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MGM Resorts International said Thursday that it has chosen James C. Stewart, formerly an executive at Greenhill & Co., to be chief executive of MGM Growth Properties LLC, a real estate trust the company plans to take public. James Stewart, along with a new chief financial officer, Andy H. Chien, also from Greenhill & Co., will head up the offering for MGM Growth Properties, which is made up of ten “premier” real estate properties and more than 24,000 hotel rooms. “As we continue our path toward the creation of MGP, the knowledge and expertise that James and Andy bring will be invaluable in positioning MGP as a leading real estate investment trust,” Jim Murren, CEO of MGM Resorts International, said in the press release.

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BioMarin Pharmaceutical Inc.’s stock fell 2.5% in premarket trade Thursday, after the biotechnology company said the Food and Drug Administration would not be approving its new drug application (NDA) for its muscular dystrophy treatment Kyndrisa. The FDA said in its “complete response” letter to the NDA that the standard substantial evidence of effectiveness has not been met. BioMarin said it will work with the FDA to determine the next steps it needs to take. The stock has tumbled 19% over the past three months, while the iShares Nasdaq Biotechnology ETF has lost 7.1% and the S&P 500 has slipped 5.2%.

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Bank stocks were broadly bouncing in premarket trade Thursday, after J.P. Morgan Chase & Co. reported better-than-expected fourth-quarter results. The SPDR Financial ETF rose 0.5%, after closing Wednesday at the lowest level since May 15, 2014. J.P. Morgan Chase’s stock, which closed Wednesday at an 11-month low, climbed 1.9% ahead of Thursday’s open. Among the shares of the XLF’s other more heavily-weighted components seeing early activity, Bank of America Corp.’s rose 1.1%, Citigroup Inc.’s gained 0.7% and Wells Fargo & Co.’s advanced 0.7%.

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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 ($540.13 billion) asset purchase program. Both decisions were widely expected, as the outlook for U.K. growth and inflation has been bruised by the jitters in the energy markets and the world economy. The Monetary Policy Committee voted 8-1 to keep rates at 0.5% where they have stood since March 2009, but voted unanimously to keep it’s QE program unchanged. “Recent volatility in financial markets has underlined the downside risks to global growth, primarily emanating from emerging markets,” the central bank said in minutes from its meeting. The pound wavered in the first minutes after the decision, but then started to move higher. It traded at $1.4422 at the latest, up from around $1.4391 ahead of the rate announcement and higher than the $1.4407 recorded late Wednesday in New York.

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Best Buy Co.’s stock slumped 5.3% in premarket trade Thursday, after the consumer electronics retailer reported holiday-period sales that were below expectations, as weakness in mobile phone sales offset strength in home theater, health & wearables and appliances. For the nine week ended Jan. 2, U.S. sales fell to $10.05 billion from $10.13 billion in the same period a year ago. International sales declined 30% to $911 million. Domestic same-store sales during the period fell 1.2%, as mobile phones sales dropped 7.2%. U.S. online sales increased 13%. “From a financial perspective, despite a slightly softer-than-expected topline, we are improving our fourth quarter operating income rate outlook as a result of our continuing conviction to a disciplined promotional strategy and strong expense management,” said Chief Executive Hubert Joly. The stock has tumbled 16% over the past three months through Wednesday, while the S&P 500 has lost 5.2%.

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Shares of Renault SA slumped 20% in Paris on Thursday after a report said the French car maker’s offices were raided in what may be a fraud probe into emission tests. AFP said French anti-fraud detectives have raided several production sites and seized personal computers, indicating authorities in the country are starting an investigation into whether Renault rigged emission tests. The actions come after Volkswagen last year admitted to cheating on environmental tests on some of the its diesel cars, prompting a recall of 11 million cars.

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UBS slashed its oil-price forecast for 2016 on Thursday, joining the growing group of investment banks that have turned more negative on the commodity after the recent selloff. In a report dated Jan. 13, but released on Thursday, UBS said it expects crude oil to average $40 a barrel in 2016, down from its previous forecast of $52.50. For Brent, the bank lowered its outlook to $42.50, down from $57.50. “In the near-term the market remains oversupplied and we expect global inventories to continue building until 3Q16, dampening any potential price recovery,” the analysts said in a note. Crude oil traded around $30.70 on Thursday, while Brent traded at $30.66. The forecast change at UBS comes after Barclays on Tuesday cut its 2016 estimate to $37 a barrel, while Bank of America Merrill Lynch downgraded its outlook to $45 a barrel on Monday. Also this week, Morgan Stanley rekindled the idea that crude oil could fall to $20 a barrel.

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