Category: Stock Market News

Amazon.com Inc. said on Tuesday it shipped more than one billion items through Amazon Prime and Fulfillment by Amazon this holiday season. The online retailer also said it had its best holiday season ever for Amazon devices, with the Echo Dot, Fire TV Stick, Fire tablet and Amazon Echo topping its best-sellers list. Sales of Echo-family devices were up more than nine times compared with last year and the company shipped millions of Alexa devices worldwide, according to a news release. And more than 72% of Amazon customers worldwide shopped via a mobile device. Amazon shares have increased more than 13% in the year to date, outperforming the S&P 500 , which is up more than 11%.

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United Parcel Service Inc. said Tuesday it expects record e-commerce sales to create another record, when shoppers return an expected 1.3 million packages to retailers on National Returns Day Jan. 5. UPS said it expects to return more than 5.8 million packages in the first full week of January. In 2016, shoppers returned more than 1 million packages on National Returns Day and 5 million packages in the peak week. The company’s Pulse of the Online Shopper survey found shoppers are experiencing improvements with how retailers cope with online returns. The survey found 70% of online shoppers made an additional purchase when they returned an item to a store, and 45% make one when processing a return. UPS shares were up 0.6% in early trade, and have gained 21% in the year, while the S&P 500 has gained about 11%.

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U.S. stocks opened with minor gains Tuesday, as the Dow Jones Industrial Average remained within striking distance of the psychologically important 20,000 milestone. Retail stocks were expected to be in focus as investors gauge the strength of the holiday shopping season. The S&P 500 rose 0.1% to 2,267, while the Dow advanced 18 points, or 0.1%, to 19,952. The Nasdaq Composite gained 10 points, or 0.2%, to 5,473.

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Capnia Inc. shares were halted in pre-market trade Tuesday on news that the company and privately-held Essentialis Inc. had agreed to merge. At the merger’s close, Capnia said it expects to issue stock priced at 96 cents-per-share, for gross proceeds of $8 million. The rare disease therapeutics company formed of the merger will focus on a diazoxide choline controlled release tablet to treat the rare disorder Prader-Willi syndrome. The syndrome, which causes unrelenting hunger and various metabolic, endocrine, cognitive and behavioral symptoms, currently has “no effective treatments,” Capnia’s chief executive officer, Anish Bhatnagar, said. The proceeds of the merger would help finance a mid/late-stage clinical trial for the drug in the second half of 2017, the companies said. Capnia shares have dropped 56.2% year-to-date, compared with a 10.8% rise in the S&P 500 . Shares were valued at 81 cents as of Friday’s close.

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An audit committee probe into the business practices of regenerative medical company MiMedx Group Inc. has found no credible evidence the company needs to make changes to previously issued financial statements, according to a news release. The findings provided to the MiMedx board are preliminary and an audit committee is still investigating claims brought by two former MiMedx employees that the company engaged in fraudulent business practices, including those that alledgedly would affect the MiMedx’s revenue recognition policy. The claims were made in a lawsuit against MiMedx after the two former employees were fired for selling products of competitive companies. MiMedx management doesn’t believe there is any merit to the claims and doesn’t anticipate any material effect on financial statements. The investigation is ongoing. MiMedx shares were inactive in premarket trade, but have fallen more than 5% in the year to date, underperforming the S&P 500 Index , which is up nearly 11%

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Endologix Inc. shares dropped 16.4% in pre-market trade Tuesday on the company’s investigation into a manufacturing issue with some sizes of a medical device. The AFX Endovascular AAA System, which treats abdominal aortic aneurysms and was first approved by the Food and Drug Administration in 2011, will have a temporary hold on shipments which should be lifted in the “near future,” Endologix said. The company said that the issue was discovered during its product testing and doesn’t relate to its Nellix or Ovation aortic treatments. Endologix shares have dropped 27.4% year-to-date, compared with a 10.9% rise in the S&P 500 . Shares were priced at $7.19 as of Friday’s close.

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Seattle Genetics Inc. shares dropped 12.9% in pre-market trade Tuesday after the company said the Food and Drug Administration had placed holds on several early-stage cancer clinical trials after six patients were found to have hepatotoxicity and four patients died. The clinical trials, which were testing vadastuximab talirine as a treatment for acute myeloid leukemia, were held to evaluate risk of hepatotoxicity. The trials included a phase 1/2 trial placed on full clinical hold and two phase 1 trials placed on partial clinical hold, with no new clinical trials beginning until the holds come to an end. Other clinical trials for vadastuximab talirine, including a phase 3 and phase 1/2 trial, are continuing. Seattle Genetics shares have risen 37.8% year-to-date, compared with a 10.8% rise in the S&P 500 . Seattle shares closed at $61.86 at Friday’s close.

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Ritchie Bros. Auctioneers Inc. shares were downgraded to market perform from outperform at Raymond James late Monday, with analysts citing mounting near-term headwinds and share price strength in the last two years. Headwinds include the normalization of energy markets, which means Ritchie Bros, which specializes in auctioning heavy equipment used in farming, energy and transportation, is lapping large auctions that were fueled by the steep slide in oil prices in 2014 and 2015, analysts wrote in a note. “The fact that growth from other regions of Ritchie’s vast markets (Europe, for example, or Eastern US) is not sufficiently filling the slack from reduced energy-centric activity gives us more reason to pause at this point,” they wrote. Ritchie Bros. last week disclosed gross auction proceeds for the final quarter of the year, showing a decline of 10% for December and 9% for the quarter, below Raymond James estimates. The company is also facing the challenge of integrating IronPlanet, which it acquired in August, and in implementing its multi-channel strategy, said the note. “We maintain a generally positive view of the long-term outlook for the IronPlanet (IP) acquisition and the whole multi-channel strategy, but we are formally taking a pause on this stock,” analysts wrote. Ritchie Bros. stock was not yet active premarket, but has gained about 50% this year, while the S&P 500 has gained about 11%.

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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Endologix Inc. shares were halted in pre-market trade Tuesday on the company’s investigation into a manufacturing issue with some sizes of a medical device. The AFX Endovascular AAA System, which treats abdominal aortic aneurysms and was first approved by the Food and Drug Administration in 2011, will have a temporary hold on shipments which should be lifted in the “near future,” Endologix said. The company said that the issue was discovered during its product testing and doesn’t relate to its Nellix or Ovation aortic treatments. Endologix shares have dropped 27.4% year-to-date, compared with a 10.9% rise in the S&P 500 . Shares were priced at $7.19 as of Friday’s close.

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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Fred’s Inc. said Tuesday its board has unanimously approved a shareholder rights plan, following “unusual and substantial” activity in its shares. The rights plan, also known as a poison pill, is designed to prevent a hostile takeover of the company and to avoid certain default provisions of its credit facilities from being triggered. The plan will give shareholders one right for each share owned and will have a 10% ownership trigger. Last week, the stock had its biggest one-day gain after news the retailer was acquiring 865 Rite Aid stores in a move that could propel the company into the Top 3 in the drugstore game. Shares were not yet active premarket, but have gained 23% in the year so far, while the S&P 500 has gained 11%.

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