Category: Stock Market News

The American League beat the National League, 2-1 in 10 innings, in a lackluster MLB All-Star Game on Tuesday night in Miami. Robinson Cano of the Seattle Mariners smacked the game-winning home run in the top of the 10th off Chicago Cubs reliever Wade Davis. Cano was also named the game’s MVP. The game, which lingered three hours and 15 minutes, featured more strikeouts (23) than hits (17) between the two teams. The AL has won five All-Star Games in a row, and 17 of the past 21. For the first time since 2003, the winning league will not get home-field advantage in the World Series. That rule was changed prior to this season, and the home-field advantage will go to the team with the best regular-season record.

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Shares of Ocular Therapeutix Inc. lost a quarter of their value in the extended session Tuesday after the Food and Drug Administration told the drug maker it could not approve a marketing application for an eye-pain drug in its current form. Ocular Therapeutix shares, which had been halted at $7.55, dropped 26% to $5.60 after hours, following a 17% gain during the regular session. Tuesday’s regular-session gain followed the company’s announcement late Monday that it had amended a marketing application for its drug Dextenza to address FDA concerns with its manufacturing process.

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National Economic Council Director Gary Cohn is the front-runner to replace Federal Reserve Chairwoman Janet Yellen next year, Politico reported, citing unnamed people close to the process. Cohn, the former Goldman Sachs president, would be easily confirmed, the report said. Former Fed Gov. Kevin Warsh is also a candidate to be Fed chief, and like Cohn, doesn’t have a Ph.D. in economics. Yellen is due to testify to Capitol Hill on Wednesday and Thursday.

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Gymboree Corp. plans to close about 350 stores as part of its restructuring effort following its chapter 11 bankruptcy filing in June, the children’s apparel retailer said late Tuesday. “With the right size store base, the company will be able to focus resources on locations with the greatest potential and improve the profitability of the overall business,” it said in a statement. Most of the stores targeted for closure are Gymboree and Crazy 8. Gymboree has contracted with Great American Group and Tiger Group to handle the closing sales which will begin on July 18. It did not say how many employees will be affected.

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The Dow Chemical Co. said late Tuesday it has agreed to sell a portion of its corn-seed business in Brazil to an arm of China’s CITIC Ltd. conglomerate for $1.1 billion. The deal is meant to satisfy commitments to Brazilian regulators in connection to Dow’s merger with DuPont , the company said in a statement. The deal is contingent upon the closing of the Dow and DuPont merger, in addition to other closing conditions, it said. The merger is expected to generate cost synergies of approximately $3 billion and growth synergies of $1 billion, and both companies have reaffirmed their expectation to close the merger in August, with the intended spin-offs to occur within 18 months of closing. Shares of Dow were down 0.7% in late trading after ending the regular session up 0.1%.

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Shares of Ocular Therapeutix Inc. were halted in the extended session Tuesday after the Food and Drug Administration told the drug maker that it could not approve a marketing application for an eye-pain drug in its current form. Ocular Therapeutix shares were halted at $7.55 after hours, following a 17% gain during the regular session. That gain followed the company’s announcement late Monday that it had amended a marketing application for its drug Dextenza to address FDA concerns with its manufacturing process.

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Zimmer Biomet Holdings Inc. shares declined in the extended session Tuesday after the maker of orthopedic and spinal medical devices announced its chief executive was stepping down and said it expects second quarter earnings to be at the low end of its guidance. Zimmer shares declined 2% to $124 after hours. Zimmer said CEO David Dvorak is stepping down effective immediately, and that Chief Financial Officer Daniel Florin will serve as interim CEO until a successor is named. In a separate statement, the company said it expects per-share earnings “to be at or near the bottom of its previously issued guidance range of $2.08 to $2.13”. Analysts polled by FactSet expect $2.11 a share.

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The American Petroleum Institute reported Tuesday a much larger-than-expected drop of 8.1 million barrels in U.S. crude supplies for the week ended July 7, according to sources. “We are finally seeing the impact from cumulative OPEC cuts, lower U.S. output and strong demand,” said Phil Flynn, senior market analyst at Price Futures Group. The API data also showed a fall of 801,000 barrels in gasoline supplies, while inventories of distillates were up 2.1 million barrels, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts expect the EIA to report a decline of 2.6 million barrels in crude inventories. August crude was at $45.71 a barrel in electronic trading, up from the contract’s settlement of $45.04 on the New York Mercantile Exchange.

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Logitech International said late Tuesday it has agreed to buy Astro Gaming, a maker of headsets for video games, for $85 million in cash. The acquisition is expected to close in early August, Logitech said in a statement. The deal is expected to be “slightly dilutive to the bottom line” in the first year as Logitech integrates the business and invests to expand Astro internationally, the company said.

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Shares of Cohu Inc. rallied in Tuesday’s extended session after the semiconductor equipment company posted unaudited second-quarter results that beat expectations. Cohu reported preliminary second-quarter revenue of $93 million, ahead of its forecast of $86 million and beating an average estimate of $86.2 million projected by analysts in a FactSet survey. The company cited strong demand in the automobile and mobility industries for the strong revenue growth. Cohu is scheduled to release second-quarter earnings on Aug. 2. Shares rose more than 4% after hours.

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