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Marijuana-related stocks fell again Friday, extending their prior-session losses after the U.S. Justice Department overturned an Obama-era protection for states that have legalized the plant. The news put the brakes on a strong rally early in the week that was driven by the start of marijuana sales in California after voters approved recreational use for adults. Nevada-based Cannabis Sativa Inc. , which is active in the research, development and licensing of marijuana products, slid another 16%. Colarado-based farmer GrowGeneration Corp. fell 3%. Toronto-based medical marijuana distributor Supreme Cannabis Co. Inc. fell another 2%. Horizons Marijuana Life Sciences Index , which started trading on the Toronto stock exchange last month and tracks more than 20 marijuana-related companies in North America, was down 1%. Ontario-based rival Canopy Growth Corp. bucked the trend to rise about 2%, after it said it will not conduct business in any jurisdiction where weed is federally banned. The S&P 500 was up 0.3%.

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Kala Pharmaceuticals Inc. shares dropped 8% in extremely heavy morning trade on Friday after the company released results from two late-stage trials for its dry eye therapy KPI-121. KPI-121 had statistically significant results for some but not all endpoints in the two trials, which enrolled about 900 patients each. In particular, the therapy was not statistically significant for a primary sign endpoint of the second trial, STRIDE 2, measuring ocular discomfort severity change from baseline to day 15. “Although we did not achieve statistical significance for the primary symptom endpoint in STRIDE 2, we did observe a strong trend towards a positive treatment effect in symptoms in more symptomatic patients, for which we achieved statistical significance in STRIDE 1,” said Mark Iwicki, chief executive of Kala Pharmaceuticals. The company will continue to analyze the results and expects to discuss them with the Food and Drug Administration, he said, noting the company’s $114 million cash balance. Kala also ephasized that the therapy was well-tolerated, with the most common side effect being instillation site pain. Dry eye disease, which has symptoms such as chronic pain, dry eyes, eye discomfort and variable vision, is a major market primed for new entrants. Allergan’s Restasis has long been a powerhouse dry eye therapy without much competition, bringing in $1.4 billion in revenue for the company in 2016. Kala shares have dropped 31% over the last three months to $15.94, compared with a 7% rise in the S&P 500 and a 10% rise in the Dow Jones Industrial Average .

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U.S. stock-market indexes opened in record territory as investors appeared to have shrugged off a weaker-than-expected monthly jobs report. The U.S. economy added 148,000 jobs in December, falling short of expectations of 198,000 by the economists polled by MarketWatch. The S&P 500 gained 9 points, or 0.3%, to 2,733. The Dow Jones Industrial Average rose 71 points, or 0.3%, to 25,146. The tech-heavy Nasdaq Composite index advanced by 30 points, or 0.4%, to 7,107. Among the best performers on Wall Street, shares of Hess Corporation rose sharply after the company announced positive results from its Ranger-1 exploration well offshore Guyana.

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Francesca’s Holdings Corp. shares have plummeted 17.3% in Friday premarket trading after the company issued a profit warning. The retailer said late Thursday that it now expects fourth-quarter sales in the range of $137 million to $139 million and a same-store sales decline of 15% to 17%. The previous guidance was for sales in the range of $145 million to $150 million and a same-store sales decline of 9% to 12%. The FactSet consensus is for sales of $139.6 million and a same-store sales decline of 13%. Fourth quarter earnings per share are expected to be in the range of 18-to-23 cents versus previous guidance in the range of 35-to-40 cents and the FactSet consensus of 25 cents. Full-year EPS is expected to be in the range of 50-to-55 cents, below the 57-cent FactSet consensus. Francesca’s stock is down 56.5% for the past year while the S&P 500 index is up 20.1% for the period.

