Tag: stock market

Bristol-Myers Squibb Co. and Nektar Therapeutics said Wednesday they have agreed to collaborate on developing NKTR-214 plus Opdivo to treat numerous tumors, based on positive early results from a Phase 1/2 clinical study. NKTR-214 is Nektar’s lead immuno-oncology program, while Opdivo is a Bristol-Myer anti-cancer agent that is already approved as a treatment. The companies will study NKTR-214 with Opdivo and Opdivo plus Yervoy, another anti-cancer agent, in treating melanoma, renal cell carcinoma, non-small cell lung cancer, bladder and triple negative breast cancer. Under the terms of the agreement, Bristol-Myers will pay Nektar $1.85 billion in cash and stock upfront with Nektar eligible for up to $1.78 billion in milestone payments. The companies will split global profits 65% to 35% in Nektar’s favor, while Bristol-Myers will retain 100% of product revenue for its own medicines. Bristol-Myers is expecting the deal to shave 2 cents off adjusted 2018 per-share earnings and 10 cents off adjusted 2019 EPS. Nektar shares dipped 1.5% premarket, but have gained 465% in the last 12 months. Bristol-Myers shares were not yet active, but have gained 19% in the last 12 months, while the S&P 500 has gained 14%.

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Molson Coors Brewing Co. reported Wednesday fourth-quarter net income of $588.8 million, or $2.72 a share, down from $1.44 billion, or $6.65 a share, in the same period a year ago. Excluding non-recurring items, such as a $433.9 million discrete tax benefit, adjusted earnings per share came to 62 cents, beating the FactSet consensus of 57 cents. The stock rallied 1.7% in premarket trade. Revenue rose to $2.58 billion from $2.29 billion, but was just shy of the FactSet consensus of $2.60 billion. Worldwide brand volume decreased 1.1%, as U.S. sales-to-retailers volume fell 3.0%, given lower volume in the Premium Light segment. Canada brand volume increased 0.8% and Europe brand volume rose 10.4%. The company said it delivered more than $255 million in cost savings and synergies in 2017, following the completion of the acquisition from Anheuser-Busch InBev in October 2016, and expects $210 million in cost savings in 2018. The stock has tumbled 24% over the past 12 months through Tuesday, while the S&P 500 has gained 14%.

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A serious accident at London’s Heathrow Airport has stranded passengers on planes and led to the evacuation of others, according to media reports. The incident at around 6 a.m. Wednesday involved two vehicles on a taxiway at Terminal 5, reports said. Two members of airport staff are believed to have been injured, with one taken to the hospital. Heathrow Airport confirmed the accident on its Twitter account, saying “an investigation is underway and we are working with the police. This incident didn’t involve any passengers and is not expected to cause any impact on journeys today.” However, British Airways said blockages at Terminal 5 stands were causing delays, the Telegraph reported, as passengers in posts to social media reported being held on planes.

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Netflix Inc. has lured one of Hollywood’s top TV hitmakers, producer Ryan Murphy, in a deal worth as much as $300 million, according to a New York Times report Tuesday night. Under the five-year deal, Murphy will make new series and films exclusively for Netflix. Murphy’s contract with 21st Century Fox expires this summer, and he will reportedly start at Netflix in July. Murphy was behind such shows as “Glee,” “American Horror Story” and “American Crime Story.” Murphy’s move is seen as a huge get for Netflix, and a serious creative blow to Fox, which is in the process of being acquired by Walt Disney Co. Netflix has been stocking up on creative minds as it bolsters its slate of programming. Last year, Netflix poached star producer Shonda Rimes from Disney’s ABC Studios to a multiyear production deal, and Oscar-winning filmmakers Joel and Ethan Coen also signed a deal to produce a Netflix series.

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President Donald Trump’s personal lawyer, Michael Cohen, told the New York Times on Tuesday that he paid adult-film star Stephanie Clifford, aka Stormy Daniels, $130,000 out of his own pocket after she once said that she had an affair with Trump in 2006, and that he was not reimbursed by the Trump campaign or the Trump Organization. “The payment to Ms. Clifford was lawful, and was not a campaign contribution or a campaign expenditure by anyone,” Cohen said in a statement to the Times. The Wall Street Journal first reported the previously secret transaction in January. Cohen made his statement following a complaint filed by government watchdog group Common Cause, which said the payment amounted to an illegal contribution to the Trump campaign.

