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Cytokinetics shares drop 31% on late-stage ALS drug failure
Cytokinetics Inc. shares dropped 31% in premarket trade Tuesday after the company said its lead product candidate failed to meet primary or secondary endpoints in a late-stage clinical trial. The drug, tirasemtiv, was being developed for the progressive neurodegenerative disease amyotrophic lateral sclerosis (ALS); Cytokinetics said on Tuesday that it plans to suspend tirasemtiv's development. The company said it believes tirasemtiv's limitations "may be addressed with our next-generation fast skeletal muscle activator, CK-2127107," which is currently in mid-stage clinical trials, with phase 2 results expected next year. CK-212710, which is also called CK-107, is being developed to improve muscle function and physical performance for individuals with ALS, spinal muscular atrophy, chronic obstructive pulmonary disease and for elderly adults with limited mobility. Cytokinetics shares have declined 11.6% over the last three months, compared with a 6.3% rise in the S&P 500 and a 8% rise in the Dow Jones Industrial Average .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.
Axalta shares rocket 20% after report of potential merger talks
Shares of Axalta Coating Systems Ltd. were up nearly 20% during intraday trade on Friday after reports that the company has been approached by Dutch paints company Akzo Nobel NV for a potential merger. Reuters, citing unnamed sources, said that Axalta is in early stages of considering the deal and that there is no guarantee a deal will actually happen. Shares of Akzo Nobel were down less than 1%. Axalta shares have gained 22% in the year to date, while the S&P 500 index is up more than 15% and the Dow Jones Industrial Average is up more than 18%.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.
Imax shares rocket up 10% after company reports strongest third-quarter ever
Shares of Imax Corp. rose more than 10% in premarket trade on Thursday after the premium movie theater exhibitor reported third-quarter revenue above Wall Street expectations. Imax reported net income of $2.90 million, or a loss of 1 cent per share, after income of $4.38 million, or 4 cents per share, during the same quarter a year ago. Imax revenue was $98.8 million, up from $86.6 million last year, and above FactSet's $86.5 million revenue consensus. The company said its box office revenue increased more than 17% to $218.8 million in the quarter. "Despite overall cinema industry challenges, it was our strongest third quarter ever, underpinned by our out performance on blockbuster-titles such as 'Dunkirk,'" Imax Chief Executive Richard Gelfond said in a statement. "Last quarter we laid out several initiatives aimed at increasing the revenue generation of our network and reducing our cost structure. While we are still in the early stages of fully implementing these initiatives, we were pleased with the tangible progress we made in the third quarter." Shares of Imax Corp. are down nearly 26% in the year to date, while the S&P 500 index is up close to 15% and the Dow Jones Industrial Average is up 18%.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.
Disney price target cut at UBS as company faces new streaming costs, impact of Hurricane Irma
Analysts at UBS lowered their 2017 and 2018 earnings estimates for Walt Disney Co. , also dropping the 12-month price target to $122 from $126 on Friday after Disney Chief Executive Bob Iger told investors that the company's earnings growth would be stagnant. During a Bank of America media, communications and entertainment conference on Thursday, Iger told those in attendance that 2017 earnings would be roughly in line with the prior year's earnings, lowering expectations from previous guidance of modest growth. Disney shares took a 5% slide during intraday trading on Thursday following Iger's comments. The lower earnings expectations, Iger said, are due, in part, to expenses tied to Disney's BAMTech investment for its stand alone streaming service and impacts Disney parks are seeing from Hurricane Irma. Lead UBS analyst Doug Mitchelson also mentioned in a note to investors lower ratings at Disney's ABC network and tough content and licensing comparisons. "Many investors are questioning how Disney's valuation can expand while estimates are coming down due to investments in the future," Mitchelson wrote, noting the irony as investors have demanded media companies stop licensing content and build streaming platforms of their own. "This is compounded by the uncertainty as to the pace of decline of the pay TV bundle and the impacts of video fragmentation. As Disney officially starts its streaming shift, Mitchelson said it's critical that ESPN demonstrate pricing power, that cable losses are shored up by virtual multichannel video programming distributors, that content and the parks business continues executing, and that Disney displays cost discipline. Disney shares have declined nearly 7% in the year to date, while the S&P 500 index is up 10% and the Dow Jones Industrial Average is up more than 10%.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.
Thomas Cook pilots plan more strikes
Pilots at leisure airline Thomas Cook, who are staging a 12-hour strike, announce more industrial action.
Dow holds on to gains as Draghi talks global economic stability at Jackson Hole
U.S. stock benchmarks were trading higher Friday afternoon, and looked set to book weekly advances as Mario Draghi delivered a highly anticipated speech at Jackson Hole, Wyo. Although Draghi didn't offer clues about monetary policy, he did say that recoveries taking place in global economies are firming, though he said it was "at an earlier stage" in Europe and Japan. The statement was enough to send the euro surging against the dollar up at $1.1925, compared to $1.18 late Thursday in New York. U.S. equity markets, meanwhile, climbed and have traded higher throughout the session on the back of the possibility of tax reform following remarks made by Gary Cohn, the president's economic adviser. The Dow Jones Industrial Average rose about 61 points, or 0.3%, at 21,847. Dow components Boeing Co. and Intel Corp. were helping to limit gains for blue chips. The S&P 500 index climbed 8 points, or 0.3%, at 2,446, while the Nasdaq Composite Index was flat at 6,271. Still, the technology laden gauge was on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. Earlier in the session, Federal Reserve Chairwoman Yellen said that the economy was stabilizing but made no specific remarks about monetary policy during her speech at the gathering of central bankers in Wyoming. Meanwhile, investors were also Cohn's interview with the Financial Times, where he said the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of catalyst for stocks's rise to records after Trump's election victory in November. In that interview, Cohn also said he seriously considered resigning in response to Trump's reaction to a Charlottesville, Va., white-supremacist rally, however, the adviser and former Goldman Sachs executive decided against leaving. In other news, investors may also be watching developments in the Gulf Coast after Hurricane Harvey was upgraded to a Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 9% after the retailer's results late Thursday showed second-quarter sales growth slowed. Check out a live blog of the Jackson Hole symposium here.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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