Category: Stock Market News

Juno Therapeutics Inc. shares plummeted 30.4% in pre-market trade Wednesday after the company said two patients in its cancer trial had died. Both patients experienced brain trauma earlier in the week during a phase 2 trial for a leukemia treatment, the company said. Two patients also died in early July in the same clinical trial, but the company was allowed to resume the trial without the chemotherapy drug fludarabine, which Juno believed caused the deaths in combination with the company’s JCAR015 drug. This week, Juno put the trial on clinical hold, and said it is working with the Food and Drug Administration and the Data and Safety Monitoring Board, an independent expert advisory group, to “determine next steps.” The company said its other product candidates targeting the B Cell Specific Antigen CD19 won’t be affected. Juno shares have dropped 32.0% year-to-date, compared with a 7.8% rise in the S&P 500 .

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Juno Therapeutics Inc. shares were halted in pre-market trade Wednesday after the company said one patient in its cancer trial had died and one was “not expected to recover.” The two patients both experienced brain trauma earlier in the week during a phase 2 trial for a leukemia treatment, the company said. Two patients died in early July in the same clinical trial, but the company was allowed to resume the trial without the chemotherapy drug fludarabine, which Juno believed caused the deaths in combination with the company’s JCAR015 drug. This week, Juno put the trial on clinical hold, and said it is working with the Food and Drug Administration and the Data and Safety Monitoring Board, an independent expert advisory group, to “determine next steps.” The company said its other product candidates targeting the B Cell Specific Antigen CD19 won’t be affected. Juno shares have dropped 32.0% year-to-date, compared with a 7.8% rise in the S&P 500 .

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Shares of Deere & Co. surged 2.4% in premarket trade Wednesday toward a 15-month high, after the agricultural and construction equipment maker beat fiscal fourth-quarter profit and sales expectations. Earnings for the quarter to Oct. 31 fell to $285.3 million, or 90 cents a share, from $351.2 million, or $1.08 a share, in the same period a year ago. The FactSet consensus for earnings per share was 40 cents. Total revenue declined to $6.52 billion from $6.72 billion, but was above the FactSet consensus of $6.16 billion, as equipment sales fell 5%. Both agriculture and turf and construction and forestry sales fell 5%, but beat expectations. Looking ahead, the company expects equipment sales to slip 4% in the first quarter 1% for fiscal 2017. “The company in 2016 had one of its ten-best years in both sales and earnings, a noteworthy achievement in light of the difficult business climate,” said Chief Executive Samuel Allen. “Deere’s performance benefited from the adept execution of its operating plans and disciplined cost management as well as the impact of a broad product portfolio.” The stock has soared 21% year to date through Tuesday, while the S&P 500 has gained 7.8%.

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Eli Lilly and Co. shares tumbled 14% in premarket trade Wednesday, after the company said a late-stage trial of a treatment for dementia in patients with Alzheimer’s Disease failed to meet its goal. The phase 3 trial of solanezumab failed to meet its primary endpoint, the company said in a statement. It will no longer pursue regulatory submissions for the drug. “The results of the solanezumab EXPEDITION3 trial were not what we had hoped for and we are disappointed for the millions of people waiting for a potential disease-modifying treatment for Alzheimer’s disease,” Chief Executive John C. Lechleiter, Ph.D., said in a statement. “We will evaluate the impact of these results on the development plans for solanezumab and our other Alzheimer’s pipeline assets.” The company expects to book a charge of 9 cents a share in the fourth quarter and will update its 2016 guidance and provide an outlook for 2017 on Dec. 15. Shares were down 10% for the year through Tuesday, while the S&P 500 has gained 7.8%.

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The American Petroleum Institute late Tuesday reported a fall of 1.3 million barrels in U.S. crude supplies for the week ended Nov. 18, according to sources. Analysts polled by S&P Global Platts expected stockpiles to be unchanged, while The Wall Street Journal survey of analysts and traders forecast a climb of 800,000 barrels. Sources also said the API showed an increase of 2.7 million barrels in gasoline inventories. “The gasoline build and the drop in crude [supply] is a sign refiners are coming out of maintenance. Gasoline demand continues to be near a record for this time of year and refiners want to get a jump on it,” said Phil Flynn, senior market analyst at Price Futures Group. Supply data from the Energy Information Administration will be released Wednesday. December crude was at $47.90 a barrel in electronic trading, below the contract’s settlement of $48.03 on the New York Mercantile Exchange.

