Markets soar on upbeat earnings

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Upbeat earnings sent the markets soaring to a sharply higher open with the Dow jumping 231 points to 20,995. Nasdaq climbed 36 points to 6,020.


On the upside


Catabasis Pharmaceuticals (Nasdaq: CATB) announced favorable results across multiple functional assessments in the MoveDMD trial for edasalonexent to treat Duchenne muscular dystrophy.


Supervalu (NYSE: SVU) reported sharply higher fourth quarter earnings that topped analyst estimates.


Capricorn Therapeutics (Nasdaq: CAPR) announced positive six month safety and efficacy results from a randomized Phase I/II HOPE clinical trial of CAP-1002 to treat Duchenne muscular dystrophy.


On the downside


Express Scripts (Nasdaq: ESRX) said that its largest client, Anthem, will not renew its contract when it expires at the end of 2019.


First quarter earnings for Barrick Gold (NYSE: ABX) fell short of expectations prompting the world's largest gold miner to cut its output outlook for its gold mine in Argentina.

 

ContraVir Pharmaceuticals (Nasdaq: CTRV) priced its public offering at the discounted price of $1.00 per unit.


In the broad market, advancing issues outpaced decliners by a margin of nearly 7 to 2 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 index climbed 14 points to 2,388. Bitcoin gained $14 to $1262.


The markets welcomed French centrist candidate Emmanuel Macron's first round victory in the presidential elections this weekend. The markets closed sharply higher with the Dow surging 216 points to 20,763. Nasdaq leaped 73 points to 5,983.


On the upside


The European Medicines Agency granted orphan drug designation to PhaseRX (Nasdaq: PZRX) for its PRX-OTC to treat ornithine transcarbyamylase deficiency.


Deutsche Bank (NYSE: DB) hired two senior Healthcare Investment Bankers from BMO Capital Markets.


Shares of Rocket Fuel (Nasdaq: FUEL) surged on no news.


On the downside


ContraVir Pharmaceuticals (Nasdaq: CTRV) announced a proposed public offering of common stock and warrants.


Immune Pharmaceuticals (Nasdaq: IMNP) named Dr. Daniel Teper to lead the oncology business of its Cytovia subsidiary and to pursue a potential spin-off of Cytovia.

 

Investors locked in profits on Globus Maritime (Nasdaq: GLBS).


In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 index jumped 25 points to 2,374. Bitcoin gained $9 to $1249.


Supreme Court rejects GM's appeal

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The markets surged during the midday with the Dow jumping 223 points to 20,771. Nasdaq soared 70 points to 5,981.


The U.S. Supreme Court rejected an appeal by General Motors to prevent lawsuits over its ignition switch defect. Faulty ignition switches that could have caused engines to stall and power to be cut from braking, air bag and steering systems have been linked to 124 deaths and 275 injuries. GM argued that its bankruptcy in 2009 prevented lawsuits against the automaker.


Tesla announced plans to double the number of charging stations for its electric vehicles over the next year. There are currently 5,400 Supercharger stations globally and 9,000 Destination Charging connectors that are located at hotels, malls and restaurants. Charging times differ depending on the capacity of the car battery.


Microsoft unveiled new artificial intelligence features to its Dynamics 365 sales software. The new capabilities will assess the business relationship of a sales person with a potential client by analyzing email exchanges and LinkedIn data and provide guidance to the sales person. Microsoft expects to expand its 4.3% share of the sales software market with the added features.


In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on the NYSE and by nearly 3 to 1 on Nasdaq. The broader S&P 500 index soared 24 points to 2,373. Bitcoin rose $5 to $1245.


The first round French election win of centrist candidate Emmanuel Macron sent the markets soaring with the Dow leaping 224 points to 20,772. Nasdaq surged 69 points to 5,979.


On the upside


Ocean Power Technologies (Nasdaq: OPTT) deployed a PB3 PowerBuoy off the coast of Japan.


Real Goods Solar (NYSE: RGSE) provided an upbeat business update.


Becton Dickinson will acquire C.R. Bard (NYSE: BCR) in a cash and stock transaction valued at approximately $24 billion.


On the downside


RLJ Lodging Trust (NYSE: RLJ) will acquire FelCor Lodging Trust (NYSE: FCH) in an all stock transaction.


Shares of Ocwen Financial (NYSE: OCN) extended its losses.

 

The U.S. Supreme Court rejected an appeal by Chesapeake Energy (NYSE: CHK) to overturn a ruling to pay $438.7 million to bondholders.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 1 on the NYSE and by more than 4 to 1 on Nasdaq. The broader S&P 500 index soared 24 points to 2,373. Bitcoin added $2 to $1243.


A drop in crude oil prices weighed the markets down to a lower close with the Dow falling 30 points to 20,547. Nasdaq lost 6 points to 5,910.


On the upside


Briggs & Stratton (NYSE: BGG) reported higher third quarter earnings that topped analyst estimates and the company declared a quarterly cash dividend of 14 cents per common share payable on June 30, 2017 to shareholders of record June 16, 2017.


Shares of Akari Therapeutics (Nasdaq: AKTX) surged on no news.


CAI International (NYSE: CAI) reported better than expected earnings for the first quarter.


On the downside


First quarter revenue slipped for Electronics for Imaging (Nasdaq: EFII).


Aevi Genomic Medicine (Nasdaq: GNMX) presented new data from the SAGA trial of AEVI-001 at the 6th World Congress on ADHD.

 

Shares of MannKind (Nasdaq: MNKD) fell for the seventh day.


In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 4 on the NYSE and by 7 to 5 on Nasdaq. The broader S&P 500 index fell 7 points to 2,348. Bitcoin edged up to $1239.


