Tag: stock market

Shares of Dipexium Pharmaceuticals Inc. surged in the extended session Thursday after the microcap drug maker said it will merge with privately-held PLx Pharma Inc. Dipexium shares rallied 66% to $2.65 after hours. Dipexium said it will issue about 36 million new shares of its stock to PLx shareholders, who will own just under 77% of outstanding shares while current Dipexium shareholders will own a little over 23%. The new company will retain the name PLx Pharma Inc. The focus of the company will be development and commercialization of Aspertec, an aspirin for high-risk cardiovascular and neurology patients.

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Shares of Lockheed Martin Corp. declined in the extended session Thursday while shares of Boeing Co. advanced following a tweet by President-elect Donald Trump about cost overruns for Lockheed’s F-35 fighter. Lockheed shares fell 1.9% to $248 after hours, while Boeing shares rose 0.7% to $158.58. Late Thursday, Trump posted on his Twitter account that he had asked Boeing to price out a comparable F-18 Super Hornet fighter because of rising costs in the F-35 program.

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Prestige Brands Holdings Inc. said late Thursday it plans to buy privately-held C.B. Fleet Co. for $825 million. Fleet is known for its line of over-the-counter enemas and laxatives, as well as its Summers Eve line of feminine hygiene products. Prestige expects the acquisition to increase the company’s pro forma revenue in fiscal 2018 to about $1 billion. The company reported $806.2 million in revenue in fiscal 2016. Prestige said it expects to close the transaction by the end of its fiscal fourth quarter. Shares were unchanged at $48.74 after hours.

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Consumer Reports does not recommend buying the new MacBook Pro from Apple Inc. , a first for the magazine in regards to the tech giant’s popular laptop computers, and said issues it found with the devices’ battery life was the reason. In a review published Thursday, Consumer Reports said it purchased three models of MacBook Pro laptops and found “battery life results were highly inconsistent from one trial to the next.” The review said that battery life would range from less than 4 hours to more than 19 hours on the three models, while laptop batteries typically only vary by about 5% in their trials. “Battery life is an important attribute for a laptop, and it it represents a significant portion of our overall score,” reviewer Jerry Beilinson wrote. “After factoring together our complete test results, Consumer Reports finds that all three MacBook Pro laptops fail to meet our standards for recommended models.” Apple stock dropped 0.7% to $116.22 Thursday.

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Progenics Pharmaceuticals Inc. shares rallied in the extended session Thursday after the cancer drug company said its clinical trial of a prostate cancer imaging agent will continue. Progenics shares surged 13% to $10 after hours. The company said a review of data on its imaging agent to detect prostate cancer, known as 99mTc-MIP-1404, determined that a late-stage clinical study of the agent should continue.

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Cintas Corp. shares fell in the extended session Thursday after the uniform and office maintenance supply company’s quarterly earnings report. Cintas shares fell 3% to $116.50 after hours. The company reported adjusted fiscal second-quarter earnings of $1.13 a share, which included a 2-cents-a-share charge for the acquisition of G&K Services Inc., on revenue of $1.3 billion. Analysts surveyed by FactSet had estimated $1.15 a share on revenue of $1.29 billion. The company forecast fiscal 2017 earnings of $4.57 to $4.65 a share on revenue of $5.18 billion to $5.23 billion. Analysts expect $4.61 a share on revenue of $5.22 billion.

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U.S. stocks closed lower Thursday as third-quarter economic growth was revised upwards but durable goods orders declined. The Dow Jones Industrial Average closed down 23.08 points, or 0.1%, at 19,918.88, led lower by a 2.3% decline in Wal-Mart Stores Inc. shares. The S&P 500 index fell 4.22 points, or 0.2%, to close at 2,260.96, as consumer-discretionary stocks fell 1%. The Nasdaq Composite index declined 24.01 points, or 0.4%, to finish at 5,447.42.

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The United States Department of Justice filed a civil suit on Thursday against Barclays Bank PLC and several of its U.S. affiliates that alleges that Barclays engaged in a fraudulent scheme from 2005 to 2007 to sell securities backed by residential mortgage loans that it knew were likely to fail, all while telling investors that the mortgages backing the securities were sound. The complaint alleges Barclays knew the loans were defective and that due diligence on these deals was a sham. The lawsuit alleges that investors all over the world lost billions of dollars as a result of the fraudulent scheme. The suit also names two former Barclays executives as defendants, Paul K. Menefee, who served as Barclays’ head banker on its subprime RMBS securitizations, and John T. Carroll, who served as Barclays’ head trader for subprime loan acquisitions. According to the Department of Justice both men made representations about the characteristics of the loans backing the securities that they knew were false when they made them. The complaint alleges violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 based on mail fraud, wire fraud, bank fraud, and other misconduct.

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Crude-oil futures on Thursday settled firmly higher, rebounding after slumping a day earlier on reports of a surprise buildup in U.S. inventories. Traders and analysts said a strong report on U.S. gross domestic product and a larger-than-expected reduction of natural-gas supplies helped to revive sentiment. West Texas Intermediate crude oil for February delivery ended 46 cents, or 0.9%, higher at $52.95 a barrel. A day earlier oil futures skidded lower after the U.S. Energy Information Administration reported a surprise build up in crude inventories, but on Thursday the administration said natural-gas inventories shrank in the week ended Dec. 16, a supportive sign for crude prices.

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Gold prices settled lower Thursday for a third consecutive session as the dollar stabilized near multiyear highs. Gold for February delivery settled down $2.50, or 0.2%, at $1,130.70 an ounce, as the U.S. Dollar index hovered around 103, near its highest levels since December 2002. Silver for March delivery settled down 10.8 cents, or 0.7%, at $15.87 an ounce.

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