Category: Stock Market News

Shares of Immunomedics Inc. plunged 20% in active trade Friday, after the biopharmaceutical company’s presentation at a widely-followed oncology conference was cancelled because of allegations of an embargo violation. Volume reached 7.5 million shares within the first 45 minutes of the regular session, which was more than four times the full-day average. On Thursday, the stock had closed at the highest level since January 2014, after more than tripling over the past four months. Immunomedics said the American Society of Clinical Oncology (ASCO) cancelled its presentation at ASCO’s annual conference this week, because of a complaint that the company had already presented at a separate conference in April what it had planned to present at the ASCO conference. Immunomedics said Friday that the complaint appears to have been made by a third party. Chief Executive Cynthia Sullivan said she was trying to get ASCO to reverse its decision, saying the results of a trial of its cancer-treatment drug candidate revealed in April “were different that those in the ASCO abstract submitted last February.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

U.S. stocks opened lower Friday after government data showed the economy created only 38,000 jobs last month, the weakest level of hiring in nearly six years. The weak jobs report was viewed as likely to prevent the Federal Reserve from delivering a rate increase this month, analysts said. The S&P 500 fell 6 points, or 0.3%, to 2,099. The Dow Jones Industrial Average lost 59 points, or 0.3%, to 17,780 at the open. Meanwhile, the Nasdaq Composite began the session down 14 points, or 0.3%, at 4,957.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Gold futures pushed higher Friday after data showed the U.S. economy created a much lower-than-antipated number of jobs in May. Gold for August delivery rose 2.1% to $1,237.60 an ounce. Silver futures also popped higher, up 2.1% at $16.36 an ounce. Just 38,000 nonfarm payroll jobs were created last month, the Labor Department said. Economists polled by MarketWatch had expected 155,000. The report put into question ​the possibility of an interest-rate increase by the Federal Reserve at its June meeting. A rate increase would put pressure on gold and silver as the commodities don’t pay interest, sending investors looking for higher yields.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Financial stocks turned sharply lower ahead of Friday’s open, after Treasury yields sank in the wake of a much weaker-than-expected May jobs report. The SPDR Financial Select Sector ETF slumped 1.6% in premarket trade, after trading up 0.1% before the jobs report was released. Among the ETF’s more heavily-weighted components, shares of J.P. Morgan Chase & Co. shed 1.8%, of Bank of America Corp. lost 2.8%, of Citigroup Inc. slid 2.8%, of Wells Fargo & Co. declined 1.7% and of Goldman Sachs Group Inc. gave up 1.9%. The yield on the 10-year Treasury note dropped 6.7 basis points to 1.744%, after the Labor Department said only 38,000 new jobs were created in May, below expectations of 155,000 jobs. Lower long-term yield can hurt bank earnings as they compress margins banks earn on loans.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Financial stocks turned sharply lower ahead of Friday’s open, after Treasury yields sank in the wake of a much weaker-than-expected May jobs report. The SPDR Financial Select Sector ETF slumped 1.6% in premarket trade, after trading up 0.1% before the jobs report was released. Among the ETF’s more heavily-weighted components, shares of J.P. Morgan Chase & Co. shed 1.8%, of Bank of America Corp. lost 2.8%, of Citigroup Inc. slid 2.8%, of Wells Fargo & Co. declined 1.7% and of Goldman Sachs Group Inc. gave up 1.9%. The yield on the 10-year Treasury note dropped 6.7 basis points to 1.744%, after the Labor Department said only 38,000 new jobs were created in May, below expectations of 155,000 jobs. Lower long-term yield can hurt bank earnings as they compress margins banks earn on loans.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

The dollar weakened Friday against its main rivals after official data showed jobs growth decelerated last month to its weakest level since late 2010. The euro surged to $1.1348 after the data, its highest level in about two weeks, up from $1.1156 earlier. The dollar fell to 107.87 yen — its weakest level in nearly a month — compared with 108.82 before the data. The pound climbed to $1.4523, compared with $1.4430 shortly beforehand.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

WASHINGTON (MarketWatch) – The U.S. created just 38,000 new jobs in May and hiring in the prior two months was weaker than originally reported, casting doubt on whether the Federal Reserve will raise interest rates later in June. The number of new jobs was the smallest the economy has created since the fall of 2010. Economists polled by MarketWatch had predicted an increase of 155,000 nonfarm jobs. The unemployment rate, in a surprising twist, fell to 4.7% from 5% to mark the lowest level since the month before the Great Recession began in December 2007. Yet the decline owed almost entirely to 664,000 people leaving the labor force. The labor-force participation fell for the second month in a row to 62.6%, the Labor Department said Friday. Average hourly wages climbed 0.2% to $25.59. Hourly pay rose 2.5% from May 2015 to May 2016. Employment gains for April and March, meanwhile, were reduced by a combined 59,000. The government said 123,000 new jobs were created in April instead of 160,000. March’s gain was lowered to 186,000 from 208,000.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

GoPro Inc.’s stock shot up 3.4% in premarket trade Friday, after a key chip supplier was upbeat about the outlook for the wearable sports camera market. Ambarella Inc. Chief Financial Officer George Laplante said in a conference call with analysts late Thursday, that although the wearable market remains a headwind through the first half of the year, “we’re expecting the wearable market to return to somewhat normal levels in the second half,” according to a transcript provided by FactSet. Ambarella’s stock shot up 9.5% premarket, after the company reported late Thursday better-than-expected fiscal first-quarter profit and sales. GoPro’s stock was down 40% year to date through Thursday, but has run up 22% since closing at a record low of $8.80 on May 18.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Signet Jewelers Ltd. responded Friday to recent allegations regarding gem quality, by affirming its “rigorous product quality practices.” The stock tacked on 0.4% in premarket trade. The stock had tumbled 6.6% on Thursday after reports that an investment newsletter raised questions about Signet’s credit portfolio and gem quality. “In addition, we strongly object to recent allegations on social media, republished and grossly amplified, that our team members systematically mishandle customers’ jewelry repairs or engage in ‘diamond swapping,'” the company said in a statement. “Incidents of misconduct, which are exceedingly rare, are dealt with swiftly and appropriately.” Signet said it manages more than 4,000,000 service and repair transactions a year, and over 99% are completed without negative feedback. The stock tumbled 25% year to date through Thursday, while the S&P 500 gained 3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Valeant Pharmaceuticals International Inc. said it received a default notice on Thursday under two of its senior note indentures, due to the delay in its 10-Q filing for the period through the end of March. The company said the default notice “does not result in the acceleration of any indebtedness of Valeant or any of its subsidiaries.” The company now has 60 days to file the 10-Q, and said it expects to file on or before June 10, in advance of that deadline. The company’s shares were down 0.5% in pre-market trade Friday. Over the past three months its stock has sunk 54.7%, compared to a 5.6% rise in the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News