Category: Stock Market News

U.S. stocks opened slightly higher on Wednesday as investors prepared for an expected interest-rate hike from the Federal Reserve in the afternoon. Higher oil prices, after days of declines, lifted energy shares. WTI futures for April delivery rose 1.6%. The S&P 500 rose 5 points, or 0.2%, at 2,370. The Nasdaq Composite advanced 10 points, or 0.2% to 5,866. The Dow Jones Industrial Average gained 35 points or 0.2%, to 20,874 at the open.

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Shares of Catalyst Pharmaceuticals Inc. jumped 22% in premarket trade Wednesday, after the biotech reported positive data from a trial of a treatment for a form of myasthenia gravis, a rare neuromuscular disease, for which there is currently no treatment. The company said the investigator-sponsored trial of Firdapse as a treatment for myasthenia gravis patients with anti-MuSK antibodies met its main goals. The study was conducted in Milan, Italy. “Not only are the results statistically significant, but more importantly, there was a large clinical benefit to the patients,” Dr Renato Mantegassa, director, department of neuroimmunology and neuromuscular diseases, Fondazione Istituto Neurologico Carlo Besta, said in a statement. Catalyst shares have gained 11% in the year so far, while the S&P 500 has gained 5.7%.

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Shares Cesca Therapeutics Inc. soared 29% in active premarket trade Wednesday, after the biopharmaceutical company reported “encouraging” data from a study of its treatment of chronic non-healing ulcers. Volume was about 100,000 shares ahead of the open, which was more than double the full-day average. The company said healing was observed in patients as early as four weeks after treatment, and that no adverse events were seen. “s we continue to strengthen our team and evaluate Cesca’s clinical pipeline, these additional data points serve as useful litmus tests to determine the most valuable growth opportunities for the company,” said Interim Chief Executive Chris Xu. The stock has tumbled 17% year to date through Tuesday, while the iShares Nasdaq Biotechnology ETF has run up 12% and the S&P 500 has gained 5.7%.

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Mattress company Tempur-Sealy International Inc. said Wednesday that its board has amended its stockholder rights plan to add a provision that would allow it to accept a takeover offer if it were viewed as being in the company’s best interests. The board has added a qualified offer stockholder exemption provision to its rights plan, the company said in a statement. The board first adopted the rights plan on Feb. 8, adding a popular tool used by companies to avoid a hostile takeover. The new provision means “we believe the rights plan reaches an appropriate balance between protecting our stockholders from coercive and unfair takeover attempts and current best practices in corporate governance that give stockholders a voice in determining whether a particular acquisition offer is in their best interests,” said Chief Executive Scott Thompson. Shareholders will vote on the plan at the company’s 2017 annual shareholder meeting. Shares were not yet active premarket, but have fallen 35% in the year to date, while the S&P 500 has gained 5.7%.

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Amazon.com Inc. said Wednesday that it has added alcohol to the Prime Now service in Cincinnati and Columbus, OH. Prime Now offers Prime members one-and two-hour delivery for $7.99. Products available include beer, wine and champagne. Amazon shares are up 0.2% in premarket trading, and up 47.8% for the past year. The S&P 500 index is up 17.3% for the last 12 months.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Shares of Catalyst Pharmaceuticals Inc. jumped 10% in premarket trade Wednesday, after the biotech reported positive data from a trial of a treatment for a form of myasthenia gravis, a rare neuromuscular disease, for which there is currently no treatment. The company said the investigator-sponsored trial of Firdapse as a treatment for myasthenia gravis patients with anti-MuSK antibodies met its main goals. The study was conducted in Milan, Italy. “Not only are the results statistically significant, but more importantly, there was a large clinical benefit to the patients,” Dr Renato Mantegassa, director, department of neuroimmunology and neuromuscular diseases, Fondazione Istituto Neurologico Carlo Besta, said in a statement. Catalyst shares have gained 11% in the year so far, while the S&P 500 has gained 5.7%.

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The U.K. Treasury chief is ditching a plan to raise National Insurance contributions by self-employed Britons, reports said Wednesday. Philip Hammond in last week’s spring budget presentation said there would be a 2% rise in the contributions. That announcement was met with a backlash as critics said it broke a promise by the Conservative Party not to raise taxes or the insurance contributions. The proposal was estimated to increase contributions by an average of £240 ($293) a year for the self-employed.

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The European Commission on Wednesday approved AT&T Inc.’s $85 billion acquisition of Time Warner Inc. , AT&T said in a release. The companies are expecting the deal to close by year-end. AT&T shares have gained 9% in the last 12 months, while Time Warner has gained 39%. The S&P 500 has gained 17%.

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South Korea will hold a snap election May 9 to replace ousted President Park Geun-hye, a vote that is expected to usher in a government with dramatically different political priorities. The acting president, Prime Minister Hwang Kyo-ahn, announced the snap election and said he won’t run, depriving Park’s conservatives of an obvious flag bearer and strengthening the position of opposition leader Moon Jae-in, the Wall Street Journal reported. Meanwhile, prosecutors investigating the political corruption scandal that toppled Park announced that they would summon the former president for questioning Tuesday, March 21, over her alleged role in the case.

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Oil prices fell Tuesday, with West Texas Intermediate crude down a seventh straight session. Monthly data from the Organization of the Petroleum Exporting Countries showed growth in U.S. crude production and Saudi Arabia told OPEC that its output increased in February. April WTI crude fell 68 cents, or 1.4%, to settle $47.72 a barrel on the New York Mercantile Exchange.

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