Breaking Stock Market and Financial News

UPDATE: Axovant shares tumble 71% after late-stage trial of Alzheimer's treatment fails to meet primary goals

MarketWatch Market Pulse - 1 hour 17 min ago

Axovant Sciences Ltd. shares cratered 71% in premarket trade Tuesday, after the company said a late-stage trial of a treatment for Alzheimer's disease failed to meet its primary goals. The company said the phase 3 trial of intepirdine in patients with mild to moderate Alzheimer's disease who were receiving donepezil therapy did not meet its primary endpoints. "At 24 weeks, patients treated with 35 mg of intepirdine did not experience improvement in cognition or in measures of activities of daily living as measured by the Alzheimer's Disease Assessment Scale-Cognitive Subscale (ADAS-Cog) and by the Alzheimer's Disease Cooperative Study-Activities of Daily Living scale (ADCS-ADL), respectively, compared to patients treated with placebo," the company said in a statement. Alzheimer's is the most common form of dementia and is fifth leading cause of death for people age 65 and older in the U.S. Axovant shares had gained 95% in 2017 through Monday, while the S&P 500 has gained 12%.

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.

U.S. tells WTO concerned about Chinese cyber security laws

Top Reuters News - 1 hour 27 min ago
GENEVA (Reuters) - The United States has told the World Trade Organization that a new Chinese cyber security law could have a significant adverse effect on global trade in services, a document posted on the WTO's website showed on Tuesday.

Western Digital to seek injunction to block Toshiba's $18 billion chip unit sale

Top Reuters News - 1 hour 29 min ago
TOKYO (Reuters) - Western Digital Corp said on Tuesday it will seek an injunction to block the sale of Toshiba Corp's prized semiconductor business to a rival group, upping the ante in an acrimonious battle with its chip venture partner.

Olive Garden parent Darden Restaurants' stock tumbles after same-store sales miss

MarketWatch Market Pulse - 1 hour 36 min ago

Shares of Darden Restaurants Inc. dropped 3.8% in premarket trade Tuesday, after the parent of Olive Garden and LongHorn Steakhouse restaurant chains matched profit expectations but missed on same-store sales. Net income for the quarter to Aug. 27 rose to $119.0 million, or 93 cents a share, from $110.2 million, or 87 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 99 cents, matching the FactSet consensus. Revenue increased to $1.94 billion from $1.71 billion, just above the FactSet consensus of $1.93 billion, while sale-store sales growth of 1.7% missed expectations of a 2.1% rise. Same-store sales rose 1.9% for Olive Garden, missing the FactSet consensus of 2.5% growth, and increased 2.6% for LongHorn, which beat expectations of a 2.2% rise. The company affirmed its 2018 outlook for adjusted EPS of $4.38 to $4.50 and for revenue growth of 11.5% to 13%. The stock has tumbled 7.7% over the past three months through Monday, while the S&P 500 has gained 2.4%.

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.

Chesapeake Energy says weather, closed asset sales hit third-quarter production

MarketWatch Market Pulse - 1 hour 37 min ago

Chesapeake Energy Corp. said Tuesday disruptive weather, closed asset sales and changes in capital allocation impacted adjusted average 2017 third quarter production. The company said it now expects third-quarter volume of about 542,000 boe a day, up from 527,600 a say in the second quarter. The company is expecting average third-quarter oil production of about 86,000 barrels a day, followed by about 100,000 barrels a day in the fourth quarter. "Last week we averaged approximately 555,000 boe per day and 91,000 barrels of oil per day, and we anticipate our volumes will continue to grow substantially in the 2017 fourth quarter as our current production rate has recovered from the delays noted above," Chief Executive Doug Lawler said in a statement. The company is planning to place 120 to 130 new wells into production in the fourth quarter, mostly in the Eagle Ford and Powder River Basin. "As we enter 2018, we remain focused on reducing our debt and driving toward cash flow neutrality," said Lawler. Shares have fallen 38% in 2017, while the S&P 500 has gained 12%.

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.

Alibaba takes control of logistics business, pledges $15 billion to expand network

Top Reuters News - 1 hour 37 min ago
HONG KONG/BEIJING (Reuters) - Chinese e-commerce firm Alibaba Group has taken control of logistics unit Cainiao and pledged to spend 100 billion yuan ($15 billion) over five years to build out a global logistics network, underscoring aggressive expansion plans overseas.

North Korea bolsters defenses after flight by U.S. bombers as rhetoric escalates

Top Reuters News - 1 hour 39 min ago
SEOUL/BEIJING (Reuters) - North Korea has boosted defenses on its east coast, a South Korean lawmaker said on Tuesday, after the North said U.S. President Donald Trump had declared war and that it would shoot down U.S. bombers flying near the peninsula.

