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Depomed Inc. defeated an attempt by Allergan PLC and two other drugmakers to sell a generic version of one of Depomed’s painkillers Friday. The company announced that a federal judge in New Jersey ruled that Depomed’s patents were valid until at least 2025; Depomed said it would appeal an adverse ruling on a patent that would have allowed exclusivity until 2029. Depomed shares were halted about 45 minutes before the close and the official announcement, but shares jumped as much as 10% just before the halt. Depomed has been the subject of acquisition rumors amid a build-up of shares by activist investor Starboard Value LP, despite fending off bids from Horizon Pharma PLC.

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From:: Stock Market News

U.S. stocks finished higher on Friday, locking in their best quarterly gains since December 2015, as worries about Deutsche Bank Ag subsided. The S&P 500 index gained 17.09 points, or 0.8%, to 2,168.23, led by a rebound in financial shares. Meanwhile, the Dow Jones Industrial Average advanced 164.63 points, or 0.9%, to 18,308.08, with all 30 of its components finishing in the green. The Nasdaq Composite Index climbed 42.85 points, or 0.8%, to 5,312. All three benchmarks logged their strongest quarterly gains since December 2015, as the Federal Reserve’s unwillingness to raise interest rates helped drive stocks to record highs earlier in the quarter. The S&P finished Friday’s session with a quarterly gain of 3.3%. The Dow advanced 2.1%, while the Nasdaq Composite posted a 9.7% advance.

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From:: Stock Market News

Share of Cognizant Technology Solutions Corp. plunged 14% in active trade Friday, toward the lowest close since October 2014, after the company’s investigation into potential violations of the Foreign Corrupt Practices Act prompted a downgraded at Citigroup. Volume was 48.3 million shares, about 11 times the full-day average. Analyst Ashwin Shirvaikar cut his rating to neutral, after being at buy for at least the last three years, and slashed his stock price target to $55 from $68. Shirvaikar said that while it is too early to know the specifics of the investigation, the possible violations appear to be quite serious, especially since President Gordon Coburn, who Shirvaikar called the “long-time face of the company,” resigned. While the stock’s valuation remains “attractive,” given the information technology consulting company’s fundamental strength, “we also recognize that the stock is likely ‘uninvestable’ to many investors now due to the combination of near-term factors that serve as an overhang,” Shirvaikar wrote in a note to clients. The stock had tumbled 21% year to date, while the S&P 500 has gained 6.4%.

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

The technology sector was by far the best performer of the S&P 500’s 10 sectors during the third quarter, with the SPDR Technology Select Sector ETF running up 10.5% over the past three months. That would be the best quarterly performance for the tech-sector tracker (XLK) since it shot up 10.8% during the fourth quarter of 2013. Apple Inc.’s stock , the XLK’s most heavily-weighted component, surged 18.5% since the end of June, marking the best quarterly performance since the second-quarter of 2014. Among other XLK heavyweights, shares of Microsoft Corp. climbed 12.7%, Facebook Inc. ran up 12.5%, AT&T Inc. dropped 5.8% and Alphabet Inc. tacked on 14.8%. The second-best sector industrials, with the SPDR Industrial Select Sector ETF up 4.5%, while the worst performer was untilities, as the SPDR Utilities Select Sector ETF dows 6.7%. Meanwhile, the S&P 500 gained 3.6% during the third quarter.

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From:: Stock Market News

Oil futures finished higher for Friday’s session, adding to a gain for the month, with traders encouraged by the preliminary agreement between major oil-producers to scale back crude output. But prices still posted a modest loss of nearly 0.2% for the quarter. November West Texas Intermediate crude rose 41 cents, or 0.9%, to settle at $48.24 a barrel on the New York Mercantile Exchange. Prices finished last quarter at $48.33. For the month they climbed about 7.9%.

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

Gold futures fell on Friday, as waning concerns surrounding the health of Deutsche Bank’s balance sheet prompted a rally in U.S. equities. The metal’s loss for the session contributed to a decline of nearly 0.3% for the quarter, following gains in the first and second quarters, according to FactSet data. December gold fell $8.90, or 0.7%, to settle at $1,317.10 an ounce for the session. It still rose about 0.4% for the month.

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