Tag: stock market

Citrix Systems Inc. late Wednesday announced a reorganization, including layoffs and what the company termed “facilities consolidation.” Citrix said it expects $60 million to $100 million in pretax restructuring charges associated with the plan, including $55 million to $70 million in severance costs. Most of the actions related to the restructuring will be complete by the fourth quarter and during fiscal year 2018, the company said in a filing. Shares of Citrix rose 0.3% in late trading after ending the regular session down 0.3%.

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Acadia Pharmaceuticals Inc. shares rose in the extended session Wednesday after the biotech company said the Food and Drug Administration granted its dementia-related psychosis treatment a special designation to aid in the approval process. Acadia shares advanced 4.4% to $40.86 after hours. The company said the FDA granted a “Breakthrough Therapy Designation” to its drug pimavanserin to treat hallucinations and delusions associated with dementia-related psychosis. Under the designation, the FDA expedites the approval process for drugs that address serious conditions for which there are few to no treatments. Pimavanserin is already FDA-approved to treat hallucinations and delusions in patients with Parkinson’s disease psychosis under the trade name Nuplazid. Acadia said it plans to begin a late-stage clinical trial of pimavanserin in a study expected to enroll about 360 patients with dementia-related psychosis.

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Catalonia’s regional president, in his eagerly awaited first public address since Sunday’s referendum on independence from Spain, seized the opportunity Wednesday to lash out at Spain’s king, Felipe VI, for having ignored the wishes of millions of citizens and sided with the government of Prime Minister Mariano Rajoy when he addressed the Spanish population a day earlier. The king had said the referendum, in which a reported 90% of 2.26 million voters cast ballots in favor of independence, was a blow not only to Spanish unity but sovereignty. Carles Puigdemont, the regional leader, reportedly said in his televised address that voters should know their wishes would be heeded in due course. He did not, observers noted, explicitly call for separation and said he remains open to mediation, according to a reporter with the Madrid newspaper El Mundo.

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Immunogen Inc. shares fell in the extended session Wednesday after the biotech company announced a secondary offering of shares. Immunogen shares fell 10% to $7.05 after hours. The company said it plans to offer 13 million shares, and provide underwriters with up to 2 million shares to cover overallotments. Jefferies, Leerink Partners and RBC Capital Markets are listed as underwriters. Immunogen intends to use proceeds to finance research and development, clinical trials and for other corporate purposes. Immunogen has 115.5 million shares outstanding.

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Stocks saw a modest rise Wednesday, with major benchmarks notching the latest in a series of record finishes after a round of strong economic data. The S&P 500 rose 0.1% to end near 2,537.74, while the Nasdaq Composite eked out a gain of less than 0.1% to finish around 6,534.63. The Dow industrials rose by around 20 points, or 0.1%, to finish near 22,662. Stocks rose after a positive reading on U.S. service sector activity in the Institute for Supply Management’s nonmanufacturing index.

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A tropical depression has formed over the western Caribbean and could strengthen to a hurricane and affect the northern Gulf Coast this weekend, the National Hurricane Center said in an advisory. The depression is expected to bring tropical storm conditions and heavy rain to parts of Nicaragua and Honduras later Wednesday and into Thursday. “The system is forecast to continue strengthening over the Gulf of Mexico and could affect portions of the northern Gulf Coast as a hurricane this weekend, with direct impacts from wind, storm surge, and heavy rainfall,” said the NHC. “However, it is too early to specify the timing or magnitude of these impacts.” The storm will be named “Nate” as soon as it reaches tropical storm status.

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A tropical depression has formed over the western Caribbean and could strengthen to a hurricane and affect the northern Gulf Coast this weekend, the National Hurricane Center said in an advisory. The depression is expected to bring tropical storm conditions and heavy rain to parts of Nicaragua and Honduras later Wednesday and into Thursday. “The system is forecast to continue strengthening over the Gulf of Mexico and could affect portions of the northern Gulf Coast as a hurricane this weekend, with direct impacts from wind, storm surge, and heavy rainfall,” said the NHC. “However, it is too early to specify the timing or magnitude of these impacts.” The storm will be named “Nate” as soon as it reaches tropical storm status.

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Oil prices fell Wednesday for a third-straight session, settling at their lowest level in more than two weeks. Prices saw volatile trading as the market weighed recent data showing a rise in output among producers who take part in the OPEC-led production-cut agreement, as well as speculation of a potential extension of the deal beyond the first quarter of next year. A U.S. government report released Wednesday, meanwhile, showed a much bigger-than-expected weekly drop in crude supplies along with a rise in gasoline stockpiles. November WTI crude fell 44 cents, or 0.9%, to settle at $49.98 a barrel on the New York Mercantile Exchange. That’s the lowest settlement and first finish below the $50 mark since Sept. 19, according to FactSet data.

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Although the Dow Jones Industrial Average and S&P 500 cling to positive territory, internal readings of the broader market of stocks have already turned negative. The number of declining stock outnumbered advancers by a 1,510-to-1,281 score on the NYSE and by a 1,406-to-1,278 margin on the Nasdaq exchange. Declining volume represented 53% of total volume on the Big Board and 48% of total volume on the Nasdaq. Meanwhile, the Dow was up 26 points, or 0.1%, with 16 of 30 components trading higher. The S&P 500 was up 0.1%, while the Nasdaq Composite eased 0.1%.

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General Electric Co.’s stock fell 1.2% in afternoon trade, reversing earlier gains of as much as 1.4%, to lead the losers among Dow Jones Industrial Average components. Volume was light, however, with the 18.1 million shares traded representing just 42% of the full-day average. And given GE’s stock is the lowest priced in the Dow, the 27-cent price decline was shaving just 2 points off the Dow’s price, which was up 19 points. Late Monday, GE disclosed in a filing with the Securities and Exchange Commission that Jeffrey Immelt, who retired as CEO on July 31, also retired as chairman on Monday, nearly three months earlier than originally planned. The company elected CEO John Flannery as chairman. When GE originally announced in June that Immelt was retiring, GE said he would retire as chairman effective Dec. 31. He decided to retire early because the CEO transition had “proceeded smoothly” and that Flannery was ready to succeed him as chairman. GE’s stock has tumbled 10.7% over the past three months, while the Dow has gained 5.5%.

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