Category: Stock Market News

IDT Inc. said late Monday it has agreed to buy GigPeak Inc. for $3.08 a share, or about $250 million in cash. That would represent a premium of 22% to GigPeak’s stock closing price on Friday, the companies said in a statement. That acquisition would provide IDT with a “highly regarded” optical interconnect product and technology business that is complementary to IDT’s real-time interconnect products, the companies said. Shares of IDT fell 3% in late trading after ending the regular session down 0.7%. GigPeak’s shares rose 12% after hours; the stock ended the regular session up 7.5%.

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Apple Inc.’s stock returned Monday to record highs for the first time in two years, extending a run of gains following fiscal first-quarter results and after an upbeat research note from Goldman Sachs. The previous record close was $133.00 on Feb. 23, 2015. From there, the stock had tumbled as much as 32% to a near two-year low of $90.34 on May 12, 2016, and has soared 48% since then. The stock has surged 9.8% since Apple reported strong results after the Jan. 31 close, dispelling fears of slowing iPhone sales. On Monday, Goldman Sachs raised its stock price target to $150, which is 13% above current levels from $133, citing “increased confidence” that “major new features” would boost sales of new iPhones. The stock has soared 23% over the past three months, while the Dow Jones Industrial Average has gained 8.3%.

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Marathon Pharmaceuticals said it would pause the launch of its recently-approved Duchenne muscular dystrophy drug after an outcry over Emflaza’s $89,000-a-year price tag. The privately-held company said it has heard concerns about the drug’s pricing and reimbursement details from the DMD community. “Please know we sought FDA approval of Emflaza to improve access to this treatment,” Chief Executive Officer Jeffrey Aronin said. “We have and always will support you in that endeavor.” He did not say when the drug would be launched, or whether the company would change its price. Under 1,000 patients who receive the drug for free through Marathon’s expanded access program will continue to do so, Marathon said. Emflaza, which is a corticosteroid, was only the second DMD drug approved in the U.S., although corticosteroids are used for the degenerative disease in other parts of the world. The first DMD drug, made by Sarepta Therapeutics Inc. , was approved last year and is priced at about $300,000. Some of the patient community’s concerns were around whether Emflaza’s price would effect health insurance coverage of Sarepta’s drug, Aronin said. Sarepta shares have sunk 30.0% over the last three months, compared with a 7.6% rise in the S&P 500 .

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Oil prices settled with a loss Monday for the first time in four sessions. Recent data pointing to sizable growth in U.S. crude production, including a U.S. government forecast Monday showing an expected rise in domestic shale-oil output in March, pressured prices despite reports of major production cuts by OPEC members. March West Texas Intermediate crude fell 93 cents, or 1.7%, to settle at $52.93 a barrel on the New York Mercantile Exchange.

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Oil production from seven major U.S. shale plays is forecast to climb by 80,000 barrels a day to 4.873 million barrels a day in March from February, according to a monthly report from the Energy Information Administration released Monday. Oil output from the Permian Basin, which covers parts of western Texas and southeastern New Mexico, is expected to see the largest climb among the big shale plays. It’s expected to rise by 70,000 barrels a day. Output from the Bakken, which covers parts of Montana and North Dakota as well as parts of Canada, however, is expected to fall by 18,000 barrels a day. Just minutes ahead of the day’s settlement, oil prices continued their declines. March West Texas Intermediate oil traded at $52.88 a barrel, down 98 cents, or 1.8%, on the New York Mercantile Exchange.

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Gold futures fell Monday, with prices marking their largest dollar and percentage decline since Jan. 25, according to FactSet data. Overall strength in the dollar and gains in the U.S. stock market reduced investor interest in the precious metal. April gold fell $10.10, or 0.8%, to settle at $1,225.80 an ounce.

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Tesla Inc. stock on Monday traded as high as $280.67, its highest intraday in nearly 19 months, as CEO Elon Musk spoke about a “merger” between intelligence and artificial intelligence to keep humans useful. The company shares traded as high as $286.65 on July 20, 2015, days after Musk unveiled three new options for Tesla’s Model S sedan, including the first iteration of Tesla’s “ludicrous mode,” which ramps up acceleration on Tesla vehicles. The stock corrected sharply the following day, down more than 5%. Tesla reached a record close of $286.04 on Sept. 4, 2014.

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From:: Stock Market News

Tesla Inc. stock on Monday traded as high as $280.67, its highest intraday in nearly 19 months, as CEO Elon Musk spoke about a “merger” between intelligence and artificial intelligence to keep humans useful. The company shares traded as high as $286.65 on July 20, 2015, days after Musk unveiled three new options for Tesla’s Model S sedan, including the first iteration of Tesla’s “ludicrous mode,” which ramps up acceleration on Tesla vehicles. The stock corrected sharply the following day, down more than 5%. Tesla reached a record close of $286.04 on Sept. 4, 2014.

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Target Corp. issued Monday a nationwide recall of about 1,300 Threshold Aluminum Top/Steel X Base patio benches, citing risk of collapse and potential injury. Target said the benches were made in China and were sold individually and as part of a six-piece dining set, from January 2016 through July 2016, for $150 for the benches or $1,000 for the dining sets. The retailer said it received six reports of the benches collapsing, and one report of a knee injury. The stock slipped 0.3% in midday trade. It has lost 9.0% over the past three months, while shares of rival Wal-Mart Stores Inc. have slipped 4.6% and the S&P 500 has gained 7.5%.

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Shares of Verizon Communications Inc. slumped 0.8% in midday trade Monday, to pace the decliners in the Dow Jones Industrial Average , after the telecommunications giant succumbed to competitive pressure by re-introducing over the weekend an unlimited wireless data plan. Verizon had eliminated unlimited wireless data nearly five years ago, under the premise, as Jefferies analyst Mike McCormack describes, that unlimited data devalues the network and does not provide proper returns. McCormack said he believes Verizon’s shift was “dictated by market conditions,” particularly with T-Mobile U.S. Inc. going all-in with unlimited data, and with Sprint Corp. showing some success with its plans. Sprint’s stock shed 1.5% in midday trade and T-Mobile shares slid 3%. Over the past 12 months, Verizon’s stock has lost 3.1%, while Sprint’s has more than tripled, T-Mobile’s has run up 72% and the Dow has gained 28%.

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