Breaking Stock Market and Financial News

Onconova Therapeutics stock drops 12% after pricing stock offering

MarketWatch Market Pulse - Fri, 04/21/2017 - 09:55

Onconova Therapeutics Inc. shares dropped 12.3% to $2.19 in morning trade Friday after the company priced a stock offering at $2.10 per share. Shares were valued at $2.49 as of Thursday's close. The company plans to offer about 2.5 million shares on or about April 26 for an expected $5.2 million that it plans to use to develop its drug for higher-risk myelodysplastic syndromes, which are considered a form of cancer and are related to bone marrow damage. Onconova shares have declined 10.9% over the last three months, compared with a 3.7% rise in the S&P 500 .

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GE cash flow turns negative in quarter; profit, revenue beat

Top Reuters News - Fri, 04/21/2017 - 09:48
(Reuters) - General Electric Co reported on Friday that first-quarter cash flow from its industrial operations turned negative and was less than the company expected, though its earnings and revenue exceeded analyst estimates.

U.S. stocks open flat as French election looms

MarketWatch Market Pulse - Fri, 04/21/2017 - 09:32

U.S. stocks opened little-changed as investors adopted a wait-and-see approach ahead of the first round of voting in the French presidential election, which takes place Sunday. The S&P 500 index was unchanged at 2,355, The Dow Jones Industrial Average was flat at 20,592. The Nasdaq Composite Index was little-changed at 5,915. While centrist candidate Emmanuel Macron remains the favorite to win overall, some fear that the National Front's Marine Le Pen and far-left contender Jean Luc Melenchon might advance to the second round, an upset that would lead to a "nightmare scenario" for markets. Corporate earnings reports released Friday before the bell were generally positive, as shares of industrial conglomerate General Electric Co. rallied after its earnings surpassed expectations. Honeywell International Inc. also beat, sending shares higher. Meanwhile, shares of Mattel Inc. slumped after the toy maker's quarterly results, released late Thursday, missed the mark.

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Bebe Stores to liquidate, close all stores

MarketWatch Market Pulse - Fri, 04/21/2017 - 09:26

Bebe Stores Inc. announced Friday that it will liquidate all merchandise and inventory and close all stores by the end of May 2017. In the 8K filing, the women's clothing and accessories retailer said it would also sell certain furnishings, fixtures and equipment. The company expects an impairment charge of about $20 million from deferred rents and other credits, a result of the store closures. The impairment charge will be recorded with the third and fourth quarters of 2017. And it may incur a loss from the sale of its merchandise. Bebe had 180 retail stores as of Dec. 31, 2016 and about 2,601 employees as of July 2, 2016, according to filings. The company had anticipated closing up to 25 stores in 2017. Bebe shares are down 0.3% in premarket trading and down 37.3% for the past year.

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Arkansas executes inmate after U.S. Supreme Court gives go-ahead

Top Reuters News - Fri, 04/21/2017 - 09:23
LITTLE ROCK, Ark. (Reuters) - Arkansas executed its first inmate in 12 years on Thursday after the U.S. Supreme Court rejected the inmate's request to halt the lethal injection in a late-night ruling.

Mattel shares sink in premarket trading and take Hasbro shares with them

MarketWatch Market Pulse - Fri, 04/21/2017 - 08:16

Mattel Inc. shares sank 6.8% toward a five-month low in Friday premarket trading after the toy company reported first-quarter earnings that missed expectations. The late-Thursday announcement also brought down Hasbro Inc. shares, which fell 2.1% in premarket activity. Mattel reported a loss per share of 33 cents and an adjusted loss per share of 32 cents. The FactSet consensus was a 17-cent loss. Sales plunged 15%, totaling $735.6 million down from $869.4 million last year. The FactSet consensus was $794.0 million. Mattel shares are down 19% for the last year, Hasbro shares are up 10.6% for the period, and the S&P 500 index is up 12.6% for the past 12 months.

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Wells Fargo adds $32 million to class-action settlement for retail sales practices

MarketWatch Market Pulse - Fri, 04/21/2017 - 08:12

Wells Fargo & Co. said Friday it is expanding the class-action settlement for its retail sales practices by $32 million, bringing the total to $142 million. The settlement will now include customers who were impacted by the bank's retail sales practices as early as May of 2002, the bank said in a statement. Wells Fargo became the subject of a major scandal last year, when it admitted that employees had opened as many as 2 million accounts without customer authorization between 2011 and 2016 to meet sales targets. The bank said the new agreement has been submitted to the Northern District of California court. Wells Fargo is expecting this latest move to resolve claims in 11 other pending class actions regarding unauthorized accounts that were opened in customers names without their consent. Shares were slightly higher in premarket trade, but are down 3% in 2017, while the S&P 500 has gained 5%.

