Tag: stock market

Gold futures jumped, adding to slight gains, after Friday’s jobs report came in weaker than expected. The U.S. produced 156,000 new jobs in August, below Wall Street’s forecasts and the unemployment rate rose to 4.4% from 4.3%. December gold is trading 0.8% higher at $1,332.60 an ounce, compared with $1,323 before the results were released at 8:30 a.m. Eastern Time. The weaker number is supportive for gold because it may be interpreted as giving the Federal Reserve reason to delay lifting further interest rates in 2017. However, the reading still points to a U.S. economy that is growing, if not haltingly. Economists polled by MarketWatch had predicted a 170,000 increase in nonfarm jobs.

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U.S. stock-index futures were modestly higher on Friday, despite an August payroll report that came in below expectations. Dow Jones Industrial Average futures rose 61 points, or 0.3%, to 22,013, while S&P 500 futures added 6 points to 2,476, a rise of 0.2%. Nasdaq-100 futures added 16 points, or 0.3%, to 6,007. About 156,000 jobs were added in the month, below the 170,000 that had been forecast, while the July jobs report was revised lower. The unemployment rate rose to 4.4% from 4.3%. At current levels, the rise implied by futures could be enough to take the S&P 500 to intraday records.

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WASHINGTON (MarketWatch) – The U.S. produced 156,000 new jobs in August, below Wall Street’s forecasts but still enough to keep a growing economy on an even keel. Economists polled by MarketWatch had predicted a 170,000 increase in nonfarm jobs. The unemployment rate rose to 4.4% from 4.3%. Wages increased by 3 cents to an average of $26.39 an hour, the government said Friday. Hourly pay increased 2.5% from August 2016 to August 2017, unchanged from the prior month. The average workweek dipped 0.1 hour to 34.4 hours. The government cut its estimate of new jobs created in July to 189,000 from 209,000. June’s gain was trimmed to 210,000 from 231,000.

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Marathon Petroeleum Corp. said Friday it is contributing its joint-interest ownership in certain pipelines and storage facilities to MPLX for a total consideration of $1.05 billion. The assets are expected to generate about $138 million of 2018 adjusted EBITDA, the companies said in a joint statement. Marathon will receive $630 million in MPLX equity and $420 million in cash. The deal is expected to immediately boost MPLX’s distributable cash flow per unit. Marathon shares were not active premarket, but have gained 4% in 2017, while the S&P 500 has gained 10%.

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Shares of Aptevo Therapeutics Inc. more than doubled late Thursday after the tiny Seattle-based biotech company said it ended a partnership with German biotech company MorphoSys AG for a prostate cancer drug candidate and plans to develop the drug on its own. Aptevo shares soared 134% to $3.11 after hours. Aptevo said it ended a commercialization and development partnership with MorphoSys and plans to advance the drug APVO414 through early-stage clinical trials for the treatment of metastatic castration resistant prostate cancer. Separately, Aptevo said it’s agreed to sell three of its marketed products to Saol Therapeutics for $65 million, plus milestone payments and accounts receivable payments of up to $9.5 million. Those products are WinRho SDF for autoimmune platelet disorder, Hepatitis B drug HepaGam B and varicella zoster virus treatment Varizig.

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From:: Stock Market News

Shares of Aptevo Therapeutics Inc. more than doubled late Thursday after the tiny Seattle-based biotech company said it ended a partnership with German biotech company MorphoSys AG for a prostate cancer drug candidate and plans to develop the drug on its own. Aptevo shares soared 134% to $3.11 after hours. Aptevo said it ended a commercialization and development partnership with MorphoSys and plans to advance the drug APVO414 through early-stage clinical trials for the treatment of metastatic castration resistant prostate cancer.

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Mortgage origination company Ellie Mae Inc. said late Thursday it has signed an agreement to buy sales platform Velocify for $128 million in an all-cash deal. The companies will offer lenders “a complete digital lead capture and conversion solution for creating interest, turning that interest into an application and then funding that loan quickly and at a low cost,” Ellie Mae said in a statement. The transaction is expected to close in the fourth quarter and will have no impact on third quarter financials, Ellie Mae said. Ellie Mae will provide additional financial details when it reports third-quarter results in November. Shares of Ellie Mae were flat in late trading after ending the regular session down 0.2%.

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Iovance Biotherapeutics Inc. shares rallied in the extended session Thursday after the biotech company said the Food and Drug Administration granted one of its cancer drugs a designation for fast-track approval. Iovance shares jumped 18% to $6.80 after hours. The designation concerns Iovance’s LN-144 drug for the treatment of advanced melanoma, or skin cancer. A fast-track designation is meant to foster a closer interaction with the FDA to get drugs that address an unmet medical need approved.

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Tenet Healthcare Corp. said late Thursday Chairman and Chief Executive Trevor Fetter will step down from his roles on March 15, 2018, or when a successor is appointed. Independent lead director Ronald A. Rittenmeyer will become executive chairman, effective immediately, and the board has hired Russell Reynolds Associates to conduct a search for a new CEO. Tenet also said it has started to “refresh the composition of its board,” with an eye for ensuring that the board “has the best mix of skills and experience to maximize the future value of the company,” it said in the statement. Shares of Tenet rose more than 3% in the late session, after ending the regular trading day down 0.2%.

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Tech Data Corp. shares dropped in the extended session Thursday after the tech products distributor’s earnings and outlook fell short of Wall Street estimates. Tech Data shares fell 12% to $97.35 after hours. The company reported second-quarter net income of $47.5 million, or $1.24 a share, compared to $50.3 million, or $1.31 a share, in the year-ago period. Adjusted earnings were $1.74 a share. Revenue rose to $8.88 billion from $6.35 billion in the year-ago period. Analysts surveyed by FactSet had estimated earnings of $2.06 a share on revenue of $8.75 billion. For the third quarter, Tech Data estimates earnings of $1.84 to $2.04 a share on revenue of $9 billion to $9.35 billion. Analysts expect earnings of $2.22 a share on revenue of $8.66 billion.

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