Category: Stock Market News

Iran is aiming for a significant increase in oil production to reach an output of 4.8 million barrels a day within five years, according to Dow Jones Newswires. In April, the Middle Eastern country produced 3.38 million barrels a day, an increase of 150,000 barrels over March, according to Platts. Speaking to journalists ahead of the closely watched OPEC meeting in Vienna, the country’s oil minister Bijan Namdar Zangeneh hinted Iran won’t agree to a deal to cap production, seen as a measure to boost oil prices, the report said. Ahead of Thursday’s meeting, media reports suggested the cartel would agree to a new output ceiling after it scrapped its 30-million-barrel-day cap at its December meeting. However, without the consent of Iran, an production deal looks unlikely. The Venezuelan oil minister stressed that Iran must be included in any OPEC production agreement, according to DJ. Crude oil was up 0.3% at $49.16 a barrel, while Brent rose 0.4% to $49.90.

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

Houston-based Moleculin Biotech Inc. closed its initial public offering Wednesday, raising more than $9.2 million on 1.5 million shares priced at $6 each, the upper end of its pricing range. The company had hoped to raise as much as $12 million, according to its S-1 filing in March. Moleculin will start public trading Thursday on the Nasdaq under the symbol “MBRX.” The company says it intends to use the IPO proceeds for further clinical trials of its leukemia-treatment drug, Annamycin. Bonwick Capital Partners and Network 1 Financial Securities underwrote the offering.

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

Oil futures fell in electronic trading Wednesday after the American Petroleum Institute reported that U.S. crude supplies rose by 2.4 million barrels for the week ended May 27, according to sources who reviewed the report. Analysts polled by S&P Global Platts forecast a decline of 3.1 million barrels for crude inventories. The closely watched Energy Information Administration report will be released Thursday. July crude was at $48.91 a barrel in electronic trading, down from the contract’s settlement of $49.01 on the New York Mercantile Exchange.

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

Uber Technologies Inc., the ride-hailing company, has received a $3.5 billion investment from Saudi Arabia’s Public Investment Fund, according to The New York Times. The investment is part of an existing funding round and keeps the company’s valuation at $62.5 billion, according to the Times. Uber did not immediately respond to a request for comment.

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

Uber Technologies Inc., the ride-hailing company, has received a $3.5 billion investment from Saudi Arabia’s Public Investment Fund, according to The New York Times. The investment is part of an existing funding round and keeps the company’s valuation at $62.5 billion, according to the Times. Uber did not immediately respond to a request for comment.

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

Uber Technologies Inc., the ride-hailing company, has received a $3.5 billion investment from Saudi Arabia’s Public Investment Fund, according to The New York Times. The investment is part of an existing funding round and keeps the company’s valuation at $62.5 billion, according to the Times. Uber did not immediately respond to a request for comment.

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

Uber Technologies Inc., the ride-hailing company, has received a $3.5 billion investment from Saudi Arabia’s Public Investment Fund, according to The New York Times. The investment is part of an existing funding round and keeps the company’s valuation at $62.5 billion, according to the Times. Uber did not immediately respond to a request for comment.

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

Box Inc. shares fell in the extended session Wednesday as the business cloud-storage company’s billings for the quarter fell short of Wall Street estimates. Box shares fell 9.5% to $11.60 after hours. While the company reported an adjusted first-quarter loss of 18 cents a share on revenue of $90.2 million, billings came in at $75.9 million. Analysts surveyed by FactSet had forecast a loss of 24 cents a share on revenue of $88.7 million but billings of $84.1 million. For the second quarter, Box sees an adjusted loss of 19 cents to 20 cents a share on revenue of $94 million to $95 million. Analysts expect a loss of 22 cents a share on revenue of $94.8 million.

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

A number of stock market indexes produced bullish technical patterns by closing above their April highs Wednesday, joining the Russell 2000 Index which accomplished the feat on Tuesday. What makes the higher closing highs bullish is that the Dow Theory, which has remained relevant among market watchers for over a century, defines an uptrend as a pattern of higher peaks and higher lows. And the more broader-market indexes that have entered uptrends, the more confidence investors can have in buying into pullbacks. The Russell 2000 was down as much 0.5% at its intraday low Wednesday, before bouncing sharply to close up 0.7% at a six-month high. Other indexes that made higher highs Wednesday, to go with higher lows, include the Dow Jones U.S. Total Market Index , the Russell 3000 Index , the S&P Small Cap 600 Index and the S&P 400 Mid Cap Index . Meanwhile, the S&P 500 Index is about 0.1% away from a higher high, the Nasdaq Composite Index is about 0.2% away and the Dow Jones Industrial Average is 307 points away.

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

Shares of Ocean Power Technologies Inc. blasted off to a near four-fold price increase in very active afternoon trade Wednesday, after the ocean wave power generation company said it entered into its first commercial PB3 PowerBuoy agreement with Japan’s Mitsui Engineering and Shipbuilding. The stock was trading at a 10-month high of $5.86, up 283% from Tuesday’s closing price of $1.53. Volume was 19.9 million shares, compared with the full-day average over the past 30 days of about 12,700 shares, according to FactSet. Ocean Power said the lease agreement is valued at $975,000. “We believe that the deployment under this Agreement could provide access to a potentially huge market in Japan and the surrounding areas, and we’re looking forward to potentially leveraging these events with other interested parties,” said Chief Executive George Kirby. Prior to Wednesday’s surge, the stock had tumbled 27% year to date, while the S&P 500 had gained 2.6%.

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