Category: Stock Market News

Bristol-Myers Squibb Co. reported results from a phase 1/2 clinical trial looking at the company’s blockbuster cancer drug Opdivo in patients with human papillomavirus (HPV)-associated cancers premarket Friday. The clinical trial enrolled 24 patients with advanced cervical, vaginal and vulval cancers, with responses only seen in the trial’s 19 cervical cancer patients. Preliminary results include an objective response rate of 20.8% and, for women experiencing complete or partial response or stable disease, there was a 70.8% disease control rate, the company said. The trial outcome, which will be presented by the company today at the American Society of Clinical Oncology annual meeting, “supports further investigation, especially because these patients have very limited options after chemotherapy or radiation fails,” said Dr. Shinta Cheng, development lead at Bristol-Myers. Bristol-Myers shares were not active in premarket trade. Shares have dropped 4.1% over the last three months, compared with a 2% rise in the S&P 500 .

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A botched robbery at a casino resort in the Philippines’ capital of Manila left at least 34 dead, as well as a lone gunman, according to reports late Friday. Earlier, Manila police had dismissed fears that the attack was a terrorist attack, saying the gunman did not shoot anyone and went right for the casino’s chip storage room, where he apparently stole more than $2 million in chips. The gunman fled the casino and entered a nearby hotel room at the Resorts World Manila, where police say committed suicide by wrapping himself in a blanket, dousing himself with gasoline, and lit himself on fire. The 34 bodies found had apparently suffocated from smoke caused by the fire.

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The Trump administration late Thursday asked the U.S. Supreme Court to reinstate its travel ban targeting six majority-Muslim countries. The Justice Department is seeking an expedited hearing before the justices, and is asking for the ban to be put back in place while the high court decides whether to take the case. The government is seeking to set aside a ruling by the Fourth U.S. Circuit Court of Appeals in Virginia last month that blocked the executive order from taking effect nationwide. In a 10-3 ruling, appeals court said the order “drips with religious intolerance, animus and discrimination.”

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Tintri Inc. , an enterprise data storage company, filed Thursday to raise $100 million via an initial public offering, according to a regulatory disclosure. The company plans to list on the Nasdaq and trade under the ticker TNTR. The Mountain View, Calif.-based company posted revenue of $125.1 million and a loss of $105.8 million in the fiscal year ended Jan. 31. In its disclosure, the company stated that it had recorded losses in the past three years and that it has a limited operating history which makes future operating results difficult to predict. The underwriters for the deal are Morgan Stanley, Bank of America Merrill Lynch, and Pacific Crest Securities.

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Blue Apron Holdings Inc. , a meal-kit delivery service valued at $2 billion, filed to go public Thursday. The company does not yet have a price range and said it plans to raise $100 million, which is likely a placeholder amount. Blue Apron, which was founded in 2012, posted net revenue of $795 million in 2016, up from $340.8 million in 2015. This was on top of growing net losses of $54.9 million in 2017, wider than a loss of $47 million in 2015. The company recorded a profit of $3 million in the three months ended March 31, 2016, but was back to a loss for the same period this year, at $52.2 million. The company has applied to list on the New York Stock Exchange under the symbol “APRN.” Goldman Sachs & Co, Morgan Stanley, Citigroup and Barclays are the lead underwriters on the offering.

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Shares of Lululemon Athletica Inc. rose more than 10% late Thursday after the apparel maker reported first-quarter earnings above expectations and announced a shake-up of its Ivivva brand, which caters to girls. Lululemon said it plans to close about 40 of its 55 Ivivva stores and fold about half of the brand’s remaining stores to the Lululemon brand. Lululemon said it earned $31.2 million, or 23 cents a share, in the quarter, compared with $45.3 million, or 33 cents a share, in the year-ago period. Adjusted for one-time items, including restructuring charges related to Ivivva, the company said it earned 33 cents, compared with 30 cents a year ago. Sales reached $520.3 million, compared with $495.5 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 28 cents a share on sales of $514 million. Lululemon said it plans to operate Ivivva primarily online, closing all of the brand’s showrooms and other temporary locations, and that it will “streamline” its corporate infrastructure. Lululemon said it expects the Ivivva restructuring to cost between $50 million and $60 million in fiscal 2017, pre tax and including $17.7 million recognized in the first quarter, mostly to cover lease termination charges and asset impairments. The retailer said it expected full-year 2017 net revenue in the range of $2.53 billion and $2.58 billion and per-share earnings $1.97 to $2.07 for the full year. Shares had ended the regular session up 0.8%.

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RH , the retail chain formerly known as Restoration Hardware, dropped more than 20% in late trading Thursday after cutting its earnings outlook for the year. RH reported a net loss of $3.4 million, or 9 cents a share, on sales of $562.1 million for its fiscal first quarter. After adjustments for amortization and other effects, RH claimed profit of 5 cents a share. Analysts on average expected RH to report adjusted earnings of 5 cents a share on sales of $556 million. The chain, which is moving to a membership model and launching cafes in its stores, said that it will try to liquidate inventory for cash while building out its in-store offerings, which will boost revenue but hurt profit. RH increased its full-year revenue guidance to $2.4 billion to $2.45 billion, from a previous forecast of $2.3 billion to $2.4 billion, but projected adjusted earnings of $1.67 to $1.94 a share after previously forecasting $1.78 to $2.19 a share. “We are taking a cautiously optimistic approach to our outlook given the uncertain macro environment in addition to the many initiatives and investments we are undertaking,” Chief Executive Gary Friedman wrote in a letter that included the earnings information Thursday afternoon. Shares fell to less than $46 after closing with a 2% gain at $57.25.

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Tesla Inc. Chief Executive Elon Musk tweeted late Thursday he is departing the White House’s advisory councils after President Donald Trump announced he was pulling the U.S. out of the Paris climate accord. “Climate change is real. Leaving Paris is not good for America or the world,” Musk said. Musk had announced his intention to leave, depending on the president’s actions, on Wednesday, saying he’d have “no choice” but depart. Musk sits on two advisory groups alongside other entrepreneurs.

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Oil prices gave up nearly all of their earlier gains Thursday to finish modestly higher for the session. Prices had tapped highs above $49 after the Energy Information Administration reported an eighth-straight weekly drop in U.S. crude inventories, but pulled back near the end of the trading session. The supply report was bullish, but the announcement about the Trump administration’s likely decision to opt out of the Paris accord on climate change “is causing profit taking,” said Phil Flynn at Price Futures Group. “While most believe that the president will lay the ground work for pulling out, the time frame of when it may happen remains murky, and therefore leading to profit taking.” July West Texas Intermediate crude edged up by 4 cents, or less than 0.1%, to settle at $48.36 a barrel on the New York Mercantile Exchange after trading as high as $49.17.

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Gold prices settled lower Thursday, pulling back after posting a gain of 0.8% a day earlier, as data showing strong private-sector job growth helped buoy the dollar and fed expectations for a U.S. interest-rate hike this month. August gold lost $5.30, or 0.4%, to settle at $1,270.10 an ounce.

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