Category: Stock Market News

Apple Inc. users may have suffered a cyberattack through a downloading software on the Mac over the weekend, in what security researchers at Palo Alto Networks are calling the first known ransomware attack against the company. The malicious actors gained access through the open-source Transmission BitTorrent installer on OS X, which enables people to download large swaths of software. Apple has revoked the abused certificate and updated its XProtect antivirus software, while Transmission Project has removed the malicious installers from its website. Ransomware is a type of cyberattack in which malicious actors encrypt data on targeted machines then require users to pay a ransom – usually a monetary sum in the form of a hard-to-trace currency – to retrieve their data.

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.

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From:: Stock Market News

Apple Inc. users may have suffered a cyberattack through a downloading software on the Mac over the weekend, in what security researchers at Palo Alto Networks are calling the first known ransomware attack against the company. The malicious actors gained access through the open-source Transmission BitTorrent installer on OS X, which enables people to download large swaths of software. Apple has revoked the abused certificate and updated its XProtect antivirus software, while Transmission Project has removed the malicious installers from its website. Ransomware is a type of cyberattack in which malicious actors encrypt data on targeted machines then require users to pay a ransom – usually a monetary sum in the form of a hard-to-trace currency – to retrieve their data.

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.

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From:: Stock Market News

Celldex Therapeutics Inc.’s stock plunged 51% in active premarket trade Monday, after an independent panel recommended that the company discontinue the late-stage trial of its brain cancer treatment following disappointing trial results. Volume was already over 760,000 shares about 75 minutes before the open, to make it the fourth-most active stock in the premarket session. An independent data safety and monitoring board has determined that the Phase 3 study of Rintega will not reach its primary endpoint statistical significance for overall survival. Celldex said it would discontinue the study. “We are extremely disappointed for patients that the ACT IV study was not successful,” said Chief Executive Anthony Marucci. “While this is certainly not the desired outcome, we remain steadfast believers in the power of immunotherapy to transform the future of cancer treatment.” The stock had tumbled 48% year to date through Friday, and 72% over the last year, while the S&P 500 has slipped 4.8% in the year.

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.

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Valeant Pharmaceuticals International Inc. said Monday it will hold a conference call and live webcast on March 15 to disclose its preliminary fourth-quarter earnings and update investors on its outlook for 2016. The company was originally scheduled to release fourth-quarter earnings on Feb. 29, but announced the evening before that it was delaying their release and withdrawing its 2016 guidance. The same day, the company said it was being investigated by the Securities and Exchange Commission. It also disclosed investigations from U.S. Attorney’s offices in New York and Massachusetts and from Congress. Chief Executive Micheal Pearson returned to work after a two-month medical leave. “Now that I have returned, I have been working diligently to review the business so that I can share our latest performance and outlook with shareholders,” Pearson said in a statement Monday. Shares rose 2.8% in premarket trade, but are down 69% in the last 12 months as the company has struggled with questions about its drug pricing and accounting practices, while the S&P 500 has lost 3.4%.

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Pacific Crest cut its price target for Apple Inc. stock to $127 from $132 on Monday, saying its supply and demand checks suggest second-quarter sales volume will come in at the low end of the iPhone maker’s guidance. “Demand appears stable but soft, which prompts more cautious estimates,” analysts wrote in a note. Pacific Crest cut its second fiscal quarter estimates for iPhone unit sales to 47.5 million from 49.0 million, “which drives our FQ2 revenue estimate to $50.0 billion from $51.3 billion and our F2016 EPS estimate to $8.73 from $8.89.” Analysts said they expect the iPhone 7 cycle to be supported by replacement dynamics, which should drive mid-teens unit growth and bolster EPS. Apple shares were slightly lower in premarket trade, and are down 2% in the year so far, while the Dow Jones Industrial Average is down 2.4%.

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Chemicals giant DuPont Co. may attract a takeover bid from German rival BASF SE , according to multiple media reports. That could potentially throw a wrench in DuPont’s planned merger with Dow Chemical Co. Shares in BASF traded lower by 1.3% on Monday in the wake of the news. BASF has hired Deutsche Bank and Citigroup to explore a deal, but chances are low that BASF would make an offer, a Financial Times report said.

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GOP presidential hopeful Ben Carson officially suspended his campaign Friday, according to media reports. Speaking at the Conservative Political Action Conference in National Harbor, Md., Carson told attendees that he was “leaving the campaign trail.” This comes after Carson said on Wednesday that he didn’t see a “political path forward” following Super Tuesday.

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Moody’s Investors Service on Friday placed Russia’s Ba1 sovereign rating on review for a possible downgrade in the wake of a prolonged decline in oil prices. The review will focus on the impact of weak oil on Russia’s economy and the government’s fiscal budget, the ratings agency said. Moody’s estimated that depressed oil prices will likely boost Russia’s debt burden by 12 percentage points over a four-year period. Oil and gas account for nearly 60% of Russia’s exports, according to the ratings agency. Along with Russia, Moody’s also placed Saudi Arabia, Qatar, Kuwait, and United Arab Emirates on review for downgrade.

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Fitch Ratings on Friday affirmed Portugal’s long-term foreign currency rating at ‘BB+’ but lowered its rating outlook to stable from positive. The ratings agency cited a wider-than-expected fiscal deficit of 4.2% of the gross domestic product versus 2.7% initially estimated for the weaker outlook. Fitch noted that the Portuguese government’s plans to reduce the fiscal deficit is at risk and that it may have to implement further austerity measures which could raise political tension going forward. “Renewed political uncertainty would increase fiscal and macroeconomic downside risks,” said Fitch in a statement.

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Shares of Lattice Semiconductor Corp. slumped in Friday’s extended session after the chip maker said Chief Financial Officer Joe Bedewi will resign, effective April 2. The company has named Max Downing, vice president of finance, as interim CFO until a successor has been identified. Lattice Semiconductor shares skidded 10% in after-hours trading after closing at $5.79 during the regular session.

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From:: Stock Market News