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Madison Square Garden Co. said late Tuesday that hackers may have stolen payment card data over the course of a year from patrons that used them at its venues. The company said magnetic data on cards used at merchandise, food and beverage vendors at Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, Beacon Theatre and The Chicago Theatre from Nov. 9, 2015 to Oct. 24, 2016 may be affected. The breach did not affect sales at its websites, its box office sales, or sales through Ticketmaster, the company said. Madison Square Garden shares were up 0.3% at $173.50 after hours.

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The Russell 2000 Index rose 0.9% Tuesday to a record high, as the small-cap tracker’s win streak hit the longest stretch in over 20 years. After closing at a four-month low on Nov. 3, the index has now gained ground for 13-straight sessions, soaring 15% during that streak. That is the longest streak of gains since the 15-session stretch ending Feb. 6, 1996. The index only gained 6.1% during that streak. In comparison, the S&P 500 index of large-cap stocks has gained in eight of the past 13 sessions, and has climbed just 5.5% during that stretch.

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GameStop Corp. narrowly topped reduced expectations late Tuesday, after issuing a profit warning earlier this month. The retailer reported net income of $50.8 million, or 49 cents a share, compared with $56 million, or 54 cents a share, in the year-earlier period. On Nov. 2, the company warned that both its quarterly and full-year earnings would be weaker than previously forecast. Revenue fell 3% to $1.96 billion from $2.02 billion a year ago, while same-store sales, a key growth metric for retailers, fell 6.5%. Analysts surveyed by FactSet were calling for earnings of 47 cents on sales of $1.98 billion. New hardware sales plummeted 20.6%, which the company blamed on “weaker-than-expected demand during the last few weeks of October.” The declines were partially offset by stronger sales in its technology brands and collectibles category, the latter of which was propped up by demand for Pokémon items. The company expects same-store sales to fall between 12% and 7% in the current quarter, and earnings to be in the range of $2.23 to $2.38 a share, compared with the FactSet consensus estimate of $2.36. Shares of GameStop have declined by 23% in the past three months and nearly 40% in the past year. The S&P 500 , by comparison, has risen 1% in the past three months and 5.5% in the past year.

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On the anniversary of their split, Hewlett Packard Enterprise Co. and HP Inc. dropped together Tuesday afternoon after revealing fiscal fourth-quarter earnings. HPE, which focuses on sales to businesses, came in well below its forecast for net income, at $300 million, or 18 cents a share; the company had said it expected earnings of 44 cents to 49 cents a share. After adjustments, HPE claimed profit of 61 cents a share, which was within its forecasted range and a penny more than analysts’ expectations, on revenue of $12.5 billion. Analysts expected HPE to report adjusted earnings of 60 cents a share on sales of $12.8 billion, according to FactSet. The consumer-focused business reported net income of $500 million, or 30 cents a share, on sales of $12.5 billion. After adjustments, HP claimed profit of 36 cents a share. HP Inc. was expected to report adjusted profit of 36 cents a share on sales of $11.9 billion. Shares of both companies declined in late trading, with HPE dropping about 0.4% and HP Inc. taking a bigger tumble of more than 2%. The former Hewlett-Packard Co. split into HP Inc. and Hewlett Packard Enterprise Co. a year ago, with Chief Executive Meg Whitman remaining in charge at HPE and leaving the consumer-technology company in the hands of Dion Weisler.

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Shares of Urban Outfitters Inc. fell more than 7% late Tuesday after the retailer reported sales and earnings below Wall Street expectations. Urban Outfitters said it earned $47 million, or 40 cents a share, in the third quarter, compared with $52 million, or 42 cents a share, in the year-ago period. Sales reached $862 million in the quarter, compared with $825 million a year ago. Analysts polled by FactSet had expected the Philadelphia-based retailer to report earnings of 44 cents a share on sales of $869 million. Comparable-store sales rose 1%, compared with expectations of a 1.9% increase, according to FactSet. The shares had ended the regular trading day up 5%.

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