Category: Stock Market News

U.S. stock-market indexes on Monday traded higher, with the Nasdaq Composite climbing deeper into record territory, as investors viewed last week’s jobs report as impetus to dive back in to assets perceived as risky, following a bout of trepidation over rising prices and inflation last month. However the February labor-market report on Friday showed a gain of 313,000 jobs during the month but only a muted sign of wage growth. The Dow Jones Industrial Average rose 55 points, or 0.2%, at 25,396, the S&P 500 index advanced 0.1% at 2,790. Meanwhile, the Nasdaq Composite Index, opened at an intraday all-time high at 7,582.40, and was most recently up 0.3% at 7,581. In corporate news, Dow Chemicals leader Andrew Liver plans to step down at the end of the month, with co-lead director Jeff Fettig set to assume that role at the company, now known as DowDuPont Inc. . Meanwhile, Goldman Sachs Group Inc. co-president and COO Harvey Schwartz is set to retire, according to Goldman in a news release early Monday.

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Harvey Schwartz, co-chief operating officer and president at Goldman Sachs Group Inc., is set to retire, the company announced via Twitter early Monday. Schwartz, a former chief financial officer at Goldman , had been widely viewed as a possible heir apparent at the world’s most prominent investment bank. David Solomon who serves as the other co-COO at Goldman, is set to be named sole COO and president, according to the Goldman tweet. News of Schwartz’s imminent departure comes after a Friday report by the Wall Street Journal indicated that Chief Executive Officer Lloyd Blankfein was set to retire as early as the end of 2018.

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Regeneron Pharmaceuticals Inc.’s plans to lower the price of its cholesterol-lowering medication Praluent sent shares of some of its rivals down in Monday premarket trade. Regeneron shares rose 1.6% premarket, while shares of its partner Sanofi slumped about 0.1%. Shares of Amgen Inc. , which makes another cholesterol drug in the same category of drugs, termed PCSK9 inhibitors, declined 0.85% in premarket trade, and shares of Esperion Therapeutics Inc. , which recently reported positive results for a cholesterol drug in development, plummeted 5.7% premarket. Another PCSK9 inhibitor developer, Medicines Company , had its shares rise 6.2% premarket; the company has said it plans to compete with established rivals on price. PCSK9 inhibitors have been shown to be effective for patients when lifestyle changes and low-priced statinshaven’t worked, but their high price tags have led to restrictions on insurance coverage. Alongside pricing changes, Regeneron also reported positive data in which its drug Praluent showed a 15% reduction in major adverse cardiac events relative to patients on the placebo. The decision to lower the price is a “‘landmark’ step here,” said Bernstein analyst Ronny Gal, adding “our 2 cents is that it was unavoidable and Regeneron has shown leadership here by stepping out to reality (and obtained an advantage over Amgen in the process).” Regeneron shares have dropped 10.5% over the last three months and Sanofi shares have dropped 8.1%, compared with a 4.6% rise in the S&P 500 .

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Shares of Anthera Pharmaceuticals Inc. plummeted 84% in premarket trade Monday, after the biopharmaceutical company said it would suspend further development of Sollpura after a phase 3 study of exocrine pancreatic insufficiency due to cystic fibrosis failed to meet its primary endpoint. The company said it plans to evaluate strategic alternatives to maximize shareholder value following the trial results. “We are greatly disappointed by the findings of the RESULT study,” said Chief Executive Craig Thompson. “We would like to extend our deepest gratitude to the patients and their families, study investigators, and the cystic fibrosis community for the support they have provided in the clinical development of Sollpura.” The stock is on track to open below $1, while its record closing low was $1.23 on Aug. 2, 2017. The company went public on March 1, 2010, and the record closing high was a split-adjusted $553.60 on May 25, 2011. The stock underwent a 1-for-8 reverse split in July 2013 and a 1-for-8 reverse split in May 2017. Through Friday, the stock had rallied 78.4% over the past three months, but had tumbled 52.3% over the past 12 months while the S&P 500 had gained 17.5% over the past year.

