Category: Stock Market News

The selloff in Microsoft Corp.’s stock in morning trade Monday, after the company announced a deal to buy LinkedIn Corp. , was to blame for about half of the Dow Jones Industrial Average’s slip into negative territory. The stock was down $1.66, or 3.2%, which was shaving about 11 points off the Dow’s price. The Dow was down 22 points, but had been down as much as 71 points earlier in the session.

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Zafgen Inc. shares rose 6.4% Monday morning after the company presented positive late-stage data for its drug intended to treat obese patients with type 2 diabetes. The company presented data over the weekend showing the drug, beloranib, met its primary endpoint and was associated with multiple improvements in body composition, including a significant decrease in body weight and fat mass. In a note Monday rating the company outperform, RBC Capital Markets analyst Simos Simeonidis said that though the data was “very impressive,” the drug is on hold with the Food and Drug Administration – and has been since December – until the company can address risk of blood clots in patients, which it submitted a plan for the FDA to review. “What is not clear is whether there is a path forward for this drug, according to the agency,” Simeonidis said.

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Eleven Biotherapeutics Inc.’s stock nearly doubled in morning trade Monday, after the company announced a license deal with F. Hoffmann-La Roche Ltd. to for the development and commercialization of its treatment for eye disease. As part of the deal, Eleven will receive an upfront payment of $7.5 million, and will be eligible for future milestone payments of up to $262.5 million. The stock shot up 82% to $3.40, the highest level traded at since Sept. 8, 2015. The first potential milestone concerns the effectiveness of an investigational new drug application for EBI-031, a treatment for diabetic macular edema. Eleven announced Monday that it submitted an IND application to the U.S. Food and Drug Administration to initiate a Phase 1 clinical trial of EBI-031. the stock

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Microsoft Corp. said Monday it has agreed to acquire LinkedIn Corp. in an all-cash deal valued at $26.2 billion. In a blog post, Microsoft said it will pay $196 per LinkedIn share and will finance the deal by issuing new debt. The professional networking site will retain its brand, culture and indpeendence and Jeff Weiner will remain chief executive, said the blog. Weiner will report to Microsoft CEO Satya Nadella. The deal is expected to close this calendar year. LinkedIn shares rallied 48% on the news in premarket trade, while Microsoft shares were halted for news pending.

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Shares of gun makers rallied in premarket trade Monday, to bounce sharply off multi-month lows hit amid concerns over slowing demand. Smith & Wesson Holding Corp.’s stock rose 7.8% ahead of the open, while Sturm Ruger & Co. shares gained 4.3%. On Friday, Smith & Wesson’s stock closed at the lowest level since Feb. 9, while Sturm Ruger shares had closed at the lowest level since Jan. 28. Vista Outdoor Inc.’s stock advanced 2% ahead of the open, after closing at a one-month low on Friday. The early gains in the stocks come in the wake of the deadliest shooting in U.S. history at a night club in Orlando, Fla. over the weekend. Also in Orlando, “The Voice” star Christina Grimmie was shot to death following a concert.

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Hanesbrands Inc. said Chief Executive Richard Noll will step down as CEO, effective Oct. 1, to focus on his role as chairman of the board. The apparel and underwear maker elected Chief Operating Officer Gerald Evans as its CEO. Separately, the company said it expanded the size of its board of directors to 11 members. The stock, which was still inactive in premarket trade, has lost 8.7% year to date, while the S&P 500 has gained 2.6%.

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Shares of Chipotle Mexican Grill Inc. ticked lower in premarket trade Monday after Deutsche Bank cut the stock’s 12-month price target to $340 from $360 and reiterated a sell rating. Analyst Brett Levy said the reduced target reflects a loss in customers – some of which “may be lost for good” – and other issues that may continue to weigh on average unit volume. AUV has experienced a “dramatic sales decline” over the last year amid the E. Coli outbreak. The stock dipped 0.8% to $401.88 in early-morning trade. It is down more than 20% over the last three months, versus a 4% improvement for the S&P 500. The average rating on the stock is the equivalent to hold, while the median price target among a poll of nearly 20 analysts is $459.76, according to FactSet.

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The British pound fell Monday, stuck trading around eight-week lows, as the U.K.’s referendum on whether the country should stay in the European Union approaches. Sterling was buying $1.4123, down from $1.4267 late Friday in New York. The currency has been under pressure as recent polls have shown voters leaning toward backing a U.K.-EU breakup on June 23. This week “will likely be a busy one for [the pound], with releases including inflation and retail sales figures from both the U.S. and the U.K. as well as meetings of both the Fed and the Bank of England,” wrote Alexandra Russell-Oliver, FX analyst at CaxtonFX, in a note.

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The Pittsburgh Penguins won their fourth NHL championship in franchise history Sunday night, beating the San Jose Sharks, 3-1, and winning the Stanley Cup Final series four games to two at San Jose’s SAP Center. Pittsburgh’s Kris Letang gave the Penguins the lead for good with a second-period goal past the Sharks’ Martin Jones, who had 44 saves in Game 5. Patric Hornqvist added an empty-net goal in the final minutes to seal the victory. The Penguins’ tenacious defense held the Sharks to just two shots over the final 20 minutes. Pittsburgh last won the Cup in 2009. This was the first trip to the finals for the Sharks in their 25-year history.

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