Category: Stock Market News

Xerox Corp. has appointed Ashok Vemuri as chief executive officer of the business process outsourcing company that will trade publicly following its spin-off from Xerox Corp. later this year. In January, the company announced that it would split in two, with one business –the one Vemuri will oversee– targeting business services such as HR, customer service and accounting. The core Xerox will continue to focus on things like printing services. Vemuri will join Xerox on July 1, and serve as CEO of Xerox Business Services and as executive vice president of Xerox Corp. until the split is complete. Vemuri previously served as CEO of IGATE Corp., as well as a senior executive at Infosys. Shares of Xerox were inactive in premarket trade.

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Shares of Infinity Pharmaceuticals Inc. plummeted 66% in premarket trade Tuesday, toward an all-time low, after the biotechnology company announced a restructuring that would reduce its workforce by 21% in the wake of disappointing drug-study results. While a Phase 2 study of its treatment for non-Hodgkin lymphoma met its primary endpoint of overall response rate, the company said it hoped it would provide a larger clinical benefit. RBC Capital analyst Michael Yee said the response rate of 46% was below the 54% response rate of a rival treatment from Gilead Sciences Inc. , which suffers from lackluster sales. Infinity said its restructuring will include closing down its discovery research organization, leading to a loss of 46 jobs. In addition, the company said it was holding discussions with AbbVie Inc. to explore the next steps for the companies’ collaboration. Infinity’s stock, which went public in July 2000 at an IPO price of $18, was trading around $1.55 ahead of the open; the previous all-time intraday low of $3.74 was hit in October 2008.

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From:: Stock Market News

Shares of Infinity Pharmaceuticals Inc. plummeted 66% in premarket trade Tuesday, toward an all-time low, after the biotechnology company announced a restructuring that would reduce its workforce by 21% in the wake of disappointing drug-study results. While a Phase 2 study of its treatment for non-Hodgkin lymphoma met its primary endpoint of overall response rate, the company said it hoped it would provide a larger clinical benefit. RBC Capital analyst Michael Yee said the response rate of 46% was below the 54% response rate of a rival treatment from Gilead Sciences Inc. , which suffers from lackluster sales. Infinity said its restructuring will include closing down its discovery research organization, leading to a loss of 46 jobs. In addition, the company said it was holding discussions with AbbVie Inc. to explore the next steps for the companies’ collaboration. Infinity’s stock, which went public in July 2000 at an IPO price of $18, was trading around $1.55 ahead of the open; the previous all-time intraday low of $3.74 was hit in October 2008.

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A full 48% of hedge funds were in the red for the year as of the end of May, as managers underperformed the broader markets in the month, according to Eurekahedge. Hedge funds were up 0.4% in the month, while the markets as measured by the MSCI World Index rose 1.3%. Distressed debt hedge funds enjoyed the best gains in the month at 1.7% and were up 2.6% in the year to date. That was a rebound from 2015, when they were up just 2.1% in the January to end-May period and down 4.4% for the year. The worst performance came from Latin American mandated hedge funds, which were down 0.4% in May. However, Latin American managers outperformed the broader market, with the MSCI Latin American index down 6%. “Among profitable moves for managers were some short Chinese names as markets fell earlier in the month,” said Eurekahedge. “On the FX front, long USD positions on the back of relative dollar strength contributed to gains. “

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Staples Inc. said Tuesday it will begin offering same-day delivery for online orders in select metropolitan areas. Orders placed before 3 p.m. local time will can be delivered by 7 p.m. for a fee of $14.99. The service, named “Staples Rush,” is currently available in parts of Boston, Dallas and New York City, and will soon be available in Chicago, Houston, Los Angeles, San Francisco and Seattle. “Businesses want their online orders fulfilled faster than ever,” said Faisal Masud, executive vice president of global e-commerce. The stock, which was indicated up slightly in premarket trade, had declined 8.9% year to date through Monday, while the S&P 500 had gained 1.7%.

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The yield on Germany’s 10-year bund turned negative for the first time ever on Tuesday, according to TradeWeb. The mid-yield fell to minus 0.003% about 25 minutes after European equity trading started at 8 a.m. London time. Investors have been flocking to the fixed-income market on rising uncertainty around the referendum on June 23 to decide whether the U.K. should membership ties with the European Union, as the IMF and others warn of the economic impact of a “Brexit.” In addition, the European Central Bank last week kicked off purchases of corporate bonds as a part of its aggressive stimulus program. Bond yields fall when prices rise and vice versa.

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NXP Semiconductors NV said late Monday it agreed to sell its “standard products” business to a Chinese consortium for $2.75 billion. The business unit, which supplies chips for auto, industrial, computing, consumer, and wearable applications, will be rebranded as Nexperia. The consortium including Beijing Jianguang Asset Management Co. and Wise Road Capital Ltd. NXP expects the deal to close in the first quarter of 2017. NXP shares were unchanged at $87.40 after hours.

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A recent poll covering how Britons may vote in a referendum on whether to stay in the European Union jumped higher into “leave” territory Monday. According to a poll conducted by the Sunday Times and YouGov, 46% of Britons surveyed supported leaving the EU, while 39% supported remaining. Last week, a Times/YouGov poll showed 42% of respondents supported leaving while 43% supported staying.

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U.S. shares of Baidu Inc. fell in the extended session Monday after the Chinese search engine cut its revenue forecast for the second quarter. U.S. shares of Baidu dropped 8.4% to $149.75 after hours. The company forecast second-quarter revenue in the range of $2.81 billion to $2.82 billion, down from its previous guidance of $3.12 billion to $3.19 billion. Analysts surveyed by FactSet had estimated revenue of $3.03 billion. Baidu said medical and pharmaceutical firms are postponing spending on ads because regulators are reviewing online marketing practices, and that the company has reduced the number of sponsored links across its platform.

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Revance Therapeutics Inc. plummeted in the extended session Monday after a late-stage clinical study for the tiny biotech crow’s-feet treatment did not reach its main goal. Revance shares dropped 27% to $13.44 after hours. The company said a study of its topical gel DaxibotulinumtoxinA did not significantly improve crow’s feet, or branching wrinkles at the outer corners of the eyes, 28 days after treatment.

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