloomberg reported.

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From:: Stock Market News

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Pound plummets to 31-year low against dollar

The British pound on Tuesday dropped sharply to $1.2764, down from $1.2858 late Monday in New York, as worries about Brexit continued to weigh on the currency. The pound is trading at its lowest levels against the dollar since 1985, according to FactSet data. It has undercut its lows reached in July, shortly after the U.K.’s referendum on European Union membership. Some analysts have said the Conservative Party’s conference this week is turning into a sell for the pound, as Prime Minister Theresa May signaled that her government will focus in negotiations on issues that imply a departure from the EU’s single market. The British leader said the priority will be on immigration and U.K. sovereignty. Banks based in Britain will get no special treatment, senior figures in the administration told Bloomberg, casting more doubt on the future of the U.K.’s financial services industry.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

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Manhattan’s Average Apartment Price Remains More than $2 Million for Third Straight Quarter: Brokerage Report

By Susanne Dwyer

Regional Spotlight—The average apartment price in Manhattan remains more than $2 million for the third straight quarter, according to Halstead’s Market Report. Fueled by luxury new development closings, the average price of $2,044,287 increased 18 percent from last year but was down slightly from the second quarter of 2016. The median price of $1,085,000 showed a 9 percent improvement from the third quarter 2015. For the first time, the average condominium price exceeded $3 million, setting a record at $3,031,266. The Halstead Market Report is based on 2,547 reported Manhattan apartment sales, 14 percent fewer than last year’s comparable period.

“While we continue to see record new development prices, contracts for those apartments were, on average, signed over a year ago and do not reflect the current state of the market,” says Diane Ramirez, chairman & CEO of Halstead Property. “Buyers and sellers of resale apartments must look past the increase in the overall average price, which is inflated by luxury new development closings.”

Halstead’s Third Quarter 2016 Market Report also noted the following data:

  • Cooperative sales prices averaged $1,265,933, a 1 percent improvement from last year’s third quarter
  • The average resale price was 5 percent higher than a year ago, coming in at $1,542,623, slightly below the previous quarter
  • The highest percentage of resales in Manhattan were on the East Side at 22.6 percent, followed by Downtown at 21.1percent;
  • Resale apartments spent an average of 75 days on the market, 7 percent longer than the same time in 2015
  • Buyers paid 98.4 percent of their apartment’s last asking price, down from 99.5 percent a year ago
  • Closing prices in new developments reached a record of $4,394,721 in the third quarter, with the median price garnering an average of $2,514,597, 40 percent higher than a year ago
  • South of 14th Street had the largest share of new development closings, accounting for 31 percent of third quarter 2016 activity.

For more information, visit www.halstead.com.

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From:: Real Estate News

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8 years later, a look back on TARP

The anniversary of the Consumer Financial Protection Bureau’s Know Before You Owe rule isn’t the only historical mortgage moment that happened on Oct. 3. Monday also marked the eighth anniversary of the Emergency Economic Stabilization Act of 2008 becoming law, putting the Troubled Asset Relief Program into effect. Here’s how the program performed over the past eight years. …read more

From:: Real Estate Wire

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MTA Higher Than at Any Time Since 2009

After heading north for the 23rd month in a row, the Monthly Treasury Average has now escalated to its highest reading since late in 2009.

For September, the MTA was calculated to be 0.54167 percent, according to a Mortgage Daily analysis of Federal Reserve Board data.

Based on historical data, the index stands at its highest level since October 2009, when it was 0.54417 percent — an all-time low at the time.

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From:: Financing