Tag: stock market

Blackstone Group LP’s energy-focused private-equity business, Blackstone Energy Partners and Blackstone Capital Partners agreed Monday to buy EagleClaw Midstream Ventures LLC for $2 billion in cash. The deal is expected to close by the end of July, and includes $1.25 billion in debt financing, provided by Jefferies LLC. EagleClaw is a privately-held midstream operator in the Permian’s Delaware Basin in West Texas. EagleClaw’s management and nearly all of the company’s employees will remain in their jobs, the companies said. Blackstone’s stock, which was inactive in premarket trade, has tacked on 6.8% year to date, while the S&P 500 has gained 4%.

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Ashland Global Holdings Inc. , a specialty chemicals company serving a range of consumer and industrial markets, said Monday that it will acquire Pharmachem Laboratories Inc. for $660 million. Pharmachem Labs provides ingredients for the health and wellness industry, such as vitamin and dietary supplements, ingredients for skin care and cosmetics, fragrance ingredients for laundry detergent and perfumes, and more. The all-cash transaction is expected to be completed before the end of the June quarter. It’s also expected to be accretive to Ashland’s earnings per share in the first year following the close of the deal. Ashland will host its investor day in New York City on May 1. Ashland shares are inactive in premarket trading, and are up nearly 12% for the year so far. The S&P 500 index is up 4% for 2017 so far.

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OncoMed Pharmaceuticals Inc. shares were halted in premarket trade on Monday for news that the company’s small cell lung cancer drug had missed in a mid-stage clinical trial. The drug, tarextumab, did not meet primary or secondary endpoints, the company said. OncoMed also said on Monday that it will discontinue a phase 1b clinical trial for a brontictuzumab combination treatment in third-line colorectal cancer, because the combination was “not tolerable” in the patient population. The announcements follow news last week of a failed midstage pancreatic cancer trial and that Bayer would not be licensing two of the company’s cancer drugs. “Based on the events of today and last week, we will be undertaking a comprehensive portfolio prioritization review immediately,” said OncoMed Chairman and Chief Executive Officer Paul Hastings. OncoMed shares closed at $4.84 on Friday. Shares have dropped 36.6% over the last three months, compared with a 2.7% rise in the S&P 500 .

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Williams Partners LP said Monday it will sell its interest in Williams Olefins LLC for $2.1 billion in cash to Nova Chemicals. Williams Olefins owns an 88.5% interest in the Geismar, Louisiana olefins plant. Under terms of the deal, Williams Partners’ subsidiaries will enter long-term contracts to supply Nova with feedstock through its pipeline system. Williams plans to use the proceeds from the deal to pay off a debt and for capital and investment costs. “The Williams Olefins transaction and these announced new supply and transportation agreements fortify our focus on natural gas market fundamentals, reduce our commodity margin exposure and secure our fee-based Gulf Coast transportation business–all consistent with Williams’ strategy to allocate capital to its core, natural gas-focused business,” said Chief Executive Alan Armstrong. The stock, which was still inactive in premarket trade, has gained 6.8% year to date, while the S&P 500 has tacked on 4%.

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Eli Lilly & Co. shares dropped 5.5% and Incyte Corp. shares dropped 12.7% in premarket trade Monday after the companies said that the Food and Drug Administration failed to approve their drug for moderate-to-severe rheumatoid arthritis. Eli Lilly reaffirmed its financial guidance for this year, and Incyte said it is evaluating the news’ impact and would provide any update on its first-quarter earnings call. (Incyte’s earnings are scheduled for May 4.) The FDA told the two companies that more clinical data are required to figure out dosage information and safety concerns across groups of patients. New clinical trials could greatly extend the timeline for drug approval. But Eli Lilly and Incyte said they “disagree with the agency’s conclusions” and said they would continue to work with the FDA to find a path to approval. Incyte shares have surged 23.9% over the last three months, and Eli Lilly shares have surged 11.8%, compared with a 2.7% rise in the S&P 500 .

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Novocure Ltd. said Monday that its drug for newly diagnosed glioblastoma improved overall patient survival in a late-stage clinical trial. The drug, Optune, improved survival in combination with second line chemotherapy by about 30%, compared to second line chemotherapy alone, between about nine and nearly 12 months, Novocure said. Glioblastoma, or tumors in the brain or spinal cord, grows quickly and is one of the most dangerous cancers. The results have been published in the journal CNS Oncology. Novocure shares, which were valued at $10.45 as of Friday’s close, were not yet active in premarket trade on Monday. Shares have surged 58.3% over the last three months, compared with a 2.7% rise in the S&P 500 .

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Apple Inc. may have issues with its optical fingerprint sensing functionality, Pacific Crest analysts said Monday, citing conversations with suppliers. The analysts say they do not believe the supplier for Apple’s optical fingerprint module has set orders for production, which indicates that Apple may not be ready for it yet. Even if Apple is able to solve the problem within the next month, the analysts say it could lead to a delay of its OLED iPhone. If it takes longer, Apple may have to get rid of fingerprint sensing on the OLED phone and possibly turn to 3D sensing technology. Still, the analysts did not change any estimates for Apple or its suppliers, saying it is still early in the production cycle. The analysts have a $150 price target and overweight rating on Apple. Shares of Apple have gained 17.5% in the past three months, compared to the S&P 500’s gain of 3%.

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Crate & Barrel’s CEO Doug Diemoz has left the company, a company representative confirmed to MarketWatch. Diemoz had held the position for less than two years. The spokesperson did not explain the reason for his departure but said it had nothing to do with a pending lawsuit with RH , the furniture and home-furnishings chain formerly known as Restoration Hardware. RH filed suit against Crate & Barrel in January 2017 alleging that Diemoz tried to improperly hire RH executives, and that another former executive, Kimberly Ahlheim, left RH with confidential information, according to a Wall Street Journal report. Diemoz is also a former RH executive. Crate & Barrel, headquartered in suburban Chicago, is privately owned by a German company, Otto Group. The Chicago Tribune reported that it had obtained an internal memo stating that an Otto Group executive board member, Neela Montgomery, will assume “most” of Diemoz’s responsibilities, working with other members of the executive leadership team. A Crate & Barrel spokesperson did not confirm that information to MarketWatch. RH shares are up 53.2% for the year so far. The S&P 500 index is up 4% in that period.

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Former New England Patriots tight end Aaron Hernandez was found not guilty on murder charges for a double homicide in Boston. Hernandez already is serving life without parole for another killing.

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Wal-Mart Stores Inc. is in advanced acquisition talks with men’s apparel retailer Bonobos, according to a Recode report published Friday. Sources tell Recode that both sides have agreed to a price and due diligence on the deal is underway. MarketWatch has reached out to Wal-Mart for comment. Bonobos launched a decade ago as a place for men to find pants with a personalized fit. Today it has nearly three dozen “guideshops” that customers can visit, though purchases are shipped. Bonobos was valued at $300 million in 2014, according to Recode. Wal-Mart has made a number of fashion acquisitions in recent months, including women’s retailer ModCloth and online outdoor retailer, Moosejaw. Wal-Mart shares are up 6.3% for the past year while the S&P 500 index is up 11.8% for the same period.

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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