Category: Stock Market News

Oil futures settled higher on Thursday, buoyed by data showing weekly declines in U.S. crude supplies and production. The data outweighed earlier pressure from the Organization of the Petroleum Exporting Countries’ failure to reach a pact to cap output. July WTI crude settled at $49.17 a barrel on the New York Mercantile Exchange, up 16 cents, or 0.3%, recovering from an earlier dip below the $48 mark.

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New York’s Court of Appeals, the highest court in the state, ruled Thursday that the 11-year civil-fraud lawsuit against the former chief executive of American International Group Inc. , Hank Greenberg, could proceed, the Associated Press reported. Greenberg’s legal team argued that the case should be dismissed because there are no remedies available to the New York Attorney General’s office. The court ruled that AG Eric Schneiderman could seek the return of ill-gotten profits, a ban from the securities industry, and a ban from serving as a director and officer of a public company. According to The Wall Street Journal, Greenberg, who denies any wrongdoing, also said the effort to ban him was a waste of taxpayer dollars.

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Gold futures settled at more than three-month low Thursday on mounting expectations of an imminent U.S. interest-rate hike. Dallas Federal Reserve Bank President Robert Kaplan reiterated that the Fed should tighten the monetary policy as the economy continues to show signs of recovery while inflationary pressure has started to build, according to Reuters. June gold slipped $2.10, or 0.2%, to settle at $1,209.80, its lowest since Feb. 16.

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Shares of Clearside Biomedical Inc. were up 12% in midday trade Thursday in the company’s debut on the Nasdaq. Shares were trading at $7.85, above the company’s $7 issue price. The company sold 7.2 million shares to raise $50.4 million. Cowen and Company and Stifel were the lead underwriters.

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Shares of NantHealth Inc. were up 36% in the biotech company’s market debut on the Nasdaq Thursday. Shares were trading around $19 in midday trade, above the company’s $14 issue price. The company sold 6.5 million shares to raise $91 million. Jefferies LLC and Cowen and Company, LLC acted as the lead underwriters.

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From:: Stock Market News

Shares of NantHealth Inc. were up 36% in the biotech company’s market debut on the Nasdaq Thursday. Shares were trading around $19 in midday trade, above the company’s $14 issue price. The company sold 6.5 million shares to raise $91 million. Jefferies LLC and Cowen and Company, LLC acted as the lead underwriters.

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Signet Jewelers Ltd. shares are down 7.1% in Thursday trading after reports that an investment newsletter raised questions about the company’s credit operations and gem quality. Signet did not immediately respond to a request for comment. In its fiscal first-quarter report released last month, Signet said it has hired Goldman Sachs as a financial advisor as it conducts a strategic evaluation of its credit portfolio. Signet shares are down nearly 26% for the year to date while the S&P 500 is up 2.5% for the same period.

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Oil futures pared some of their earlier losses Thursday after the U.S. Energy Information Administration reported that U.S. crude supplies fell by 1.4 million barrels for the week ended May 27. The American Petroleum Institute late Wednesday had reported a 2.4 million-barrel rise, while analysts polled by S&P Global Platts expected a 3.1 million-barrel decline. Gasoline supplies were down 1.5 million barrels, while distillate stockpiles fell 1.3 million barrels last week, according to the EIA. July crude was at $48.63 a barrel on the New York Mercantile Exchange, down 38 cents, or 0.8%, from Wednesday’s settlement. Prices traded at $48.32 before the data.

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Natural-gas futures edged higher on Thursday after the U.S. Energy Information Administration reported that supplies of the commodity rose 82 billion cubic feet for the week ended May 27. Analysts polled by S&P Global Platts forecast an increase of 85 billion cubic feet, on average. Total stocks now stand at 2.907 trillion cubic feet, up 712 billion cubic feet from a year ago and 753 billion cubic feet above the five-year average, the government said. July natural gas was up 2 cents, or 0.8%, at $2.402. It traded at $2.38 before the data.

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Shares of Moleculin Biotech Inc. were trading at $7.75 Thursday morning, above the company’s issue price of $6, in the stock’s debut on the Nasdaq. The company sold 1.5 million shares to raise about $9.2 million. Moleculin had initially hoped to raise up to $12 million, according to an earlier S-1 filing. Bonwick Capital Partners and Network 1 Financial Securities underwrote the offering.

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