Category: Stock Market News

Oil futures dropped on Tuesday as worries about a potential slowdown in energy demand linked to the U.K.’s move to exit the European Union and hints of a potential rise in U.S. production pulled prices to their lowest level in about a week. August WTI crude fell $2.39, or 4.9%, to settle at $46.60 a barrel on the New York Mercantile Exchange. That was the lowest settlement since June 27.

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British Home Secretary Theresa May led rivals in the race to succeed David Cameron as leader of the U.K. Conservative Party–and prime minister–after the first round of voting by Conservative lawmakers on Tuesday, news reports said. May, who had supported the “remain” camp in the late-June referendum that saw U.K. citizens vote to leave the European Union, won the support of 165 colleagues in the first ballot, easily outdistancing her closest rival, Andrea Leadsom, who received 66 votes. Justice Minister Michael Gove received 48 votes, while Stephen Crabb won 34 and Liam Fox garnered 16. Fox dropped out of the running, Sky News reported. The candidates have until Wednesday to decide whether to participate in a second ballot on Thursday, followed by a final round of voting next week. The British pound continued to trade near a 31-year low, changing hands at $1.3049 in recent action.

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Silver and gold futures rallied Tuesday as a sharp decline in global stock markets drew investors to the safe-haven appeal of the precious metals. Sept. silver rose 31.9 cents, or 1.6%, to settle at $19.907 an ounce. That was the highest settlement for a most-active contract since August 2014, according to FactSet. Gold for August delivery rose $19.70, or 1.5%, to end at $1,358.70 an ounce, with futures prices at their highest since March 2014.

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U.S. stocks briefly trimmed their losses after FBI Director James Comey said his agency recommended to the Department of Justice that no charges should be brought against presumptive Democratic nominee Hillary Clinton related to inclusion of classified information in emails stored on a private server. Though the FBI’s investigation did find evidence classified information had been mishandled by Clinton when it was discussed in emails stored on personal servers, Comey said the agency believes “no reasonable prosecutor” would bring charges against Clinton. The Dow Jones Industrial Average trimmed its loss by more than 40 points after Comey’s statement, rising to 17,853 in recent trade, compared with a session low of 17,815 reached shortly beforehand. The S&P 500 pared its drop by 7 points to 2,088 in recent trade, compared with a session low of 2,083. The Nasdaq Composite trimmed its drop to 4,817 after the announcement, up from a session low of 4,806 reached shortly beforehand.

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M&G Investments on Tuesday afternoon became the third U.K. investment manager to freeze a property fund following the British vote to leave the European Union. The company said it is temporarily suspending trading in the shares of its M&G Property Portfolio and its feeder fund. “Investor redemptions in the fund have risen markedly because of the high levels of uncertainty in the UK commercial property market since the outcome of the European Union referendum,” the company said in a statement. “Redemptions have now reached a point where M&G believes it can best protect the interests of the funds’ shareholders by seeking a temporary suspension in trading,” it added. The decision comes after Aviva Investors earlier on Tuesday froze it’s U.K.-focused property fund, while Standard Life Investments late Monday did the same.

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Shares of Harley-Davidson Inc. tumbled 10% in morning trade Tuesday, after the motorcycle maker was downgraded at RW Baird, which cited valuation following “uncorroborated” buyout speculation. Analyst Craig Kennison cut his rating to neutral after being at outperform for at least the last three years. The stock had soared 20% on Friday in the wake of media reports that KKR & Co. could be interested in buying the company. Kennison kept his stock price target at $54, which was just below Friday’s closing price of $54.25. “We have no information that would corroborate takeout speculation surrounding the company, and are aware of no credible source behind the rumor,” Kennison wrote in a note to clients. “With shares above out fundamental price target, we would need evidence to support a takeout scenario to sustain our outperform rating here.” The company has not responded to a request for comment.

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U.S. stocks opened lower Tuesday, as investors returned from the long holiday weekend to more uncertainty about the impact of the U.K.’s vote to quit the European Union. Cautiousness ahead of the closely watched U.S. jobs report on Friday along with a sharp drop in crude-oil prices weighed on risk appetite. The Dow Jones Industrial Average lost 65 points, or 0.4%, to 17,885, the S&P 500 index fell 8 points, or 0.4%, to 2,094, while the Nasdaq Composite Index lost 25 points, or 0.5%, to 4,838.

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Shares of Insys Therapeutics Inc. soared 19% in premarket trade Tuesday, after the drug maker said the Food and Drug Administration approved its orally administered treatment for anorexia associated with weight loss in AIDS patients, and for nausea associated with chemotherapy. The treatment, Syndros, is a pharmaceutical version of tetrahydrocannabinol, THC, which is the main active ingredient in cannabis. The stock had plunged 53% through Friday, while the S&P 500 has gained 2.9%.

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Shares of Israeli biotech Can-Fite BioPharma Ltd. tumbled 25% in premarket trade Tuesday, after the company said a trial of a glaucoma treatment failed to meet its main goal. The company said a phase II trial conducted by it’s subsidiary ophthaliX, which trades over the counter, failed to meet its primary endpoint, showing no statistically significant differences between the treated group and those taking a placebo. “We are disappointed that CF101 failed to meet its primary endpoint, and based on these overall results we see no immediate path forward in glaucoma,” said Pnina Fishman, PhD, chief executive of Can Fite BioPharma. Shares were down 10% for the year so far through Friday, while the S&P 500 has gained 2.9%.

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Hostess Brands LLC, the maker of Twinkies and Ding Dongs, announced Tuesday an agreement with Gores Holding Inc. , in which Hostess will be taken public, with an expected enterprise value of $2.3 billion. Funds managed by Apollo Global Management LLC and C. Dean Metropoulos, the majority owners of Hostess, will hold a 42% combined stake in Gores when the deal is completed. Hostess and Gores expect the deal to close in the third quarter of 2016, at which time the name of the company will be changed to Hostess Brands Inc. Deutsche Bank acted as the lead underwriter of the deal.

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