Author: admin

Aduro Biotech Inc. shares were halted in pre-market trade Monda, after the company said its pancreatic cancer drug missed the primary endpoint in a phase 2b clinical trial. The therapy being tested was CRS-207 both alone and in combination with GVAX Pancreas and was intended for patients with the cancer who had unsuccessfully undergone two prior metastatic therapies. Aduro’s chairman, Stephen Isaacs, called the findings “unexpected” given “the divergence of these data from the results of our Phase 2a study.” The company said the therapies are also being tested in an ongoing trial as a second-line treatment for patients with metastatic pancreatic cancer. Aduro shares have dropped 28.6% in the last three months, compared with a 8.0% 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.

…read more

From:: Stock Market News

Warren Buffett’s investment vehicle Berkshire Hathaway Inc.’s new investment in Apple Inc. could be worth about $181.2 million less than it was 6 1/2 weeks ago, at the end of the first quarter. Berkshire’s 13F filing showed that it owned a new 9,811,747 stake in Apple as of March 31, when the stock closed at $108.99, or 20% above Friday’s closing price of $90.52. The filing did not disclose at what prices the shares were bought. The volume-weighted average price of Apple’s stock during the quarter was $99.59. At that price, if its position in Apple was unchanged, Berkshire could have lost about $89 million on its Apple stake through Friday.

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.

…read more

From:: Stock Market News

Warren Buffett’s investment vehicle Berkshire Hathaway Inc.’s new investment in Apple Inc. could be worth about $181.2 million less than it was 6 1/2 weeks ago, at the end of the first quarter. Berkshire’s 13F filing showed that it owned a new 9,811,747 stake in Apple as of March 31, when the stock closed at $108.99, or 20% above Friday’s closing price of $90.52. The filing did not disclose at what prices the shares were bought. The volume-weighted average price of Apple’s stock during the quarter was $99.59. At that price, if its position in Apple was unchanged, Berkshire could have lost about $89 million on its Apple stake through Friday.

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.

…read more

From:: Stock Market News

Wal-Mart Stores Inc and McKesson Corporation are partnering to source generic pharmaceuticals, the companies announced Monday. The agreement adds on to an existing long-term distribution agreement between the two companies and could lower the cost of pharmaceutical care, the press release states. Shares of Wal-Mart were down less than 1% Monday.

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.

…read more

From:: Stock Market News

SandRidge Energy Inc. said Monday it has filed for a “pre-arranged” reorganization under Chapter 11 supported by an agreement with creditors that own more than two thirds of its $4.1 billion in funded debt obligations. The company, which was forced into bankruptcy by the prolonged slump in oil prices and now trades over-the-counter, said the support agreement includes a reserve-based lending facility and the conversion to equity of about $3.7 billion of other funded debt. The company’s pro forma capital structure will consist of $425 million in first lien RBL debt, maturing in 2020, and $300 million in mandatorily convertible debt that will accrue interest on a non-cash basis and convert into equity at the earlier of certain conversion events or four years from the effective date of the Chapter 11 plan of reorganization. The company expects to have enough liquidity to fund operation and its capital program through Chapter 11 without the need for further capital. Shares were slightly lower in premarket trade.

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.

…read more

From:: Stock Market News

Allergan plc said Monday it had positive results in two trials of its Oculeve Intranasal Tear Neurostimulator, OCUN-OO9 and OCUN-010, after both met their primary endpoints. The company said it’s now on track for a premarket submission for the device to the Food and Drug Administration in the second half of the year. The product is aimed at increasing tear production in patients with Dry Eye Disease due to decreased tear production. Chronic dry eye disease effects more than 25 million people, and is mostly caused by age, contact lens wear, certain medications, eye disease and other medical conditions. Allergan shares were not yet active in premarket trade, but are down 28% in the year so far, while the S&P 500 has gained 0.1%.

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.

…read more

From:: Stock Market News

Gypsum Management and Supply set terms for its initial public offering, which the wallboard and suspended ceilings systems company said could raise up to $185.15 million. As part of the terms, the company expects to sell 7 million shares at an IPO price between $21 to $23. The underwriters will be granted options to buy an additional 1.05 million shares. The stock had been approved for listing on the New York Stock Exchange under the symbol “GMS.” The lead underwriters of the IPO are Barclays and Credit Suisse.

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.

…read more

From:: Stock Market News

Gannett Co. Inc. on Monday raised its bid for Tribune Publishing Co. to $15 a share from $12.25, or a 99% premium over Tribune’s closing price on April 22, the last trading day before Gannett made its original offer. The total value of the new offer is about $864 million, including the assumption of about $385 million of debt, as well as other liabilities, Gannett said in a statement. The news sent shares of Tribune, which rebuffed the original offer, up 27% in premarket trade. “Our increased offer demonstrates our commitment to engaging in serious and meaningful negotiations with the Tribune Board to reach a mutually agreeable transaction where Gannett acquires all of Tribune,” Gannett Chairman John Jeffry Louis said in a statement. Gannett shares were unchanged in premarket trade.

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.

…read more

From:: Stock Market News

Warren Buffett has offered financial help to fellow billionaire investor Dan Gilbert in his bid to buy Yahoo Inc. , CNBC reported on Monday. The Berkshire Hathaway chief executive was rumored on Friday to be backing a consortium that includes Gilbert, the Quicken Loans Inc. founder and Cleveland Cavaliers NBA franchise owner. Buffett confirmed to CNBC on Monday he would be happy to bankroll Gilbert if needed. “Yahoo is not the type of thing I’d ever be an equity partner in. I don’t know the business and wouldn’t know how to evaluate it, but if Dan needed financing, with proper terms and protections, we would be a possible financing help,” Buffett told CNBC. Berkshire Hathaway previously partnered up with investment firm 3G Capital in its takeover of Heinz and Kraft.

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.

…read more

From:: Stock Market News

Royal Dutch Shell PLC is mulling a $40 billion spin off of non-core assets to cut down its $70 billion debt pile, the Telegraph reported over the weekend. The oil giant’s Chief Financial Officer Simon Henry told analysts last week that a spin off through a stock exchange listing was “very much on the agenda”, according to the U.K. newspaper. Shell’s debt burden ballooned after completing its roughly $50 billion takeover of BG Group in February. An IPO of the company’s mature assets has been dubbed “Baby Shell” and is seen as letting Shell better benefit from a recovery in the oil price, the Telegraph said. A representative from Shell declined to comment on the potential spin off, but provided a transcript of the analyst meeting. When asked about a potential IPO of non-core assets, Henry said: “The focus on simplifying the Upstream, why not IPO part of it or otherwise? Yes, why not?,” according to the transcript.

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.

…read more

From:: Stock Market News