Category: Stock Market News

The Atlanta Fed tracker of gross domestic product points to a strong rebound for the second quarter after the slowest quarter in three years. The GDPNow model forecasts 4.3% growth. That would be the strongest growth since the 5% gain in the third quarter of 2014. The U.S. grew just 0.7% in the first quarter, the Commerce Department said last week.

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McDonald’s Corp. said Monday that it is launching three new Signature Crafted Recipes sandwiches with a limited-time offer. The three sandwiches are the Pico Guacamole, made with pico de gallo and buttermilk ranch sauce; Sweet BBQ Bacon, made with grilled onions and thick-cut Applewood smoked bacon; and the Maple Bacon Dijon, also made with thick-cut Applewood smoked bacon and sweet maple seasoning. From May 4 to May 8, anyone purchasing one of these sandwiches will get a free medium fry and soft drink. Also to celebrate the sandwiches, McDonald’s will be giving away free “Frorks” on May 5 at select restaurants. A “Frork” is a silicone fork-shaped utensil that uses French fries to sop up any toppings that fall out of the signature sandwiches. The company released its first infomercial promoting the utensil on April 30. McDonald’s shares are up 15.6% for the year so far while the Dow Jones Industrial Average is up 6.6% for the period.

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Amazon.com Inc. said Monday that it will give every household in the real town of Manchester-by-the-Sea a free year of Prime and a three-pack of Wickedly Prime Popcorn to celebrate the May 5 release of its Oscar-winning film “Manchester by the Sea” on Prime Video. All Prime members will be able to stream the movie starting Friday. Manchester-by-the-Sea residents will receive a gift box this week, Amazon said, with a code for the free offer. Amazon shares are up 42.5% for the past year while the S&P 500 index is up 15.7% for the same period.

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GSO Capital Partners, the credit arm of private-equity firm Blackstone Group LP, is acquiring more of J. Crew Group Inc.’s debt in an effort to gain a controlling position in the company’s bonds, according to a Reuters report. The struggling apparel and accessories retailer, whose brands include J. Crew and Madewell, has $2.1 billion in debt, with $567 million in unsecured bonds coming due in 2019. The company is trying to create a new company for the intellectual property of its namesake brand, cutting the bond’s value in half, but is facing pushback from bondholders like Eaton Vance Management and Highland Capital Management LP who say that’s tantamount to a default. GSO’s move could give J. Crew two additional years to turnaround the company. And sources tell Reuters GSO will ask for a better offer on its bonds. J. Crew announced last week that it’s cutting 250 jobs to lower costs. The SPDR S&P Retail ETF is down 2.5% for the year to date while the S&P 500 index is up 6.7% for the same period.

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Neurotrope Inc. shares plummeted 52.2% in heavy trade Monday morning after the company released mid-stage clinical trial results for an Alzheimer’s disease drug that were criticized by investors. Though Neurotrope sought to portray Monday’s phase 2 results as positive, claiming they showed a benefit for patients with moderate-to-severe Alzehimer’s disease, investors questioned the company’s presentation of the results, since one of the patient groups treated with Neurotrope’s Bryostatin-1 did not meet the primary endpoint and the company focused on the results for a lower dose of the drug. Both a 20 µg dose and a 40 µg dose were tested in the clinical trial, but Neurotrope only reported results for the 20 µg group in its release early Monday. Company shares have dropped 18.9% to $9.09 over the last three months, compared with a 4.8% rise in the S&P 500 .

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U.S. stocks opened higher on Monday, following a deal among Congressional leaders to fund the government through Sept. 30, which removed the overhang of a potential geopolitical risk. The Dow Jones Industrial Average rose 0.1%, or 17 points, to 20,959. The S&P 500 added 4 points to 2,388, a gain of 0.2%. The Nasdaq Composite Index rose 19 points to 6,066, an advance of 0.3%. The day’s top sector was technology, which rose 0.3% on the day. Investors also continued to watch the onslaught of corporate earnings being released. Dish Network Corp fell 2.5% while Cardinal Health Inc. lost 0.7%. Both reported revenue that missed expectations.

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Shares of First NBC Bank Holding Co. plunged 91% in premarket trade Monday, after the New Orleans-based bank was closed by regulators. The company announced late Friday that the Federal Deposit Insurance Corp. was appointed as receiver for the bank. The company said it did not believe there will be any recoveries following liquidation or sale of the bank’s assets. All deposit accounts have been transferred to Whitney Bank. The bank was opened in 2006, with backing from people including Peyton and Eli Manning, to help the city rebuild after Hurricane Katrina. The stock had tumbled 64% year to date through Friday, while the iShares U.S. Regional Banks ETF had lost 2.1% and the S&P 500 had gained 6.5%.

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Shares of AEterna Zentaris Inc. plummeted 57% Monday toward a record low, after the biopharmaceutical company reported disappointing trials results for its cancer treatment. The company said a Phase 3 trial of Zoptrex, a treatment for women with metastatic endometrial cancer, did not meet its primary endpoint of an increase in survival. “Based on this outcome, we do not anticipate conducting clinical trials of Zoptrex™ with respect to any other indications,” said Chief Executive David Dodd. He said the company’s focus has “shifted entirely” to filing a new drug application for Macrilen to treat adult growth hormone deficiency, which is expected to be submitted in the third quarter of 2017. The stock had lost 6.9% year to date through Friday, while the S&P 500 had gained 6.5%.

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Neurotrope Inc. shares plummeted 33.6% in premarket trade Monday after the company released mid-stage clinical trial results for an Alzheimer’s disease drug that were criticized by investors. Though Neurotrope sought to portray Monday’s phase 2 results as positive, claiming they showed a benefit for patients with moderate-to-severe Alzehimer’s disease, investors questioned the company’s presentation of the results, since one of the patient groups treated with Neurotrope’s Bryostatin-1 did not meet the primary endpoint and the company focused on the results for a lower dose of the drug. Both a 20 µg dose and a 40 µg dose were tested in the clinical trial, but Neurotrope only reported results for the 20 µg group in its release early Monday. Company shares have surged 68.3% to $18.81 over the last three months, compared with a 4.6% rise in the S&P 500 .

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Insperity Inc. said Monday it will raise its quarterly dividend by 20% to 30 cents a share from 25 cents. The new dividend will be payable May 30 to shareholders of record on May 15. At Friday’s stock closing price of $91.35, the new annual dividend rate implies an annual dividend yield of 1.31%, compared with the S&P 500 dividend yield of 2.01%. Shares of the provider of human resource services were inactive in premarket trade. They have soared 29% year to date while the S&P 500 has gained 6.5%.

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