Tag: stock market

NewLink Genetics Corp. shares plummeted in the extended session Monday after the biotech company said its study for a pancreatic cancer drug did not reach its primary goal. NewLink shares dropped 40% to $9.97 on heavy volume after hours following a brief trading halt. The company said a late-stage clinical trial for its algenpantucel-L treatment did not statistically improve survival rates in patients with resected pancreatic cancer. “In light of these negative results, our scientific and clinical teams will focus on other promising opportunities in our pipeline,” said Charles Link, NewLink chairman and chief executive, in a statement.

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SolarCity Corp. shares dropped in the extended session Monday after the solar energy company posted a wider-than-expected loss for the first quarter, and issued a worse-than-expected outlook. SolarCity shares fell 15% to $19.07 after hours. The company reported an adjusted first-quarter loss of $2.56 on revenue of $122.6 million. Analysts surveyed by FactSet had forecast a loss of $2.31 a share on revenue of $110 million. For the second quarter, SolarCity sees an adjusted loss of $2.70 to $2.80 a share. Analysts had forecast a loss of $2.13 a share. SolarCity said it installed 214 megawatts of panels in the first quarter, exceeding its guidance of 180 MW.

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Gap Inc. shares fell more than 9% Monday afternoon after the clothing retailer warned of a sales decline in the first quarter and said it is looking to streamline its operations. Specifically, the retailer said it is examining Banana Republic and Old Navy stores globally, but primarily outside North America, for potential changes. The clothier said that April sales declined to $1.12 billion from $1.21 billion year-over-year, and first-quarter sales fell to $3.44 billion from $3.66 billion. Profit in the first quarter is expected to be 31 to 32 cents per share. Analysts polled by FactSet expected Gap to report earnings of 44 cents a share on sales of $3.54 billion. Gap last year announced a streamlining of its namesake retail chain, with plans to close more than a quarter of those stores, and appears ready to make a similar move with its other clothing store chains. “Our industry is evolving and we must transform at a faster pace, while focusing our energy on what matters most to our customers,” Chief Executive Art Peck said in Monday’s announcement. Shares fell lower than $20 in late trading after closing with a 0.7% gain at $21.81. Gap plans to fully report first-quarter earnings on May 19.

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Oil futures ended lower Monday, with analysts tying weakness to uncertainty over Saudi oil policy after the country replaced its oil minister and decreased worries about the impact of wildfires on Canadian oil output. Crude oil for June delivery on the New York Mercantile Exchange fell $1.22, or 2.7%, to end at $43.44 a barrel.

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Gold prices slumped Monday, following a run-up on Friday, as the U.S. dollar gained strength. Gold for June delivery fell $27.40, or 2.1%, to settle at $1,266.60 an ounce. On Friday, gold rose 1.7% to finish at $1,294 an ounce. Silver for July delivery shed 43.8 cents, or 2.5%, to settle at $17.09 an ounce. On Monday, the U.S. dollar was trading 0.3% higher against a basket of major currencies.

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From:: Stock Market News

Gold prices slumped Monday, following a run-up on Friday, as the U.S. dollar gained strength. Gold for June delivery fell $27.40, or 2.1%, to settle at $1,266.60 an ounce. On Friday, gold rose 1.7% to finish at $1,294 an ounce. Silver for July delivery shed 43.8 cents, or 2.5%, to settle at $17.09 an ounce. On Monday, the U.S. dollar was trading 0.3% higher against a basket of major currencies.

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It’s an ugly day for LendingClub Corp. On Monday, shares of the peer-to-peer lender were on track to post their worst one-day decline since it became a publicly traded company over a year ago. The lender’s stock was in free fall, shedding a quarter of its value. The share plunge comes after LendingClub’s CEO Renaud Laplanche resigned as chief executive and chairman after an internal review found sales of $22 million in near-prime loans to a single investor, against that investor’s explicit instructions. The 25% decline in its stock represents the most severe single-day drop since LendingClub went public Dec. 10, 2014 on the New York Stock Exchange. LendingClub is losing some $700 million in market value, representing its worst one-day decline in market capitalization since Feb. 25, 2015, according to Dow Jones data. Its market-cap valuation as of Monday midday was about $2 billion. LendingClub’s Monday announcement serves to heighten anxiety around companies who help trade consumer loans.

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L Brands Inc. was downgraded to neutral from buy at UBS on Monday on concerns that same-store sales for the year will be sluggish. The bank lowered its price target to $74 from $101. And UBS lowered its 2016 same-store sales estimate to a 3% increase from 5% growth. Among recent changes announced at L Brands, Victoria’s Secret Chief Executive Sharen Jester Turney resigned in February, the company is shutting its swim business and it’s believed the company will discontinue its catalog. “In isolation these variables look like the right moves,” UBS wrote in a Monday note. “But the high number of new/unproven initiatives adds execution risk.” UBS analysts are also concerned that while the bralette style of undergarment provides a number of advantages, like higher gross margin, the lower average selling price of about $25 versus $40 or more for a traditional brassiere could be a headwind. The bank calls the company a “best-in-breed name with significant long-term global top line opportunity,” but believes the near-term is less certain. L Brands shares are up 1.2% in Monday trading, but down 26.5% for the year to date. The S&P 500 is up 0.5% for the year so far.

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Shares of Lending Club plunged 23% Monday morning after several analyst downgrades on news that the peer-to-peer lender’s chief executive, Renaud Laplache, was resigning due to problems with a loan sale to a single investor. Stifel analysts downgraded Lending Club to hold from buy saying “our faith and trust is shaken by the events announced this morning” and that they await more company guidance. Sterne Agee analysts downgraded Lending Club to underperform from neutral and cut the price target to $5 from $8, but said their concern lies with the ability of the company to obtain future funding. William Blair analysts suspended their rating on Lending Club due to a lack of information available.

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From:: Stock Market News

Shares of Lending Club plunged 23% Monday morning after several analyst downgrades on news that the peer-to-peer lender’s chief executive, Renaud Laplache, was resigning due to problems with a loan sale to a single investor. Stifel analysts downgraded Lending Club to hold from buy saying “our faith and trust is shaken by the events announced this morning” and that they await more company guidance. Sterne Agee analysts downgraded Lending Club to underperform from neutral and cut the price target to $5 from $8, but said their concern lies with the ability of the company to obtain future funding. William Blair analysts suspended their rating on Lending Club due to a lack of information available.

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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