In Alabama Senate race, Trump takes on Republican anti-establishment

Top Reuters News - 2 hours 30 min ago
(Reuters) - Alabama voters will cast ballots on Tuesday for the Republican nominee to fill a U.S. Senate seat in a race that has pitted the party's leaders, including President Donald Trump, against its anti-establishment wing.

Mexico in three-day countdown to search for earthquake survivors

Top Reuters News - 3 hours 39 min ago
MEXICO CITY (Reuters) - Rescuers are unlikely to find any more survivors of Mexico's earthquake still buried in the ruins and will cease operations to find them at the end of Thursday, the emergency services chief said.

North Korea appears to bolster defenses after flight by U.S. bombers as rhetoric escalates

Top Reuters News - 4 hours 33 min ago
SEOUL/BEIJING (Reuters) - North Korea appears to have boosted defenses on its east coast, South Korea's Yonhap news agency said on Tuesday, after the North said U.S. President Donald Trump had declared war and that it would shoot down U.S. bombers flying near the peninsula.

Pakistan's ex-PM Sharif appears before anti-corruption court, set to be indicted

Top Reuters News - 4 hours 48 min ago
ISLAMABAD (Reuters) - Ousted Pakistani Prime Minister Nawaz Sharif appeared before an anti-corruption court on Tuesday, kicking off trial proceedings that he says are biased and which threaten to dent his party's chances at the next general election due in mid-2018.

Rights group accuses Myanmar of crimes against humanity

Top Reuters News - 5 hours 26 min ago
YANGON (Reuters) - Myanmar is committing crimes against humanity in its campaign against Muslim insurgents in Rakhine state, Human Rights Watch said on Tuesday, and it called for the U.N. Security Council to impose sanctions and an arms embargo.

Supporters of South Korea ex-leader Park ask U.N. body to probe her detention conditions

Top Reuters News - 7 hours 29 min ago
SEOUL (Reuters) - Supporters of former South Korean president Park Geun-hye have asked a United Nations body to investigate whether her detention during her corruption trial was preventing Park from getting proper medical treatment, a barrister said on Tuesday.

North Korea bolsters defenses after flight by U.S. bombers, rhetoric escalates

Top Reuters News - 8 hours 28 min ago
SEOUL/NEW YORK (Reuters) - North Korea has been boosting defenses on its east coast, South Korea's Yonhap news agency said on Tuesday, after the North said U.S. President Donald Trump had declared war and that it would shoot down U.S. bombers flying near the Korean peninsula.

Cowboys, Cardinals link arms amid anthem protests

Top Reuters News - Mon, 09/25/2017 - 23:57
PHOENIX (Reuters) - Two National Football League teams on Monday largely steered clear of a controversy over national anthem protests that have ensnared U.S. President Donald Trump and threatened to damage the game's popularity, staging a pre-game "moment of unity" instead.

Obamacare repeal on the ropes as pivotal Republican rebuffs Trump

Top Reuters News - Mon, 09/25/2017 - 22:07
WASHINGTON (Reuters) - U.S. Senator Susan Collins rebuffed intense lobbying from fellow Republicans and the promise of money for her state in deciding on Monday to oppose - and likely doom - her party's last-ditch effort to repeal Obamacare.

House panel probing private email use by White House aides

Top Reuters News - Mon, 09/25/2017 - 22:06
WASHINGTON (Reuters) - A U.S. House of Representatives committee asked the White House on Monday for information about a media report that senior officials used private email accounts for government business.

6 top Trump advisers used private emails for White House business: report

MarketWatch Market Pulse - Mon, 09/25/2017 - 20:47

At least six top advisers to President Donald Trump have used private email to discuss White House matters, the New York Times reported Monday. In addition to Trump's son-in-law, Jared Kushner, the list includes former top aides Steve Bannon and Reince Priebus, as well as economic adviser Gary Cohn, policy adviser Stephen Miller and Trump's daughter, Ivanka. The Times cited current and former government officials. It it not illegal for White House advisers to use private emails, but legally they must forward them to their official accounts so they can be archived. Private email accounts may also be more vulnerable to hackers. During the presidential campaign, Trump hammered away against Hillary Clinton for her use of private email servers.

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.

Fed policymakers clash on outlook for inflation

Top Reuters News - Mon, 09/25/2017 - 20:19
SYRACUSE, N.Y./GRAND RAPIDS, Mich. (Reuters) - A debate within the Federal Reserve over the outlook for U.S. inflation burst into public view just days after a rate-setting meeting in Washington, with one central banker saying inflation weakness is fading and another suggesting he's nervous it won't.

U.S. healthcare bill appears doomed after Collins says no

Top Reuters News - Mon, 09/25/2017 - 19:13
WASHINGTON (Reuters) - A last ditch Republican effort to repeal Obamacare appeared doomed late on Monday after Senator Susan Collins became the third Republican senator to announce opposition to the bill.

Pages