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Juno Therapeutics plummets as cancer-drug study put on hold after two deaths

A Juno Therapeutics Inc. study of a cancer drug has been put on a mid-stage clinical hold by the Food and Drug Administration after two patients taking part died last week, the pharmaceutical company said Thursday afternoon. The drug, known as JCAR15, was being supplied to patients suffering from acute lymphoblastic leukemia; Juno said the deaths occurred after fludarabine was added to the pre-conditioning regimen. Juno Chief Executive Hans Bishop told Forbes that the patients died from neurotoxicity-related complications; neurotoxicity is a known side effect of the type of therapy Juno was testing, Bishop said, but he added that the severity of the patients’ reactions “was a real surprise.” Juno has requested that the trial continue without the use of fludarabine, a chemotherapy drug, and the FDA has requested revised documentation that the company expects to hand over next week. Juno shares fell more than 30% in late trading after a pause ahead of the announcement.

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Gap shares jump in late trading after June same-store sales increase

Gap Inc. shares climbed 2.6% in late trading after the retailer said June same-store sales increased 2%. Sales for the five weeks ending July 2, 2016 totaled $1.57 billion, up 2% from $1.54 billion for the same period last year. The retailer reported a 1% same-store sales decline at its namesake Gap Global brand and a 4% same-store sales decrease at the Banana Republic brand. But same-store sales at the Old Navy brand were up 5% for the month. Gap shares are down 44.5% for the past year while the S&P 500 is up 0.8% for the same period.

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Barracuda shares jump 12% after earnings, sales beat

Shares of Barracuda Networks Inc. rallied late Thursday after the data security company posted fiscal first-quarter earnings and sales above Wall Street expectations. Barracuda said it earned $2.8 million, or 5 cents a share, in the quarter, reversing a loss of 7 cents a share in the fiscal first quarter of 2015. Adjusted for one-time items, the company reported earnings of $10.7 million, or 20 cents a share, compared with adjusted earnings of 9 cents a share in the year-ago period. Sales rose 11% on-year to $86.7 million. Analysts polled by FactSet had expected adjusted earnings of 11 cents a share on sales of $83.9 million. Shares rose 12% after ending the regular trading session up 3.4%.

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Progress Made On GSE Single Security

A report was issued about the progress made on the development by the government-sponsored enterprises and their regulator of a Common Securitization Platform and single security.

The 2016 Conservatorship Scorecard for Fannie Mae, Freddie Mac, and Common Securitization Solutions requires the first use of the CSP software to be implemented in 2016.

The software implementation outlined in the scorecard is part of Release 1, whereas Release 2 calls for the CSP to begin being utilized to issue single securities within two more years.

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Oil futures end at lowest level in two months

Oil futures dropped by nearly 5% Thursday to book their lowest settlement in two months. Worries about a potential slowdown in energy demand and a weekly decline in U.S. crude inventories that was smaller than some expected put pressure on prices, despite data showing a sizable weekly decline in domestic oil output. August WTI crude fell $2.29, or 4.8%, to settle at $45.14 a barrel on the New York Mercantile Exchange. That was the lowest settlement since May 10.

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Fed extends deadline again for Volcker Rule implementation

The U.S. Federal Reserve said on Thursday that it would extend until July 2017 the deadline for banks to divest ownership in some legacy investments and to end relationships with funds prohibited under the Volcker Rule. The rule, passed as part of the Dodd-Frank law in 2010, is intended to prevent taxpayer-backed banks from making bets on Wall Street for their own benefit. It prohibits insured banks and any of their subsidiaries from engaging in proprietary trading and from owning or affiliating in any way with a hedge fund or private equity fund. The rule was not finalized until 2013 and originally delayed for the first time in 2014 after banks said they could suffer big losses if they had to sell the stakes in a hurry. This is the final extension that the Fed is authorized to grant.

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Gold futures settle lower after three-session rise

Gold futures settled lower Thursday, pulling back after a three-session climb, as upbeat U.S. data on June private-sector employment and jobless claims triggered some uncertainty around U.S. interest-rate expectations. Gold for August delivery lost $5, or 0.4%, to finish at $1,362.10 an ounce.

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From:: Stock Market News