Category: Stock Market News

Sienna Biopharmaceuticals disclosed Monday terms for its initial public offering, as the dematology and aesthetics-focused biopharmaceutical company said it plans to sell 4.33 million shares to raise up to $69.3 million. The company expects the IPO to price between $14 and $16 a share. If the underwriters exercise the options granted to buy an additional 650,000 shares to cover overallotments, the company could raise up to $79.7 million. The stock is expected to list on the Nasdaq and trade under the symbol “SNNA.” The lead underwriters are J.P. Morgan, Cowen and BMO Capital Markets. The company would be coming to market at a time of market strength, as the iShares Nasdaq Biotechnology ETF has climbed 8.9% over the past three months and the S&P 500 has gained 4.7%.

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Chicken Soup for the Soul Entertainment Inc., which calls itself a provider of video content that aims to bring out the best in the human spirit, said Monday it has filed for an initial public offering to raise up to $30 million. The company has applied to list on the Nasdaq under the ticker symbol “CSSE.” HCFP/Capital Markets LLC, The Benchmark Company LLC and Weild & Co. are joint bookrunners on the deal, which is structured as a Regulation A+ Tier II offering. Shares are available for purchase online at CSSEntertainment.com/Invest, the company said.

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The Bank of New York Mellon Corp. said Monday it has appointed Charles Scharf as chief executive, effective immediately. Sharf was most recently CEO of Visa Inc. from October 2012 through December 2016. He will become chairman of the board effective Jan. 1, 2018. The bank’s current CEO, Gerald Hassell will remain chairman of the board through December 31, to ensure a smooth transition. Before joining Visa, Scharf did stints at J.P. Morgan Chase & Co. , Bank One, and Citigroup Inc. . Bank of New York shares rose 2.5% premarket and are up 10.5% in 2017, while the S&P 500 has gained about 10%.

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Oscar-winning actor Martin Landau has died, TMZ reported Sunday. He was 89. TMZ said Landau died of “unexpected complications” Saturday at UCLA Medical Center in Los Angeles. Landau gained fame in Alfred Hitchcock’s 1959 classic, “North by Northwest,” and TV’s “Mission: Impossible” from 1966-’69. The versatile actor was nominated for three Academy Awards, finally winning for his portrayal of Bella Lugosi in Tim Burton’s 1994 film “Ed Wood.” Landau was known as an actor’s actor, and was a longtime acting coach — most notably to Jack Nicholson and Angelica Huston. Landau famously turned down the role of Spock on TV’s “Star Trek,” saying in 2011 that the role “would’ve been torturous.” “It was the antithesis of why I became an actor,” he said during the PBS interview. “A guy who speaks in a monotone who never gets excited, never has any guilt, never has any fear or was affected on a visceral level. Who wants to do that?”

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George Romero, the iconic writer-director of low-budget horror movies and father of the modern zombie movie, has died at 77. The Los Angeles Times reported Romero died Sunday morning after a “brief but aggressive battle against lung cancer.” Romero made the cult-classic zombie film “Night of the Living Dead” in 1968, as well as a string of sequels such as 1978’s “Dawn of the Dead” and 1985’s “Day of the Dead.” Romero’s social commentary — dealing with everything from racism to consumerism — elevated his films above the ordinary horror flick.

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Garbine Muguruza of Spain topped American Venus Williams to win the Wimbledon title on Saturday in two sets 7-5, 6-0. Muguruza, who lost in the final at the All England Club in 2015, saved two set points in the 10th game of the first set, and then won nine straight games to win, the Associated Press reported. It was Muguruza’s second Grand Slam title. She also won the French Open last year. Williams was trying for a sixth Wimbledon title. Her last one came in 2008.

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One measure of fear on Wall Street posted its third lowest finish ever, according to FactSet data. The CBOE Volatility Index closed down 3.9% at 9.51, which marks the lowest level for the so-called fear gauge since 1993. The indicator, also known as VIX, has only closed lower on two other occasions both in December 1993 at 9.48 and 9.31. The VIX is based on options contracts on the S&P 500 index 30 days in the future. The metric’s historical average is 20 and it has continued to mostly slump as stocks have reached repeated records since President Donald Trump’s Election Day victory in November, which suggests to market participants that investors are becoming too complacent. Friday’s VIX slide came as many major equity benchmarks logged fresh records, including the Dow Jones Industrial Average , the S&P 500, Dow Jones Transportation Average , the small-cap focused Russell 1000 Index and the Russell 2000 Index . The Nasdaq Composite Index , meanwhile, posted its second-highest finish ever, just about 0.1% shy of its all-time closing high.

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Peregrine Pharmaceuticals Inc. shares fell in the extended session Friday after the biotech drug company’s quarterly results fell short of Wall Street estimates. Peregrine shares fell 13% to $4.85 after hours. The company reported a fiscal fourth-quarter loss of 16 cents a share on revenue of $17.9 million. Analysts surveyed by FactSet had forecast a loss of 4 cents a share on revenue of $22.6 million.

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U.S. stocks closed higher on Friday, with several indexes posting all-time records, led by large gains in the tech sector. This was despite a mixed batch of second-quarter earnings from three major banks weighing on equities. The Dow Jones Industrial Average was up 0.4%, a record high. The Nasdaq Composite Index was up 0.6%, its second highest reading ever. The S&P 500 was up 0.5%, notching a fresh all-time high since June 19. Technology stocks posted large gains, with Apple up 0.9% and Nvidia Corp up 2.7%. On the other hand, banks were the big losers, with J.P. Morgan slipping 0.8% after reporting a sharp fall in trading revenue. J.P. Morgan Chase & Co. , Citigroup Inc. , and Wells Fargo & Co. all posted results on Friday, with the three nonetheless topping expectations. For the week, the Dow was up 1% while the S&P was up 1.4% and the Nasdaq was up 2.6%. Weak retail sales and inflation numbers also raised the prospect of dovish policy from the Fed, which is bullish for stocks.

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One measure of fear, or stock-market volatility, on Wall Street is set to finish at its third lowest level all time, according to FactSet data. The CBOE Volatility Index is on pace to close down 3.6%, at 9.54, which would mark the lowest level for the so-called fear gauge since 1993. The gauge has only closed lower on two other occasions both in December 1993 at 9.48 and 9.31. The so-called VIX, which is based on options contracts on the S&P 500 index 30 days in the future. The metric’s historical average is 20 and it has continued to mostly slump as stocks have reached repeated records since President Donald Trump’s Election Day victory in November, which suggests to market participants that investors are becoming too complacent. Friday’s slide for the VIX came as many major equity benchmarks were set to finish at records, including the Dow Jones Industrial Average , the S&P 500, Dow Jones Transportation Average , the small-cap focused Russell 1000 Index and the Russell 2000 Index . The Nasdaq Composite Index was on deck to finish at its second highest level ever, just a 0.1% away from its record.

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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