Tag: stock market

Insmed Inc. shares dropped in the extended session Wednesday after the biotech said it had withdrawn a European marketing application for a lung disease drug. Insmed shares fell 18% to $9.80 after hours. The company said the marketing application for the drug Arikayce was based on data from a mid-stage clinical study that didn’t support enough evidence for an approval from the European Medicines Agency. Insmed is trying to get the drug approved to treat nontuberculous mycobacteria lung disease, a rare and chronic infection that can cause potentially fatal lung damage. Insmed said it will resubmit the application when data is available from a later study.

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Shares of Restoration Hardware Holdings Inc. fell more than 14% late Wednesday after the retailer unexpectedly swung to a first-quarter loss and lowered its outlook for 2016, casting doubts about the luxury-goods market and citing potential product delays, among other issues. Restoration Hardware said it lost $2.1 million, or 5 cents a share, in the first quarter, versus a net income of $9.8 million, or 23 cents a share, in the year-ago period. Sales rose to $455.5 million in the quarter, from $422.4 million a year ago. Analysts polled by FactSet had expected the retailer to report earnings of 5 cents a share in the quarter on sales of $452 million. Restoration Hardware expects adjusted earnings between $1.60 a share and $1.80 a share for the year, a reduction of 90 cents to $1 a share, due to what it called “short-term” difficulties. For the second quarter, it forecast earnings between 28 cents and 33 cents a share on revenue in the range of $505 million to $520 million. The analysts surveyed by FactSet had expected adjusted earnings of 79 cents a share on sales of $532 million for current quarter. Restoration Hardware shares ended Wednesday up 2%.

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U.S. stocks closed higher Wednesday as oil prices settled at their highest levels in nearly a year. The Dow Jones Industrial Average rose 66.77 points, or 0.4%, to close at 18,005.05. The S&P 500 Index advanced 6.99 points, or 0.3%, to finish at 2,119.12, a new closing high for the year. The Nasdaq Composite Index gained 12.89 points, or 0.3%, for a close of 4,974.64. Oil for July delivery settled at $51.23 a barrel, its highest level since July 2015.

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Oil futures ended solidly higher Wednesday, with the U.S. benchmark closing above $51 a barrel for the first time since July 2015. West Texas Intermediate crude for July delivery rose 87 cents, or 1.7%, to finish at $51.23 a barrel. Oil was buoyed by a drop in weekly crude inventories, continued supply disruptions in Nigeria, and strong data on oil imports by China.

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Gold futures on Wednesday finished at their highest level in three weeks as the U.S. dollar weakened and fears of an interest-rate rise, which might diminish the appeal of the metal, faded. August gold gained $15.30, or 1.2%, to settle at $1,262.30 an ounce, marking its best close since May 18, according to FactSet data. Precious metals enjoyed a bump as a weaker dollar , boosted the appeal of dollar-priced commodities, making them cheaper for buyers using other monetary units. July silver also soared, rising 60 cents, or 3.7%, to close at $16.99 an ounce, marking its best daily advance since April 19.

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The Securities and Exchange Commission fined Morgan Stanley Smith Barney LLC , the broker-dealer and investment adviser, $1 million on Wednesday for allegedly failing to protect customer information. Morgan Stanley agreed to settle the charges without admitting or denying them. Between 2011 and 2014 a then-employee, Galen J. Marsh, accessed and transferred data regarding approximately 730,000 accounts to his personal server, which was ultimately hacked by third parties. Some of the data was offered for sale online. Morgan Stanley did not audit or test policies that would have restricted access to the data and did not monitor or analyze employees’ access to and use of the internal websites. Marsh was criminally convicted for his actions last year and must serve 36 months of probation and pay $600,000 in restitution. He is also barred from the industry with the right to apply for reentry after five years.

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Tesla Motors Inc. appears to be on track to deliver 80,000 to 90,000 vehicles this year, although it has to climb a steep production ramp in the second half of 2016, analysts at Pacific Crest said in a note released late Tuesday. The analysts remained neutral on the stock, however, saying that while shares could benefit from the near-term optimism, Tesla’s potential cash burn “continues to concern us, and we believe the 2018 plan laid out by management for half a million deliveries could prove overly ambitious,” they said. That plan carries “extreme financial risk if production missteps were to occur again,” the analysts said. Tesla shares have gained nearly 17% in the last three months, compared with gains of around 7% for the S&P 500 index. So far this year, however, the stock is down 1.5% versus gains of 3.5% for the index.

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The U.K. government is allowing people more time to register to participate in the June 23 Brexit referendum. Applications to vote must now be submitted before midnight on Thursday, June 9, to the U.K. Electoral Commission. The commission’s registration portal was hit with technical issues as people tried to meet a Tuesday, June 7 deadline, prompting the agency to ask lawmakers to approve a sign-up extension. Voters are being asked whether the U.K. should cut membership ties with the European Union. “No one should miss out on voting in this historic referendum because of the problem with the Government’s registration website last night,” said Alex Robertson, director of communications at the Electoral Commission, in a statement.

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The U.K. government is allowing people more time to register to participate in the June 23 Brexit referendum. Applications to vote must now be submitted before midnight on Thursday, June 9, to the U.K. Electoral Commission. The commission’s registration portal was hit with technical issues as people tried to meet a Tuesday, June 7 deadline, prompting the agency to ask lawmakers to approve a sign-up extension. Voters are being asked whether the U.K. should cut membership ties with the European Union. “No one should miss out on voting in this historic referendum because of the problem with the Government’s registration website last night,” said Alex Robertson, director of communications at the Electoral Commission, in a statement.

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Oil futures maintained healthy gains, trading at nearly 11-month highs Wednesday after data from the Energy Information Administration showed that inventories fell by 3.2 million barrels last week, roughly in line with expectations. Analysts polled by The Wall Street Journal had forecast the data to show a 3.1 million barrel fall. Late Tuesday, the American Petroleum Institute, an industry group, said that U.S. crude supplies decreased by 3.6 million barrels last week. West Texas Intermediate oil futures for July delivery on the New York Mercantile Exchange were up 77 cents, or 1.7%, at 51.13 a barrel.

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