Category: Stock Market News

CytomX Therapeutics Inc.’s stock rocketed 25% toward a 14-month high in premarket trade Monday, after the company said it would receive a $200 million upfront payment from Bristol-Myers Squibb Co. as part of the expansion of a collaboration pact to discover cancer treatments using CytomX’s Probody platform. CytomX will also be eligible to receive up to $448 million in milestone payments, as well as royalty payments, if development, regulatory and sales targets are met. “CytomX’s Probody platform has enhanced our discovery research as we seek to direct the therapeutic effects of immunotherapy in a more targeted approach against tumors,” said Bristol-Myers Head of Discovery Carl Decicco. CytomX’s stock had climbed 32% over the past three months through Friday, while Bristol-Myers shares had lost 4.8% and the S&P 500 had gained 4.7%.

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Shares of Movado Group Inc. dropped 1.3% in light premarket trade Monday, after the luxury watch maker reported fiscal fourth-quarter results that missed expectations, announced plans to cut jobs and provided a profit and sales outlook that was below expectations. For the fiscal fourth quarter of 2017, which ended Jan. 31, net income fell to $5.2 million, or 22 cents a share, from $7.9 million, or 34 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 23 cents. Sales declined 8.7% to $130.8 million from $143.3 million, missing the FactSet consensus of $136.9 million. For fiscal 2018, Movado expects adjusted EPS of $1.40 to $1.55, below the FactSet consensus of $1.60, and revenue of $515.0 million to $530.0 million, compared with expectations of $575.7 million. Because the company expects the retail environment to remain “difficult” this year, amid a shift from brick and mortar to e-commerce and a continuing challenging fashion watch market, Movado said it would reduce its workforce, primarily in North America and Switzerland. The company expects to record a charge of $7 million to $10 million, primarily in the fiscal first quarter, as a result of the job cuts and other streamlining initiatives, which are expected to reduce expenses by $12 million this year. The stock has plunged 18% year to date through Friday, while the S&P 500 has gained 6.2%.

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Uber Technology Inc.’s No. 2 executive, President Jeff Jones, is resigning after less than a year, according to a report by Recode on Sunday. The report said the many controversies swirling around Uber, including allegations of widespread sexual harassment and bias, were “directly related” to his decision to leave. Jones was hired last August, and previously worked as chief marketing officer at Target. Earlier this month, Uber CEO Travis Kalanick said he needed to hire a chief operating officer to help provide leadership help.|NEW] on Sunday. The report said the many controversies swirling around Uber, including allegations of widespread sexual harassment and bias, were “directly related” to his decision to leave. Jones was hired last August, and previously worked as chief marketing officer at Target. Earlier this month, Uber CEO Travis Kalanick said he needed to hire a chief operating officer to help provide leadership help.

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Drone manufacturer Yuneec International confirmed on Friday that it would lay off an undisclosed number of employees in its Americas division. The company, which had received $60 million in funding from Intel Corp.’s venture-capital arm, said it would “scale back our business structure to a secure balance between operational costs and revenue,” according to a statement issued by Yuneec. “We concluded that we upsized operations faster than our growth required.” Yuneec is the latest in a series of drone companies to announce layoffs. Drone manufacturers 3D Robotics, GoPro , Parrot and Autel all announced layoffs in the last 12 months.

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An analyst late Friday warned that oil prices could be headed for more declines. The latest Commitments of Traders report from the U.S. Commodity Futures Trading Commission revealed that speculators sold 86,582 West Texas Intermediate crude-oil futures and options contracts in the week ended March 14, but with the group still net long 315,077 contracts, selling ” has room to continue,” said Tim Evans, energy analyst at Citi Futures and OTC Clearing. WTI oil prices dropped 9.1% for the week ended March 10. The April contract settled at $48.78 a barrel on the New York Mercantile Exchange, up about 0.6% for this week.

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Expedia Inc. said late Friday that Chelsea Clinton has been elected to its board of directors, filling in a newly created position as the company expanded the board to 14 members from 13. Clinton also serves on the board of IAC/InterActive COrp. , which Expedia spun off in 2005; an affiliate of the Clinton Foundation; the School of American Ballet, and others. Clinton’s compensation will be “standard,” or the $45,000 a year plus stock grants valued at $250,000 that Expedia pays its board members according to its 2016 proxy statement for the shareholder meeting. Shares of Expedia were flat in after hours, having ended the regular session up 0.4%.

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Oil prices settled a few cents higher on Friday and scored a weekly gain of about 0.6% following losses in each of the last two weeks. Data Friday from Baker Hughes revealed a ninth straight weekly climb in the number of active U.S. oil rigs, implying the potential for further gains in crude production. Prices, however, managed to find some support on the back of weakness in the U.S. dollar and continued output reductions among other producers under the OPEC-led agreement. April West Texas Intermediate crude rose 3 cents, or less than 0.1%, to settle at $48.78 a barrel.

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A laptop with information on the Trump Tower layout and details of a probe into Hillary Clinton’s email server was reportedly stolen from a vehicle belonging to a Secret Service agent, according to ABC. The computer heist took place Thursday. Authorities have video evidence and are looking for a suspect. The laptop is encrypted and the hard drive could be remotely wiped clean if necessary, the ABC report says.

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Gold prices climbed Friday to settle about 2.4% higher for the week. Declines in the U.S. dollar in the wake of the Federal Reserve’s cautious stance to future interest-rate hikes gave the yellow metal a boost. April gold climbed by $3.10, or 0.3%, to settle at $1,230.20 an ounce.

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Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil rose by 14 to 631 rigs this week. The oil rig count has now climbed for nine straight weeks. The total active U.S. rig count, which includes oil and natural-gas rigs, also jumped higher by 21 to 789, according to Baker Hughes. April West Texas Intermediate crude was down 3 cents, or less than 0.1%, at $48.72 a barrel on the New York Mercantile Exchange, little changed from their levels before the data.

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