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Celgene Corporation and Jounce Therapeutics Inc. said early Tuesday they plan to collaborate on next-generation cancer treatments. As part of the partnership, Jounce will receive $225 million, a $36 million equity investment from Celgene and up to $2.3 billion in future milestone payments. Celgene will receive options to develop and commercialize Jounce’s cancer tumor treatment, JTX-2011, along with other immunotherapies. Celgene shares fell 3.6% over the last three months, compared with a 3.2% rise in the S&P 500 .

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From:: Stock Market News

Johnson & Johnson’s stock jumped 3.1% in premarket trade Tuesday, after the consumer and pharmaceutical products giant reported second-quarter profit and sales that beat expectations and raised its full-year outlook. For the quarter ended in June, earnings fell to $6.02 billion, or $1.43 a share, from $6.25 billion, or $1.61 a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at $1.74, above the FactSet consensus of $1.68. Revenue grew 3.9% to $18.48 billion, above the FactSet consensus of $17.98 billion, boosted by 8.9% growth in pharmaceutical sales. The company raised its 2016 EPS outlook to $6.63 to $6.73 from $6.53-$6.68 and its revenue outlook to $71.5 bln to $72.2 bln from $71.2 bln to $71.9 bln. “We saw notable strength in our Pharmaceuticals business due to the continued success of new products, and also achieved significant clinical milestones, advancing our robust pipeline,” said Chief Executive Alex Gorsky. The stock has surged 20% year to date through Monday, while the Dow Jones Industrial Average has gained 6.4%.

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From:: Stock Market News

Concerns over the U.K.’s Brexit referendum significantly hampered confidence in Germany’s economy in July, with the ZEW survey of economic sentiment sliding to the lowest level since 2012. The indicator slumped to negative 6.8 points, down from 19.2 in June. Economists polled by FactSet had expected a reading of 6. “The Brexit vote has surprised the majority of financial market experts. Uncertainty about the vote’s consequences for the German economy is largely responsible for the substantial decline in economic sentiment,” said ZEW President Achim Wambach in the release. The assessment of the current economic situation also weakened, falling to 49.8 points from 54.4 points. The economic sentiment indicator for the eurozone slumped to negative 14.7 points, down 34.9 points from June.

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