In Finance

  • White House press secretary Psaki to leave post next year

    White House press secretary Jen Psaki has revealed she intends to leave the post "in a year from now or about a year from now." In a podcast interview with former Obama campaign and White House colleague David Axelrod, Psaki said she doesn't "want to miss moments" with her young children and indicated that she had agreed with President Joe Biden's transition team that she would serve in the role, helming the White House daily press briefing, for about one year.

    Market Pulse Stories are...


  • FDA advisory committee votes 10-8 in favor of ChemoCentryx's experimental drug; stock is down

    Shares of ChemoCentryx Inc. tumbled 61.7% in trading on Friday, the day after a Food and Drug Administration advisory committee voted 10-8 that the benefits of the company's experimental autoimmune drug, avacopan, outweigh the risks. The mixed response from committee members followed critical words from the FDA earlier this week that had sent ChemoCentryx's stock diving. The company's stock this week was downgraded by Raymond James and Stifel Nicolaus, among others. Raymond James analyst Steven...


  • Dow opens slightly lower, Nasdaq rises after much weaker-than-expected jobs report

    Stocks opened mixed Friday, with the Dow Jones Industrial Average losing ground and the tech-heavy Nasdaq Composite jumping to the upside after a much-weaker-than-expected April jobs report. The Dow fell 72 points, or 0.2%, to 34,477, while the S&P 500 was up 1 point at 4,203. The tech-heavy Nasdaq Composite rose 65 points, or 0.5%, to 13,698. The Labor Department reported that the economy added 266,000 jobs in April, far short of the consensus forecast for a rise of 1 million. Treasury...


  • J.P. Morgan, Goldman Sachs stocks lead Dow losers as yields fall after disappointing jobs data

    Bank stocks took a dive in premarket trading Friday, as Treasury yields sank in the wake of disappointing government jobs data. J.P. Morgan Chase & Co.'s stock fell 1.6% to pace the Dow Jones Industrial Average's early decliners, followed by the 1.4% drop in Goldman Sachs Group Inc.'s stock . The implied price declines of those two stocks would shave about 50 points off the Dow's price, while Dow futures declined 16 points, or 0.1%. Elsewhere, shares of Bank of America Corp. were down...


  • Nikola stock rises, toward snapping 8-day losing streak, after narrower-than-expected loss

    Shares of Nikola Corp. rallied 3.6% in premarket trading Friday, putting them on an early track to snap a 8-session losing streak, after the electric vehicle maker reported a narrower-than-expected first-quarter loss while reporting no revenue, which was in line with forecasts. Net losses widened to $120.2 million, or 31 cents a share, from $33.1 million, or 12 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss widened to 14 cents from 12 cents but...


  • New analysis estimates that 905,000 people in the U.S. have died from COVID-19

    A new analysis estimates that the number of people who died from COVID-19 globally, as well as in the U.S., is significantly higher than official death tolls. The Institute for Health Metrics and Evaluation, a health research center affiliated with the University of Washington, estimates that 905,289 people in the U.S. died from COVID-19, compared to the official tally of 574,043, as of May 3. India is estimated to have had around 640,000 deaths, which is nearly three times more than the...


  • SVB Leerink upgrades Epizyme, citing sales potential for lymphoma drug

    Shares of Epizyme Inc. were up 11.0% in premarket trading on Friday after SVB Leerink upgraded the company's stock to outperform, from market perform, citing Tazverik's potential opportunity in the follicular lymphoma market. Analyst Andrew Berens told investors that the drug's potential as a "maintenance" therapy could represent a "significant upside to current valuation." (Maintenance treatments can be used to prevent relapses of some cancers.) Berens said he had previously estimated the drug...


  • Tilray shares soar 10% premarket after Jefferies upgrades to buy, says Aphria merger 'the perfect match'

    Jefferies upgraded shares of the new Tilray Inc. to buy from underperform on Friday, and said the recent merger of the company with rival Aphria Inc. was "the perfect match." Analyst Owen Bennett raised his price target to $23 from $4.77. "In Canada, a leading portfolio of brands, supported (by) an efficient cost structure," the analyst wrote in a note to clients. "In Europe, the market is now picking up, while Tilray's scale and Aphria's unique German positioning make it perfectly suited to...


  • Xpeng expands network of free EV charging stations in China to 1,140, spanning 164 cities

    Chinese electric vehicle maker Xpeng Motors said Friday it has now built its Chinese network of charging stations to 1,140, spanning 164 Chinese cities. Xpeng is the first new EV maker in China to offer free lifetime charging services for its customers, the company said in a statement. The most recent additions were 13 stations along the 2,250 kilometer Sichuan to Tibet expressway. Xpeng customers now have access to free charging every 170 km along that route. The company is planning to expand...


  • 10-year Treasury yield slides below 1.50% after weaker-than-expected jobs report

    Long-dated U.S. Treasury yields fell sharply on Friday after the Labor Department reported the economy had added 266,000 jobs in April, falling well short of the 1 million gains forecast by MarketWatch-polled economists. The 10-year Treasury note yield was down 6.6 basis points to 1.495%, while the 30-year bond yield tumbled 5.5 basis points to 2.181%. Prior to the report, investors were expecting that a strong jobs report would add to the case for faster pace of liftoff from the Federal...


  • DraftKings stock turns up after loss quadruples to miss expectations, but revenue triples to beat forecasts

    Shares of DraftKings Inc. rose 1.4% in premarket trading Friday, reversing an earlier loss, after the sports betting company reported a first-quarter loss that more than quadrupled and was wider than expected, but revenue that nearly tripled to beat forecasts and raised its full-year outlook. The net loss, which was not provided in the earnings press release, increased to $346.3 million from $82.1 million in the year-ago period. The FactSet consensus for net losses was $200.1 million. Revenue...


  • Cronos shares slide premarket after earnings fall short of estimates

    Cronos Group Inc.'s U.S.-listed shares slid 4.2% in premarket trading Friday, after the Canadian cannabis company posted weaker-than-expected earnings for the first quarter. Cronos said it had a net loss of C$161.6 million ($132.7 million), or 44 cents a share, in the quarter, after income of C$75.7 million, or 20 cents a share, in the year-earlier period. Revenue net of excise taxes came to C$12.6 million, up from C$8.43 million a year ago. The FactSet consensus was for a loss of 11 cents a...