OncoMed stock plunges after negative findings by study monitoring board

OncoMed Pharmaceuticals Inc. stock plunged 37% in pre-market trade Monday, after an independent data safety monitoring board advised “of several findings regarding futility” of a Phase 2 clinical trial for a treatment of pancreatic cancer. The findings included a worsening of response rate and a strong trend toward a lack of benefit for overall survival. OncoMed said it is considering what to do next. Tarextumab is a product of a collaboration between OncoMed and GlaxoSmithKline . GlaxoSmithKline’s stock edged up 0.2% in premarket trade.

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McDonald’s shares jump on fourth-quarter earnings, same-store sales beat

McDonald’s Corp. shares are up 2.7% in premarket trading and are expected to open at an all-time high after the fast-food giant said it beat on both fourth-quarter earnings and same-store sales. McDonald’s said it had net income of $1.21 billion, or $1.31 per share, for the fourth quarter, up from $1.1 billion, or $1.13 per share, in 2014. The FactSet consensus was $1.23. Sales for the quarter totaled $6.34 billion, up from $6.57 billion the year before. The FactSet consensus was $6.24 billion. Global same-store sales were up 5% for the quarter, beating the FactSet consensus of 3.2%. In the U.S., same-store sales were up 5.7%, which the company attributed largely to the October all-day breakfast launch, alongside unseasonably mild weather. McDonald’s shares are up 32.2% for the past 12 months while the S&P is down 7% for the same period.

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PayPal upgraded to neutral at MCH & Co., reversing downgrade from earlier this month

PayPal Holdings Inc. was upgraded to neutral from sell at Monness, Crespi, Hardt & Co., reversing the firm’s downgrade from earlier this month. Analyst James Cakmak said in a note that shares appropriately reflect the risks which led him to downgrade the stock, including competitive risks from the likes of Apple Inc.’s and Alphabet Inc.’s payment systems, start-ups winning over developers and retailers bypassing PayPal’s payment system. Cakmak pointed to Wal-Mart Stores Inc.’s move to launch its own payment system in December. PayPal shares are down about 13% since MCH & Co.’s initial downgrade on Jan. 4, underperforming the NASDAQ’s 8% slide. Cakmak said he didn’t expect the correction to happen so quickly, but believes now the stock is adequately priced.

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Caterpillar downgraded to sell at Goldman Sachs

Shares of Caterpillar Inc. slumped more than 3% in premarket trade Monday after the company’s stock was downgraded to sell from neutral at Goldman Sachs, with analysts forecasting “sustained lower returns” in the machinery industry. The brokerage axed its price target on Caterpillar to $51 from $67, which implies a more than 16% decline from Friday’s closing price. Goldman analyst Jerry Revich also lowered his estimate on Caterpillar’s 2017 earnings per share, to $3.20 from $3.41, now roughly 15% below the consensus view. He cited excess capacity and lower demand from commodity export countries, such as China, for the sliced outlook. Last quarter, Caterpillar partially blamed low economic growth in China for missing profit expectations and lowering its full-year outlook. The average rating on the stock among a survey of 20 analysts polled by FactSet is the equivalent to neutral, while the average stock target is $66.

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Johnson Controls, Tyco confirm merger

Johnson Controls Inc. and Ireland-based Tyco International PLC confirmed a deal to merge, creating a company with a combined market capitalization of $36 billion. As part of the deal, Johnson Controls shareholders will own 56% of the combined company, and receive a cash consideration of about $3.9 billion. The businesses of the two companies will be combined under Tyco International, which will be renamed Johnson Controls PLC. Shareholders of Johnson Controls may choose to receive one share of the combined company for each Johnson Controls share they own, or $34.88 a share in cash, which is 2% below Friday’s closing price of $35.60. The Wall Street Journal originally reported on Sunday that Johnson Controls was in talks to combine with Tyco. Johnson Controls’ stock has lost 21% over the past three months while Tyco’s has dropped 17% and the S&P 500 has declined 8.1%.

