Category: Stock Market News

Shares of XBiotech Inc. plummeted 30% in premarket trade Friday, after the biosciences company indicated its cancer treatment’s marketing application would not be recommended by a European review panel. The company said late Thursday that the European Medicines Agency (EMA) rendered a negative “trend” vote related to XBiotech’s marketing authorization application for its antibody candidate for the treatment of colorectal cancer, with the key outstanding issue related to clinical relevance of the therapy. A negative trend vote suggests it is unlikely that the Committee for Medicinal Products for Human Use will give a positive opinion at the formal decision vote scheduled in May. It means additional steps will likely be needed to gain marketing approval. “We are disappointed by the outcome of the meeting. We believe that the data speak in a clear and resounding voice to clinical relevance of a new antibody therapy in advanced colorectal cancer,” said Chief Executive John Simard. The stock had rocketed 68% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF had climbed 9.4% and the S&P 500 had gained 5.2%.

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Valeant Pharmaceuticals International said early Friday that the company’s new plaque psoriasis drug Siliq will cost $3,500 a month. Siliq, an injectable drug that Valeant got the rights for from AstraZeneca , is intended for patients with moderate-to-severe iterations of the chronic skin condition, who haven’t responded to other medications. Valeant said the $3,500 price tag was “the lowest injectable biologic psoriasis treatment currently on the market” and was evaluated and approved by its Patient Access and Pricing Committee, which was created in May 2016 after a series of scandals, including one about drug pricing, rocked the company. Valeant expects to start selling and marketing Siliq starting in the second half of this year. Siliq’s label will contain a “black box warning” about risks for patients with a history of suicidal thoughts or behavior. Valeant shares, which slumped 0.5% in premarket trade on Friday, have dropped 39.7% over the last three months, compared with a 3.7% rise in the S&P 500 .

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Amazon.com Inc. said Friday that it will create 2,500 full-time jobs in New Jersey through three new fulfillment centers. The state already has seven facilities. Employees at the new Cranbury Township and Logan Township centers will pick, pack and ship larger items like patio furniture and music equipment. Workers at the Edison fulfillment center will handle smaller items like books and toys. Amazon announced in January that it would create 100,000 jobs over the course of 18 months, many in fulfillment centers. Amazon shares are up 0.2% in premarket trading and up 43% over the past year. The S&P 500 index is up 12.6% for the last 12 months.

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Honeywell International Inc. said Friday it had net income of $1.332 billion, or $1.71 a share, in the first quarter, up from $1.216 billion, or $1.56 a share, in the year-earlier quarter. Excluding divestitures, per-share earnings came to $1.66, ahead of the FactSet consensus of $1.62. Sales edged down to $9.492 billion from $9.522 billion, but were also ahead of the FactSet consensus of $9.328 billion. Chief Executive Darius Adamczyk said all businesses contributed to higher earnings. “The commercial aftermarket within aerospace and the global distribution business within home and building technologies remained strong,” he said. Performance materials and technologies were boosted by demand for Solstice low-global warming products, he said. The company is now raising the low end of its full-year outlook by 5 cents and expects EPS of $6.90 to $7.10. Shares rose 1.6% premarket, and are up 7% in 2017, while the S&P 500 gained 5%.

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Schlumberger Ltd. reported Friday first-quarter net earnings of that fell to $279 million, or 20 cents a share, from $501 million, or 40 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 25 cents, matching the FactSet consensus. Revenue rose to $6.89 billion from $6.52 billion, but missed the FactSet consensus of $6.98 billion, as the oil services company’s reservoir characterization, drilling and production business sales all came up shy of expectations. Among regions, North America, Europe/CIS/Africa and Middle East & Asia revenue came up a bit short, while Latin America revenue topped forecasts. The stock, which slipped 0.3% in premarket trade, has shed 8.9% year to date through Thursday, while the VanEck Vectors Oil Services ETF has tumbled 13% and the S&P 500 has gained 5.2%.

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Interpublic Group of Cos. said Friday it had net income of $21.5 million, or 5 cents a share, in the first quarter, up from $5.4 million, or 1 cent a share, in the year-earlier period. The operator of advertising agencies said revenue edged up to $1.75 billion from $1.74 billion. The FactSet consensus was for EPS of 3 cents and revenue of $1.76 billion. “Against very challenging comparisons, we showed solid organic revenue growth in the quarter, with contributions from across our agencies and all marketing disciplines,” Chief Executive Michael Roth said in a statement. The first quarter is usually a seasonally small one for Interpublic, he said, but the company is on track to achieve full-year targets of organic revenue growth of 3% to 4% and to improve operating margins by 50 basis points. Shares were not yet active in premarket trade, but have gained 7% in 2017, while the S&P 500 has gained 5%.

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French far-right presidential candidate Marine Le Pen on Friday urged the Socialist government to immediately restore state borders and expel foreigners monitored by surveillance after a suspected terror attack in Paris a day earlier, Reuters reported. Thursday’s assault, in which one police officer was killed and two others were wounded, was claimed by terrorist group Islamic State. Sunday brings the first round of the French presidential election, with tight contests expected between the top four candidates, including Le Pen. She, and far-left candidate Jean-Luc Melenchon, are both euroskeptics, urging more independence for France.

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Tesla Inc. scheduled its annual shareholder meeting for 2:30 p.m. Pacific on June 6 in Mountain View, according to a filing Thursday. Shareholders will be asked to vote for three directors to serve three-year terms on the company’s board, among other items on the agenda. The nominees for directors are Chief Executive Elon Musk, Robyn M. Denholm, and Stephen J. Jurvetson. Denholm, a former Juniper Networks Inc. executive who in January became chief operations officer of telecommunications company Telstra Corp., has been a Tesla board member since 2014. Jurvetson, a managing director at venture capital firm Draper Fisher Jurvetson, has been a board member since 2009. Shareholders will also be asked to vote on the company’s executive compensation program, including awarding Musk a yearly salary based on minimum wage. Musk, who refuses that base salary, owned 22% of Tesla’s shares as of December, plus options and other securities. Also on the table is a proposal to change the board of directors’ structure to elect all seven members yearly. Tesla currently staggers the terms. The board opposes that proposal, saying the staggered terms allow directors to focus on the long term.

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President Trump’s budget director Mick Mulvaney said Thursday the administration plans to include $200 billion for new infrastructure spending in its full fiscal year 2018 budget. In a moderated discussion at the Institute of International Finance conference, Mulvaney said this is all the money needed to fund $1 trillion in projects, as Trump has loosely pledged, if leveraged properly. “The president wants $1 trillion worth of work on the ground and we expect to give it to him,” Mulvaney said. There will not be any specific votes on infrastructure spending until the fall, he said.

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Atara Biotherapeutics Inc. shares climbed in the extended session Thursday after the biotech drug developer reported positive results from an early stage clinical trial of its multiple sclerosis drug. Atara shares rose 8.7% to $20.55 after hours. The company said a Phase I trial showed its ATA188 drug was well tolerated in MS patients and that half experienced improvements in their symptoms. MS is a disease that attacks the insulation of nerve fibers causing disruptions to electrical impulses traveling within them.

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