Category: Stock Market News

Shares of Intra-Cellular Therapies Inc. fell 68% late Wednesday after the company said results from a second clinical trial of a drug it was developing for schizophrenia stumbled into a high placebo response, unlike a control drug. Shares had been halted earlier. In the trial, Intra-Cellular’s drug “was statistically significantly better” than the control drug on key safety and tolerability, the company said in a statement. The company said it planned to request a meeting with the FDA to discuss the regulatory path for its drug, and that it was not uncommon in the field of psychiatry for studies to be challenged by high placebo responses, it said. Shares of Intra-Cellular ended the regular trading session up 2%.

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In a speech, Cleveland Fed President Loretta Mester said it would be prudent to raise interest rates now, as she explained why she dissented from last week’s decision to keep rates steady. “In the face of evidence that the economy is on track to meet our goals over the medium run, sometimes being prudent means moving the policy rate up,” she said. Mester, one of 3 voters who wanted a quarter-point hike, said previous risks including the volatility in financial markets at the start of the year, economic weakness abroad, and the aftermath of the U.K. vote to leave the European Union, have subsided, and the economic expansion has proved to be resilient.

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Shares of Progress Software Corp. fell more than 9% late Wednesday after the company missed fiscal third-quarter sales and earnings expectations. Progress said it earned $7.6 million in the quarter, or 15 cents a share, reverting a loss of $4.1 million, or 8 cents a share, in the year-ago period. Adjusted for one-time items, Progress said it earned $21.6 million, or 44 cents a share, compared with $20 million, or 39 cents a share, a year ago. Sales reached $102 million, up from $94.6 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 45 cents a share on sales of $104.7 million in the quarter. Separately, Progress said its board of directors authorized a dividend of 12.5 cents a share payable Dec. 15 to shareholders of record Dec. 1, and that Kurt J. Abkemeier had been appointed the company’s chief financial officer, effective immediately. Shares of Progress had ended the regular trading session up 1.6%.

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Shares of Intra-Cellular Therapies Inc. were halted late Wednesday after the pharma company said results from a second clinical trial of a drug it was developing for schizophrenia stumbled into a high placebo response, unlike a control drug. In the trial, Intra-Cellular’s drug “was statistically significantly better” than the control drug on key safety and tolerability, the company said in a statement. “Drug development in psychiatry faces numerous challenges and approved antipsychotics have had negative results as part of their clinical development programs,” Intra-Cellular said. “We are committed and adequately resourced to continue the development of ITI-007 for the treatment of schizophrenia.” The company said it planned to request a meeting with FDA officials to discuss issues around the regulatory path for the drug. It is not uncommon in the field of psychiatry for studies to be challenged by high placebo responses, it said. Shares of Intra-Cellular ended the regular trading session up 2%.

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U.S. stocks closed higher Wednesday as oil prices surged on reports of an OPEC deal that would freeze production. The Dow Jones Industrial Average closed up 110.94 points, or 0.6%, to 18,339.24, with shares of ExxonMobil Corp. and Caterpillar Inc. closing up more than 4%. The S&P 500 index finished up 11.44 points, or 0.5%, at 2,171.37, with the energy sector jumping 4.3%. The Nasdaq Composite index gained 12.84 points, or 0.3%, to close at 5,318.55. Oil prices settled up 5.3% at $47.05 on Wednesday.

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The Senate passed a bill Wednesday that would fund the government through Dec. 9 and avert a shutdown this weekend. The bill now goes to the House of Representatives. The government is currently funded through the end of the day Friday. Democrats had opposed the funding bill until a deal was struck on aid for the Flint, Mich., water crisis. The aid is in a separate measure.

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The House of Representatives voted Wednesday to override President Barack Obama’s veto of a bill that would allow families of the victims of the Sept. 11 attacks to sue Saudi Arabia. The House’s vote follows the Senate’s, marking the first time Congress has overridden a veto by Obama. Obama has said allowing private lawsuits against foreign countries would be detrimental to U.S. interests. Saudi Arabia has strongly opposed the bill and threatened to liquidate its holdings of U.S. Treasurys if the bill is approved.

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Commodity-linked currencies like the Russian ruble and Canadian dollar firmed on Wednesday after a news report said that the Organization of the Petroleum Exporting Countries had reached a deal to cap oil output. The greenback slid 1% against the Russian ruble, buying 63.29 rubles in recent trade, compared with 63.92 rubles late Tuesday in New York. Meanwhile, the buck was down 0.5% against its Canadian rival in recent trade, buying C$1.3141, compared with C$1.3205 late Tuesday in New York. The dollar also lost ground against the Norwegian krone , sliding 1% to trade at 8.04 krone, compared with 8.11 krone late Tuesday. Crude oil prices shot higher on the news, on track for their largest daily gain in nearly three weeks. Crude-oil futures for November delivery traded on the New York Mercantile Exchange were up 4.2% to $46.52 a barrel in recent trade. Members of the organization have struggled to come to an agreement since the second half of 2014, when prices began to decline precipitously from a peak of around $107 a barrel in July 2014.

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Oil futures rallied to new session highs on Wednesday after Reuters reported that the Organization of the Petroleum Exporting Countries has reached a deal to limit crude production. The news agency had reported earlier, citing sources that group may announce a deal, but not provide details until OPEC’s official meeting in Vienna on Nov. 30. November West Texas Intermediate crude futures jumped $2.11, or 4.7%, to trade at $46.78 a barrel, minutes ahead of the settlement on the New York Mercantile Exchange. Nov. Brent crude on the ICE Futures exchange was up $2.41, or 5.2%, at $48.38 a barrel.

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Chicago Fed President Charles Evans said on Wednesday that the U.S. is likely to be in a low interest-rate environment “for some time.” Evans fretted that leaves policymakers with less room to navigate any future downward shock. Even once rates have normalized, “the new equilibrium likely will be one with lower interest rates than we have experienced in the past.”

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