Tag: stock market

Vertex Pharmaceuticals Inc. shares surged in the extended session Tuesday after the biotech drug maker said its cystic fibrosis treatment met endpoints in two late-stage clinical studies. Vertex shares rose 6.3% to $95.30 after hours, before being halted. As after-hours trading resumed, shares surged 21% to $108.60. The company said two studies showed its combination treatment of the drug tezacaftor and its branded drug Kalydeco significantly improved the lung function in cystic fibrosis patients. Vertex said it plans to submit marketing applications based on the results to both the U.S. Food and Drug Administration and the European Medicines Agency in the third quarter.

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The Democratic National Committee has requested all current staffers to submit resignation letters by April 15, according to a report by NBC News. The report says DNC Chairman Tom Perez has launched an overhaul of the party’s organization, following a difficult year that included the abrupt resignation of former Chairwoman Debbie Wasserman Schultz. The DNC was also hit with charges it favored Hillary Clinton over Bernie Sanders in the Democratic primary.

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Wells Fargo & Co. said late Tuesday it agreed to settle a class-action lawsuit over the creation of millions of unauthorized customer accounts. The bank said it will set aside $110 million to settle a class-action suit filed in California in May 2015. “After attorneys’ fees and costs of administration, class members will be paid first for out-of-pocket losses, such as fees incurred due to unauthorized account openings,” Wells Fargo said in a statement. “Amounts remaining after out-of-pocket losses will be split among all claimants, based on the number and kinds of unauthorized accounts or services claimed.” In September, the bank agreed to a $185 million settlement with the $185 million settlement with the Consumer Financial Protection Bureau after employees created more than 2 million unauthorized checking and credit-card accounts for customers. Wells Fargo shares rose 0.3% to $56.10 after hours.

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The American Petroleum Institute late Tuesday reported a rise of 1.9 million barrels in U.S. crude supplies for the week ended March 24, according to sources. The API data also showed a decline of 1.1 million barrels in gasoline supplies and a fall of 2.0 million barrels in distillates, sources said. Supply data from the Energy Information Administration will be released Wednesday morning. Analysts polled by S&P Global Platts forecast an increase of 300,000 barrels in crude inventories. May crude was at $48.37 a barrel in electronic trading, unchanged from the contract’s settlement on the New York Mercantile Exchange.

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Sonic Corp. shares declined in the extended session Tuesday after the drive-in restaurant chain’s quarterly revenue came in below Wall Street expectations. Sonic shares slipped 3.3% to $23.13 after hours. The company reported adjusted fiscal second-quarter earnings of 15 cents a share on revenue of $100.2 million. Analysts surveyed by FactSet had forecast earnings of 14 cents a share on revenue of $104.5 million. For the year, Sonic forecast same-store sales to decline by 2% or be flat, while analysts expect a 0.9% decline.

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Shares of Dave & Buster’s Entertainment Inc. shares fell 6% late Tuesday after the casual-dining chain beat fourth-quarter per-share earnings expectations but called for lower-than-expected same-store sales for 2017. It also missed quarterly comparable-store sales expectations. Dave & Buster’s said it earned $27.4 million, or 63 cents a share, in the quarter, compared with $23 million, or 53 a share, in the fourth quarter of 2015. Revenue rose 15% to $270.2 million in the quarter. Analysts polled by FactSet had expected per-share earnings of 59 cents on sales of $270 million. Comparable-store sales rose 3.2%, compared with expectations of a 3.7% growth, according to FactSet. The company said it expects 2017 sales between $1.15 billion and $1.17 billion and a comparable-store sales increase between 2% and 3%. The analysts surveyed by FactSet had expected a comparable-store sales growth around 3.6% for the year. Shares had ended the regular session up 2.3%.

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Oil futures rose Tuesday, as news of disruptions to crude production in Libya helped prices settle at their highest level in roughly a week. Prices also got a boost from some expectations that the Organization of the Petroleum Exporting Countries will extend its deal on global output cuts past June. May West Texas Intermediate crude rose 64 cents, or 1.3%, to settle at $48.37 a barrel. That was the highest finish since March 20, according to FactSet data.

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Shares of Chesapeake Energy Corp. ran up 3.9% in active afternoon trade Tuesday, after Wunderlich Securities published a bullish research note on the oil and gas company. Volume was 29.7 million shares in recent trade, enough to make the stock the sixth-most active listed on the NYSE. Wunderlich analyst Jason Wrangler reiterated his buy rating and $10 stock price target, which suggests potential for a near-doubling from current levels. He wrote in a note to clients that a “solid” Niobrara well test, and “good, oily” results from its Wedge and Oswego wells, “are positive developments as the company ramps activity in the areas with a focus on driving oil growth going forward.” He said Chesapeake’s stock provides “compelling valuation” along with exposure to natural gas, oil growth and and improving balance sheet. The stock has tumbled 24% year to date, while the SPDR Energy Select Sector ETF has lost 8.1% and the S&P 500 has gained 5.5%.

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Gold prices ended a dime lower on Tuesday, as gains in U.S. equities and the dollar dulled some of the metal’s investment appeal. April gold fell 10 cents to settle at $1,255.60 an ounce after finishing at its highest level in a month on Monday.

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The Securities and Exchange Commission on Tuesday rejected a proposal that would’ve allowed for the creation of the SolidX Bitcoin Trust, a bitcoin-focused exchange-traded fund that would’ve traded on the New York Stock Exchange. The agency cited concerns about possible market manipulation and regulation that echoed its March 10 rejection of the Winklevoss Bitcoin Trust, which would’ve traded on the BATS exchange. It’s widely believed by bitcoin watchers that the creation of a bitcoin ETF would provoke an influx of new capital into the digital-currency ecosystem, likely triggering a significant increase in the bitcoin price. The agency is still considering a third ETF proposal from Grayscale Partners, whose Grayscale Bitcoin Trust is one of the few bitcoin-focused investment products available to institutional and retail investors. The price of a single bitcoin ticked lower after the ruling, retreating to $1,054 in recent trade from $1,064 earlier in the day.

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