Tag: stock market

Goldman Sachs on Monday downgraded shares of GoPro Inc. stocl to sell from neutral, citing the many challenges facing the company as the core action camera market becomes saturated, including product launch issues in the holiday season and a disappointing entry to the drone market. Goldman lowered its stock price target to $6 from $9.50. “We expect GoPro to continue to struggle fundamentally,” analysts wrote in a note. “In its core action camera market, the company exited a disappointing holiday season with excess inventory, as noted by key supplier Ambarella . It also faces a new competitor, YI Technology, whose products are competitive with GoPro’s but at a $100 (25-33%) lower price point.” The company’s recent restructuring may hamper its ability to differentiate through content, said the note. GoPro shares were down 3.3% premarket, and are down 63% in the last 12 months, while the S&) 500 has gained 19%.

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.

…read more

From:: Stock Market News

Advaxis Inc. shares surged 10.6% in pre-market trade Monday after the company said the Food and Drug Administration would allow its ADXS-NEO, a cancer immunotherapy drug partnership with Amgen , to proceed to clinical trials. ADXS-NEO’s approach targets neoantigens, which are seen as a promising avenue of cancer drug development, and the drug is only the second of this type with an Investigational New Drug application accepted by the FDA, according to a company spokesperson. Advaxis said it plans to start a phase 1 trial for the drug in multiple tumor types later this year. Amgen shares slumped 0.2% in pre-market trade Monday. Shares of Advaxis have risen 3.5% over the last three months, and shares of Amgen have surged 24.2% over the last three months, compared with a 7.7% rise in the S&P 500 .

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.

…read more

From:: Stock Market News

Snap Inc.’s stock surged again, rising 4.4% in active premarket trade Monday, to put the social media company on course for a third-straight gain since going public. Meanwhile, futures for the S&P 500 were down 0.3%. Trading volume was 1.7 million shares about an hour ahead of the open, making the stock the most actively traded in the premarket. Although most analysts who have already started coverage of the company said they believe the stock was too expensive, it closed Thursday at $24.48, or 41% above its initial-public-offering price of $17, and rallied another 11% on Friday to $27.09. In comparison, Twitter Inc.’s stock closed up 73% on its debut on Nov. 7, 2013, then slumped 7.2% the following session. The first three-day win streak was came about a month after the debut. Facebook Inc. shares closed 0.6% above its $38 IPO price at $38.23 on its first day of trade, then fell 19% over the next two sessions and 32% over the next two weeks. The first three-day win streak also came a month after the debut.

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.

…read more

From:: Stock Market News

Shares of TG Therapeutics Inc. rocketed 57% toward a five-month high in premarket trade Monday, after the biopharmaceutical company announced positive results from a phase 3 trial of its treatment of chronic lymphocytic leukemia. TG said the trial of TG-1101 met its primary endpoint of efficacy and safety, demonstrating “statistically significant improvement in the overall response rate. ” This study demonstrates that the addition of ublituximab, can significantly enhance the response rates without compromising safety,” said Jeffrey Sharman, the phase 3 study chair. The stock had lost 4.5% over the past three months through Friday, while the iShares Nasdaq Biotechnology ETF had climbed 10% and the S&P 500 had gained 7.7%.

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.

…read more

From:: Stock Market News

Hedge fund manager Bill Ackman’s Pershing Square Capital Management LP filed a prospectus with the Securities and Exchange Commssion on Friday to sell 2.88 million shares of Chipotle Mexican Grill Inc. , equivalent to a 10% stake. Pershing stated in the regulatory filing that it does not have immediate plans to divest of the shares but that it “reserve[s] the right to do so.” Pershing had disclosed its stake in the fast-food chain in September and indicated an interest in boosting shareholders’ value and streamlinging the company’s cost structure. Chipotle shares fell 0.7% in after hours.

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.

…read more

From:: Stock Market News

U.S. stocks finished higher for the week Friday and fractionally higher for the session as Federal Reserve Chairwoman Janet Yellen signaled a March rate hike was likely appropriate. The Dow Jones Industrial Average advanced 2.74 points to finish at 21,005.71, led higher by shares of Caterpillar Inc. and Merck & Co . For the week, the Dow closed up 0.9%, for a fourth week of gains. The S&P 500 index closed 1.20 points higher at 2,383.12, with financial and health-care stocks leading gains. For the week, the S&P 500 closed up 0.7%, for a sixth winning week. The Nasdaq Composite index finished up 9.53 points, or 0.2%, at 5,870.75, for a 0.4% gain on the week, notching a sixth straight week of gains.

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.

…read more

From:: Stock Market News

Oil prices settled higher for Friday’s session, buoyed by uncertainty surrounding Libya’s production. Bloomberg reported Friday that an armed group seized control of the country’s biggest oil port. April West Texas Intermediate crude rose 72 cents, or 1.3%, to settle at $53.33 a barrel. Prices still fell about 1.2% for the week on the back of rising U.S. crude supplies and production.

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.

…read more

From:: Stock Market News

Gold futures settled lower Friday after Federal Reserve Chairwoman Janet Yellen said that the central bank is likely to announce an interest-rate increase at its meeting later this month if employment and inflation continue to meet its expectations. Prices had already fallen in each of the last three sessions as other Fed officials hinted at an upcoming rate hike. April gold fell $6.40, or 0.5%, to settle at $1,226.50 an ounce. Prices lost about 2.5% for the week and settled at a two-and-a-half week low.

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.

…read more

From:: Stock Market News

Fed Vice Chairman Stanley Fischer said he was happy to see the market price in a March rate hike. “If there has been a conscious effort to move up rate hike expectations I am going to join it,” Fischer said during the question-and-answer session after a speech to the Chicago Booth School of Business Monetary Policy Forum, according to reports from the event. The Fed vice chairman said that no economic data has come in badly in last three months.

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.

…read more

From:: Stock Market News

Data from Baker Hughes Friday revealed that the number of active U.S. rigs drilling for oil rose by 7 to 609 rigs this week. That marked the seventh weekly increase in a row. The total active U.S. rig count, which includes oil and natural-gas rigs, also rose by 2 to 756, according to Baker Hughes. April West Texas Intermediate crude was up 53 cents, or 1%, at $53.14 a barrel on the New York Mercantile Exchange. It was little changed from the level it traded at before the data.

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.

…read more

From:: Stock Market News