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Shares of Johnson Controls International Plc. rallied 2.6% in premarket trade Monday, after the diversified industrial company said it is exploring strategic alternatives for its power solutions business. The company said the business generated $7.3 billion in revenue in 2017. The review of alternatives is expected to be completed over the next several months. The company said the plans reflect its priority to strengthen its building technology and solutions business, which includes heating, ventilation and air conditioning, fire and security and building management businesses. “Creating shareholder value is our top priority. Our focus is on improving operational execution, realizing merger synergy and productivity benefits, and optimizing the business portfolio,” said Chief Executive George Oliver. The stock has lost 6.5% over the past 12 months, while the SPDR Industrial Select Sector ETF has run up 19.2% and the S&P 500 has climbed 17.5%.

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Shares of Broadcom Ltd. rose 2.4% in premarket trade Monday, after the Singapore-based semiconductor company said it expects to complete the redomicilation to the U.S. by April 3, 2018. Broadcom is currently embroiled in a hostile takeover of Qualcomm Inc. , which is currently being scrutinized by the U.S. Treasury Department’s Committee on Foreign Investment (CFIUS) for national security concerns. Qualcomm’s stock rose 0.9% ahead of the open. Late Friday, The Wall Street Journal reported that Intel Corp. has considered making a bid for Broadcom if it is successful in its attempt to buy Qualcomm. Broadcom’s stock has lost 1.9% over the past three months and Qualcomm shares have shed 2.8%, while the S&P 500 has gained 4.6%.

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Shares of Sarepta Therapeutics Inc. surged 4.9% in premarket trade Monday, after the biopharmaceutical company said it planned to submit a New Drug Application (NDA) for its Duchenne muscular dystrophy treatment. The company said that based on favorable phase 1/2 study results and feedback from the Food and Drug Administration for golodirsen, the company intends to complete a rolling submission of an NDA by the end of 2018. The stock has run up 40% over the past three months, while the iShares Nasdaq Biotechnology ETF has climbed 8.1% and the S&P 500 has gained 4.6%.

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Biogen Inc. said Monday it reached a deal to buy a phase-2b-trial-ready schizophrenia treatment, PF-04958242, from Pfizer Inc. for up to $590 million. The deal includes an upfront payment of $75 million and up to $515 million in potential milestone payments, as well as tiered royalties. The treatment has demonstrated an “acceptable” safety profile and treatment effect in phase-1b clinical studies, and Biogen plans to initiate a phase-2b trial in the second half of 2018. The deal is expected to close in the second half of 2018. Pfizer’s stock was indicated up less than 1% in premarket trade, while Biogen shares were still inactive. Over the past 12 months, Pfizer’s stock has rallied 7.8%, while Biogen shares have lost 2.1% and the Dow Jones Industrial Average has run up 21%.

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Sempra Energy said Monday Chief Executive Debra Reed will step down as CEO on May 1, but will remain as executive chairman until she retires on Dec. 1, 2018 after over 40 years with the company. The San Diego-based energy services company said current Chief Financial Officer Jeffrey Martin will succeed Reed as CEO on May 1. Reed joined Sempra Energy in 1978, and was named CEO in 2011 and chairman in 2012. The stock, which was still inactive in premarket trade, has slipped 0.3% over the past 12 months, while the SPDR Utilities Select Sector ETF has declined 3.1% and the S&P 500 has gained 17.5%.

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Clorox Co. said Monday it has reached a deal to acquire Nutranext, a privately held health and wellness company, for $700 million. Clorox said the purchase price represents 3.5 times 2017 sales. The consumer products company said it expects to fund the deal with cash and debt. The deal is expected to dilute earnings per share by 7 cents to 11 cents in the fiscal fourth-quarter, which ends June 30 and by 8 cents to 12 cents in fiscal 2019, before adding to EPS in fiscal 2020. The deal is expected to close in the fiscal fourth quarter of 2018. “Adding Nutranext to our portfolio is consistent with our strategy to accelerate growth through acquisitions of leading brands in fast-growing categories with attractive gross margins and a focus on health and wellness,” said Clorox Chief Executive Benno Dorer. Clorox’s stock has lost 4.7% over the past 12 months while the S&P 500 has gained 17.5%.

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