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Australia’s Health Minister Greg Hunt told reporters on Thursday that the country plans to become just the fourth in the world to legalize medical marijuana exports. The move, which came the same day U.S. Attorney General Jeff Sessions dealt a blow to the U.S. marijuana market, should help Australia capture a piece of the global medical marijuana market, which by some estimates is expected to hit a market size of roughly $55 billion by 2025. “We would like to be, potentially, the world’s number one medicinal cannabis supplier,” Hunt said. Shares of a number of Australian marijuana-related companies skyrocketed. Shares of Cann Group Ltd. closed up more than 35%, while shares of AusCann Group Holdings Ltd. finished the day up close to 54% and Bod Australia Ltd. rose almost 40%.

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U.S. Treasury yields fell after December monthly jobs report that fell short of expectations. The economy gained 148,000 jobs in December after an average gain of 232,000 jobs over the previous two months. Economists polled by MarketWatch had predicted a 198,000 increase in nonfarm jobs. The 10-year Treasury yield fell 2 basis points to 2.439% from 2.465% prior to the release of the employment report. Meanwhile, the yield for the 2-year Treasury, the most sensitive to shifting data, saw a more pronounced 4-basis-point decline to 1.931% from an earlier 1.972%.

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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Kala Pharmaceuticals Inc. shares dropped as much as 20% in pre-market trade on Friday before evening out to a 4% decline after the company released results from two late-stage trials for its dry eye therapy KPI-121. KPI-121 had statistically significant results for some but not all endpoints in the two trials, which enrolled about 900 patients each. In particular, the therapy was not statistically significant for a primary sign endpoint of the second trial, STRIDE 2, measuring ocular discomfort severity change from baseline to day 15. “Although we did not achieve statistical significance for the primary symptom endpoint in STRIDE 2, we did observe a strong trend towards a positive treatment effect in symptoms in more symptomatic patients, for which we achieved statistical significance in STRIDE 1,” said Mark Iwicki, chief executive of Kala Pharmaceuticals. The company will continue to analyze the results and expects to discuss them with the Food and Drug Administration, he said, noting the company’s $114 million cash balance. Kala also ephasized that the therapy was well-tolerated, with the most common side effect being instillation site pain. Dry eye disease, which has symptoms such as chronic pain, dry eyes, eye discomfort and variable vision, is a major market primed for new entrants. Allergan’s Restasis has long been a powerhouse dry eye therapy without much competition, bringing in $1.4 billion in revenue for the company in 2016. Kala shares have dropped 25% over the last three months to $17.33, compared with a 6.7% rise in the S&P 500 and a 10.1% rise in the Dow Jones Industrial Average .

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U.S. stock-index futures pointed to a moderately higher open on Friday, following the December jobs report, which came in below forecasts. Futures for the Dow Jones Industrial Average rose 91 points, or 0.3% to 25,144, while those for the S&P 500 index climbed 8.5 points, or 0.3%, to 2,732.50. Futures for the Nasdaq-100 index gained 28 points, or 0.4%, to 6,631.25. The gain in all three suggested the indexes would open near record levels. The U.S. created 148,000 jobs in December, the slowest pace in three months. Economists polled by MarketWatch had predicted a 198,000 increase in nonfarm jobs. The unemployment rate remained steady at 4.1% for the third straight month.

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WASHINGTON (MarketWatch) – The U.S. trade deficit rose 3.2% to $50.5 billion in November, the highest trade gap since January 2012. Economists surveyed by MarketWatch had predicted the deficit would widen to a seasonally adjusted $50 billion. Imports rose 2.5% to $250.7 billion, the Commerce Department said Friday. Exports rose 2.3% to $200.2 billion. Year-to-date, the deficit is up 11.6% from the same period in 2016. The trade gap with China widened to $35.4 billion in November, the highest since September 2015. The November import average price of oil rose to $50.10 in November, the highest since July 2015.

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From:: Stock Market News

WASHINGTON (MarketWatch) – The U.S. created 148,000 jobs in December, the slowest pace in three months. Economists polled by MarketWatch had predicted a 198,000 increase in nonfarm jobs. The unemployment rate remained steady at 4.1% for the third straight month. Worker pay increased 2.5% from December 2016 to December 2017, up from 2.4% in the prior month. The average workweek was flat at 34.5 hours. October and November job gains were trimmed by a net 9,000 jobs due to revisions.

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