Category: Stock Market News

WASHINGTON (MarketWatch) – The U.S. added 287,000 new jobs in June, marking the biggest increase since last fall and offering reassurance that the economy has rebounded after a soft patch earlier in the year. Economists polled by MarketWatch had predicted an increase of 170,000 nonfarm jobs, including about 35,000 Verizon employees returning to work after a lengthy strike. The unemployment rate rose to 4.9% from 4.7% as more people entered the labor force in search of work. The labor-force participation edged up a tick to 62.7%, the government said Friday. Average hourly wages rose 0.1% to $25.61. Hourly pay increased 2.6% from June 2015 to June 2016, matching the highest level of the recovery. Employment gains for May and April, meanwhile, were little changed. The government said a meager 11,000 new jobs were created in May instead of 38,000. April’s gain was raised to 144,000 from 123,000, however.

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Private-equity firm Siris Capital Group LLC has agreed to acquire Polycom Inc. in a $2.0 billion cash deal, that has obliged Polycom to end a previously agreed merger with Mitel Networks Corp. , the companies said Friday. Siris will pay $12.50 per Polycom share, equal to a premium of 13.6% to the current value of Mitel’s offer, based on its closing share price Thursday. Polycom, which offers audio and video services to enterprises, “fits well with Siris’ investment focus on mission-critical telecommunications businesses,” said Dan Moloney, Siris executive partner in the statement. Mitel shares were suspended premarket for the news, while Polycom shares jumped 8%.

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Shares of Eleven Biotherapeutics Inc. rocketed 66% in premarket trade Friday, after the said it would be entitled to receive a $22.5 million milestone payment related to its eye disease treatment. The biopharmaceutical company said its investigational new drug application for EBI-031, a treatment for diabetic macular edema, has become effective, which was a milestone in a license deal the company entered with F. Hoffman-La Roche Ltd. last month. The agreement says Eleven could receive up to $262.5 million if certain regulatory, development and commercialization milestones are met. Eleven’s stock had soared nearly six-fold in the past three months through Thursday, but was still down 35% year to date.

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A fourth suspect involved in the fatal Dallas police shootings late Thursday is dead after a long standoff with police, according to local media reports. Local TV-station WFAA said police had confirmed that a suspect had died around 3 a.m. at El Centro College, but that it wasn’t immediately clear if he had shot himself or was killed by law enforcement. Three other suspects, including a woman, have been taken into custody. The four people are believed to be behind a coordinated attack against police officers in Dallas Thursday night during a protest over police brutality. The attack left five officers dead and six wounded. Dallas Police Chief David Brown said at least two snipers had opened fire on the policemen from “elevated positions”, according to reports.

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President Barack Obama has described the Dallas shootings as a “vicious, calculated, despicable attack,” according to television news coverage. Obama spoke to reporters Friday morning in Warsaw, Poland, where he’s participating in a NATO summit. He described the killings as a “tremendous tragedy” and as “senseless murders.” Obama said of the multiple suspects, some of whom have been captured or are reportedly dead, “We will learn more about their twisted motivations. Let’s be clear: There is no possible justification” for the attacks. And he added: “Justice will be done.” Shots were fired on police officers working at what had been a peaceful Black Lives Matter protest in Dallas Thursday night following two officer-involved deaths of black men this week.

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Yields on some European bonds were around all-time lows on Friday, and focus will swing to U.S. Treasury yields with the release of closely watched U.S. jobs data later Friday. In the U.K., the 10-year gilt yield was down less than 1 basis point at 0.77%, according to TradeWeb. It hit a record low 0.72% earlier this week. The yield on Germany’s 10-year bund was also down less than 1 basis point, to negative 0.17%. It fell to negative 0.18% this week. “Global bond yields are going deeper into uncharted territory; they may be due for a pause, but have not reached their final destination,” wrote Vincent Chaigneau, head of FX & fixed income research at Societe Generale, in a note issued Friday. The yield on the 10-year U.S. Treasury yield on Thursday rose to 1.409%, but hovered near record lows. “The coming fortnight will see the BOE and ECB try to soothe matters, be that in terms of action or promises of action,” said Societe Generale. The Bank of England will meet next Thursday and the ECB will gather on July 21.

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At least three police officers were shot in downtown Dallas, Texas, on Thursday night following a march protesting recent police shootings of black men. CNN reported that three officers from the Dallas Area Rapid Transit police were shot, but Dallas’ Fox 43 News reported as many as six officers were hit by gunfire coming from a nearby rooftop. Like the fatal shooting of a black motorist in Minnesota on Wednesday, the chaotic scene was captured by a bystander on Facebook Live video. Several hundred people had been at the rally, according to reports. The extent of injuries is not yet known.

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A Juno Therapeutics Inc. study of a cancer drug has been put on a mid-stage clinical hold by the Food and Drug Administration after two patients taking part died last week, the pharmaceutical company said Thursday afternoon. The drug, known as JCAR15, was being supplied to patients suffering from acute lymphoblastic leukemia; Juno said the deaths occurred after fludarabine was added to the pre-conditioning regimen. Juno Chief Executive Hans Bishop told Forbes that the patients died from neurotoxicity-related complications; neurotoxicity is a known side effect of the type of therapy Juno was testing, Bishop said, but he added that the severity of the patients’ reactions “was a real surprise.” Juno has requested that the trial continue without the use of fludarabine, a chemotherapy drug, and the FDA has requested revised documentation that the company expects to hand over next week. Juno shares fell more than 30% in late trading after a pause ahead of the announcement.

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Gap Inc. shares climbed 2.6% in late trading after the retailer said June same-store sales increased 2%. Sales for the five weeks ending July 2, 2016 totaled $1.57 billion, up 2% from $1.54 billion for the same period last year. The retailer reported a 1% same-store sales decline at its namesake Gap Global brand and a 4% same-store sales decrease at the Banana Republic brand. But same-store sales at the Old Navy brand were up 5% for the month. Gap shares are down 44.5% for the past year while the S&P 500 is up 0.8% for the same period.

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Shares of Barracuda Networks Inc. rallied late Thursday after the data security company posted fiscal first-quarter earnings and sales above Wall Street expectations. Barracuda said it earned $2.8 million, or 5 cents a share, in the quarter, reversing a loss of 7 cents a share in the fiscal first quarter of 2015. Adjusted for one-time items, the company reported earnings of $10.7 million, or 20 cents a share, compared with adjusted earnings of 9 cents a share in the year-ago period. Sales rose 11% on-year to $86.7 million. Analysts polled by FactSet had expected adjusted earnings of 11 cents a share on sales of $83.9 million. Shares rose 12% after ending the regular trading session up 3.4%.

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