Category: Stock Market News

Shares of Line Corp. were trading at $44, well above the company’s $32.84 issue price, in the Japanese messaging company’s market debut. Line Corp. sold 35 million shares, comprising 22 million American depositary shares and 13 million shares on the Tokyo Stock Exchange. The company raised about $1.14 billion in the biggest tech offering of the year. Shares on the Tokyo exchange will trade Friday. Morgan Stanley represented the international underwriters, and Nomura Securities Co. represented the Japanese underwriters.

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Santhera Pharmaceuticals Holding AG shares dropped 35.09% in early morning trade Thursday after the Food and Drug Administration denied the company accelerated approval for its Duchenne muscular dystrophy drug. The decision means the company will have to redo a phase 3 trial for the drug, which will likely take several years. Duchenne muscular dystrophy currently has no treatment.

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Amazon.com Inc. on Thursday said it’s given the green light for at least two more seasons of critically-acclaimed original comedy “Catastrophe.” The show is written by and stars Rob Delaney and Sharon Horgan, who was nominated for a BAFTA Award for her role. The success of “Catastrophe” continues the run of online streaming platforms, such as Amazon, Netflix Inc. and Hulu — a joint venture of Walt Disney Co. , 21st Century Fox and Comcast Corp. — enjoying success in content creation as they push further into original programming. No exact date is set, but the third season of “Catastrophe” will come to Amazon Prime Video in the U.S. in 2017 and the fourth season is expected in 2018.

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U.S. stocks opened higher Thursday, with the S&P 500 and Dow industrials setting all-time highs, on track for their fifth straight advance. Investors shrugged off a surprise decision by the Bank of England to leave monetary policy unchanged. Strong gains in oil prices boosted risk appetite, while a pair of U.S. economic-data reports were stronger than expected. Weekly jobless claims were unchanged, suggesting no rise in layoffs, while producer prices jumped last month, also pointing to rising inflation pressures. The Dow Jones Industrial Average added 133 points, or 0.7%, to 18,502, the S&P 500 index gained 13 points, or 0.6%, to 2,165, while the Nasdaq Composite Index added 35 points, or 0.7%, to 5,040.

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Two-thirds of retail shoppers are now heading to off-price price retailers, according to research by The NPD Group. Off-price outlets include Burlington Stores Inc. and T.J. Maxx, a TJX Cos. brand. These off-price consumers represent 75% of apparel purchases across all of retail, NPD said Thursday. Visits to off-price retailers increase 4% for the year ending Apirl 2016. For that same period, off-price retailers converted half of all shopping visits to their brick-and-mortar locations to a purchase.

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Dannon Co., a subsidiary of Danone S.A , announced Thursday that it is introducing Dannon and Oikos branded yogurts with more natural and non-GMO ingredients. GMOs, or genetically modified organisms, are those whose genetic material has been altered. In addition, over the next several months the company will label all Dannon products that contain GMO ingredients. Beginning in 2017, Dannon will source milk for its Dannon, Oikos and Danimals brands from cows fed non-GMO feed. The move, which is expected to be complete by the end of 2018, will include the conversion of 80,000 acres of farmland to produce non-GMO crops for feed. Danone shares are up 6% for the year so far, while the S&P 500 is up 5.3% over the same period.

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Valeant Pharmaceuticals International Inc. said on Thursday that former chief executive J. Michael Pearson “remains a significant Valeant shareholder” with more than 3.5 million shares, and is required to hold 1 million shares for two years following his termination. The company made the announcement in response to reports out Wednesday that Pearson sold a large chunk of his holding in the drug maker. Valeant said it understands that Pearson exercised and sold options representing about 4.4 million shares, which would expire within the next 12 months. Pearson also sold about 411,000 common shares in June and July to satisfy tax obligations, the company said. “While I trimmed my ownership position for personal reasons, I plan on holding my remaining shares until the company recovers and returns to being traded on fundamentals,” Pearson stated. The stock surged 2.6% in premarket trade, after falling 6.9% on Wednesday. Year to date, the stock has plunged 79% through Wednesday, while the S&P 500 has gained 5.3%.

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Shares of Arena Pharmaceuticals Inc. surged 8.8% in premarket trade Thursday, after the company said its weight management drug was granted approval for commercialization in Mexico by Eisai Laboratories. Arena will receive a $1 million milestone payment as a result of the approval. The U.S. brand name for Arena’s weight management drug is Belviq. The product is expected to be available later this year. “Currently more than 70% of the Mexican population is either overweight or obese,” said Eisai Chief Operating Officer Shaji Procida. “Without intervention, these numbers are projected to increase.” Arena’s stock had tumbled 16% year to date through Wednesday, while the S&P 500 has gained 5.3%.

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Delta Air Lines said Thursday it had net income of $1.546 billion, or $2.03 a share, in the second quarter, compared with $1.485 billion, or $1.83 a share, in the year-earlier period. Adjusted per-share earnings came to $1.47, ahead of the FactSet consensus of $1.42. Revenue fell 2% to $10.447 billion, below the FactSet consensus of $10.479 billion, hurt by currency moves. “With the additional foreign currency pressure from the steep drop in the British pound and the economic uncertainty from Brexit, Delta has decided to reduce 6 points of U.S.-U.K. capacity from its winter schedule,” the company said in a statement. That move and other planned actions will reduce system capacity by about one point in the December quarter. “While the revenue environment remains challenging, with persistent headwinds from close-in domestic yields and geopolitical uncertainty, we remain focused on achieving our goal of positive unit revenues by year end,” said Glen Hauenstein, Delta’s president. Shares rose 2.4% premarket, but are down 22% in the year to date, underperforming the S&P 500, which has gained 5%.

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The Bank of England on Thursday unexpectedly left unchanged its key interest rate at a record low of 0.5%. It also made no changes to its 375-billion-pound ($495 billion) asset-purchase program. Markets had overwhelmingly priced in chances of a rate cut, which would’ve been the first since March 2009. The decision marked the first after the June 23 referendum in the U.K. that set the country on course to exit the European Union. The rate-setting policy makers voted 8-1 to leave policy unchanged. “In the absence of a further worsening in the trade-off between supporting growth and returning inflation to target on a sustainable basis, most members of the Committee expect monetary policy to be loosened in August,” the BOE said in a statement. The pound jumped to $1.3424 from $1.3221 before the BOE’s policy decision was announced.

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