Category: Stock Market News

Novocure Ltd. shares surged 49.4% in morning trade Monday after the company said its late-stage clinical trial in newly diagnosed glioblastoma showed positive results. Novocure found that the two-year survival rate for patients improved from 30% to 43% after its drug Optune was added to standard temozolomide chemotherapy, and the five-year survival rate increased from 5% to 13%. Glioblastoma is a common type of brain cancer — about 12,500 people are diagnosed with it in the U.S. each year, according to Novocure — and is considered extremely aggressive. Novocure described its results, which were presented at the American Association for Cancer Research Annual Meeting in Washington, D.C. on Sunday, as “the best results reported for newly diagnosed GBM patients in a phase 3 trial to date” and said they represented “clinically meaningful increases in landmark survival.” Shares of the United Kingdom-based biotech company were valued at $12.30 as of midday Monday. The stock has surged 56.7% over the last three months, compared with a 4.1% rise in the S&P 500 .

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Marijuana dispensaries are preparing for increased foot traffic and exploring ways to keep business strong as warm weather, tax refund season and the industry’s 4/20 holiday are approaching. Dispensaries in Colorado and Washington, surveyed by ConvergeX analysts Nicholas Colas and Jessica Rabe, say they average 100 to 400 people a day, but believe they could see well north of 500 customers come April 20. Stores have been stocking up in preparation, according to ConvergeX. Last year, marijuana sales on April 20 reached record highs. While dispensaries prepare for an increase in customers, they are also reporting downward pricing pressure as competition intensifies. Stores have had to run multiple discounts and promotions, with some telling ConvergeX in order to compete with mass producers they have to provide better quality. In Colorado and Washington, dispensaries are also running local ads to help attract more customers.

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Shares of Under Armour Inc. slumped 2.4% in morning trade Monday, after FBR & Co. turned bearish on the athletic apparel company, citing a brewing price war with rival Nike Inc. at Kohl’s Inc. , as well as changing customer preferences. Analyst Susan Anderson cut her rating to a rare underperform from market perform, and slashed her price target to $14, which is 28% below current levels, from $20. Only 1.6% of the companies covered by FBR analyst had underperform ratings. “Our checks show a price war is intensifying between [Nike] and [Under Armour] after UA’s entrance into [Kohl’s], which is causing [Nike] to defend its turf,” Anderson wrote in a note to clients. “Also, a lack of UA footwear innovation, increased competitor innovation–Nike VaporMax–and out footwear survey showing UA is losing consumer resonance could mean lower 2017 footwear growth.” The stock has plunged 33% year to date, while Nike shares have rallied 8.8% and the S&P 500 has gained 4.9%.

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Shares of AMC Entertainment Inc. were up 1.6% in morning trade on Monday after the company’s stock was upgraded to outperform by analysts at FBR & Co. Lead analyst Barton Crockett wrote in a note to clients that AMC’s quick completion of its $964 million acquisition of Nordic Cinema Group and its opportunity to outperform its peers in revenue, thanks in part to re-seats, are key points in upgrading the stock. Crockett also increased his 12-month price target to $37 from $33. “Additionally, this looks like a comparatively stronger year for Imax movies than last year, a helpful backdrop fro Imax-exposed AMC,” Crockett wrote. “So we assume that in most quarters this year, AMC can outperform industry domestice box office trend on a comparable basis on its domestic screens.” AMC shares have gained more than 11% in the last 12 months, while the S&P 500 index is 14% during the same period.

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Shares of DryShips Inc. plummeted 17% in morning trade Monday, after the operator of cargo ships announced a private offering of up to $226.4 million worth of its shares, and a deal to buy six vessels. The company said it may sell the common stock to Kalani Investments Ltd., over the next 24 months. Kalani does not have the right to require the company to sell its shares, and is obligated to buy the stock as directed by DryShips. The company has also agreed to issue up to $1.5 million of its common stock as a commitment fee. Separately, DryShips said it was buying six vessels for $268 million, on built in 2012, two built in 2014 and three currently under construction. The stock has plunged 95% year to date, while the S&P 500 has gained 5.6%.

