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Proteostasis Therapeutics Inc. shares tanked nearly 18% in extremely heavy Tuesday morning trade after Kerrisdale Capital put out a short report on the company. “Stock has run up on unimportant breakthrough-therapy designation, but the underlying clinical data is terrible. The drug is a dud,” Kerrisdale Capital said in a statement. Proteostasis shares surged last week on an orphan drug designation from the Food and Drug Administration for its cystic fibrosis drug and a smaller-than-expected fourth-quarter loss. Company shares have risen 7.9% over the last three months, compared with a 1.3% rise in the S&P 500 .

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From:: Stock Market News

The Dow Jones Industrial Average regained its footing in positive territory for the year in early trade on Tuesday, as the stock market attempted to recover from a technology-fueled selloff on Monday. The Dow was up about 150 points at its higg, or 0.6%, powered by gains in the usual suspects: Boeing Co. , 3M Co. , and Caterpillar Inc. –among the blue-chip gauge’s most influential components. A rally in those shares helped the stock gauge climb 0.2% so far this year, after falling firmly in the red after the previous session’s downturn. On Monday, the broader market was rattled by concerns over how Facebook Inc. [s:FB] managed user information, which resulted in the social network’s shares suffering the worst one-day decline in about four years. Elsewhere, the S&P 500 index was up 0.3% at 2,721, while the tech-centric Nasdaq Composite Index advanced by 0.4% at 7,369. The S&P 500 was holding onto a year-to-date return of 1.8%, while the Nasdaq was up 6.8% for the first three months of 2018.

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Travel website Orbitz.com, a subsidiary of Expedia Inc. , said it identified, and remediated, a data security incident in which personal user information was accessed. Expedia’s stock slumped 1.1% in morning trade. Orbitz said it determined on March 1 that a breach had occurred, between Oct. 1, 2017 and Dec. 22, 2017, on a legacy booking platform. The company said the information accessed was submitted for purchases made between Jan. 1, 2016 and June 22, 2016, and likely included full names, payment card information, date of birth, phone numbers, email addresses, billing addresses and gender. There company said social security numbers of U.S. customers were not accessed. The number of payment cards affected is about 880,000. “We took immediate steps to investigate the incident and enhance security and monitoring of the affected platform,” Orbitz said in a statement. The company said the current Orbitz.com site “was not in any way involved” in the incident. Expedia’s stock has shed 8.3% over the past three months, while the S&P 500 has gained 1.6%.

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From:: Stock Market News

U.S. equity markets opened slightly higher on Tuesday, rebounding from sharp losses from the previous session, as investors focused on the two-day FOMC policy meeting. The Federal Reserve is expected to raise interest rates by a quarter percentage point. The Dow Jones Industrial Average gained 100 points, or 0.4%, to 24,717. The S&P 500 index rose 7 points, or 0.3% to 2,720, while the Nasdaq Composite advanced 11 points, or 0.2% to 7,357. Facebook Inc. shares slumped 2.5% as global regulators turned up the heat on the social network company.

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There was a shooting at a Maryland high school, according to the St. Mary’s County Sheriff’s Office. The shooting was at Great Mills High School, about 70 miles south of Washington D.C., and is “contained” according to published reports, but it’s not clear how many victims there were. Special agents from the Bureau of Alcohol, Tobacco and Firearms were en route, the agency tweeted.

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Shares of CSRA Inc. rose 0.9% in premarket trade Tuesday, after General Dynamics Corp. raised its per-share bid to buy the information technology company, in the wake of a rival bid from CACI International Inc. . General Dynamics said it will now pay $41.75 a share in cash, up from its original bid announced on Feb. 12 of $40.75 a share in cash. That increases the value of the deal to $9.7 billion, including the assumption of $2.8 billion in debt, from $9.6 billion. Over the weekend, CSRA confirmed that it received an unsolicited $44-a-share buyout bid, but in cash and stock. CSRA’s board of directors has determined that CACI’s bid “could not reasonably be expected to lead to a company superior proposal,” and recommends its shareholders tender their shares to General Dynamics’ tender offer. CSRA’s stock has rallied 40.0% over the past 12 months, while General Dynamics shares have climbed 16.6%, CACI shares have rallied 16.1% and the S&P 500 has gained 14.3%.

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Fiserv Inc.’s stock price has been adjusted to reflect a 2-for-1 stock split, which went into effect after Monday’s close. The financial services technology company’s stock closed Monday at a pre-split price of $147.24, which would be the equivalent of a post-split price of $73.62. The stock was changing hands about 1.2% above that price in premarket trade Tuesday. The last stock split, also a 2-for-1 split, occurred on Dec. 17, 2013. The stock, which reached a record pre-split close of $148.44 on March 16, has rallied 26.2% over the past 12 months, while the S&P 500 has gained 14.3%.

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Specialty chemicals company Ashland Global Holdings Inc. said Tuesday it is reviewing options for its composites segment, along with a butanediol (BDO) manufacturing facility in Marl, Germany. BDO is a colorless liquid that is used as a solvent or in the manufacturing of plastics and elastic fibers. “Ashland intends to evaluate all options with respect to these assets, including a potential sale,” the company said in a statement. It will retain its BDO plant in Lima, Ohio, to ensure it had a supply for its own needs. The company said it would use the proceeds of any deal for debt reduction and to buy back shares. The company’s board has approved a new $1 billion share buyback program. Shares rose 3% premarket, and have gained 21% in the last 12 months, while the S&P 500 has gained 14%.

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TPG Pace Energy Holdings Corp. announced Tuesday a deal with funds managed by EnerVest Ltd. to buy the oil and gas assets within EnerVest’s South Texas Division for $2.66 billion in cash and stock. As part of the deal, TPG Pace, a special-purpose acquisition vehicle, will partner with EnerVest to create a new publicly traded company, Magnolia Oil & Gas Corp., in which EnerVest will retain a “significant” ownership stake. The new company’s stock is expected to trade on the NYSE, after the deal closes late in the second quarter of 2018. “In creating Magnolia, we have a unique opportunity to build a new company anchored by what we consider to be some of the highest quality oil producing acreage in the country,” said Steve Chazen, the former chief executive of Occidental Petroleum Corp. who now leads TPG Pace, and who will be CEO of Magnolia. TPG Pace’s stock, which was still inactive in premarket trade, is unchanged over the past three months, while the SPDR Energy Select Sector ETF has shed 5.8% and the S&P 500 has gained 1.3%.

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From:: Stock Market News

Specialty chemicals company Ashland Global Holdings Inc. said Tuesday it is reviewing options for its composites segment, along with a butanediol (BDO) manufacturing facility in Marl, Germany. BDO is a colorless liquid that is used as a solvent or in the manufacturing of plastics and elastic fibers. “Ashland intends to evaluate all options with respect to these assets, including a potential sale,” the company said in a statement. It will retain its BDO plant in Lima, Ohio, to ensure it had a supply for its own needs. The company said it would use the proceeds of any deal for debt reduction and to buy back shares. The company’s board has approved a new $1 billion share buyback program. Shares were not yet active premarket, but have gained 21% in the last 12 months, while the S&P 500 has gained 14%.

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