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Newell Brands Inc. said Tuesday it will resume its stock repurchase program, which it had suspended in the fourth quarter of 2015. The consumer goods company, which brands include Sharpie, Marmot and Yankee Candle, said there is $256 million remaining in the original buyback program, which is effective through the end of 2017. Based on Monday’s stock closing price of $40.96, the current program would allow the company to buy back 6.25 million shares, or about 1.3% of the shares outstanding. The company said it was ahead of its schedule to achieve its deleverage ratio target to 3.0 to 3.5 times in 2018. The stock, which was inactive in premarket trade, has tumbled 23% over the past three months, while the SPDR Consumer Staples Select Sector ETF has slipped 2.5% and the S&P 500 has gained 2.4%.

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Axovant Sciences Ltd. shares cratered 71% in premarket trade Tuesday, after the company said a late-stage trial of a treatment for Alzheimer’s disease failed to meet its primary goals. The company said the phase 3 trial of intepirdine in patients with mild to moderate Alzheimer’s disease who were receiving donepezil therapy did not meet its primary endpoints. “At 24 weeks, patients treated with 35 mg of intepirdine did not experience improvement in cognition or in measures of activities of daily living as measured by the Alzheimer’s Disease Assessment Scale-Cognitive Subscale (ADAS-Cog) and by the Alzheimer’s Disease Cooperative Study-Activities of Daily Living scale (ADCS-ADL), respectively, compared to patients treated with placebo,” the company said in a statement. Alzheimer’s is the most common form of dementia and is fifth leading cause of death for people age 65 and older in the U.S. Axovant shares had gained 95% in 2017 through Monday, while the S&P 500 has gained 12%.

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.

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From:: Stock Market News

Axovant Sciences Ltd. said Tuesday a late-stage trial of a treatment for Alzheimer’s disease failed to meet its primary goals. The company said the phase 3 trial of intepirdine in patients with mild to moderate Alzheimer’s disease who were receiving donepezil therapy did not meet its primary endpoints. “At 24 weeks, patients treated with 35 mg of intepirdine did not experience improvement in cognition or in measures of activities of daily living as measured by the Alzheimer’s Disease Assessment Scale-Cognitive Subscale (ADAS-Cog) and by the Alzheimer’s Disease Cooperative Study-Activities of Daily Living scale (ADCS-ADL), respectively, compared to patients treated with placebo,” the company said in a statement. Alzheimer’s is the most common form of dementia and is fifth leading cause of death for people age 65 and older in the U.S. Axovant shares were halted premarket for the news, but have gained 95% in 2017, while the S&P 500 has gained 12%.

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.

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Shares of Darden Restaurants Inc. dropped 3.8% in premarket trade Tuesday, after the parent of Olive Garden and LongHorn Steakhouse restaurant chains matched profit expectations but missed on same-store sales. Net income for the quarter to Aug. 27 rose to $119.0 million, or 93 cents a share, from $110.2 million, or 87 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 99 cents, matching the FactSet consensus. Revenue increased to $1.94 billion from $1.71 billion, just above the FactSet consensus of $1.93 billion, while sale-store sales growth of 1.7% missed expectations of a 2.1% rise. Same-store sales rose 1.9% for Olive Garden, missing the FactSet consensus of 2.5% growth, and increased 2.6% for LongHorn, which beat expectations of a 2.2% rise. The company affirmed its 2018 outlook for adjusted EPS of $4.38 to $4.50 and for revenue growth of 11.5% to 13%. The stock has tumbled 7.7% over the past three months through Monday, while the S&P 500 has gained 2.4%.

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At least six top advisers to President Donald Trump have used private email to discuss White House matters, the New York Times reported Monday. In addition to Trump’s son-in-law, Jared Kushner, the list includes former top aides Steve Bannon and Reince Priebus, as well as economic adviser Gary Cohn, policy adviser Stephen Miller and Trump’s daughter, Ivanka. The Times cited current and former government officials. It it not illegal for White House advisers to use private emails, but legally they must forward them to their official accounts so they can be archived. Private email accounts may also be more vulnerable to hackers. During the presidential campaign, Trump hammered away against Hillary Clinton for her use of private email servers.

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Maine Republican Sen. Susan Collins said late Monday she is opposed to the latest bid to repeal Obamacare, likely dooming the legislation. In a statement, Collins said the Graham-Cassidy bill currently under consideration would have a “devastating impact” on Medicaid and weaken protections for those with pre-existing conditions. Collins also ripped the effort to revise the bill to appeal to holdout senators by granting their states more funding. “This is simply not the way we should be approaching an important and complex issue that must be handled thoughtfully and fairly for all Americans,” she said. Collins’ statement came out as the Congressional Budget Office said the bill would reduce the deficit by $133 billion, but result in millions losing coverage. Sens. John McCain (R-Ariz.) and Rand Paul (R-Kent.) have also said they oppose the bill, and at least three other senators have expressed their doubts in recent days. The GOP can afford only two dissenting votes.

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