Category: Stock Market News

Teva Pharmaceutical Industries Ltd. shares fell in the extended session Monday after a court did not uphold patent infringement claims made by the company. Teva shares fell 10% to $31 after hours. The court sided with Mylan NV , which claimed the patents in question were invalid. Mylan shares rose 0.7% to $36.60. The ruling from the U.S. District Court for the District of Delaware stated that the patents in contention, those covering Teva’s multiple sclerosis treatment Copaxone, were not valid. Teva said it plans to appeal the decision.

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PNC Financial Services Group Inc. will increase its stock buyback plan by $300 million on top of the $2 billion it had already announced previously, the company said Monday. The stock repurchase program is slated to expire on June 30. PNC Financial shares rose 0.2% in the extended session after closing down 1% at $120.38.

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WASHINGTON (MarketWatch) – The Federal Reserve on Monday exempted 20 regional banks from part of its annual “stress tests,” leaving only 13 large financial firms that have to comply. Under the new rule, the regional banks will not have to take part in the “qualitative” review of the strength of their capital planning process. However, these banks will still have to participate in the assessment of their capital adequacy in case of another financial crisis.

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F5 Networks Inc. said late Monday it has named François Locoh-Donou as its new president and chief executive effective April 3. Locoh-Donou succeeds John McAdam, who will remain on as a board member. Locoh-Donou currently serves as chief operating officer at Ciena Corp. . Shares of F5 were unchanged at $134.69 after hours, while shares of Ciena declined 1.3% to $24.01.

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Mylan shares sunk 1.4% in afternoon trade Monday after Bloomberg reported it was facing a U.S. antitrust investigation into its EpiPen competitive practices. Mylan settled charges of misclassifying the EpiPen allergic reaction treatment for Medicaid rebates with the Justice Department for $465 million in October of 2016. Mylan shares have declined 2.8% over the last three months, compared with a 7.0% rise in the S&P 500 .

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GoPro Inc. jumped more than 5% in Monday trading despite a down day overall on the market, as BlackRock Inc. disclosed an increase in its holdings of the action-camera company. According to a filing with the Securities and Exchange Commission, BlackRock now owns 6% of GoPro, or more than 6.2 million shares, a million more shares than BlackRock Fund Advisers disclosed in its most recent filing, according to FactSet. GoPro stock has suffered amid holiday-season manufacturing issues for the hardware company, which included the recall of its first drone. GoPro stock has declined more than 21% in the past three months, compared with a gain of 7% for the S&P 500 index in the same time. GoPro plans to release quarterly earnings Thursday.

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Oil futures fell on Monday for a second straight session. Traders continued to show concern that growth in U.S. crude production could potentially offset efforts by other major producers to rebalance global supply and demand. March West Texas Intermediate crude fell 54 cents, or 1%, to settle at $52.63 a barrel.

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WASHINGTON (MarketWatch) – President Donald Trump will add the Mike Pompeo, the director of the Central Intelligence Agency, to the National Security Council, White House spokesman Sean Spicer said Monday. The CIA chief hasn’t been a member of the NSC since 2005 when the director of national intelligence was formed, he said. Over the weekend, Trump was criticized for including his chief strategist Steve Bannon on the NSC’s principals committee, while appearing to demote the director of National Intelligence and the chairman of the Joint Chiefs of Staff. Some analysts said including Bannon would mix politics with military matters. Spicer said the reports were “utter nonsense” and director of the DNI and the Joint Chiefs chairman could attend principals meetings if they wished.

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Gold futures finished higher Monday for the first time in five trading sessions. A steep decline in U.S. equities, with the Dow Jones Industrial Average trading below the key 20,000 level, and signs of growing U.S. inflation helped prices rebound. April gold rose $4.90, or 0.4%, to settle at $1,196 an ounce.

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General Motors Co. and Honda Motor Co. Ltd. announced Monday the creation of a joint venture to mass produce hydrogen fuel cell systems to be used in “future products” from each company. The JV, named Fuel Cell System Manufacturing LLC, will operate at an existing GM battery plant in Michigan. Fuel-cell vehicles can operate on hydrogen from renewable sources such as wind and biomass, and water vapor is the only emission from fuel cell vehicles, the companies said. GM and Honda are making “a dramatic step toward lower cost, higher-volume fuel cell systems,” said Charlie Freese, GM’s executive director of Global Fuel Cell Business. A cross-functional team is developing advanced manufacturing processes and advances in the design, and the result “is a lower-cost system that is a fraction of the size and mass,” he said. Shares of GM were lower Monday, off 1.9%, while Honda’s American depositary shares were off 0.6%. The S&P 500 index lost 0.9%.

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