Bank of England seen talking about interest-rate cuts

The Bank of England could discuss lowering interest rates at its policy meeting on Thursday, according to multiple media reports. A gloomy economic U.K. backdrop “could prompt at least one policymaker to push for a cut in borrowing costs to shore up stalling growth,” a Guardian report said. The central bank has asked banks to prepare for the possibility of a rate cut in a sign that it may be preparing for the U.K. voting to leave the European Union, a Times of London report said. Overall expectations are that the BOE on Thursday will keep its benchmark rate at a record low of 0.50%.

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Kentucky Derby goes to undefeated Nyquist

Nyquist, the undefeated three-year-old colt who was a champion 2-year-old, won the 142nd Kentucky Derby Saturday, extending his unbeaten string to eight races and rewarding his many backers who had staked him as the 2-1 favorite. Nyquist, who entered the Derby with the biggest bankroll in the race’s history at $3.3 million, picked up the winner’s share of the $2 million purse. He paid $6.60 to win. Nyquist is owned by Reddam Racing LLC, trained by Doug O’Neill and was ridden Saturday by Mario Gutierrez. Exaggerator, the Santa Anita Derby winner, ran second and Gun Runner, winner of the Louisiana Derby came in third.

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Nant Health files for initial public offering

Nant Health LLC late Friday filed for an initial public offering to raise up to $92 million in capital, according to a filing with the Securities and Exchange Commission. Culver City, Calif.-based Nant uses computer models to personalize treatment decisions for patients with critical illnesses. In 2015, the company booked a net loss of $72 million on revenue of $58.3 million. Jefferies and Cowen & Co are serving as joint book-running managers. The company plans to trade on the Nasdaq under the ticker symbol “NH”.

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Berkshire Hathaway reports operating earnings below expectations

Berkshire Hathaway Inc. said Friday its operating earnings reached $3.7 billion in the first quarter, down from $4.2 billion in the year-ago period. The conglomerate led by legendary investor Warren Buffett reported net earnings of $5.6 billion, from $5.2 billion a year ago. Operating earnings per Class A share reached $2,275 in the quarter, down from $2,583 a year ago. Analysts polled by FactSet had expected operating earnings per Class A share of $2,609. The Class A shares were flat late Friday after ending the regular trading session down 0.5%.

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U.S. stocks gain but log second straight week of losses

U.S. stocks bounced back from earlier weakness to close higher on Friday but logged their second straight week of losses. Main indexes were pressured after data showed that the economy added only 160,000 new jobs in April while the unemployment rate remained flat at 5%. Economists polled by MarketWatch had expected a gain of 203,000. However, the market shrugged off the disappointing data as investors focused on the possibility that the Federal Reserve may refrain from raising interest rates in the near future.
S&P 500 rose 7 points, or 0.3%, to close at 2,057 while the Dow Jones Industrial Average added 80 points, or 0.5%, to finish at 17,740 and the Nasdaq gained 19 points, or 0.4%, to close at 4,736.

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Spring Bank Pharmaceuticals starts trading below issue price

Shares of Spring Bank Pharmaceuticals , a biopharmaceutical company, opened at $11.28 midday Friday, below the company’s issue price of $12. The company sold 920,000 shares to raise about $11 million. The company said it expects to receive net proceeds of about $8.2 million after discounts and commissions. Dawson James Securities, Inc. acted as the sole underwriter of the offering.

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Oil ends higher, but finishes the week off 2.7%

Crude-oil futures logged a gain Friday as a wildfire in oil-rich Canadian regions and an attack on a Chevron-operated offshore oil facility in southern Nigeria fueled concerns about global crude-output disruptions. West Texas Intermediate crude oil for June delivery added 34 cents, or 0.8%, to settle at $44.66 a barrel. For the week, WTI lost 2.7% as oversupply supply worries and a strong dollar dragged prices lower.

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Gold soars after jobs report, logs weekly gain

Gold futures finished sharply higher Friday after a weaker-than-expected jobs report heightened expectations that the Federal Reserve would keep interest rates lower for longer. June gold gained $21.70, or 1.7%, to settle at $1,294 an ounce, snapping a three-session string of losses and registering a 0.3% weekly gain. Lower interest rates are bullish for assets that don’t offer a yield like gold.

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U.S. weekly oil-rig count falls a 7th straight week: Baker Hughes

Oil futures extended gains after data from Baker Hughes Inc. showed that the number of active U.S. rigs drilling for crude fell for a seventh straight week.
The oil rig count was down by 4 to 328 as of Friday. The total U.S. rig count fell by 5 to 415 rigs. June crude traded up 46, cents, or 1% to $44.77 a barrel on the New York Mercantile Exchange.

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Intellia Therapeutics trading above issue price in market debut

Shares of Intellia Therapeutics Inc. , a gene editing company, started trading at $22, above their $18 issue price, in the company’s debut on the Nasdaq Friday. The company sold six million shares to raise about $108 million. The company had priced its shares at the high end of its $16 to $18 range Thursday. The offering was underwritten by Credit Suisse, Jeferies and Leerink Partners.

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