Category: Stock Market News

The yield on the two-year German note tumbled Thursday to a new all-time low as expectations of further easing from the European Central Bank drove a rally in government bonds. The two-year German yield dropped to negative 0.578%, a record low, while the yield on the 10-year benchmark German bond, known as the bund, fell to 0.169%, according to Tradeweb. The ECB’s recent communications have sent strongly dovish signals, said Jonathan Loynes, chief European economist at Capital Economics. The market-priced expectation is of a 10-basis-point cut to the ECB’s deposit rate when the central bank meets on March 10, as well as an expansion to the bank’s asset purchases.

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Jensyn Acquisition Corp.’s stock debuted on the Nasdaq exchange Thursday morning, slightly below the initial public offering price of $10. The first trade of the shares of the shell company, which was formed for the purpose of entering into a merger with one or more businesses, was at $9.95, at 11:15 a.m. Eastern. The company sold 3.9 million “units” at $10 to raise $39 million; the units consist of one share of common stock, on right to receive one-tenth of one share of common stock after an initial business combination is completed and one warrant to buy one-half of one common share. While the shares began trading under the symbol “JSYNU,” the units offered will eventually separate on or before May 1, with the common stock trading under “JSYN,” the rights to trade under “JSYNR” and the warrants to trade under “JSYNW.”

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Shares of Syndax Pharmaceuticals , a cancer-focused biotechnology company, were trading at $12.44 Thursday morning, above the company’s initial public offering issue price of $12 in its debut on the Nasdaq. With the offering, Syndax sold 4.4 million shares to raise $52.8 million. The company had previously set a price range of $14 to $16. Morgan Stanley, Citigroup, JMP Securities and Oppenheimer were the underwriters for the offering.

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From:: Stock Market News

Shares of Syndax Pharmaceuticals , a cancer-focused biotechnology company, were trading at $12.44 Thursday morning, above the company’s initial public offering issue price of $12 in its debut on the Nasdaq. With the offering, Syndax sold 4.4 million shares to raise $52.8 million. The company had previously set a price range of $14 to $16. Morgan Stanley, Citigroup, JMP Securities and Oppenheimer were the underwriters for the offering.

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The major stock market indexes are down, but the market of stocks is actually rising, as the number of stocks that are rising is outnumbering decliners by a comfortable margin. Advancers are beating decliners by about 16 to 12 on the NYSE, and by about 14 to 9 on the Nasdaq exchange. Meanwhile, the Dow Jones Industrial Average , the S&P 500 Index and the Nasdaq Composite Index are all declining by about 0.3%. There was a similar situation on Wednesday, when the indexes were down but market breadth was positive in midday trade, and the indexes eventually reversed course to close higher.

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U.S. stocks opened slightly lower on Thursday, as lower oil prices and weaker-than-expected economic data sapped investor confidence. The S&P 500 opened 2 points, or 1%, lower at 1,984. The Dow Jones Industrial Average slipped 13 points, or 0.1%, to 16,884. Meanwhile, the Nasdaq Composite began the day down 7 points, or 0.1% at 4,696.

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The time of double-digit growth for the smartphone industry has come to an end, according to a new report from industry tracker IDC. Smartphone shipments are expected to grow just 5.7% year-over-year in 2016, versus a 10.4% increase to 1.44 billion smartphone shipments worldwide in 2015. IDC said the decline is related to saturation of the Chinese market, which has transitioned to a mature market with more stable growth from a fast-growing emerging market in years prior. IDC expects the trend of single-digit year-over-year growth to continue through 2020. Alphabet Inc.’s Android is expected to maintain its leading share of the market over the next few years, with IDC predicting its share rises to 84.6% by 2020 from an expected 82.6% in 2016. Apple Inc.’s iOS is expected to maintain its spot as the second-largest smartphone manufacturer, though its share of the market is projected to decline slightly through 2020 to 14% from an estimated 15.2% in 2016.

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Barnes & Noble Inc. shares are down 1.1% in premarket trading after the company’s earnings missed estimates in the third quarter. The bookseller said net income was $80.3 million, or $1.04 per share, up from $72.2 million, or 96 cents per share, for the same period last year. The FactSet consensus was $1.06 per share. Revenue was $1.41 billion for the quarter, up from $1.44 billion last year and meeting the FactSet estimate. The company said retail sales were down 1.2% to $1.4 billion due to a decrease in online sales and store closures. Retail same-store sales were up 0.2%. Nook sales were down 33.3% to $51.7 million due largely to lower device and content sales. The company expects same-store sales to be about flat for fiscal 2016. Barnes & Noble is closing the fewest stores since fiscal 2000 and will launch a new store concept later this year with four new stores in fiscal 2017, said Chief Executive Ron Boire in a Thursday statement. Barnes & Noble shares are down 37.9% for the past year, but up 17.5% for the year so far. The S&P 500 is down 2.8% for the year to date.

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From:: Stock Market News

Barnes & Noble Inc. shares are down 1.1% in premarket trading after the company’s earnings missed estimates in the third quarter. The bookseller said net income was $80.3 million, or $1.04 per share, up from $72.2 million, or 96 cents per share, for the same period last year. The FactSet consensus was $1.06 per share. Revenue was $1.41 billion for the quarter, up from $1.44 billion last year and meeting the FactSet estimate. The company said retail sales were down 1.2% to $1.4 billion due to a decrease in online sales and store closures. Retail same-store sales were up 0.2%. Nook sales were down 33.3% to $51.7 million due largely to lower device and content sales. The company expects same-store sales to be about flat for fiscal 2016. Barnes & Noble is closing the fewest stores since fiscal 2000 and will launch a new store concept later this year with four new stores in fiscal 2017, said Chief Executive Ron Boire in a Thursday statement. Barnes & Noble shares are down 37.9% for the past year, but up 17.5% for the year so far. The S&P 500 is down 2.8% for the year to date.

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Valeant Pharmaceuticals International Inc.’s stock dropped 1% in premarket trade Thursday, after the drug maker said late Wednesday that Executive Vice President Deb Jorn resigned, effective immediately. Jorn had been responsible for running Valeant’s U.S. dermatology and gastrointestinal businesses. On Thursday, Valeant said in a statement that Jorn had decided to leave for personal reasons, and “not the result of any action taken by the ad hoc committee of the board of directors.” The company had previously said it had set up an ad hoc committee to review accounting matters. The company announced earlier this week that it had several ongoing investigations, including by the Securities and Exchange Commission, and that it was delaying the release of fourth-quarter results. The stock has tumbled 11% year to date through Wednesday, while the S&P 500 has slipped 2.8%.

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