3-years probation for Volkswagen

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The markets turned negative during the midday with the Dow dropping 63 points to 20,515. Nasdaq fell 16 points to 5,900.


Volkswagen was sentenced to three years probation and independent oversight for its diesel emissions scandal. A $2.8 billion criminal penalty was also imposed on the German automaker. The penalty is on top of $1.5 billion that Volkswagen agreed to pay to settle civil claims filed by the Environmental Protection Agency and U.S. Customs.


Google Home introduced a new multiuser feature that can recognize up to six different people's voices. Google Home will use each person's account to provide individual commute times, playlists and calendars. The new feature is available on the latest version of the Google Home app.


Struggling women's apparel retailer Bebe Stores will close all of its locations by the end of May. The company had announced plans last month to explore strategic alternatives in order to avoid filing for bankruptcy. Liquidator Tiger Capital Group will sell all of Bebe's inventory.


In the broad market, declining issues outpaced advancers by a margin of more than 10 to 9 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 index fell 10 points to 2,345. Bitcoin gained $7 to $1237.


The markets opened flat with the Dow adding 3 points to 20,582 as crude oil prices edged down. Nasdaq held steady at 5,916.


On the upside


China Digital TV Holding (NYSE: STV) declared a special cash dividend of $1.50 per share of common stock.


Aurinia Pharmaceuticals (Nasdaq: AUPH) announced additional 48-week data from its Phase IIb AURA-LV study in lupus nephritis.


Proofpoint (Nasdaq: PFPT) narrowed first quarter losses more than expected.


On the downside


Mattel (Nasdaq: MAT) widened first quarter losses more than expected as revenue fell.


The European Medicines Agency issued a negative "trend" vote for XBiotech's (Nasdaq: XBIT) marketing authorization application for its candidate antibody for the treatment of colorectal cancer.

 

Adamis Pharmaceuticals (Nasdaq: ADMP) priced its public offering of approximately 4.285 million common shares at the discounted $3.50 per share.


In the broad market, declining issues outpaced advancers by a margin of 9 to 7 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 index slipped 2 points to 2,353. Bitcoin gained $8 to $1237.


Markets surge on upbeat earnings

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Upbeat earnings boosted the markets to a sharply higher close with the Dow surging 174 points to 20,578. Nasdaq climbed 53 points to 5,916.


On the upside


MicroVision (Nasdaq: MVIS) will develop a Laser Beam Scanning display system for a major technology company.


SunCoke Energy (NYSE: SXC) reversed year ago losses to post a profit for the first quarter.


Datawatch (Nasdaq: DWCH) narrowed losses for the second quarter as revenue climbed.


On the downside


The Consumer Financial Protection Bureau sued Owen Financial (NYSE: OCN) alleging that the mortgage company engaged in systemic misconduct that caused widespread errors which resulted in some clients losing their homes.


Sarissa Capital said that Innoviva (Nasdaq: INVA) reneged on a proxy settlement.

 

Proofpoint (Nasdaq: PFPT) reported a loss for the first quarter.


In the broad market, advancing issues outpaced decliners by a margin of 5 to 2 on both the NYSE and on Nasdaq. The broader S&P 500 index climbed 17 points to 2,355. Bitcoin soared $30 to $1236.


Venezuela seizes GM plant

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The markets advanced during the midday with the Dow leaping 162 points to 20,566. Nasdaq climbed 50 points to 5,913.


Authorities in Venezuela seized a General Motors plant prompting the automaker to halt all production in the South American nation. GM characterized the actions as an "illegal judicial seizure of its assets." High crime rates and a lack of basic goods and services have sparked public protests against the increasingly autocratic government.


Saudi Arabian energy minister Khalid al-Falih indicated that oil production cuts that were implemented in January may continue. The production reduction agreement between the Organization of the Petroleum Exporting Countries and non-OPEC was an effort to boost oil prices that had tumbled amidst an inventory glut. The six month experiment to curb production lifted oil prices from below $30 per barrel last year to $50 per barrel today.


Intercontinental Hotels Group admitted that more than 1,200 of its locations experienced data breaches between September 29, 2016 and December 29, 2016. The hotel operator originally reported malware infections at a dozen of its Holiday Inn sites. An investigation revealed that the Candlewood Suites, Crown Plaza, Holiday Inn, Hotel Indigo and Staybridge Suites brands all had customer credit and debit card information stolen.


In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by nearly 5 to 2 on Nasdaq. The broader S&P 500 index gained 16 points to 2,354. Bitcoin climbed $30 to $1234.


Despite an uptick in jobless claims, the markets opened higher with the Dow climbing 81 points to 20,485 as investors focused on earnings. Nasdaq gained 26 points to 5,889.


On the upside


Immune Pharmaceuticals (Nasdaq: IMNP) signed a letter of intent with Pint Pharma to negotiate an exclusive license by Pint for the rights to commercialize Ceplene in Latin America.


KCG Holdings (NYSE: KCG) will be acquired by Virtu Financial (Nasdaq: VIRT) in an all cash transaction valued at approximately $1.4 billion.


Select Comfort (Nasdaq: SCSS) reported sharply higher first quarter earnings that topped analyst estimates and lifted its full year forecast.


On the downside


Whitestone REIT (NYSE: WSR) will pay approximately $204.6 million to acquire retail centers Eldorado Plaza and BLVD Place and announced a public offering of 8.1 million common shares.


Mednax (NYSE: MD) reported lower preliminary first quarter earnings that fell short of expectations.

 

The Kansas Corporation Commission rejected the proposed merger between Great Plains Energy (NYSE: GXP) and Westar Energy (NYSE: WR).


In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 3 on the NYSE and by 5 to 2 on Nasdaq. The broader S&P 500 index rose 8 points to 2,346. Bitcoin climbed $18 to $1222.


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