Category: Stock Market News

Shares of Nintendo Corp. tumbled 12% in Tokyo Wednesday after reports of a delay to the launch of the wildly popular Pokémon Go game in Japan. The rollout, planned for Wednesday, was cancelled after details were leaked via an internal communications from McDonald’s Holdings Co. (Japan) , according to Tech Crunch. McDonalds Japan is the sponsor of that game, and Niantic, Nintendo and the Pokémon Company were worried that the pre-hype would overload servers in Japan, where its fan base is huge. Pokémon Go’s launch across Europe last weekend also triggered server issues. There were no updates from Pokémon Go Japan on Twitter Wednesday. Shares of McDonald’s Holdings surged nearly 10% in Japan after Tuesday’s news the fast-food group’s restaurants would be key locations for Pokémon Go hunters. Citing Japan news outlet Nikkei, Tech Crunch said the launch in Japan would now take place on Thursday.

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Unilever PLC announced Tuesday night it is buying Dollar Shave Club LLC, reportedly for $1 billion. Dollar Shave, a direct-to-consumer discount retailer, has 3.2 million members and is on track to post $200 million in sales this year. The Southern California company was valued at about $539 million last fall, after a $160 million funding round. Terms of the acquisition were not announced, but Fortune reported Unilever will pay $1 billion in cash. In a statement, Unilever said it plans to use its global reach to bolster the “innovative and disruptive” company and reach its loyal customers. Dollar Shave CEO Michael Dubin will keep his position. The deal, assuming it passes regulatory approval, it expected to close in the third quarter.

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CLEVELAND (MarketWatch) — Donald Trump was officially nominated for president at the Republican convention in Cleveland on Tuesday. Trump is scheduled to give his acceptance speech on Thursday night.

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Valeant Pharmaceuticals International Inc. and Progenics Pharmaceuticals Inc. said late Tuesday the Food and Drug Administration approved their drug Relistor to treat opioid-induced constipation. Valeant shares rose 3.4% to $24.35 after hours, while Progenics shares jumped 17% to $5.80. Progenics licenses Relistor to Valeant, who plans to start marketing the drug in the U.S. in the third quarter. Earlier Tuesday, Valeant said an FDA panel recommended approval for a psoriasis treatment it licenses from AstraZeneca.

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Shares of Zafgen Inc. plummeted in the extended session Tuesday after the tiny biotech company said it was shifting resources from one of its obesity drug candidates to another more promising one. Zafgen shares fell 41% to $4.01 after hours. The company said it would no longer invest resources in developing its drug beloranib, studies of which were placed on a clinical hold by the Food and Drug Administration in December, and shift focus to another drug candidate named ZGN-1061. “Zafgen has determined that the obstacles, costs and development timelines to obtain marketing approval for beloranib are too great to justify additional investment in the program, particularly given the promising emerging profile of ZGN-1061,” the company said in a statement. When beloranib had been placed on clinical hold, the company was already enrolling patients in late-stage clinical trials. The company said it would start enrolling patients in early stage clinical trials for ZGN-1061.

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Toro Co. said late Tuesday that it named Chief Operating Officer Richard Olson as president and chief executive officer, effective Nov. 1. Michael Hoffman, the current chairman and CEO, will remain chairman of the board. Shares of Toro remained unchanged after closing at $90.55 during the regular session.

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Valeant Pharmaceuticals International Inc. said late Tuesday that a Food and Drug Administration advisory committee voted unanimously to recommend approval for its psoriasis treatment brodalumab. Valeant said the FDA’s Dermatologic and Ophthalmic Drugs Advisory Committee voted 18 to 0 to approve brodalumab to treat moderate-to-severe plaque psoriasis. The FDA is not bound to its panels’ recommendation but generally follows their recommendations. Valeant has a license to market brodalumab in the U.S. from AstraZeneca PLC . Valeant shares declined 0.4% to $23.45 after hours.

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Oil futures edged lower in electronic trading Tuesday, holding ground at a 10-week low, after the American Petroleum Institute reported that U.S. crude supplies fell by 2.3 million barrels for the week ended July 15, according to sources. The closely watched Energy Information Administration report will be released Wednesday. Analysts polled by S&P Global Platts forecast a decline of 1.25 million barrels for crude inventories. August crude was at $44.56 a barrel in electronic trading, down a bit from the contract’s settlement of $44.65 on the New York Mercantile Exchange.

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Shares of Discover Financial Services slid in Tuesday’s extended session after the credit-card company posted mixed quarterly results–beating on earnings but falling short on revenue. Discover reported its second-quarter earnings rose to $616 million, or $1.47 a share, from $586 million, or $1.33 a share, a year earlier. The latest quarter’s results include a non-recurring tax benefit of $44 million. Revenue net of interest expense edged up to $2.22 billion from $2.18 billion while total loans grew 4% to $71.9 billion and credit card loans rose 4% to $57.2 billion. Analysts surveyed by FactSet had forecast earnings of $1.40 a share and revenue of $2.23 billion. Discover shares were off 0.3% after hours.

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United Continental Holdings Inc. shares rose in the extended session Tuesday after the airline topped Wall Street estimates for the second quarter. United shares advanced 1.6% to $48.60 after hours. The company reported adjusted second-quarter earnings of $2.61 a share on revenue of $9.4 billion. Analysts surveyed by FactSet had forecast earnings of $2.56 a share on revenue of $9.39 billion.

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