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Visa Inc. announced Tuesday an agreement to invest in Europe-based online payments company Klarna, and plans to develop a future strategic partnership, to accelerate online and mobile commerce in Europe. Details of the investment were not disclosed. Klarna serves 60 million consumers and 70,000 retailers. “Klarna has demonstrated an expertise in consumer credit and online purchasing and together, we share a vision for how today’s online and mobile commerce experiences can be as simple as they are in the real world,” said Visa EVP Jim McCarthy. Visa’s stock, which was still inactive in premarket trade, has rallied 22% year to date through Monday, while the Dow Jones Industrial Average has gained 8.3%.

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Innate Immunotherapeutics Ltd. shares plummeted 92.3% to 5 cents per share in Tuesday trade after the company said its mid-stage clinical trial for a multiple sclerosis drug “did not show clinically meaningful or statistically significant differences in measures of neuromuscular function or patient reported outcomes.” The drug, MIS416, was the company’s lead drug candidate, and the company said it is evaluating its next steps. The small Australian biotech company has boasted several members of Congress among its investors, including Rep. Chris Collins, who is its largest stockholder and sits on the company’s board. Until he took office, Health and Human Services Secretary Tom Price was also a stockholder. Company shares have dropped 92.7% over the last three months, compared with a 4.2% rise in the S&P 500 .

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The International Monetary Fund on Tuesday said there were “larger than usual” risks to the U.S. economy, given policy uncertainties. In its so-called Article IV consultation which it does with every member state, the IMF largely backed the Trump administration’s plans to reform individual and corporate taxes, although the IMF also recommended a consumption tax. The IMF did add that even with an “ideal constellation of pro-growth policies,” the Trump administration’s forecast that it would boost GDP by 1 percentage point is “unlikely.” The IMF said the U.S. dollar is moderately overvalued, by 10% to 20%, and said the Federal Reserve should continue to gradually increase interest rates and unwind the balance sheet. It projected GDP growth of 2.1% in 2017 and 2018, 1.9% growth in 2019 and 1.8% growth in 2020.

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Shares of Impinj Inc. slumped 4.8% in premarket trade Tuesday, after the company, which makes retail ID tags and uses high-frequency waves to deliver information about the tagged items, was downgraded at Pacific Crest primarily because of valuation concerns. The stock has more than doubled the past three months to a record close Monday, and has more than tripled since its first-day of trade on July 21, 2016. In comparison, the S&P 500 is up 4.2% over the past three months. Pacific Crest analyst Brad Erickson cut his rating to sector weight, after being at overweight since he started covering the company on Aug. 15, 2016. He said that while recent conversations with management leads him to believe the pipeline of potential customers “is as strong as ever,” but the risk-versus-reward profile for the stock is “no long favorable” after the recent price gains. “If the party gets much louder, someone may call the cops; downgrading to sector weight,” Erickson wrote in a note to clients.

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Xenon Pharmaceuticals Inc. and Teva Pharmaceutical Industries Ltd. said premarket Tuesday that their mid-stage nerve pain drug missed its primary endpoint and secondary endpoints. Xenon shares were halted before the news, while Teva shares slumped 0.2% in premarket trade. The companies are evaluating next steps for the drug, TV-45070, which is intended for post-herpetic neuralgia, a painful complication of shingles. Xenon shares have plummeted 16.5% over the last three months to $3.80, while Teva shares have declined 0.2%, compared with a 4.2% rise in the S&P 500 .

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Kohl’s Corp. said Tuesday that it has appointed Bruce Besanko chief financial officer. He joins the company on July 10. SuperValu announced Besanko’s resignation as CFO and chief operating officer on Monday. Besanko also served as CFO for OfficeMax for five years. Kohl’s shares are unchanged in premarket trading, and down 24% for the year so far. The S&P 500 index is up 9% for 2017 to date.

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Olive Garden parent Darden Restaurants Inc. said Tuesday it has raised its quarterly dividend by 12.5% to 63 cents a share from 56 cents a share. The new dividend will be payable Aug. 1 to shareholders of record on July 10. Based on Monday’s stock closing price of $90.08, the new annual dividend rate of $2.52 a share implies a dividend yield of 2.80%, compared with the implied yield for the S&P 500 of 1.99%. Earlier, Darden reported fiscal fourth-quarter profit, revenue and same-store sales that beat expectations. The stock rallied 2.6% in premarket trade. It has run up 23.9% year to date through Monday, while the SPDR Consumer Discretionary Select Sector ETF has rallied 10.4% and the S&P 500 has gained 8.9%.

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Starbucks Corp. said Tuesday that it will open its first restaurant in Uruguay in 2018. The company has reached a licensing agreement with longtime partner Alsea, a restaurant operator for Latin America and Spain, to develop and operate the new stores. The two companies have worked together since 2002 with 841 Starbucks restaurants in Mexico, Argentina, Chile and Colombia. The first Uruguay cafe will be in Montevideo. Other Alsea restaurants include Domino’s Pizza Inc. , Cheesecake Factory Inc. and Restaurant Brands International Inc.’s Burger King. Starbucks shares are up 0.5% in premarket trading, and up 11.1% for the past year. The S&P 500 index is up 22% for the last 12 months.

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Pandora Media Inc. shares were halted in premarket trade Tuesday. The company recently secured a $480 million investment from Liberty Media Corp.-owned satellite radio company Sirius XM Holdings Inc. and has been the subject of speculation it is a takeover target. On Monday, the stock rallied on a report that Co-founder and Chief Executive Tim Westergren planned to step down. The stock has fallen 35% in 2017, while the S&P 500 has gained 9%.

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Darden Restaurants Inc. shares rose 2.7% in Tuesday premarket trading after the restaurant company, whose portfolio of chains include Olive Garden and The Capital Grille, reported fourth-quarter earnings and sales that beat estimates. Net income totaled $123.8 million, or 98 cents per share, down from $139.6 million, or $1.09 per share, for the same period last year. Adjusted EPS was $1.18, beating the $1.15 per share FactSet consensus. Revenue totaled $1.93 billion, up from $1.79 billion last year and ahead of the $1.87 billion FactSet consensus. Same-restaurant sales increased 3.3% for the quarter, excluding recent acquisition Cheddar’s Scratch Kitchen. Same-restaurant sales increased most for Olive Garden (up 4.4%), Longhorn Steakhouse (up 3.5%), and Eddie V’s (up 3.3%). Same-restaurant sales were up 0.1% for Yard House and fell 1.3% Seasons 52. For fiscal 2018, Darden expects same-restaurant sales to increase 1% to 2%, sales to increase 11.5% to 13%, and adjusted EPS of $4.38 to $4.50. The FactSet consensus is for EPS of $4.41. Darden shares are up 38.7% for the last 12 months, outpacing the S&P 500 index , which has increased 22%.

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