Category: Stock Market News

Martin Shkreli was jailed late Wednesday after a federal judge revoked his bail after the notorious “pharma bro” offered a bounty last week for locks of Hillary Clinton’s hair. Judge Kiyo Matsumoto’s ruling came after prosecutors argued Shkreli was a danger to the public, citing repeated online threats and harassing comments. On Tuesday, Shkreli apologized for the since-deleted Facebook posts in which he offered $5,000 for strands of Clinton’s hair. While he claimed it was a joke, the Secret Service took it seriously and opened an inquiry into the matter. In August, Shkreli was convicted of defrauding hedge-fund investors, and faces up to 20 years in prison. His sentencing is scheduled for January.

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Array BioPharma Inc. [S: ARRY] shares fell in the extended session Wednesday after the drug developer announced a secondary offering of its shares. Array shares fell 7.9% to $9.70 after hours. The company said it plans to offer $175 million in shares, with an additional $26.3 million to cover overallotments. Based on Wednesday’s closing price of $10.53, the offering including overallotments would represent about 19.1 million shares. Array has 171.4 million shares outstanding. J.P. Morgan Securities, Cowen & Co., and Piper Jaffray are listed among the bookrunners for the offering.

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Vanda Pharmaceuticals Inc. shares fell in the extended session Wednesday after the biotech drug developer said a study of its treatment for a type of eczema did not reach the stated goal. Vanda shares fell 6.7% to $15.86 after hours, following a brief halt in trading. The company said a mid-stage clinical study of its drug tradipitant showed that while the drug showed improvement in itching in patients with atopic dermatitis compared with a placebo, the results were not statistically significant.

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Tenet Healthcare Corp. is exploring strategic options including a possible sale of the big hospital company, according to a report Wednesday by The Wall Street Journal, citing people familiar with the matter. The company has hired bankers to look at its options, and the process is in the early stages, the report said. The hospital chain’s shares rose more than 14% in late trading, after ending the regular session down 5.3%. Tenet has battled pressure from activist shareholders, and last month CEO Trevor Fetter announced he’ll step down in March.

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The Committee on Foreign Investment in the United States blocked the sale of Lattice Semiconductor to a group of Chinese investment funds. Canyon Bridge had agreed to buy Lattice for $1.3 billion. “The national security risk posed by the transaction relates to, among other things, the potential transfer of intellectual property to the foreign acquirer, the Chinese government’s role in supporting this transaction, the importance of semiconductor supply chain integrity to the U.S. government, and the use of Lattice products by the U.S. government,” the statement says.

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Oracle Corp. shares closed at a record high Wednesday, their third in as many sessions, the day before the enterprise software giant reports quarterly earnings late Thursday. Oracle shares rose less than 0.1% to close at $52.80, after touching an all-time intraday high of $52.98, on volume of 13.8 million shares, slightly higher than the 52-week average daily volume of 12.6 million shares. Shares have crept to record highs following a 1.8% surge on Monday. Shares are up 37% for the year, compared with the 20% rise on the Nasdaq Composite Index .

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U.S. stock-market indexes eked out small gains with all three benchmarks closing at all-time highs on Wednesday. The main indexes spent most of the session flipping between small gains and losses as investors took a pause after several days of gains. The Dow Jones Industrial Average closed 39.32 points, or 0.2%, higher at 22,158.18. The S&P 500 added 1.89 points, or less than 0.1%, to 2,498.37. The Nasdaq Composite index gained 5.91 points, or 0.1%, to 6,460.19. Among the best performers on Wall Street, Centene Corp. jumped 8%, but Apple Inc shares dropped as the new iPhone X is not scheduled to ship before November.

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Comments made on Twitter by an ESPN anchor against President Donald Trump are “outrageous” and a “fireable offense,” White House press secretary Sarah Huckabee Sanders said Wednesday. Sanders was addressing comments by Jemele Hill, who called Trump a “white supremacist.” The Disney -owned network on Tuesday issued a statement saying the comments by Hill, who is African-American, “do not represent” ESPN’s position.

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From:: Stock Market News

Comments made on Twitter by an ESPN anchor against President Donald Trump are “outrageous” and a “fireable offense,” White House press secretary Sarah Huckabee Sanders said Wednesday. Sanders was addressing comments by Jemele Hill, who called Trump a “white supremacist.” The Disney -owned network on Tuesday issued a statement saying the comments by Hill, who is African-American, “do not represent” ESPN’s position.

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Shares of Chesapeake Energy Corp. shot up 7.1% in active afternoon trade Wednesday, putting them on track for their best performance since March 29, as upbeat government crude production data helped propel crude price to a third-straight gain. Trading volume in the oil and gas exploration company’s stock climbed to 33.6 million shares, already above the full-day average of 32.6 million shares, and enough to make the stock the New York Stock Exchange’s second-most actively traded. Crude oil futures rallied 2.2%, after the U.S. Energy Information Administration said domestic crude supplies increased 5.9 million barrels in the week ended Sept. 8, well below forecasts of a rise of 10.1 million barrels. The correlation coefficient between Chesapeake’s stock and continuous crude oil futures was 0.903 over the past five years, where 1.000 means they move exactly in sync. Chesapeake’s stock, which closed at a 17-month low as recently as Aug. 30, has still tumbled 24% over the past three months. In comparison, the SPDR Energy Select Sector ETF has slipped 1.9% the past three months while the S&P 500 has gained 2.3%.

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