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Rigel Pharmaceuticals Inc. said Thursday it is cutting 46 jobs, or 38% of its workforce, as it restructures to focus its efforts on commercializing fostamatinib, a treatment for chronic immune thrombocytopenia (ITP), a condition that causes patients to bruise and bleed easily. “A smaller research department will continue Rigel’s mission to identify and develop novel small molecule therapeutics and will maintain active programs in immunology and oncology,” the company said in a statement. Rigel is expecting to save $17 million to $20 million annually and to book a charge of about $5.7 million, most of it in the third quarter. Fostamatinib met its primary targets in two recent late-stage trials. Rigel also said that co-founder Donald Payan is retiring. Shares were not yet active in premarket trade, but have gained 12.5% in the year so far, while the S&P 500 has gained 4%.

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From:: Stock Market News

Shares of Apple Inc. rallied 1% in premarket trade Thursday, putting them on track for a fourth-straight gain, amid signs of strong demand for the technology giant’s new smartphones. The stock has soared 8.4% week to date through Wednesday, the best three-day stretch since it ran up 9.2% in the three sessions ending Aug. 28, 2015, with strong preorder sales of iPhone 7 and iPhone 7 Plus smartphones at T-Mobile US Inc. and Sprint Corp. providing a boost. Reports that the smartphones had sold out, and will not be available for walk-in purchases when the phones hit stores on Friday, helped fuel gains. Global Equities Research analyst Trip Chowdhry said the sellout suggests average selling prices will rise, as the higher-priced iPhone 7 Plus should outsell the regular iPhone 7. Apple’s stock has climbed 6.2% year to date through Wednesday, while the Dow Jones Industrial Average has gained 3.5%.

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From:: Stock Market News

The Bank of England on Thursday left unchanged its key interest rate at a record low 0.25%, meeting widely held expectations. The central bank also left unchanged the size of its quantitative easing program at £435 billion ($576 billion). Last month, the central bank launched a stimulus package that included plans to buy corporate bonds and offer ultracheap loans to banks, as it aimed to shield the British economy from pressure stemming from the Brexit vote in June. “Overall, while the evidence on the initial impact of the policy package is encouraging, the Committee will monitor closely changes in asset prices and in interest rates facing households and firms and their effect on economic activity,” the BOE said in a statement. The pound traded at $1.3242 compared with $1.3236 just before the BOE’s policy decision was released.

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From:: Stock Market News

Extraction Oil & Gas LLC said Wednesdsay it was converting itself into a public corporation and was launching an initial public offering to raise up to $100 million, according to a filing with the Securities and Exchange Commission. The company, to be known as Extraction Oil & Gas Inc., plans to list on the Nasdaq under the ticker symbol “XOG”. Credit Suisse, Barclays, and Goldman Sachs are listed as underwriters for the deal. On Tuesday, Vantage Energy Inc. said it was starting a postponed IPO back up to raise up to $100 million.

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