Pound jumps as U.K.’s May says deal is ‘close’ for Brexit transition

The pound jumped to an intraday high in Monday afternoon trade in London after U.K. Prime Minister Theresa May said officials are getting nearer to a Brexit-transition deal with the European Union. The pound surged to $1.3858 before paring the gain to $1.3840. “We are close to an agreement on the terms of a time-limited implementation period to give governments, businesses and citizens on both sides time to prepare for our new relationship,” May said in a statement in the U.K. parliament. “I am confident we can resolve our remaining differences in the days ahead,” she said. The U.K. is expected to leave the EU in March 2019. The pound late Friday bought $1.3802.

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Google to sell Zagat to the Infatuation: report

Alphabet Inc.’s Google will be selling the Zagat review platform to an online startup called the Infatuation, according to a report from the New York Times. Google bought Zagat in 2011 and integrated its reviews into online search results. The Infatuation was founded in 2009 and is looking to better compete in a crowded landscape for restaurant reviews, where Google and Yelp Inc. are major players. The New York Times spoke about the sale with the Infatuation’s CEO, but he didn’t disclose an acquisition price. Google didn’t immediately return a request from MarketWatch for comment on the price. Alphabet shares are down 0.8% in Monday morning trading, while Yelp shares are down 1.1%. Alphabet’s stock has gained 26% over the past 12 months, while Yelp’s has gained 30% and the S&P 500 Index has risen 13%.

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Dow industrials see stiffest headwind from Boeing’s stock in early trade

The Dow Jones Industrial Average was being dragged firmly lower on Monday, with shares of Boeing Co. serving as the biggest weight on blue chips. Boeing’s stock was down 1.9%, or $6.49, cutting about 40 points from the Dow in early trade. A $1 move in any one of the Dow’s 30 components equates to a 6.89-point move. The Dow was most recently down 0.5% at 24,429, the S&P 500 index , meanwhile, was off 0.5% at 2,676, while the Nasdaq Composite Index was off 0.7% at 7,205. U.S. equities have been under pressure on news that President Donald Trump will impose import tariffs later this week on steel and aluminum, raising the specter of a global trade war. The fear is that many large U.S. corporations would see costs increase in such an environment.

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Early Oscars numbers suggest all-time low ratings

Ratings for the 2018 Oscars telecast were down 16% compared with last year, according to unofficial overnight numbers reported by The Hollywood Reporter. The awards ceremony, which saw 20th Century Fox-owned Fox Searchlight’s “The Shape of Water” win best picture, garnered a 18.9 overnight rating among households between 8 p.m. and 11 p.m. Eastern. That doesn’t mean that 18.9 million people tuned in, but rather 18.9% of the households measured tuned in. That would be an all-time low, The Hollywood Reporter wrote. The overnight rating, however, does not include the last hour of the telecast when the biggest awards are given out. The 2017 Academy Awards garnered a 22.4 overnight rating and pulled in 32.9 million viewers, the lowest in nine years. Walt Disney Co.-owned network ABC broadcast both this year’s and last year’s award show. Official Nielsen viewership and ratings numbers should be available later on Monday. Shares of Disney have declined nearly 8% in the last 12 months, while the S&P 500 Index is up close to 13%.

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U.S. stocks open lower as trade-war concerns persist

U.S. stocks opened lower on Monday, extending the market’s recent weakness as concerns about a potential trade war continued to weigh on sentiment. The Dow Jones Industrial Average fell 143 points, or 0.6%, to 24,399. The blue-chip average is on track for its fifth straight daily decline, which would mark its longest such streak since March 2017. The S&P 500 sank 10 points, or 0.4%, to 2,681. The Nasdaq Composite Index was off 31 points to 7,227, a decline of 0.4%. Recent selling has been spurred by fears over the potential for a trade war. President Donald Trump last week announced tariffs on steel and aluminum, and over the weekend he threatened to slap a tariff on European autos should the European Union try to retaliate to the new tariffs. In company news, Dermira Inc. plummeted 63% after a drug failed to meet its co-primary endpoints in a trial. XL Group Ltd. jumped 30% after AXA SA agreed to buy the insurer for $15.3 billion.

