Category: Stock Market News

U.S. stocks fluctuated between gains and losses at the open on Thursday after a spate of lackluster U.S. economic data constrained gains. Stock futures trimmed their advance after the data, as a larger-than-expected drop in sales at U.S. retailers stoked worries about the strength of the consumer. The data revealed a larger-than-expected decline in sales, stoking worries about the strength of the U.S. consumer. The S&P 500 index shed 2 points, or 0.1%, to 2,124. The Dow Jones Industrial Average was essentially flat at 18,030. The Nasdaq Composite Index climbed 8 points, or 0.2%, to 5,182.

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Merck & Co. Inc. and Pfizer Inc. said Thursday a Phase 3 study of ertugliflozin, an investigational oral treatment for type 2 diabetes, met its primary endpoint. The drug giants plan to submit a new drug application for ertugliflozin by the end of 2016, and regulatory submissions overseas in 2017. “Type 2 diabetes is a progressive disease and these study results help support the clinical profile of ertugliflozin as an add-on therapy for patients who may require multiple treatment combinations to help reach their blood sugar goals,” said James Rusnak, chief development officer in cardiovascular and metabolics at Pfizer. Shares of Merck were still inactive in premarket trade and Pfizer’s tacked on 0.1%. Year to date, Merck’s stock has run up 16% and Pfizer shares have advanced 5.1%, while the SPDR Health Care Select Sector ETF has slipped 0.6% and the Dow Jones Industrial Average has tacked on 3.5%.

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Merck & Co. Inc. and Pfizer Inc. said Thursday a Phase 3 study of ertugliflozin, an investigational oral treatment for type 2 diabetes, met its primary endpoint. The drug giants plan to submit a new drug application for ertugliflozin by the end of 2016, and regulatory submissions overseas in 2017. “Type 2 diabetes is a progressive disease and these study results help support the clinical profile of ertugliflozin as an add-on therapy for patients who may require multiple treatment combinations to help reach their blood sugar goals,” said James Rusnak, chief development officer in cardiovascular and metabolics at Pfizer. Shares of Merck were still inactive in premarket trade and Pfizer’s tacked on 0.1%. Year to date, Merck’s stock has run up 16% and Pfizer shares have advanced 5.1%, while the SPDR Health Care Select Sector ETF has slipped 0.6% and the Dow Jones Industrial Average has tacked on 3.5%.

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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WASHINGTON (MarketWatch) – The U.S. current-account deficit, a measures of the nation’s debt to other countries, sank 9.1% in the second quarter to $119.9 billion, the government said. The decline mostly stemmed from an increase in investment in U.S. assets such as stocks and bonds. The current account reveals if a country is a net lender or debtor. The current account deficit was 2.6% of GDP in the second quarter. That’s down from 2.9% in the first quarter and well below a record of 6.3% in 2005. The current-account deficit in the first quarter was revised up to $131.8 billion from $124.7 billion.

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Shares of Goodyear Tire & Rubber Co. surged 3.5% in premarket trade Thursday, after the tire company boosted its quarterly dividend by 43%. The new dividend of 10 cents a share, up from 7 cents a share, will be payable Dec. 1 to shareholders of record on Nov. 1. Based on Wednesday’s closing price for the stock of $30.81, the new annual dividend implies a dividend yield of 1.30%, compared with the aggregate S&P 500 dividend yield of 2.15%, according to FactSet. The dividend hike is part of Goodyear’s capital allocation plan, which includes capital expenditures, debt repayment, shareholder returns and restructuring of up to $4 billion. The stock has lost 5.7% year to date through Wednesday, while the S&P 500 has gained 4%.

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Dollar General Corp. said Thursday it is planning to hire 10,000 new employees by Oct. 15 to support store openings and fill other vacancies. The retail chain said it will host 600 local hiring events through Sept. 24, where interested parties can meet with local store managers. The jobs include full-time and part-time positions, from store managers to sales associates. Applications must be made online at www.dollargeneral.com/careers. Shares were not yet active in premarket trade, but are up 0.5% in the year to date, underperforming the S&P 500 , which is up 4%.

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Rigel Pharmaceuticals Inc. said Thursday it is cutting 46 jobs, or 38% of its workforce, as it restructures to focus its efforts on commercializing fostamatinib, a treatment for chronic immune thrombocytopenia (ITP), a condition that causes patients to bruise and bleed easily. “A smaller research department will continue Rigel’s mission to identify and develop novel small molecule therapeutics and will maintain active programs in immunology and oncology,” the company said in a statement. Rigel is expecting to save $17 million to $20 million annually and to book a charge of about $5.7 million, most of it in the third quarter. Fostamatinib met its primary targets in two recent late-stage trials. Rigel also said that co-founder Donald Payan is retiring. Shares were not yet active in premarket trade, but have gained 12.5% in the year so far, while the S&P 500 has gained 4%.

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Shares of Apple Inc. rallied 1% in premarket trade Thursday, putting them on track for a fourth-straight gain, amid signs of strong demand for the technology giant’s new smartphones. The stock has soared 8.4% week to date through Wednesday, the best three-day stretch since it ran up 9.2% in the three sessions ending Aug. 28, 2015, with strong preorder sales of iPhone 7 and iPhone 7 Plus smartphones at T-Mobile US Inc. and Sprint Corp. providing a boost. Reports that the smartphones had sold out, and will not be available for walk-in purchases when the phones hit stores on Friday, helped fuel gains. Global Equities Research analyst Trip Chowdhry said the sellout suggests average selling prices will rise, as the higher-priced iPhone 7 Plus should outsell the regular iPhone 7. Apple’s stock has climbed 6.2% year to date through Wednesday, while the Dow Jones Industrial Average has gained 3.5%.

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The Bank of England on Thursday left unchanged its key interest rate at a record low 0.25%, meeting widely held expectations. The central bank also left unchanged the size of its quantitative easing program at £435 billion ($576 billion). Last month, the central bank launched a stimulus package that included plans to buy corporate bonds and offer ultracheap loans to banks, as it aimed to shield the British economy from pressure stemming from the Brexit vote in June. “Overall, while the evidence on the initial impact of the policy package is encouraging, the Committee will monitor closely changes in asset prices and in interest rates facing households and firms and their effect on economic activity,” the BOE said in a statement. The pound traded at $1.3242 compared with $1.3236 just before the BOE’s policy decision was released.

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Extraction Oil & Gas LLC said Wednesdsay it was converting itself into a public corporation and was launching an initial public offering to raise up to $100 million, according to a filing with the Securities and Exchange Commission. The company, to be known as Extraction Oil & Gas Inc., plans to list on the Nasdaq under the ticker symbol “XOG”. Credit Suisse, Barclays, and Goldman Sachs are listed as underwriters for the deal. On Tuesday, Vantage Energy Inc. said it was starting a postponed IPO back up to raise up to $100 million.

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