Category: Stock Market News

Hologic Inc. shares ticked slightly higher in the extended session Friday after the diagnostics maker said the Food and Drug Administration granted emergency use of its Zika virus test. Hologic shares advanced 1.5% to $34.30 after hours. The company’s Aptima Zika virus test, which has not been cleared nor approved by the FDA, is authorized for use “for the duration of the declaration that circumstances exist justifying the authorization of the emergency use.” There are currently no commercially available medical tests that detect the mosquito-borne Zika virus, which has been linked to birth defects, according to the FDA. Zika’s predominace in Brazil has called into question the wisdom of holding the Olympics in Rio this summer.

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Air Lease Corp. said late Friday that its president John Plueger will take on the additional posotion of chief executive officer effective July 1. Current CEO and Chairman Steven Udvar-Házy will remain as executive chairman. Shares of the aircraft leasing company were unchanged after hours at $26.89.

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Air Lease Corp. said late Friday that its president John Plueger will take on the additional posotion of chief executive officer effective July 1. Current CEO and Chairman Steven Udvar-Házy will remain as executive chairman. Shares of the aircraft leasing company were unchanged after hours at $26.89.

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FedEx Corp. said late Friday the U.S. Justice Department has dismissed criminal charges against the logistics company stemming from its dealings with internet pharmacies. “The case should never have been brought. The government should take a very hard look at how they made the tremendously poor decision to file these charges. Many companies would not have had the courage or the resources to defend themselves against false charges,” FedEx said in a statement. The Justice Department alleged FedEx delivered packages from the online pharmacies even after authorities cracked down on the online businesses and after knowing the drugs were illegally prescribed. The company argued it couldn’t police its millions of packages for those that might contain illegal items. Shares of FedEx were flat in late trading after ending the regular trading session up 0.2%.

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U.S. stocks finished lower Friday, With the S&P 500 and Nasdaq Composite logging their largest weekly drops since late April, as the looming “Brexit” vote in the U.K. and lingering worries about the Federal Reserve’s reluctance to raise interest rates weighed on shares. The S&P 500 shed 6.78 points, or 0.3%, to 2,071.21, with health-care and technology shares leading the index lower. The Dow industrials slid 58.96 points, or 0.3%, to 17,674.14. Merck & Co. and Apple Inc. were the two biggest decliners on the blue-chip gauge. For the Dow, it was the largest drop since mid-May. The Nasdaq Composite shed 44.58 points, or 0.9%, to 4,800.34.

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Oil futures climbed on Friday, buoyed by weakness in the U.S. dollar as some concerns over the potential for the U.K. to exit the European Union eased. Prices for the week, however, declined on signs of a possible recovery in crude production. Baker Hughes on Friday reported a third-straight weekly climb in the U.S. oil-rig count. July WTI crude settled at $47.98 a barrel on the New York Mercantile Exchange, up $1.77, or 3.8%, for the session. It lost 2.2% for the week.

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Oil futures climbed on Friday, buoyed by weakness in the U.S. dollar as some concerns over the potential for the U.K. to exit the European Union eased. Prices for the week, however, declined on signs of a possible recovery in crude production. Baker Hughes on Friday reported a third-straight weekly climb in the U.S. oil-rig count. July WTI crude settled at $47.98 a barrel on the New York Mercantile Exchange, up $1.77, or 3.8%, for the session. It lost 2.2% for the week.

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Gold futures settled lower on Friday, pulling back after gains over the past seven sessions in a row. But prices still tallied a climb of about 1.5% for the week ahead of next week’s U.K. referendum on whether to leave or stay in the European Union. August gold settled at $1,294.80 an ounce, down $3.60, or 0.3%, for the session.

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Oil futures pared their gains after Baker Hughes showed that the weekly number of active U.S. rigs drilling for crude rose for a third week in a row, by 9 to 337 as of Friday. The total U.S. rig count climbed by 10 to 424. July crude was at $47.52 a barrel on the New York Mercantile Exchange, up $1.31, or 2.8%, from Thursday’s settlement. It was trading at $47.57 before the data.

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Shares of Teekay Offshore Partners L.P. rocketed 20% in active midday trade, making them the second-biggest gainer on the NYSE, after the marine transportation and oil production company announced a private placement of $200 million worth of equity securities. Volume reached 2.4 million shares within two hours of trade, or close to triple the full-day average. As part of the private placement, Teekay said it issued $100 million worth of perpetual preferred units and $100 million worth of common stock units to a group of investors. The company plans to use the proceeds from the issuances, which are expected to close on or before the end of June, for general purposes such as funding its newbuilding installments and capital conversion projects. The stock was still down 16% year to date, while the S&P 500 has gained 1%.

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