Markets soar as estimated damages from Hurricane Irma lower that expected

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Investors welcomed reports that damage from Hurricane Irma are estimated to be below expectations. The markets soared to close sharply higher with the Dow rocketing 259 points to 22,057. Nasdaq surged 72 points to 6,432.


On the upside


Marinus Pharmaceuticals (Nasdaq: MRNS) reported upbeat results from a Phase 2 study of ganaxolone to treat CDKL5 disorder.


Shares of HCI Group (NYSE: HCI), Heritage Insurance Holdings (NYSE: HRTG) and Universal Insurance Holdings (NYSE: UVE) all climbed after estimates of Hurricane Irma damages fell short of expectations.


Bank of America upgraded Allegheny Technologies (NYSE: ATI) from an Underperform rating to a Buy rating and lifted its price target rom $16 to $24.

 

On the downside


Cloudera's (NYSE: CLDR) platform was used by Globe Telecom to enhance customer experience and deliver real-time targeted marketing campaigns but the stock price fell.


Janssen Pharmaceuticals terminated its collaboration agreement with Achillion Pharmaceuticals (Nasdaq: ACHN) to develop a hepatitis C treatment.

 

Investors locked in profits on Oncobiologics (Nasdaq: ONS).


In the broad market, advancing issues outpaced decliners by a margin of nearly 4 to 1 on the NYSE and by more than 5 to 2 on Nasdaq. The broader S&P 500 soared 26 points to 2,488. Bitcoin climbed $24 to $4,216.


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This page contains a single entry by published on September 11, 2017 3:56 PM.

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