Category: Stock Market News

Protagonist Therapeuticals Inc. plans to sell up to $75 million worth of shares in an initial public offering, according to a regulatory filing Monday. Protagonist, based in Milpitas, Calif., is developing drugs to treat colon diseases. Protagonist has incurred “significant losses” since its start and lost $11.7 million in the first three months of 2016, compared with losses of $2.7 million in the year-ago period, according to the filing. The company also said it does not expect to be profitable “for the foreseeable future.” Protagonist will list on the Nasdaq under the symbol PTGX.

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CytRx Corp. shares dropped in the extended session Monday after the tiny biotech company said a late-stage study showed one of its cancer drugs did not perform better than other typically used drugs. CytRx shares fell 64% to 90 cents a share after hours following a brief halt. Prior to the close, shares had advanced 11% to finish at $2.51. The company said available data showed that soft tissue sarcoma patients given its drug aldoxorubicin did not show a significant difference between those given another drug used to treat the cancer. CytRx said that about half the patients in the study had been excluded from the data because the study had been interrupted in November 2014, but it hoped to conduct a second analysis.

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Shares of Xerox Corp. rallied in Monday’s extended session following a report that it may be pursuing a merger of its copy business unit. Bloomberg TV said Xerox is holding talks with R.R. Donnelley & Sons Co. on a possible deal. Xerox had announced earlier this year that it will split into two publicly traded entities–one selling and managing office equipment and the other providing office services. Xerox climbed more than 3% after hours.

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Seagate Technology PLC shares rallied in the extended session Monday after the computer-memory company forecast higher-than-expected revenue for the fourth quarter and announced further job cuts. Seagate shares surged 9% to $26.26 after hours. The company said it expects fourth-quarter revenue of about $2.65 billion. Analysts surveyed by FactSet had expected $2.34 billion. Seagate said it plans to cut 14% of its global workforce, or about 6,500 jobs, by the end of fiscal 2017. In late June, the company said it planned to cut 1,600 jobs.

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Worldwide PC shipments fell by 5.2% to 64.3 million in the second quarter, but analysts say the market is showing some signs of improvement, according to a new report from Gartner. This was the seventh straight quarter of PC shipment declines, with the strengthening dollar, which has made PCs more expensive in certain markets, contributing to the decline. In the U.K., Brexit – Britain’s exit from the European Union – did not have a major impact on PC sales, but Gartner said it could create uncertainty and weigh on the industry down the road. Lenovo Group Ltd. [s:hk:0992] maintained control of the market despite quarterly declines in shipments. Rounding out the top five were HP Inc. , Dell, Asus and Apple Inc. .

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Imperva Inc. revealed Monday that revenues for the fiscal second quarter will be much lower than previously projected, sending the company’s stock down more than 10%. The company, which specializes in data-center-level security, said that revenues for its most recent quarter will be $57.5 million to $58 million, after previously forecasting a range of $65.5 million to $66.5 million. The company expected to lose $6 million to $6.5 million in the quarter, a per-share loss of 20 cents to 22 cents; the previous projection was for a loss of 2 cents to 4 cents a share. “We are disappointed with our second quarter financial results, which were primarily impacted by extended sales cycles across most geographies and verticals predominantly relating to larger deals,” Chief Executive Anthony Bettencourt said in Monday’s announcement. Imperva shares dove to around $43 in late trading Monday, after closing with a 7.6% gain at $48.14.

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Shares of Alcoa Inc. rose more than 5% late Monday after the company beat second-quarter earnings expectations and reported sales roughly in line with consensus. Alcoa said it earned $135 million, or 9 cents a share, in the second quarter, compared with $140 million, or 10 cents a share, in the year-ago period. Adjusted for one-time items, Alcoa earned 15 cents a share in the quarter, compared with 19 cents a share a year ago. Revenue hit $5.3 billion, down 10% from the year-ago period on lower aluminum and alumina prices and the impact of asset sales. Analysts polled by FactSet had expected Alcoa to report adjusted earnings of 9 cents a share on sales of $5.2 billion. The company said its asset sales are expected to generate $1.2 billion this year, and $815 million have been received.

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The S&P 500 Index closed at an all-time high Monday following last week’s strong jobs report with the other major indexes finishing higher. The S&P 500 rose 7.26 points, or 0.3%, to close at 2,137.16, topping its previous closing high of 2,130.82 set on May 21, 2015. The Dow Jones Industrial Average closed up 80.19 points, or 0.4%, at 18,226.93. The Nasdaq Composite Index advanced 31.88 points, or 0.6%, to finish at 4,988.64.

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Shares of GoPro Inc. shot up 12% in active afternoon trade Monday, putting them on track to close at a 2 1/2-month high. Volume climbed to 9.8 million shares, or nearly double the full-day average, with 90 minutes still left in the session. The action camera maker hasn’t issued any press releases since Friday’s close; a spokesperson wasn’t immediately available for comment. The stock has run up 40% since it closed at an all-time low of $8.80 on May 18, 2016. Short interest, or bearish bets made on the stock, is at a five-month high of 26.9 million shares. Many market watchers believe a high level of short interest is bullish for a stock, since good news, or even a lack of bad news, could prompt those who are short to buy the stock to cover their bearish bets. Meanwhile, the stock was still down 32% year to date, while the S&P 500 has gained 4.8%. GoPro is scheduled to report second-quarter results on July 28; the company has reported wider-than-expected losses the past four quarters.

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Toys R Us said Monday that it will offer shoppers who purchase from the Toys R Us and Babies R Us e-commerce sites 15% off all regular-priced items on July 12. In addition, there will be more than 50,000 toys and baby products on sale across the sites. There’s free shipping on orders of $19 or more. Amazon.com Inc.’s Prime Day is also taking place on July 12, with shares reaching a record high ahead of the event. Wal-Mart Stores Inc. has also announced price discounts and free shipping promotions ahead of Prime Day.

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