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Shares of Hutchison China MediTech , a biotech company, were trading at $13.57Thursday morning, above its issue price of $13.50. The company sold 7.5 million American depositary shares to raise $101.25 million. Bank of America Merrill Lynch and Deutsche Bank Securities acted as the lead underwriters.
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Shipments of wearable devices are expected to jump by more than 38% this year to 110 million, and surpass 200 million by 2019, according to new data from industry tracker IDC. The industry’s growth is expected to be led by smartwatches, as manufacturers advance their capabilities and they become operational on their own without the need to be tethered to third-party devices like smartphones. Smartwatches like Apple Inc.’s watch and Alphabet Inc.’s Android Wear are expected to account for one-third of all of all wearables by 2020. The market is also expected to be lifted by the emergence of higher-end smartwatch brands from luxury designers, which could slightly eat into Apple’s share, though Apple is expected to remain the dominant brand for the foreseeable future, IDC said. The proliferation of new and different types of wearable product categories, such as connected clothes and eyewear, are also expected to contribute to the industry’s growth.
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U.S. stocks opened little changed on Thursday after fresh economic data offered a mixed picture of the U.S. economy a day after the Federal Reserve expressed concerns about global growth and cut its forecast for a number of rate hikes this year. The S&P 500 opened 1 point, or less than 0.1%, lower at 2,026. The Dow Jones Industrial Average gained 3 points, or less than 0.1%, to 17,329. Meanwhile, the Nasdaq Composite began the day down 11 points, or 0.2%, at 4,753.
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U.S. stocks opened little changed on Thursday after fresh economic data offered a mixed picture of the U.S. economy a day after the Federal Reserve expressed concerns about global growth and cut its forecast for a number of rate hikes this year. The S&P 500 opened 1 point, or less than 0.1%, lower at 2,026. The Dow Jones Industrial Average gained 3 points, or less than 0.1%, to 17,329. Meanwhile, the Nasdaq Composite began the day down 11 points, or 0.2%, at 4,753.
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Market strategists said the dollar’s sharp bounce after falling to a 17-month low vs. the yen had all the hallmarks of central bank intervention. The dollar abruptly turned higher Thursday after dropping to 110.67 yen in early morning trade, its lowest level against the Japanese currency since the Bank of Japan meeting on Oct. 31, 2014 when the central bank surprised investors with an unexpected expansion of its monetary stimulus measures. The dollar quickly rocketed back to 111.97 yen — strengthening by more than one yen in under 30 minutes. Boris Schlossberg, managing director of currency strategy at BK Asset Management, said the move suggests 111 yen is the strongest level the BOJ will tolerate before actively trying to influence the exchange rate. “That’s their Maginot Line,” he said. The dollar bought 111.67 yen in recent trade, compared with 112.77 yen late Wednesday.
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Newell Rubbermaid Inc. said it was selling its Levolor and Kirsch window coverings brands, known as its Decor business, to privately-held Hunter Douglas for $270 million. Newell plans to use the proceeds from the deal, which is expected to close this year, to pay down debt. “The announced sale of our Décor business further strengthens our portfolio as we focus our investment behind our highest-potential global growth opportunities,” said Newell Chief Executive Michael Polk. The stock, which was still inactive in premarket trade, had lost 4.4% year to date, while the S&P 500 has slipped 0.8%.
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The Bank of England on Thursday kept its key interest rate at a record low of 0.5% and made no changes to its 375-billion-pound ($538 billion) asset purchase program. The vote was unanimous. Policy makers were expected to leave rates where they’ve been since March 2009, as the bank faces downside risk to U.K. growth and low inflation. Inflation remains “well below” the 2% target rate, “due predominantly to unusually large drags from energy and food prices, which are expected to fade in the coming months,” the BOE said in a statement. The pound rose to $1.4389 from $1.4365 just before the announcement. The pound earlier Thursday had been climbing against the U.S. dollar , which was selling off after the Federal Reserve late Wednesday indicated it will slow the pace of interest-rate increases this year.
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Vitae Pharmaceuticals Inc.’s stock rocketed 97% in active premarket trade Thursday, after the biotechnology company announced positive results from its psoriasis treatment. Volume about 100 minutes before the open was around 177,000 shares, which was already about a third of the full-day average. The company said it believes the results of the Phase 2a trial, which tested the efficacy, safety and tolerability of multiple doses, validates VTP-43742 as a novel therapeutic target for the treatment of psoriasis. “We plan to advance VTP-43742 into a larger scale 16 week trial in the second half of 2016 to continue to assess the efficacy, safety and tolerability of our first-in-class drug candidate,” said Chief Scientific Officer Richard Gregg. The stock had tumbled 77% year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF had dropped 26% and the S&P 500 has slipped 0.8%.
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Vitae Pharmaceuticals Inc.’s stock rocketed 97% in active premarket trade Thursday, after the biotechnology company announced positive results from its psoriasis treatment. Volume about 100 minutes before the open was around 177,000 shares, which was already about a third of the full-day average. The company said it believes the results of the Phase 2a trial, which tested the efficacy, safety and tolerability of multiple doses, validates VTP-43742 as a novel therapeutic target for the treatment of psoriasis. “We plan to advance VTP-43742 into a larger scale 16 week trial in the second half of 2016 to continue to assess the efficacy, safety and tolerability of our first-in-class drug candidate,” said Chief Scientific Officer Richard Gregg. The stock had tumbled 77% year to date through Wednesday, while the iShares Nasdaq Biotechnology ETF had dropped 26% and the S&P 500 has slipped 0.8%.
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Michaels Companies Inc.’s stock surged 6% in premarket trade Thursday, after the arts and crafts retailer beat fiscal fourth-quarter profit and sales expectations provided an upbeat 2016 outlook. For the quarter ended Jan. 30, earnings rose to $183.7 million, or 87 cents a share, from $146.4 million, or 75 cents a share, in the same period a year ago. The FactSet consensus for earnings per share was 84 cents. Sales increased 4.6% to $1.68 billion, topping the FactSet consensus of $1.65 billion. Same-store sales grew 3.1%, well above expectations of 1% growth. For fiscal 2016, sales are expected to grow 8% to 9%, while the FactSet consensus of $5.11 billion implies 4% growth. The company launched a new $200 million stock buyback program, with no expiration date. The stock has run up 10% year to date through Wednesday, while the S&P 500 has slipped 0.8%.
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