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XBiotech's stock plummets after cancer treatment receives disappointing review panel vote

MarketWatch Market Pulse - Fri, 04/21/2017 - 08:07

Shares of XBiotech Inc. plummeted 30% in premarket trade Friday, after the biosciences company indicated its cancer treatment's marketing application would not be recommended by a European review panel. The company said late Thursday that the European Medicines Agency (EMA) rendered a negative "trend" vote related to XBiotech's marketing authorization application for its antibody candidate for the treatment of colorectal cancer, with the key outstanding issue related to clinical relevance of the therapy. A negative trend vote suggests it is unlikely that the Committee for Medicinal Products for Human Use will give a positive opinion at the formal decision vote scheduled in May. It means additional steps will likely be needed to gain marketing approval. "We are disappointed by the outcome of the meeting. We believe that the data speak in a clear and resounding voice to clinical relevance of a new antibody therapy in advanced colorectal cancer," said Chief Executive John Simard. The stock had rocketed 68% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF had climbed 9.4% and the S&P 500 had gained 5.2%.

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Valeant says its plaque psoriasis drug will cost $3,500 a month

MarketWatch Market Pulse - Fri, 04/21/2017 - 07:46

Valeant Pharmaceuticals International said early Friday that the company's new plaque psoriasis drug Siliq will cost $3,500 a month. Siliq, an injectable drug that Valeant got the rights for from AstraZeneca , is intended for patients with moderate-to-severe iterations of the chronic skin condition, who haven't responded to other medications. Valeant said the $3,500 price tag was "the lowest injectable biologic psoriasis treatment currently on the market" and was evaluated and approved by its Patient Access and Pricing Committee, which was created in May 2016 after a series of scandals, including one about drug pricing, rocked the company. Valeant expects to start selling and marketing Siliq starting in the second half of this year. Siliq's label will contain a "black box warning" about risks for patients with a history of suicidal thoughts or behavior. Valeant shares, which slumped 0.5% in premarket trade on Friday, have dropped 39.7% over the last three months, compared with a 3.7% rise in the S&P 500 .

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Amazon to create 2,500 full-time jobs with three New Jersey fulfillment centers

MarketWatch Market Pulse - Fri, 04/21/2017 - 07:46

Amazon.com Inc. said Friday that it will create 2,500 full-time jobs in New Jersey through three new fulfillment centers. The state already has seven facilities. Employees at the new Cranbury Township and Logan Township centers will pick, pack and ship larger items like patio furniture and music equipment. Workers at the Edison fulfillment center will handle smaller items like books and toys. Amazon announced in January that it would create 100,000 jobs over the course of 18 months, many in fulfillment centers. Amazon shares are up 0.2% in premarket trading and up 43% over the past year. The S&P 500 index is up 12.6% for the last 12 months.

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UPDATE: Honeywell tops profit and sales estimates, sales jump 1.6%

MarketWatch Market Pulse - Fri, 04/21/2017 - 07:18

Honeywell International Inc. said Friday it had net income of $1.332 billion, or $1.71 a share, in the first quarter, up from $1.216 billion, or $1.56 a share, in the year-earlier quarter. Excluding divestitures, per-share earnings came to $1.66, ahead of the FactSet consensus of $1.62. Sales edged down to $9.492 billion from $9.522 billion, but were also ahead of the FactSet consensus of $9.328 billion. Chief Executive Darius Adamczyk said all businesses contributed to higher earnings. "The commercial aftermarket within aerospace and the global distribution business within home and building technologies remained strong," he said. Performance materials and technologies were boosted by demand for Solstice low-global warming products, he said. The company is now raising the low end of its full-year outlook by 5 cents and expects EPS of $6.90 to $7.10. Shares rose 1.6% premarket, and are up 7% in 2017, while the S&P 500 gained 5%.

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Schlumberger's stock slips as revenue rises, but comes up short of expectations

MarketWatch Market Pulse - Fri, 04/21/2017 - 07:13

Schlumberger Ltd. reported Friday first-quarter net earnings of that fell to $279 million, or 20 cents a share, from $501 million, or 40 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 25 cents, matching the FactSet consensus. Revenue rose to $6.89 billion from $6.52 billion, but missed the FactSet consensus of $6.98 billion, as the oil services company's reservoir characterization, drilling and production business sales all came up shy of expectations. Among regions, North America, Europe/CIS/Africa and Middle East & Asia revenue came up a bit short, while Latin America revenue topped forecasts. The stock, which slipped 0.3% in premarket trade, has shed 8.9% year to date through Thursday, while the VanEck Vectors Oil Services ETF has tumbled 13% and the S&P 500 has gained 5.2%.

