New homes sales not only beat out experts’ expectations, but also hit an eight-year high. Although home prices are up, it does not seem to be discouraging the demand for new homes. …read more
From:: Real Estate Wire
Case Shiller: May home prices rise at modest rate
Opinions about this month’s Case-Shiller results are as mixed as the report seems to be. While prices continue to rise, it is at a smaller rate than before. The most surprising, however, is which markets are cooling versus those that continue to drive strong price increases. …read more
From:: Real Estate Wire
Stocks kick off mostly flat amid earnings deluge, ahead of Fed
U.S. stocks opened little-changed on Tuesday, as investors remained cautious ahead of the two-day Federal Reserve policy meeting and a barrage of earnings reports. Shares of McDonald’s Corp slumped after the world’s largest fast-food restaurant chain missed earnings expectations. Lower oil prices continued to weigh on energy stocks. The S&P 500 index was flat at 2,168. The Dow Jones Industrial Average was off by 11 points, 0.1% to 18,481, while the Nasdaq Composite Index began the session unchanged at 5,096.
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.
From:: Stock Market News
Tokai Pharmaceuticals stock plummets after drug trial discontinued
Shares of Tokai Pharmaceuticals Inc. plummted 68% toward a record low in active premarket trade Tuesday, after the company said it was discontinuing a late-stage trial of its prostrate cancer treatment. volume of 257,000 shares was more than four-times the full-day average. The company said following a review of safety and efficacy data, it did not believe the phase 3 study of galeterone for the treatment of metastatic castration-resistant prostate cancer would meet its primary endpoint. “We are very disappointed by this outcome,” said Chief Executive Jodie Morrison. “An immediate priority is to analyze the unblinded study data in detail as we evaluate potential paths forward for galeterone and our pipeline.” Prior to the premarket selloff, the stock, which closed at its record high of $23.76 on the day it went public on Sept. 17, 2014, had tumbled 40% year to date.
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.
From:: Stock Market News
Netflix’s stock surges in active trade; director discloses share purchases
Shares of Netflix Inc. were up more than 4% in active premarket trade, with about 500,000 shares traded, after finishing the previous trading session up 2% at $87.66. Late on Monday the Los Gatos, Calif. company disclosed in a filing Director Jay Hoag spent $51.9 million to buy 600,000 Netflix shares at at weighted average price of $86.43 each, from Thursday through Monday. Separately, Chief Executive Reed Hastings disclosed late Monday that he exercised options to buy 116,431 Netflix shares at a price of $2.86 a share. He sold those shares at a weighted average price of $86.59, to net a profit of $9.75 million. Netflix shares are down more than 23% in the year to date, underperforming the S&P 500 Index , which is up more than 6% in the year.
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.
From:: Stock Market News
Active Power to review ways to boost shareholder value
Active Power Inc. said Tuesday it was reviewing strategic and financial alternatives to boost shareholder value, including finding new investors, ways to accelerate growth initiatives or a potential sale of the company. The maker of power supply systems said it hired Vinson & Elkins as its legal advisor. “We believe our current share price undervalues the company,” said Chairman Daryl Dulaney. “Our board and management team have always been committed to acting in the best interests of our shareholders and we are aggressively seeking ways to maximize shareholder value by pursuing strategic and financial alternatives.” The stock, which is currently halted for news, has plunged 71% year to date, while the S&P 500 has gained 6.1%. The stock closed Monday at 38 cents, and is set to resume trade at 9:15 a.m. ET.
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From:: Stock Market News
Activision Blizzard to host conference call on changes to financial reporting
Activision Blizzard Inc. said Tuesday it will host a conference call on July 29 to discuss changes it is planning to its financial reporting. The video game maker said the changes are in response to the Securities and Exchange Commission’s updated compliance and disclosure interpretations released on May 17. The SEC has repeatedly said it is concerned at the widespread use of non-GAAP numbers”, or those that do not comply with Generally Accepted Accounting Principles. “The updated interpretations apply to all U.S. public companies that report Non-GAAP measures and do not affect underlying business performance,” the company said in a statement. “Activision Blizzard will not be discussing business results during the call.” Shares were slightly higher premarket, but are up 9.5% in the year to date, while the S&P 500 has gained 6%.
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.
From:: Stock Market News
Neflix’s stock surges in active trade; director discloses share purchases
Shares of Netflix Inc. were up more than 4% in active premarket trade, with about 500,000 shares traded, after finishing the previous trading session up 2% at $87.66. Late on Monday the Los Gatos, Calif. company disclosed in a filing Director Jay Hoag spent $51.9 million to buy 600,000 Netflix shares at at weighted average price of $86.43 each, from Thursday through Monday. Separately, Chief Executive Reed Hastings disclosed late Monday that he exercised options to buy 116,431 Netflix shares at a price of $2.86 a share. He sold those shares at a weighted average price of $86.59, to net a profit of $9.75 million. Netflix shares are down more than 23% in the year to date, underperforming the S&P 500 Index , which is up more than 6% in the year.
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.
From:: Stock Market News
Mobileye shares plummet as company says partnership with Tesla will not continue
Shares of Mobileye plummeted 19% in pre-market trade Tuesday after the company said its partnership with Tesla Motors would not continue after its own third quarter. Tesla cars had used Mobileye driver-assistance technology as part of the autopilot feature. Mobileye said it would be shifting to working on fully autonomous vehicle technology and had partnered with BMW and Intel . “Moving forward to more advanced autonomy is a paradigm shift both in terms of function complexity and the need to ensure an extremely high level of safety,” Amnon Shashua, chief technology officer of Mobileye, said on the earnings call. The company will continue to “support and maintain” the Tesla autopilot products and will update several functions. Mobileye had beaten earnings and revenue expectations earlier Tuesday, and shares had risen 5.5%.
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From:: Stock Market News
Progenics receives $50 mln milestone payment after opioid-induced constipation drug approval
Progenics Pharmaceuticals Inc. said Tuesday it received a $50 million milestone payment after its opioid-induced constipation drug Relistor was approved last week. The payment was from Valeant Pharmaceuticals International Inc. , a global collaborative partner of Progenics. Progenics said it is eligible for up to $200 million of sales milestone payments overall. The company’s shares were up 2.2% in pre-market trade. Its stock rose 10.0% over the last three months, compared with a 3.7% rise in the S&P 500 .
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.
From:: Stock Market News