T2 Biosystems’ stock sinks on heavy volume after share offering prices at deep discount

Shares T2 Biosystems Inc. sank 33% in active premarket trade Friday, after the developer of in vitro diagnostics products took advantage a recent price surge to sell more stock to the public. Trading volume topped 400,000 shares about 45 minutes before the open, already more than double the full-day average of about 181,300 shares. The company said Friday that it priced a public offering of 4.375 million shares at $4 a share, which was 34% below Thursday’s closing price of $6.08, for gross proceeds of $17.5 million. The offering, before options granted to underwriters to buy additional shares, would boost shares outstanding by about 14%. The offering comes after the stock had more than doubled since the end of July. It has rallied 15.6% year to date through Thursday, while the S&P 500 has gained 11.5%.

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From:: Stock Market News

Mirati Therapeutics’ stock soars on heavy volume after positive cancer treatment trial results

Shares of Mirati Therapeutics Inc. rocketed 82% toward a 15-month high in active premarket trade Friday, after the biotechnology company announced positive data from two trials of its lung cancer treatment. Volume topped 550,000 shares about an hour before the open, which was already more than four times the full-day average of about 131,700 shares. The company said an ongoing phase 2 trial of sitravatinib in combination with nivolumab in non-small cell lung cancer patients demonstrated confirmed some partial responses in evaluable patients. “We are evaluating sitravatinib in combination with nivolumab in this checkpoint resistant population and are very encouraged by the responses observed, since responses would not be expected from re-treatment with a checkpoint inhibitor alone,” said Chief Executive Charles Baum. The stock, which is on track to open at the highest level seen during regular session hours since June 10, 2016, was unchanged year to date through Thursday, while the iShares Nasdaq Biotechnology ETF has rallied 25.1% and the S&P 500 has gained 11.5%.

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From:: Stock Market News

SoFi CEO Cagney resigns effective immediately

Social Finance Inc., also known as SoFi, said it has accepted co-Founder and Chief Executive Mike Cagney’s resignation, effective immediately, in the wake of sexual harassment allegations revealed earlier this week. The fintech startup named Executive Chairman Tom Hutton interim CEO, and said it would accelerate its search for a new CEO. “For now, there is no more important work than paving the way for future success by building a transparent, respectful and accountable culture,” Hutton said. Cagney had said Monday that he would step down by year end. On Tuesday,the New York Times reported that Cagney sent sexually explicit text messages to a female subordinate and bragged openly about his sexual conquests, as well as made misstatements regarding student loan products.

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From:: Stock Market News

Teekay Tankers sets $45 million program to buyback shares

Teekay Tankers Ltd. said Friday it has launched a $45 million stock repurchase program. At Thursday’s stock closing price of $1.44, the program would allow the company to buy back 31.25 million shares, which represents 19% of the shares outstanding. “This program is being put in place as another lever to create shareholder value, allowing us to opportunistically take advantage of dislocations in the capital markets when we have excess capital,” said Chief Executive Kevin Mackay. The stock, which was inactive in premarket trade, has tumbled 36.3% year to date, while the S&P 500 has gained 11.5%. Separately, the tanker operator has entered into an agreement with its second largest shareholder, Huber Capital Management LLC, in which Huber will vote its shares in favor of increasing the authorized number of shares outstanding to permit more issuance so the company can complete its proposed merger with Tanker Investments Ltd.

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From:: Stock Market News

Assailant arrested after knife attack on soldier in Paris: report

An assailant attacked a soldier on a counter-terrorism patrol in Paris on Friday, France’s armed forces minister said, according to Reuters. The soldier was uninjured. French media reported the attacker was armed with a knife. The incident, at the heavily used Chatelet subway station, was the latest in a series of attacks on troops protecting transport hubs and tourist sites. The attacker was wrestled to the ground before being detained, according to the Reuters report. The soldier is part of Operation Sentinel, a force deployed in the wake of Islamist attacks. Meanwhile, an explosion Friday on a London Underground train has left passengers with burns and has been declared a terrorist incident by British authorities.