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Valeant CEO ‘on the road to recovery’ after longer-than-expected hospital stay

Valeant Pharmaceuticals International Inc. Chief Executive Michael Pearson said Monday that unexpected complications have resulted in a longer hospital stay than he expected. Pearson made the comment in a memo to employees. The executive has been in hospital with pneumonia since late December. “I’m glad to say that I’m on the road to recovery and although the timing of my return remains uncertain, I look forward to being back at work when able,” Pearson wrote. In early January, Valeant named former finance director Howard Schiller as interim CEO. Schiller was chief financial officer at Valeant from December 2011 through June 2015 and is currently a board member. He came to the company after a 24-year stint at Goldman Sachs.

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D.R. Horton profit beats estimates

Homebuilder D.R Horton Inc. said Monday it had net income of
$157.7 million, or 42 cents a share, in its fiscal first quarter, up from $142.5 million, or 39 cents a share, in the year-earlier period. Homebuilding revenue rose 4% to $2.4 billion and net sales orders rose 12% to $2.4 billion. The FactSet consensus was for EPS of 41 cents and sales of $2.4 billion. “With a sales backlog of 10,665 homes at the end of December, positive sales trends in January and a robust lot supply and inventory of homes available for sale, we are well-positioned for the spring selling season and fiscal 2016,” Chairman Donald R. Horton said in a statement. Shares were not yet active in premarket trade, but have gained 20% in the last 12 months, while the S&P 500 has fallen 7%.

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Siemens to buy U.S.’s CD-adapco for $1 bln: Reuters

Siemens AG plans to buy CD-adapco, a privately held U.S. engineering software company, for about $1 billion, Reuters reported Monday, citing a person close to the deal. The all-cash deal is expected to be announced later on Monday, according to the report. The takeover comes after CD-adapco’s co-founder and CEO Steve MacDonald passed away in September last year and was succeeded by his widow Sharron MacDonald. Siemens share prices were flickering around the flat line in early European trade.

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It’s Not Just Space: 16 Reasons it’s Time for a New Place

By Trulia

Cardboard boxes in apartment, moving day

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Take a deep breath and ask yourself: Has the time come to relocate?

Moving isn’t anyone’s favorite thing to do. Aside from the physical process of shifting everything you own into a new space and/or paying people to do so, there are many other factors to consider, such as budget, location, and (perhaps most importantly) your sanity. But the challenges are worth the struggle if you’ve reached the point where relocation truly is best for you.

If you’re on the fence about moving, start 2016 by perusing these 16 signs that it’s time to take the plunge and start a new house search.

1. One word: money.

Yes, it’s an obvious point, but examining expenses is a task that shouldn’t be overlooked when you’re considering a move. Sure, you might be able to upgrade your current home to fit your future needs — but will you see a return on investment when it’s time to sell? Now is the time to examine your finances and figure out if you should continue to save some cash to boost your down payment or explore financing for that upgraded master bathroom you’ve been dying to take on.

2. You’ve outgrown your storage space.

There’s only so much Pinterest-surfing you can do for inspiration on reorganizing your kitchen and clearing out the clutter before you start to realize that your current space isn’t working for you anymore. If more cabinets will make your life easier, so be it. It’s up to you whether that means a remodel or a new kitchen in a new house.

3. Your family is expanding.

If you’re adding a couple of kids and/or pets to your brood, upgrading your home is a logical next step. Aside from needing more space, aspects you may have overlooked before — like A-rated school districts and that sweet neighborhood park — may be suddenly appealing. Don’t have kids? This rule still applies, since buying a house in a great school district is a big plus when it’s time to sell.

4. The kids/roommates are gone.

In the opposite vein, don’t waste money on space you don’t need. If it’s just you and your honey now, why not downsize to a smaller house or studio apartment to save not only on your mortgage but also on utilities, repairs, cleaning time, and more?

5. Your neighborhood is on the decline.

If the crime rates in your neighborhood are headed in the wrong direction, it might be a good idea to move — quickly — before it gets even harder to rent or sell your place to someone else. There’s no shame in wanting to make your nest in a home where you feel safe and secure.

6. You have a dream your current place won’t support.

Whether you envision a home dressed to the nines with luxurious upgrades or one with an extra room you can dedicate to home brewing (hey, whatever floats your boat), it might …read more

From:: Buying and Selling