Category: Stock Market News

Synergy Pharmaceuticals Inc. shares sunk 12.5% in pre-market trade Wednesday after the company said it would offer 20 million shares of its common stock at $6.15 per share. Synergy shares were priced at $7.07 as of Tuesday’s close. The company said its public offering will fund commercialization of chronic constipation treatment Trulance, which was approved by the Food and Drug Administration in late January. The offering is expected to close around Feb. 6. Synergy shares have risen 50.8% over the last three months, compared with a 7.9% rise in the S&P 500 .

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The U.K. government will issue a white paper outlining its strategy for the Brexit process on Thursday, British Prime Minister Theresa May said Wednesday. The white paper — a government policy document on an upcoming Act of Parliament — will arrive after Wednesday evening’s first vote in parliament on whether lawmakers will authorize the government in triggering Article 50 to set Brexit in motion. The pound hit an intraday hit of $1.2653 in afternoon trade before moving back to $1.2626. Sterling late Tuesday bought $1.2569.

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The Madison Square Garden Co. on Wednesday said it has taken a 62.5% stake in newly formed TAO Group in hopes of strengthening its portfolio of live entertainment. The majority stake cost MSG $181 million, plus a potential performance earn-out of up to $25.5 million, according to a news release. TAO Group’s management team retains the remaining 37.5% and will run the day-to-day operations of the dining, entertainment and nightlife business. TAO Group owns and operates 19 venues in New York City, Las Vegas and Sydney, Australia. “TAO Group is a unique and attractive business that furthers our focus on the ‘live experience’ while also exposing us to new areas of growth,” said MSG Executive Chairman James Dolan in a statement. MSG over the summer moved into the music festival business, buying controlling interest in entertainment production company Boston Calling Events and MSG already holds 50% ownership in the Tribeca Film Festival. Shares of MSG have gained more than 14% in the trailing 12-month period, while the S&P 500 Index is up 17% in the same time.

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Catabasis Pharmaceuticals Inc. shares sunk 69.0% in pre-market trade Wednesday after the company said its mid-stage clinical trial for its Duchenne muscular dystrophy drug failed to meet its primary endpoint. The company said results weren’t statistically significant at either the 100 mg/kg/day dose level or the 67 mg/kg/day dose level. Another clinical trial for the drug, edasalonexent, is ongoing, with results expected this year. The mid-stage clinical trial enrolled 31 boys with the rare degenerative disease DMD. Catabasis shares were priced at $4.04 as of market close Tuesday. Catabasis shares have risen 14.8% over the last three months, compared with a 7.9% rise in the S&P 500 .

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Biogen Inc.’s hemophilia business will begin trading on its own as Bioverativ, with the ticker BIVV, starting Thursday. Biogen previously announced the spin-off in May of 2016, and said it would allow Biogen to focus on its neurological treatments. Biogen shares rose 0.8% in pre-market trade Wednesday. Company shares have sunk 1.9% over the last three months, compared with a 7.9% rise in the S&P 500 .

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Apple Inc.’s stock surged 3.9% in active premarket trade Wednesday, putting it on track to open at 1 1/2-year high, after the technology giant reported better-than-expected earnings. The stock’s recent premarket price gain of $4.74 would about 32 points to the Dow Jones Industrial Average’s price. Dow futures were up about 41 point. The stock recently changed hands at $126.09 ahead of the open, the highest price seen during regular-trading hours since July 23, 2015. Apple shares have run up 26% over the past 12 months through Tuesday, while the Dow has gained 21%.

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Automatic Data Processing Inc. on Wednesday reported profit for the fiscal second quarter that was above Wall Street expectations, while falling just short on revenue. Net income for the quarter came in at $510.9 million, or $1.13 per share, compared to $341.4 million, or 75 cents per share during the same quarter a year ago. Adjusted earnings per share were 87 cents, above the FactSet consensus of 81 cents. ADP revenue hit $2.99 billion during the quarter, up from $2.81 billion, but just short of FactSet’s $3.02 billion. The company cut its new business outlook for 2017 to about flat, from 4% to 6% growth and ADP also cut revenue growth guidance to 6% from previous growth outlook of 7% to 8%. Shares of ADP have gained nearly 22% in the trailing 12-month period, while the S&P 500 Index is up 17%.

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Tobacco giant Altria Group Inc. said Wednesday it had net income of $10.276 billion, or $5.27 a share, in the fourth quarter, up from $1.248 billion, or 64 cents a share, in the year-earlier period. Net earnings were boosted by special items, including a pretax gain of $13.9 billion related to its combination with SABMiller Plc in which it owns a 9.6% stake. Adjusted for those items, the company had EPS of 68 cents, just ahead of the FactSet consensus of 67 cents. Revenue fell to $6.252 billion from $6.318 billion. Net of excises, revenue came to $4.7 billion. The FactSet consensus was for revenue of $4.8 billion. Looking ahead, Altria is expecting 2017 adjusted EPS to range from $3.26 to $3.32. Capex is expected to range from $180 million to $220 million. Shares were not yet active in premarket trade, but are up 17% in the last 12 months, while the S&P 500 has gained 17.5%.

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President Donald Trump on Tuesday nominated Judge Neil Gorsuch to fill the vacancy on the Supreme Court that has been empty since Justice Antonin Scalia’s death almost a year ago. Gorsuch, 49, who sits on Denver’s 10th Circuit Court, is a conservative said to be of the same ideological mold as Scalia, though with a more amiable temperament. The decision was announced during a prime-time event some compared to a reality show, with the final decision coming down between Gorsuch and Judge Thomas Hardiman of Pittsburgh’s 3rd Circuit. Gorsuch is likely to face stiff Democratic opposition in his Senate confirmation; some Democrats have already said they would flatly oppose whoever Trump picked.

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Paul Singer’s Elliott Management is moving aggressively to press Arconic Inc. to adopt changes, including replacing the current chief executive, to boost its share price to at least $33 to $54. As part of this effort, Elliott hired Larry Lawson, former chief executive of Spirit AeroSystems Inc., as a consultant and a candidate to take over from current CEO Klaus Kleinfeld. Elliott, which owns a 10.5% stake in Arconic, named five nominees for the company’s board. Elliott is calling on Arconic, which recently separated from Alcoa, to reallocate funds to growth-oriented projects and increase shareholder value. Arconic shares extended gains in the extended session to $23.11 after closing at $22.79.

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