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Interpublic Q1 profit beats estimates, but revenue falls short

MarketWatch Market Pulse - Fri, 04/21/2017 - 07:09

Interpublic Group of Cos. said Friday it had net income of $21.5 million, or 5 cents a share, in the first quarter, up from $5.4 million, or 1 cent a share, in the year-earlier period. The operator of advertising agencies said revenue edged up to $1.75 billion from $1.74 billion. The FactSet consensus was for EPS of 3 cents and revenue of $1.76 billion. "Against very challenging comparisons, we showed solid organic revenue growth in the quarter, with contributions from across our agencies and all marketing disciplines," Chief Executive Michael Roth said in a statement. The first quarter is usually a seasonally small one for Interpublic, he said, but the company is on track to achieve full-year targets of organic revenue growth of 3% to 4% and to improve operating margins by 50 basis points. Shares were not yet active in premarket trade, but have gained 7% in 2017, while the S&P 500 has gained 5%.

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GE swings to profit and beats expectations, while revenue slips

MarketWatch Market Pulse - Fri, 04/21/2017 - 06:55

General Electric Co.'s stock was little changed in premarket trade Friday, after the industrial giant swung to a first-quarter profit and reported revenue that beat expectations. Net earnings were $619 million, or 7 cents a share, compared with a loss of $61 million, or a penny a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 21 cents, beating the FactSet consensus of 17 cents. Revenue slipped 1% to $27.66 billion from $27.85 billion, but was above the FactSet consensus of $26.37 billion, as GE's power, renewable energy, oil-and-gas, aviation, health-care and transportation businesses beat expectations, while energy connections missed. The company said it expects cash flows to improve throughout the year, and affirmed its industrial operating and verticals EPS outlook for 2017. The stock has lost 4.2% year to date through Thursday, while the SPDR Industrial Select Sector ETF has tacked on 5% and the Dow Jones Industrial Average has gained 4.1%.

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Le Pen urges government to immediately reinstate French borders after Paris attack: report

MarketWatch Market Pulse - Fri, 04/21/2017 - 06:40

French far-right presidential candidate Marine Le Pen on Friday urged the Socialist government to immediately restore state borders and expel foreigners monitored by surveillance after a suspected terror attack in Paris a day earlier, Reuters reported. Thursday's assault, in which one police officer was killed and two others were wounded, was claimed by terrorist group Islamic State. Sunday brings the first round of the French presidential election, with tight contests expected between the top four candidates, including Le Pen. She, and far-left candidate Jean-Luc Melenchon, are both euroskeptics, urging more independence for France.

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French police hunting second suspect after Paris attack: official

Top Reuters News - Fri, 04/21/2017 - 04:17
PARIS (Reuters) - French police were on Friday hunting a second suspect in connection with the fatal shooting of a policeman in Paris, French Interior Ministry spokesman Pierre-Henry Brandet said.

Britain's Queen Elizabeth celebrates 91st birthday

Top Reuters News - Fri, 04/21/2017 - 02:55
LONDON (Reuters) - Britain's Queen Elizabeth, the world's oldest and longest-reigning monarch, celebrated her 91st birthday in a usual low-key fashion on Friday.

Ocean drift analysis shows MH370 most likely in new search area: Australian scientists

Top Reuters News - Fri, 04/21/2017 - 02:42
SYDNEY (Reuters) - A new ocean debris drift analysis shows missing Malaysia Airlines MH370 is most likely within a proposed expanded search area rejected by Australia and Malaysia in January, the Australian government's scientific agency said on Friday.

High-stakes vote on Wells Fargo board also tests proxy adviser ISS

Top Reuters News - Fri, 04/21/2017 - 01:08
BOSTON (Reuters) - A high-stakes shareholder vote at Wells Fargo & Co next week will determine whether the bank has done enough to retain investor confidence after its phony-account scandal, and whether a leading proxy adviser wields enough clout to help oust most of its board.

Elon Musk on mission to link human brains with computers in four years: report

Top Reuters News - Fri, 04/21/2017 - 00:49
(Reuters) - Tesla Inc founder and Chief Executive Elon Musk said his latest company Neuralink Corp is working to link the human brain with a machine interface by creating micron-sized devices.

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