Tag: stock market

An audit committee probe into the business practices of regenerative medical company MiMedx Group Inc. has found no credible evidence the company needs to make changes to previously issued financial statements, according to a news release. The findings provided to the MiMedx board are preliminary and an audit committee is still investigating claims brought by two former MiMedx employees that the company engaged in fraudulent business practices, including those that alledgedly would affect the MiMedx’s revenue recognition policy. The claims were made in a lawsuit against MiMedx after the two former employees were fired for selling products of competitive companies. MiMedx management doesn’t believe there is any merit to the claims and doesn’t anticipate any material effect on financial statements. The investigation is ongoing. MiMedx shares were inactive in premarket trade, but have fallen more than 5% in the year to date, underperforming the S&P 500 Index , which is up nearly 11%

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Endologix Inc. shares dropped 16.4% in pre-market trade Tuesday on the company’s investigation into a manufacturing issue with some sizes of a medical device. The AFX Endovascular AAA System, which treats abdominal aortic aneurysms and was first approved by the Food and Drug Administration in 2011, will have a temporary hold on shipments which should be lifted in the “near future,” Endologix said. The company said that the issue was discovered during its product testing and doesn’t relate to its Nellix or Ovation aortic treatments. Endologix shares have dropped 27.4% year-to-date, compared with a 10.9% rise in the S&P 500 . Shares were priced at $7.19 as of Friday’s close.

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Seattle Genetics Inc. shares dropped 12.9% in pre-market trade Tuesday after the company said the Food and Drug Administration had placed holds on several early-stage cancer clinical trials after six patients were found to have hepatotoxicity and four patients died. The clinical trials, which were testing vadastuximab talirine as a treatment for acute myeloid leukemia, were held to evaluate risk of hepatotoxicity. The trials included a phase 1/2 trial placed on full clinical hold and two phase 1 trials placed on partial clinical hold, with no new clinical trials beginning until the holds come to an end. Other clinical trials for vadastuximab talirine, including a phase 3 and phase 1/2 trial, are continuing. Seattle Genetics shares have risen 37.8% year-to-date, compared with a 10.8% rise in the S&P 500 . Seattle shares closed at $61.86 at Friday’s close.

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Ritchie Bros. Auctioneers Inc. shares were downgraded to market perform from outperform at Raymond James late Monday, with analysts citing mounting near-term headwinds and share price strength in the last two years. Headwinds include the normalization of energy markets, which means Ritchie Bros, which specializes in auctioning heavy equipment used in farming, energy and transportation, is lapping large auctions that were fueled by the steep slide in oil prices in 2014 and 2015, analysts wrote in a note. “The fact that growth from other regions of Ritchie’s vast markets (Europe, for example, or Eastern US) is not sufficiently filling the slack from reduced energy-centric activity gives us more reason to pause at this point,” they wrote. Ritchie Bros. last week disclosed gross auction proceeds for the final quarter of the year, showing a decline of 10% for December and 9% for the quarter, below Raymond James estimates. The company is also facing the challenge of integrating IronPlanet, which it acquired in August, and in implementing its multi-channel strategy, said the note. “We maintain a generally positive view of the long-term outlook for the IronPlanet (IP) acquisition and the whole multi-channel strategy, but we are formally taking a pause on this stock,” analysts wrote. Ritchie Bros. stock was not yet active premarket, but has gained about 50% this year, while the S&P 500 has gained about 11%.

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Endologix Inc. shares were halted in pre-market trade Tuesday on the company’s investigation into a manufacturing issue with some sizes of a medical device. The AFX Endovascular AAA System, which treats abdominal aortic aneurysms and was first approved by the Food and Drug Administration in 2011, will have a temporary hold on shipments which should be lifted in the “near future,” Endologix said. The company said that the issue was discovered during its product testing and doesn’t relate to its Nellix or Ovation aortic treatments. Endologix shares have dropped 27.4% year-to-date, compared with a 10.9% rise in the S&P 500 . Shares were priced at $7.19 as of Friday’s close.

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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Fred’s Inc. said Tuesday its board has unanimously approved a shareholder rights plan, following “unusual and substantial” activity in its shares. The rights plan, also known as a poison pill, is designed to prevent a hostile takeover of the company and to avoid certain default provisions of its credit facilities from being triggered. The plan will give shareholders one right for each share owned and will have a 10% ownership trigger. Last week, the stock had its biggest one-day gain after news the retailer was acquiring 865 Rite Aid stores in a move that could propel the company into the Top 3 in the drugstore game. Shares were not yet active premarket, but have gained 23% in the year so far, while the S&P 500 has gained 11%.

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Halliburton Co. said late Friday it settled a 14-year-old class action lawsuit that had gone to the U.S. Supreme Court. Halliburton said it will contribute $54 million to a $100 million settlement fund in its lawsuit with the Erica P. John Fund, with the company’s insurer contributing the rest. The legal fight was considered a test of the right of investors to file a class-action lawsuit based on public misrepresentations. Shares of Halliburton declined 0.1% to $54.77 after hours.

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Halliburton Co. said late Friday it filed papers with Russian regulators to advance a bid to acquire interest in Novomet Oil Services Holding Ltd. The oil-services company said it made a filing with the Federal Antimonopoly Service of Russia in connection with the deal, which includes the possibility of acquiring Novomet outright. “No agreement has been reached to date,” the company said in a statement, which did not include a potential price. “However, Halliburton believes it is beneficial to seek clarity from the FAS at this point in the discussions.” Novomet specializes in artificial lift — the process in which pressure is increased in oil wells to lift crude to the surface — used in electrical submersible pumps. Halliburton shares declined 0.1% to $54.77 after hours.

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U.S. stocks rose on Friday, with the Dow Jones Industrial Average logging its seventh straight weekly gain — the longest winning streak in two years. Health-care, consumer-staples and financial shares led the market, offsetting a drop in energy and consumer-discretionary shares to help the S&P 500 climb 2.81 points, or 0.1%, to 2,263.77. The Dow rose 15.13 points, or 0.1%, to 19,933.94, led by Proctor & Gamble Co. and UnitedHealth Group Inc. . The Nasdaq Composite Index advanced 15.27 points, or 0.3%, to 5,462.69, with the iShares Nasdaq Biotechnology Index , which tracks the benchmark’s biotech stocks, rising more than 2%.

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Public Company Accounting Oversight Board Member Jay D. Hanson notified the audit regulator on Friday of his resignation from its Board. The PCAOB did not provide a reason for his departure.

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