Aratana shares jump on agreement with Lilly pet health unit

Aratana Therapeutics Inc. shares rallied in the extended session Monday after the animal-drug maker said it entered a licensing agreement with Eli Lilly & Co’s Elanco animal health unit. Aratana shares surged 19% to $8.23 after hours. The company said Elanco is paying the company $45 million upfront for a collaboration, licensing, and development agreement connected to the company’s Galliprant dog osteoarthritis treatment. Aratana said the agreement also comes with a $75 million payment if certain sales milestones are met, as well as royalty payments from Elanco.

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Aratana shares jump on agreement with Lilly pet health unit

Aratana Therapeutics Inc. shares rallied in the extended session Monday after the animal-drug maker said it entered a licensing agreement with Eli Lilly & Co’s Elanco animal health unit. Aratana shares surged 19% to $8.23 after hours. The company said Elanco is paying the company $45 million upfront for a collaboration, licensing, and development agreement connected to the company’s Galliprant dog osteoarthritis treatment. Aratana said the agreement also comes with a $75 million payment if certain sales milestones are met, as well as royalty payments from Elanco.

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Sanmina jumps after reporting strong profit

Sanmina Corp. stock pushed higher by 7% in late trading Monday after the contract tech manufacturer showed off higher profits than expected. Sanmina’s earnings report showed profit of $30.36 million, or 39 cents a share, on sales of $1.61 billion; after adjustments for stock-based compensation and other factors, the company said it earned 63 cents per share. Analysts on average expected adjusted earnings of 56 cents a share on sales of $1.59 billion, according to FactSet, and Sanmina had predicted adjusted profit in a range of 55 cents to 59 cents a share. Sanmina Chief Executive Jure Sola noted that Sanmina had its highest earnings per share in more than a decade thanks to growth across market segments. “As we further diversify our business, we remain confident our financial results will continue to improve,” Sola said in Monday’s announcement.

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Container Store shares rally on full-year earnings outlook

Container Store Group Inc. shares rallied in the extended session Monday after the storage and organization products retailer’s earnings outlook topped Wall Street estimates. Container Store shares jumped 22% to $7.10 after hours. The company forecast fiscal 2016 earnings of 20 cents to 30 cents a share on revenue of $830 million to $845 million. Analysts surveyed by FactSet had estimated earnings of 20 cents a share on revenue of $861.4 million. For the fiscal fourth quarter, Container Store reported earnings of 20 cents a share on revenue of $232.1 million. Analysts had forecast earnings of 20 cents a share on revenue of $230.8 million.

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U.S. stocks end lower as investors look ahead to Fed statement

U.S. stocks ended lower Monday, erasing some of their modest gains from last week, as investors awaited the conclusion of a Federal Reserve policy meeting later this week. A drop in oil prices and a spate of disappointing earnings reports weighed on shares, though analysts noted that moves were magnified by below-average trading volume. The S&P 500 slid 3.79 points, or 0.2%, to 2,087.81, as energy, materials and industrial shares underperformed. The Dow Jones Industrial Average lost 26.51 points, or 0.2%, to 17,977.24, with Caterpillar Inc. and Visa Inc. leading the decliners. The Nasdaq Composite fell 10.44 points, or 0.2%, to 4,895.79.

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Gold futures advance 0.8% in dollar-driven rebound

Gold futures rose Monday, with the June contract on Comex rising $10.20, or 0.8%, to close at $1,240.20 an ounce. The bounce saw gold claim back just over half of Friday’s sharp fall. Analysts tied the rebound in part to renewed pressure on the U.S. dollar. A weaker U.S. currency is seen as a boost to commodities priced in dollars as it makes them cheaper in other currencies.

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CVS Pharmacy recalls organic tea over concerns about salmonella

CVS Pharmacy, the retail division of CVS Health , said it has voluntarily recalled cases of Gold Emblem Abound Organic Spiced Herbal Tea over concerns about a possible salmonella contamination. CVS was notified of the contamination risk after an ingredient produced by the manufacturer’s raw material supplier tested positive for salmonella in another product. The recall only impacts Gold Emblem Abound Organic Spiced Herbal Tea with the best-by date of March 18, 2018. About 200 units were sold before the recall was announced on Sunday. CVS said it is not aware of any reported cases of illness, has placed a “do not sell” block on the store register system, and has removed the products from shelves. Customers can return the product to stores for a refund. CVS Health shares are flat in Monday trading. Company shares are up 7.8% for the past three months, while the S&P 500 is up 10.8% for the same period.

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Walgreens to make overdose antidote Naloxone available without a prescription in Alabama

Walgreens Boots Alliance Inc. said Monday that it will make opioid antidote Naloxone available at more than 110 pharmacies in Alabama without a prescription. Naloxone is used in the event of an overdose to combat the effects of heroin and other opioid drugs. Walgreens announced in February that it would make Naloxone available in 35 states and Washington D.C. without a prescription. Two weeks ago, the pharmacy chain said it would make the drug available across Pennsylvania without a prescription. It’s now available in more than 1,300 pharmacies. Walgreens shares are down 0.2% on Monday, and down 7% over the past year. The S&P 500 is down 1.7% for the last 12 months.

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L Brands’ stock bounces after analyst upgrade

L Brands Inc.’s stock rose 1.3% in morning trade Monday, bucking the selloff in the broader stock market, after Stifel Nicolaus said it turned bullish on the apparel retailer because the recent tumble in price is “overdone.” Analyst Richard Jaffe raised his rating to buy from hold, and instituted a stock price target of $90, which is 16% above current prices. The stock had plunged 20% year-to-date through Monday, to close at a 17-month low, amid concerns over its large store footprint and uncertainty surrounding the restructuring at Victoria’s Secret. Jaffe said he believes the changes being made “are the right moves,” and will strengthen the business longer term. “While we acknowledge there may be a better entry point into the name over the next several weeks, we believe the risk/reward is attractive at the current share price,” Jaffe wrote in a note to clients. While the stock rose in morning trade, the SPDR S&P Retail ETF slid 0.9% and the S&P 500 gave up 0.6%.

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Mylan, Allergan shares fall after Perrigo profit warning

Perrigo Co.’s lowered profit outlook, as a result of pricing pressures caused by increasing competition, is weighing on the shares of its generic competitors. Shares of Mylan N.V. slumped 3.9% and of Allergan PLC shed 1.5%. Among others in the generic drug business, Endo International PLC’s stock dropped 2.9% and Mallinckrodt PLC’s fell 2.1%, while Teva Pharmaceutical Industries Ltd.’s eased 0.1%. Meanwhile, Evercore ISI analyst Umer Raffat said he didn’t see much of an overlap between Perrigo’s prescription portfolio and the generics from Allergan, Mylan or Teva. Perrigo’s stock tumbled 9.5%, and was heading to the lowest close since February 2013.

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