Category: Stock Market News

Shares of beleaguered magazine publisher Time Inc. were up more than 9% in premarket trade on Monday after Meredith Corp. , which publishes “Better Homes & Gardens,” proposed a deal over the weekend to buy Time in an acquisition valued at $2.8 billion. Shares of Meredith Corp. were up more than 8% in premarket trade. The deal, which has financial backing from the Koch brothers, comes amid a shift at Time to focus more on video as the company’s print business continues to suffer. Time has said it plans to target more than $400 million in cost savings as it sells off assets and focuses on its core brands. Shares of Time Inc. are down more than 5% in the year to date, while Meredith Corp. shares are up more than 3%. By comparison, the S&P 500 index is up more than 16% and the Dow Jones Industrial Average is up more than 19% during the same time frame.

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Alkermes PLC shares rose 5.8% in premarket trade Monday on news of the company’s partnership with Biogen Inc. on the multiple sclerosis drug ALKS 8700. Biogen shares were not active in premarket trade. Under the agreement, Alkermes will receive $28 million upfront — which represents Biogen’s share of development costs in 2017 — and is eligible for up to $200 million in clinical and regulatory achievements. Biogen will pay for ALKS 8700 development expenses starting in 2018 and will be responsible for the therapy’s commercialization. The company also expects to register an initial milestone payment of $50 million as an expense this year, according to the agreement. ALKS 8700 is in late-stage clinical development to treat relapsing forms of multiple sclerosis. Alkermes shares have risen 1.3% over the last three months and Biogen shares have risen 8.4%, compared with a 6.5% rise in the S&P 500 .

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Regeneron Pharmaceuticals Inc. shares declined 2% in premarket trade Monday after the company said that results from two phase 2 trials studying its combination therapy did not support advancing the program into phase 3 trials. The two trials studied the combination of eye medication Eylea and nesvacumab in diabetic macular edema and wet age-related macular degeneration, both serious eye diseases. Both studies aimed to find out if the combination — which is being jointly developed by Regeneron and Bayer worked better than Eylea on its own, but the results “did not provide sufficient differentiation to warrant Phase 3 development,” Regeneron said. Regeneron shares have dropped 19.5% to $384.85 over the last three months, compared with a 6.5% rise in the S&P 500 and an 8% rise in the Dow Jones Industrial Average .

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Consolidated Water Co. Ltd. said Monday it is raising its quarterly dividend to 8.50 cents a share from 7.50 cents. The new dividend will be paid Jan. 31, 2018 to shareholders of record as of Jan. 3. Shares were not yet active premarket, but have gained 22% in 2017, while the S&P 500 has gained 16%.

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Shares of Marathon Patent Group Inc. , an intellectual property licensing and management company, surged more than 30% in premarket trade Monday, as bitcoin surged to a fresh high close to $10,000. Marathon is viewed as a cryptocurrency play, since it acquired mining company Global Bit Ventures Inc. in early November. “We believe the acquisition of Global Bit Ventures will take advantage of an ongoing revolution in digital transactions conducted on blockchains as we see increasing adoption and proliferation of blockchain protocols in our everyday lives,” Chief Executive Doug Croxall said when announcing the deal. Last week, the company reported results for its third quarter, that showed a narrowing of its net and operating losses. The stock has fallen 13.5% in 2017, while the S&P 500 has gained 16%.

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Lowe’s Cos. shares rose 0.5% in premarket trade Monday, after Raymond James upgraded the stock to outperform from market perform following the company’s third-quarter earnings. “Lowe’s shares are more attractive (versus historical levels) on a forward multiple basis – specifically versus its primary retail competitor and the overall market (S&P 500),” analyst Budd Bugatch wrote in a note. “In addition, underlying industry indicators, as well as comments from key industry suppliers, remain generally supportive of the home improvement industry moving into 2018.” Rising wages and house price appreciation are expected to encourage homeowners to take on small home-improvement projects as well as spending on maintenance and repairs, said the analyst. Lowe’s shares have gained 11.4% in 2017, while the S&P 500 has gained 16%.

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Sears Holdings Corp. said Monday that Sears and Kmart stores are offering free home delivery for online purchases worth more than $399 through Monday, Dec. 25. The move is part of a number of special offers the department-store chain is offering for the holiday season, including discounts on appliances, cashback and points on purchases made with a Sears credit card. Sears shares were not yet active premarket, but are down 58% in 2017, while the S&P 500 has gained 16%.

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Alkermes PLC shares rose 2.4% in premarket trade Monday on news of the company’s partnership with Biogen Inc. on the multiple sclerosis drug ALKS 8700. Biogen shares rose 0.6% in premarket trade. Under the agreement, Alkermes will receive $28 million upfront — which represents Biogen’s share of development costs in 2017 — and is eligible for up to $200 million in clinical and regulatory achievements. Biogen will pay for ALKS 8700 development expenses starting in 2018 and will be responsible for the therapy’s commercialization. The company also expects to register an initial milestone payment of $50 million as an expense this year, according to the agreement. ALKS 8700 is in late-stage clinical development to treat relapsing forms of multiple sclerosis. Alkermes shares have risen 1.3% over the last three months and Biogen shares have risen 8.4%, compared with a 6.5% rise in the S&P 500 .

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Life Sciences company Quanterix Corp. on Monday launched its initial public offering, and said it will offer 3.34 million shares priced at $14 to $16 a pop. The company would raise $50.1 million at the midpoint of the price range. The company is planning to list on Nasdaq, under the ticker symbol ‘QTRX’. J.P. Morgan, Leerink Partners and Cowen are joint bookrunners on the deal with BTIG and Evercore ISI acting as co-managers. Proceeds of the deal will be used to expand the company’s commercial operations, improve and update its Simoa technology, support a 2018 product launch, move to a larger corporate headquarters, pursue regulatory approval to develop certain instruments, to pursue acquisitions and for general corporate purposes.

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Prince Harry, fifth in line to the British throne, is engaged to American actress Meghan Markle, the Prince of Wales announced Monday. “The wedding will take place in Spring 2018. Further details about the wedding day will be announced in due course,” Clarence House, the official account of Prince Charles, said in a statement posted to Twitter. Divorcee Markle, who at 36 is three years older than her royal fiance, only appeared in public with Prince Harry at an official event in September, but rumors of their engagement have been building in recent weeks. The couple got engaged in London earlier this month, according to the royal statement. The biracial American will be known as Princess Harry of Wales, unless the Queen follows recent practice and awards her grandson a new dukedom, in which case she would become a duchess.

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