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From:: Stock Market News

Explosion on London Underground train leaves passengers with burns: reports

An explosion Friday on a London Underground train left District Line passengers with burns, according to media reports. British Transport Police said officers were at Parsons Green station after an incident, the station was closed, and more information would be forthcoming. People suffered facial burns as a white container exploded toward the rear of the train, said a Metro story citing a reporter at the scene. The London Ambulance Service said it was on the scene alongside the police.

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From:: Stock Market News

U.S. stock futures recover losses, steady after North Korea missile test

U.S. stock futures regained composure on Friday, hours after North Korea fired another missile over Japan for the second time. Stock futures initially retreated late Thursday, as news broke of the missile firing, but were recently trading mostly flat. Dow Jones Industrial Average futures inched up 4 points to 22,175, while S&P 500 futures slipped 2 points to 2,492.25 and Nasdaq-100 futures eased 0.5 point to 5,970.50. The Dow industrials closed at a record for a third-straight session on Thursday. Gold futures , which tend to attract investors in times of geopolitical tension, pared gains from late Thursday, rising $4.10, or 0.3%, to $1,333.40 an ounce. Earlier on Thursday, North Korea threatened to reduce the U.S. to “ashes and darkness” and suggested Japan be “sunken into the sea” by a nuclear bomb. Asian stocks were mostly flat to lower, though the Nikkei 225 index [S: JP:NIK] rose 0.6%.

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From:: Stock Market News

Alphabet mulling investment in ride-hailing giant Lyft: reports

Alphabet Inc. has held talks with ride-hailing giant Lyft Inc. about a potential $1 billion investment in the company, according to multiple media reports. The private talks may not lead to an investment, however, and the media reports did not give any additional details about the discussions or who at Alphabet is involved. Alphabet is an investor in Uber Technologies Inc., Lyft’s largest rival, but its self-driving car unit, Waymo, is currently involved in a legal battle with Uber. The litigation is set to go to trial in October. Alphabet stock is up 18.6% this year, with the S&P 500 index up 11.5%.

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From:: Stock Market News

Dow futures slip, gold pops as North Korea fires another missile, Japan orders shelter-in-place

Futures for the Dow Jones Industrial Average retreated Thursday evening in New York after Japan issued a temporary shelter-in-place alert following a North Korean ballistic missile firing, according to Japanese and South Korean news reports. Dow Jones Industrial Futures were down 41 points, or 0.2%, at 22,132, futures for the S&P 500 were off 0.3% at 2,487, while futures for the Nasdaq-100 were off 0.3%. The dip in futures trading comes after the the Dow closed at a record for a third session in a row in regular trading Thursday, while the broader market sagged on the back of weak retail shares. Gold futures , which tend to draw buyers during times of geopolitical distress, were up 0.6% at $1,336 an ounce in electronic trade. The latest missile firing from Pyongyang comes after it issued new threats, calling to “reduce the U.S. mainland into ashes” and saying Japan “should be sunken into the sea by the nuclear bomb.” Overall, the market’s reaction has been relatively muted given the threat of escalating tensions in the Korean Peninsula, which have previously been a source of market anxiety. Other assets perceived as havens were little changed, including the 10-year benchmark Treasury note , which was yielding 2.19% late Thursday in New York. Bond prices rise as yields fall.

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From:: Stock Market News

Ginnie Tackling VA Churning by Some Lenders

Under pressure from a prominent lawmaker, the Government National Mortgage Association is taking action to address the churning of home loans to veterans.

Ginnie Mae last year identified rapid refinance and loan churning on mortgages that are guaranteed by the Department of Veterans Affairs.

In addition to creating downward pressure on Ginnie Mae securities, the action are increasing borrowing costs and outstanding loan balances for veterans.


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From:: Financing