What’s new

Shares if Endocyte Inc. rocketed 49% on heavy volume Tuesday, and have not run up nearly four-fold this week, after the biopharmaceutical company announced a license agreement with ABX GmbH for a phase-3 ready treatment for prostrate cancer. Trading volume was 54.8 million shares in afternoon trade, enough to make the stock the most actively traded on the Nasdaq exchange. On Monday, the stock blasted off 157.5% on volume of 55.9 million shares. Under terms of the agreement, Endocyte has exclusive worldwide rights to develop and commercialize PSMA-617, in exchange for a $12 million upfront payment to ABX and potential milestone payments of up to $160 million. In addition, Endocyte has issued 2 million shares of its stock to ABX and issued a warrant for the purchase of up to 4 million additional shares. “This transaction is transformational to Endocyte, accelerating out path to commercialization,” said Chief Executive Mike Sherman. “We intend to seek regulatory approval to initiate a Phase 3 registration trial of Lu-PSMA-617 in early 2018.” The stock has now more than doubled year to date, while the iShares Nasdaq Biotechnology ETF has rallied 27% and the S&P 500 has gained 13%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

YouTube TV, Google Inc.’s live internet TV streaming platform, is partnering with Major League Baseball to be the league’s presenting sponsor during the World Series. The partnership is a way for YouTube TV to raise awareness of the platform, which launched in April at $35 a month. The MLB said it’s hoping the partnership will also help bridge digital audiences to the World Series. 20th Century Fox’s broadcast network, which is carrying the World Series, is available on YouTube TV. The service is currently available in 49 TV markets, or two-thirds of the country. As part of the partnership YouTube creators will create World Series-themed content incorporating MLB players, and YouTube will have a variety of national TV spots and on-air call-outs during the games. YouTube TV will also receive in-stadium branding and promotion across MLB’s digital properties and social media accounts. Shares of Google Inc. parent company Alphabet have gained more than 22% in the year to date, while the S&P 500 index is up more than 13% and the Dow Jones Industrial Average is up more than 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of Fitbit Inc. slumped 3.8% in afternoon trade Tuesday, even as Oppenheimer analyst Andrew Uerkwitz held firm with his bullish rating, citing valuation and the fitness-tracker company’s long-term digital health positioning. Although reviews of Fitbit’s new Ionic smartwatch weren’t very upbeat, especially after Apple Inc. unveiled its Series 3 cellular-connected smartwatch, Uerkwitz said the fitness-first focus of Ionic, simple interface and broader array of accessories positions it to expand its target audience. “With expectations low, [Fitbit] doesn’t need a mega hit,” Uerkwitz wrote in a note to clients. “It just needs to show it understands what is needed for the coming digital health era: an easy-to-use device that provides robust data, coaching and a long battery life.” Since Ionic was introduced in late August, Fitbit’s stock has climbed 12%, while Apple shares have shed 5.1% and the S&P 500 has gained 3.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Target Corp. said Tuesday that it’s launching a drive-up service in Minneapolis-St. Paul that will allow customers to pick up their purchases without leaving their car. Customers can use the service through the Target app on an iPhone. Guests pull up to designated parking spots in front of the Target store and an associate will bring the purchase to the customer’s car. Target shares are down 0.2% in Tuesday trading, and down 18.6% for the year so far. The S&P 500 index is up 13% for 2017 to date and the Dow Jones Industrial Average is up 14.1% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of payroll processing services provider Paychex Inc. rose more than 4% Tuesday, after the company reported stronger-than-expected earnings for its fiscal first quarter to end August. The company said it had net income of $227.8 million, or 63 cents a share, in the quarter, up from $217.4 million, or 60 cents a share, in the year-earlier period. Adjusted per-share earnings came to 62 cents, ahead of the FactSet consensus of 60 cents. Revenue rose 4% to $816.8 million from $785.5 million, also ahead of the FactSet consensus of $816 million. The company said it now expects full-year revenue to grow about 6%. BMO analyst Jeffrey Silber said the beat was driven by better-than-expected margins and a slightly lower-than-expected tax rate. He noted that guidance was bolstered by strength in human resources services revenue, although the operating margin was revised down to reflect the recent acquisition of HROI and an employee stock-based compensation tax benefit. Paychex shares have gained 3% in 2017, while the S&P 500 has gained 13%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

The National Retail Federation forecasts a 3.6% to 4% rise in holiday retail sales during the November-to-December period for a total of $678.8 billion to $682.0 billion, the group said Tuesday. The estimate excludes gas, autos and restaurants. There are 32 shopping days between Thanksgiving and Christmas, one more than last year, and there’s an extra weekend day for shopping since Christmas falls on a Monday. “Although this year hasn’t been perfect, especially with the recent devastating hurricanes, we believe that a longer shopping season and strong consumer confidence will deliver retailers a strong holiday season,” said NRF Chief Executive Matthew Shay in a statement. Seasonal employment is expected to increase by 500,000 to 550,000 temporary hires, down from 575,000 last year. The SPDR S&P Retail ETF is down 5.2% for the year so far while the S&P 500 index is up 13% and the Dow JOnes Industrial Average [S: djia] is up 14.1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Tiffany & Co. purchased the screenplay for the Audrey Hepburn classic “Breakfast at Tiffany’s” for £632,750, or about $847,000, at Christine’s in London, a record for a film script. The screenplay, which includes annotations from the actress, was expected to sell for £60,000 to £90,000, or about $77,000 to $110,000, according to The New York Times. “Breakfast at Tiffany’s is such a significant work in cinematic history, and we’re proud to have secured this important script for our expansive archives as a way to celebrate Tiffany’s popular culture legacy,” said Chief Brand Officer Caroline Naggiar in a statement. Instinet analysts estimate that the purchase will add up to about 10 basis points of incremental sales, general and administrative (SG&A) expenses in the third quarter, as well as brand and marketing value. Tiffany shares are up 0.1% in Tuesday trading, and nearly 20% for the year so far. The S&P 500 index is up 13.1% for 2017 to date and the Dow Jones Industrial Average is up 14.1% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Ford Motor Co. said Tuesday U.S. car sales rose 8.7% in September to 222,248 units. Retail sales rose 4.4% to 169,544 units, while fleet sales jumped 25.1% to 52,704 units. “We’re pleased to say recovery in Houston and
Florida is moving quickly, with all of our dealers in the area now back up,” Mark LaNeve, vice president, U.S. marketing, sales and service said in a statement. Ford shares rose 1.6% in early trade, and are up 1.3% for 2017, while the S&P 500 has gained 13%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Shares of General Motors Co. shot up 2.8% to a record high in morning trade Tuesday, after the auto maker said September sales rose 12% from a year ago to 279,397 units, with Chevrolet sales up 17% and GMC sales up 9%. Deliveries of crossover vehicles grew 43% and truck deliveries were up 10%, offsetting an 11% decline in passenger cars. Retail deliveries rose 8%, the best September retail performance in 10 years, while commercial deliveries increased 25% and government deliveries grew 38%. For the third quarter ended September, GM said U.S. inventory were down about 160,000 vehicles. The stock has soared 22% over the past three months, while the S&P 500 has gained 4.2% and the Dow Jones Industrial Average has advanced 5.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News