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K12 Inc. announced Tuesday that Nate Davis will be chief executive again, replacing Stuart Udell, who resigned after apparently refusing to accept new responsibilities. Davis was previously CEO of K12 from 2014 to 2016, when Udell was selected to replace him in the role, and was acting as chairman of the board. According to Tuesday’s announcement, the board decided to “redefine [Udell’s] responsibilities,” and Udell resigned in response. “Our board has asked me to focus on a long term acquisition and business development strategy that puts our cash to use improving shareholder returns,” Davis said. K12 has been the focus of regulators in California, where a 2016 Mercury News expose showed K12 was exerting more control over charter schools that used its services than their nonprofit status required. K12 stock has fallen 14.4% in the past year, as the S&P 500 index has gained 14.1%.

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Kemper Corp. said late Tuesday it has agreed to buy Infinity Property and Casualty Corp. in a cash-and-stock deal worth about $1.4 billion. Shares of Infinity rose 7% after the news, while shares of Kemper were flat. “The transaction creates a company with increased scale in nonstandard auto insurance and enhanced ability to serve policyholders,” the companies said in a statement. The combined company would have a portfolio of about $2.2 billion in nonstandard, or insurance sold to higher-risk drivers and other situations, auto insurance premiums. Under the terms of the merger agreement, Infinity shareholders will receive $51.60 in cash and 1.2019 Kemper common shares for each share of Infinity common stock. The deal is expected to close in the third quarter, subject to shareholder approval and other conditions. Kemper shares ended the regular trading day down 0.4% and Infinity shares ended it down 1%.

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CafePress Inc. said late Tuesday it had laid off about 5% of its workforce at its Louisville, Ky., headquarters and given chief executive and co-founder Fred E. Durham III a pay cut in seeking to return to profitability. The retailer said it reduced Durham’s annual base salary to $125,000, from $300,000. CafePress said it expects cost reductions around $4 million. CafePress said its revenue declined in the second and third quarters of 2017 thanks to what it believes were changes in search engine algorithms hampering the company’s search visibility and traffic on the current site. “The company remains focused on completing the modernization of CafePress.com and demolishing the old site and will roll out significant portions of the modernization in the first quarter of 2018,” CafePress said. Shares of CafePress were flat in late trading after ending the regular session up 14%.

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Chipotle named Taco Bell Chief Executive Brian Niccol as its new CEO on Tuesday, and shares jumped more than 10%. Chipotle chose Niccol to replace founder Steve Ells, who said in November that he would step down from the CEO role and become executive chairman. “At Chipotle’s core is delicious food, which I will look to pair up with consistently great customer experiences,” Niccol said in Tuesday’s announcement. “I will also focus on dialing up Chipotle’s cultural relevance through innovation in menu and digital communications.” Niccol had worked for Yum Brands Inc.’s Taco Bell since 2011, and was an executive at Pizza Hut Inc. before that. Chipotle has struggled to rebound from an e.coli scare at some of its restaurants, with shares down more than 39% in the past year as the S&P 500 index has gained 14.1%. Shares topped $280 in late trading following the announcement, after closing at $251.33.

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Twilio Inc. shares shot up in the extended session Tuesday after the company beat earnings expectations. Twilio shares surged 5.3% to $27.85 after hours. The company reported fourth-quarter net losses of $19 million, or 20 cents a share, compared with losses of $12.6 million, or 15 cents a share, in the year-ago period. Adjusted losses were 3 cents a share. Revenue rose to $115 million from $82 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted losses of 6 cents a share on revenue of $103.7 million. For the first quarter, analysts model adjusted losses of 5 cents a share on sales of $108.2 million. Twilio said it expects losses of between 6 cents and 7 cents a share, with revenue of $115 million to $117 million. Twilio stock has lost 24% in the past year, as the S&P 500 index rose 14%.

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