Category: Stock Market News

Shares of Arconic dropped 6% in early trade after The New York Times reported the company produced the sandwich of aluminum sheets and polyethylene for Grenfell Tower , which burned and killed at least 79 people. Arconic made panels, or cladding, called Reynobond PE. According to the report, Arconic marketed the material differently in the U.K. than in the rest of Europe, where sales materials explicitly instructed that the flammable material could not be used. In the U.K., the marketing said such use depends on local building codes, the report said.

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U.S. stocks opened modestly higher Monday as crude-oil prices rose, with investors looking to close out the last week of the quarter and first half of 2017. The Dow Jones Industrial Average climbed 0.3% at 21,458, the S&P 500 index gained 0.3% at 2,446, while the Nasdaq Composite Index jumped 0.6% to 6,301. Early market moves followed a weaker durable-goods orders report, which showed that orders slipped 1.1% last month, compared with a 0.6% decline expected by an average estimate of economists polled by MarketWatch. Meanwhile, U.S. crude-oil prices were trending slightly higher, with August crude up 0.2% at $43.09 a barrel. In corporate news, shares of U.S.-listed shares of Nestle SA (s: NSRGY) could also be in focus after news that billionaire activist investor Daniel Loeb’s Third Point LLC took a $3.5 billion stake in the consumer-products giant.

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Neothetics Inc. shares dropped 66% in premarket trade Monday on news of negative results for its fat-reduction drug. The drug, LIPO-202-CL-31, is intended to reduce fat beneath the chin that is due to belly fat. But in a phase 2 proof-of-concept trial, the drug “did not demonstrate improvement on any efficacy measurements or separation from placebo,” the company said, calling the results “unambiguous.” Neothetics is considering “the path forward for the company,” and will share next steps “shortly,” said Kim Kamdar, a member of Neothetics’ operating committee and board of directors. Neothetics shares have surged 65.7% to $2.32 over the last three months, compared with a 4% rise in the S&P 500 .

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Dataram Corp. has officially changed its name, as of Monday, to U.S. Gold Corp. . The gold exploration company said its stock will begin trading Monday under the ticker symbol “USAU,” a change from the previous ticker of “DRAM.” “Combining the “AU” symbol for gold with our geographic focus in the U.S., all of us at U.S. Gold Corp. believe this new symbol accurately represents our company: a U.S.-based, U.S.-listed, gold exploration company, focused on U.S. properties and assets,” said Chief Executive Edward Karr. The stock, which was indicated up about 4% in premarket trade, has plunged 66% year to date through Friday, while the VanEck Vectors Gold Miners ETF has climbed 8.7% and the S&P 500 has gained 8.9%.

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Global airport retailing will grow 27% to $49 billion by 2021, according to research from GlobalData, an analysis, data and solutions company for industries including retail, tech and healthcare. In 2016, spending in airports, including duty-free shops, totaled $38 billion. An increased number of travelers as well as increased security over recent years are a “captive audience” who have “time to kill and, especially when on holiday, is in the mood to spend.” Asia-Pacific airports generated the most spending in 2016 with $14.8 billion, with Chinese travelers providing a boost. Europe tallied $10.7 billion in 2016, with the Brexit decision and the decline in value of the pound attracting tourists. The U.S. has made gains, but, GlobalData says, President Trump’s efforts to curb immigration “is making regular travelers think twice about visiting the country.” The SPDR S&P Retail ETF is down 10.3% for the year so far while he S&P 500 index is up nearly 9% for the period.

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Neothetics Inc. shares were halted in premarket trade Monday before news of negative results for its fat-reduction drug. The drug, LIPO-202-CL-31, is intended to reduce fat beneath the chin that is due to belly fat. But in a phase 2 proof-of-concept trial, the drug “did not demonstrate improvement on any efficacy measurements or separation from placebo,” the company said, calling the results “unambiguous.” Neothetics is considering “the path forward for the company,” and will share next steps “shortly,” said Kim Kamdar, a member of Neothetics’ operating committee and board of directors. Neothetics shares have surged 65.7% to $2.32 over the last three months, compared with a 4% rise in the S&P 500 .

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Philip Morris International Inc. said Monday it will invest EUR500 million, or the equivalent of about $559.1 million, to expand a smoke-free product facility in Italy. The expansion is expected to create up to 600 jobs. The expansion is expected to be completed by the end of 2018. The facility currently employs over 600 people. Last week, the company announced it will spend $320 million to construct a new smoke-free product facility in Dresden, Germany that is expected to employ 500 people. The stock has run up 31% year to date through Friday, while the S&P 500 has gained 8.9%.

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Best Inc., a logistics and supply chain company that integrates online and offline retailer, and is backed by Alibaba Group Holding Ltd. , has filed for an initial public offering of American depositary shares. The Hangzhou, China-based company’s offering will consist of Class A ordinary shares, which will be entitled to one vote. Alibaba Investment Ltd. and Cainiao Smart Logistics Investment Ltd. will own all of Class B ordinary shares, which are entitled to 15 votes and convertible into Class A shares at any time. Best said it plans to apply for listing of its ADSs on the New York Stock Exchange, but did not disclose the proposed ticker symbol pr the number of ADSs to be offered. Citigroup, Credit Suisse, Goldman Sachs, J.P. Morgan and Deutsche Bank are the lead underwriters.

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Hartford Financial Services said Monday has reduced its pension liabilities by $1.6 billion through a deal with Prudential Financial Inc. . That represents 29% of the $5.6 billion in the insurer’s U.S. qualified pension plan liabilities. As a result of the transfer of liabilities, Hartford will take a $485 million pension settlement charge in the second quarter, and shareholder equity will be reduced by $140 million, or 37 cents a share. The company plans to contribute $300 million by year-end 2017 to maintain the pension plan’s pre-transaction-funded status. The company said there will be no change to the pension benefits for any plan participants as a result of the deal, which is expected to occur on June 30. “We are pleased that this transaction preserves these pension benefits while reducing the company’s long-term pension obligations,” said Hartford’s Chief Human Resources Officer Marty Gervasi. The stock, which is still inactive in premarket trade, has gained 8.0% year to date, while Prudential shares have slipped 0.7% and the S&P 500 has gained 8.9%.

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Building materials supplier Martin Marietta Materials Inc. said Monday it has agreed to acquire Bluegrass Materials Co. for $1.625 billion in cash. Bluegrass is a privately held aggregates company with a portfolio of high-quality reserves, Martin Marietta said in a statement. “As the leading aggregates producer in Maryland, Bluegrass will provide Martin Marietta with a strategic new growth platform within the southern portion of the Northeast Megaregion, serving the Baltimore, Frederick, Hagerstown and Maryland Eastern Shore metropolitan areas as well as Delaware,” said the statement. The deal is expected to close in the fourth quarter and to boost earnings per share and free cash flow in its first year after closing. Martin Marietta shares were not yet active premarket, but have gained 3% in 2017, while the S&P 500 has gained 9%.

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