Tag: stock market

EyeGate Pharmaceuticals Inc. shares surged as much as 15% in pre-market trade Tuesday after an announcement of the company’s licensing agreement with Valeant Pharmaceuticals International Inc. . The deal is for exclusive, global commercial and manufacturing rights for EyeGate’s EyeGate II Delivery System, which is an alternative to eye drops and ocular injections, and EGP-437 combination product, which is being developed for post-operative pain and inflammation in patients who’ve had ocular surgery. The companies did not state the deal’s value and did not appear to have yet filed it with the Securities and Exchange Commission. The deal consists of cash upfront for EyeGate, potential milestone payments and royalties on Valeant’s net sales of the product. Valeant had previously licensed the same product, EGP-437, from EyeGate for uveitis in 2015. EyeGate reported positive results from a early/mid-stage trial in December. Valeant shares retreated 0.25% in pre-market trade Tuesday after the news. Valeant shares have dropped 12.6% over the last three months, and EyeGate shares have dropped 8.4%, compared with a 7.0% rise in the S&P 500 .

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Bristol-Myers Squibb Co. announced early Tuesday a $2 billion accelerated share buyback program. The company also said three new members are joining its board, including Robert Bertolini, the former chief financial officer of Bausch & Lomb, Matthew Emmens, who has served as chief executive officer at Vertex Pharmaceuticals, Shire Pharmaceuticals and Merck and Astra AB’s joint venture, Astra Merck, and Theodore Samuels, a current member of the Perrigo Company and Stamps.com boards. Bristol-Myers shares lifted 1.2% in pre-market trade after the announcement. Shares have retreated 3.8% over the last three months, compared with a 7.0% rise in the S&P 500 .

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Shares of Wal-Mart Stores Inc. saw a 2.4% bump in premarket trade on Tuesday after the company reported earnings for the fiscal fourth quarter, in which profit came in above Wall Street expectations. Net income for the quarter was $3.8 billion, or $1.22 per share, down compared with $4.6 billion, or $1.43 per share during the same quarter a year ago. Adjusted per-share earnings were $1.30, above FactSet’s $1.28 earnings consensus. Revenue hit $130.9 billion in the quarter, compared with $129.7 billion during last year’s same quarter. FactSet had forecast for $131.1 billion in revenue. Domestic same-store sales for the fourth quarter were up 1.8%, more than FactSet’s consensus of 1.3%. Wal-Mart said it expects fiscal year 2018 per-share earnings to be in the range of $4.20 to $4.40. Shares of Wal-Mart have gained more than 7% in the trailing 12-month period, while the S&P 500 Index is up more than 22% during the same period.

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Wal-Mart Stores Inc. said Tuesday that it has raised its dividend 2% to $2.04 from $2.00 for fiscal year 2018. The annual dividend will be paid in four quarterly installments of 51 cents per share on April 3, June 5, Sept. 5, and Jan. 2, 2018. The record dates will be March 10, May 12, Aug. 11, and Dec. 8. Wal-Mart shares are up 2.2% in premarket trading, and up 7.3% for the past year.

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Momenta Pharmaceuticals Inc. were halted in the extended session Friday after the biotech company said a supplier’s compliance issue could delay approval of a higher dose of one of its multiple sclerosis drugs. Momenta shares were halted at $19 after hours. The company said a key supplier of its Glatopa multiple sclerosis drug, Pfizer Inc. , was served with a Food and Drug Administration Warning Letter, meaning something at the Pfizer facility was not in compliance with FDA code. Until the facility demonstrates compliance, Momenta said that approval for its marketing application for a 40 mg. dose of Glatopa is “unlikely” in the first quarter. Pfizer shares declined 0.4% to $33.48 after hours.

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Brad Grey, the CEO of Paramount Pictures Corp., is negotiating the terms of his departure with Bob Bakish, the CEO of Paramount’s parent Viacom Inc. , according to The Wall Street Journal, which cited a source familiar with the matter. Shares of Viacom were flat in late trading Friday after ending the regular session down 0.4%.

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U.S. stocks finished higher for the week Friday as the Dow industrials extended its streak of record closes to seven sessions. The Dow Jones Industrial Average rose 4.28 points, or less than 0.1%, to finish at 20,624.05, as shares of UnitedHealth Group Inc. weighed heavily on the average. For the week, the Dow closed up 1.8%. The S&P 500 index closed up 3.94 points, or 0.2%, at 2,351.16, with telecom and consumer-staples stocks leading the index higher. For the week, the S&P 500 closed up 1.5%. The Nasdaq Composite index finished up 23.68 points, or 0.4%, at a record 5,838.58, for a 1.8% gain on the week.

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Software company MuleSoft Inc. filed to go public Friday. The company reported revenue of $187.7 million in 2016, up from $110.3 million in 2015. It narrowed its net loss to $49.6 million in 2016 from $65.4 million in 2015. The company filed for a $100 million offering, which is likely a placeholder amount, and has applied to list on the New York Stock Exchange under the symbol “MULE.” Goldman Sachs & Co., J.P. Morgan and Bank of America Merrill Lynch are the lead underwriters on the offering.

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Arista Networks Inc. rocketed 18% to a record high Friday, following the company’s strong earnings report. In after-hours trade Thursday, Arista, which sells communications switches that compete with Cisco Systems Inc. , topped fourth-quarter sales and non-GAAP earnings expectations and provided a revenue outlook for the current quarter well above the consensus estimate. Friday’s moved mark Arista stock’s second-biggest percentage-gain in history, helping the stock to notch an all-time high. Its shares have climbed more than 34% in the past three months and nearly 98% in the past year, vastly outperforming the S&P 500 , up 7.4% in the past three months and 22% in the past year. Earlier this week, Cisco also reported earnings that topped expectations but revenue declines in its core switching and routing businesses.

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Shares of Square Inc. climbed nearly 4% on Friday after analysts at Citigroup initiated coverage on the stock with a buy rating. Square stock traded around $14.40 Friday afternoon, representing an increase of nearly 18% in the past three months and more than 46% in the past 12 months. Its shares have outperformed the S&P 500 , which is up 7.3% in the past three months and 22% in the year. The percent-gain is Square’s largest since Dec. 7. The company is scheduled to report earnings next week.

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