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U.S. stocks on Monday kicked off trade slightly higher, with investors set to take cues from a handful of economic indicators and Federal Reserve officials due to speak later. The Dow Jones Industrial Average ticked 27 points, or 0.1%, higher at 20,687, the S&P 500 index was flat at 2,360, while the Nasdaq Composite Index rose 7 points, or 0.1%, at 5,915. In corporate news, shares of Tesla Inc. climbed, with shares on track to begin trade at a seven-week high, after the electric-car maker beat expectations with 25,000 deliveries in the first quarter. Looking ahead, New York Fed President William Dudley is scheduled to speak at an economic press briefing on household borrowing, student debt and homeownership at 10:30 a.m. Eastern. Philadelphia Fed President Patrick Harker will speak on financial technology at the University of Pennsylvania at 3 p.m. Eastern. Richmond Fed President Jeffrey Lacker is scheduled to speak on the Wall Street concept of “too big to fail” at Washington & Lee University in Lexington, Va., at 5 p.m. Eastern. In economic news, the Markit manufacturing purchasing managers index for March is due for release at 9:45 a.m. Eastern, followed by the Institute for Supply Management manufacturing gauge for March and construction spending for February, both at 10 a.m. Eastern. Motor vehicle sales for March also be released throughout the session.

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Ford Motor Co. said total March sales declined 7.2% from a year ago to 236,250 vehicles, as a 24.2% tumble in car sales and a 3.4% decline in sport-utility sales offset a 2.5% increase in truck sales. Ford brand sales fell 7.5% while Lincoln sales slipped 1.4%. Within cars, Fiesta sales rose 20.6%, while Focus sales tumbled 22.5%, Fusion plunged 36.8% and Taurus declined 5.4%. In SUVs, Explorer sales declined 6.4% and Escape sales dropped 1.4%. F-Series truck sales increased 10.1%, while E-Series sales declined 18.0% and Transit sales slumped 18.3%. Average March transaction pricing in March increased by $1,800, boosted by a $2,500 increase in average F-Series transactions. The stock, which was little changed in premaket trade, has lost 4% year to date while the S&P 500 has gained 5.5%.

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Russia’s currency and stock markets on Monday were largely unmoved by reports of an explosion in the St. Petersburg subway that has killed at least 10 people and injured others. The ruble traded at 56.38 in recent trade, compared with 56.25 late Friday in New York. The Russian MICEX, a widely watched index that tracks the country’s stock market, was up nearly 3% in recent trade at 114.73. Eyewitnesses reported an explosion at Sennaya Ploschchad station and images showed a metro door blown off and injured passengers on a platform, according to a report from Tass, a Russian news agency.

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United Parcel Service Inc. said Monday that it is extending ground service to Saturday in order to get e-commerce packages delivered one business day earlier than before. Packages previously delivered on Monday will now arrive on Saturday. And ground pickups on Saturday will allow for Monday delivery. The service change is taking place without an increased investment in vehicles or buildings, but the company is adding more than 6,000 new jobs by the end of 2018. The service extension had been tested in Atlanta, Philadelphia and Los Angeles in 2016. Service will be expanded in these cities in April and further expansion is taking place in 15 metro areas including New York, Chicago and Boston. The company expects nearly 4,700 cities and towns will have the service by November, in time for the holidays. More than 5,800 cities and towns will have it by next year. UPS shares are up 0.2% in premarket trading, and up 2.2% for the past year. The S&P 500 index is up 14% for the past year.

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Syneron Medical Ltd. shares surged 4.7% in premarket trade Monday after the company announced that funds advised by private equity firm Apax Partners have agreed to acquire outstanding shares for $11 per share, with the deal valued at nearly $400 million total. Shares of Syneron, which makes aesthetic medical products for use by physicians and consumers at home, were valued at $10.55 as of Friday’s close. Apax Partners co-head Steven Dyson said the firm sees the medical aesthetics business as “a highly attractive investment area given its long-term growth prospects” and said Syneron was “well positioned” for this opportunity. Syneron shares have risen 23.4% over the last three months, compared with a 4.7% rise in the S&P 500 .

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