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Walmart to launch meal kits at more than 2,000 stores this year

Walmart Inc. said Monday that it is launching meal kits at more than 2,000 of its stores this year. The kits are available in more than 250 stores now. Meals are assembled daily in-store, and among the options are pre-portioned cooking kits available in deli sections that can turn the retailer’s rotisserie chickens into meals like chicken fried rice, steak Dijon, basil garlic chicken and pork Florentine. Customers can also order a meal kit online and arrange for pickup by dinnertime. The Walmart website has an expanded assortment of meal kits and other specialty items like snack boxes. Meal kit options range in price from $8 to $15 and serve two people. Walmart shares are down 0.4% in premarket trading, but up 26.8% for the past year. The news sent Blue Apron Holdings Inc. shares down 1.5% in Monday premarket trading. The Dow Jones Industrial Average is up nearly 17% for the past year.

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Allscripts, Lyft partner on health care transportation

Allscripts Healthcare Solutions Inc. and privately-held Lyft announced a partnership to allow doctors to order Lyft rides for patients. The collaboration is intended for non-emergency transportation, the companies said, and they plan to integrate it into the patient’s electronic health record, which stores patient information electronically, so a doctor could note a patient’s transportation needs and then “an automated workflow” would set up a Lyft. Patient pickup, expected arrival and arrival would also be noted for doctors and other medical personnel. This would also allow transportation for follow-up care to be scheduled, the companies said. Allscripts is one of the top five electronic health record vendors in the U.S., according to the publication Healthcare IT News. Transportation is a notoriously difficult issue in health care, and typically cited as a reason why patients miss doctor’s appointments. The companies did not say in their release who would pay for the Lyft rides, and did not immediately return MarketWatch’s request for comment. The Monday announcement follows a program called Uber Health launched by rival transportation company Uber last week, which also allows health providers to schedule rides for patients; many hospitals are paying for the rides themselves, since it’s cheaper than missed appointments, the Atlantic reported last week. Allscripts shares were not active in premarket trade. Shares have risen 1.4% over the last three months, compared with a 2.4% rise in the S&P 500 .

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Dermira shares plummet 70% on news of acne drug failure

Dermira Inc. shares plummeted 70% in premarket trade Monday after the company’s acne drug failed to meet the co-primary endpoints of two phase 3 clinical trials. The company expects to discontinue development of the therapy, olumacostat glasaretil, which was intended for moderate-to-severe acne vulgaris, also known as simply acne. Company shares have risen 3.9% over the last three months to $25.16, compared with a 2.4% rise in the S&P 500 .

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Dermira shares halted on news of acne drug failure

Dermira Inc. shares were halted in premarket trade Monday on news that the company’s acne drug failed to meet the co-primary endpoints of two phase 3 clinical trials. The company expects to discontinue development of the therapy, olumacostat glasaretil, which was intended for moderate-to-severe acne vulgaris, also known as simply acne. Dermira shares dropped 4.7% in premarket trade prior to the halt. Shares have risen 3.9% over the last three months to $25.16, compared with a 2.4% rise in the S&P 500 .

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Qualcomm’s stock slips after shareholder vote on Broadcom’s bid delayed by CFIUS investigation

Shares of Qualcomm Inc. fell 1.8% in premarket trading Monday, after the semiconductor maker’s annual meeting to vote on Broadcom Ltd.’s hostile buyout bid was delayed while the Committee on Foreign Investment in the United States (CFIUS) investigates the deal. Broadcom said it was informed Sunday night that Qualcomm had “secretly” filed on Jan. 29 a voluntary request to initiate an investigation, without informing Broadcom of the request. “This was a blatant, desperate act by Qualcomm to entrench its incumbent board of directors and prevent its own stockholders from voting on Broadcom’s independent director nominees,” Broadcom said in a statement. Broadcom is based in Singapore, but it has committed to redomicile to the U.S., and said its board of directors and senior management are “almost entirely Americans.” Broadcom’s stock slipped 0.2% in premarket trade. Over the past three months, Qualcomm shares have inched up 0.1%, Broadcom’s stock has lost 4.1% and the S&P 500 has tacked on 2.4%.

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