Market News: Clovis, Cracker Barrel, Colonial Properties, Merck & Co

Market News: Clovis, Cracker Barrel, Colonial Properties, Merck & Co

Post Market News

Stocks that were active in the U.S. trading on Monday include Clovis Oncology Inc (NASDAQ:CLVS), Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL), Synta Pharmaceutical Corp. (NASDAQ:SNTA), Merck & Co. Inc. (NYSE:MRK) and Colonial Properties Trust Inc. (NYSE:CLP).

Market News: Clovis, Cracker Barrel, Colonial Properties, Merck & Co

Market Levels

  • U.S.: Dow Jones: 15,210.33 (+0.63%), S&P 500: 1,639.26 (+0.52%), Nasdaq: 3,461.80 (+0.18%)
  • World Markets: Shanghai: 2,299.25 (-0.06%), Nikkei 225: 13,261.82 (-3.72%), Hang Seng Index: 22,282.19 (-0.49%), TSEC: 8,201.02 (-0.65%), FTSE 100: 6,525.12 (-0.88%), EURO STOXX 50: 2,747.74 (-0.79%), BSE Sensex: 19,610.48 (-0.76%)
  • Metals: Gold: $1,411.90 (+1.36%), Silver: $22.72 (+2.15%), Platinum: $1,497.40 (+2.44%)
  • Currency: EUR/USD: 1.3074 (-0.72%), USD/JPY: 99.43 (-1.22%), GBP/USD: 1.5327 (+0.96%), USD/CAD: 1.0275 (-0.89%), USD/CNY: 6.1317 (-0.05%), AUD/USD: 0.9755 (+1.91%)
  • 10 year U.S. Treasury: 2.12% (-0.04), 30 year U.S. Treasury: 3.27% (-0.04)

Market & Economy Update

Data showed today that manufacturing activity in the U.S. in May shrank at the fastest pace since June 2009. The Institute of Supply Management’s PMI plunged to 49 in May from 50.7 in April. The U.S. PMI data skidded below 50 for the first time since November. Stock markets ended the session higher today. The Dow Jones Industrial Average rose 94.76 points to 15,210.33, the S&P 500 Index gained 9.68 points to 1,640.42, while Nasdaq jumped 9.46 points to 3,465.37. In Asian market news, Japan’s Nikkei 225 Index today plunge 3.72% again in a highly volatile session.

Stocks In Focus

Clovis Oncology Inc (NASDAQ:CLVS)

Clovis Oncology Inc (NASDAQ:CLVS) announced today that two if its molecules CO-1686 and rucaparib showed positive results in preliminary clinical trials for the treatment of ovarian cancer. Clovis Oncology Inc (NASDAQ:CLVS) will start Phase II clinical trials by the end of this year. Rucaparib showed clinical benefits in 89% patients while CO-1686 treated 42 patients. Shares of Clovis Oncology rose 104.24% to end the session at $74.71.

Jim Chanos Unveils Lastest Short As Fund Manager Bets On Further Market Declines

Data 1639507577Jim Chanos has a new short target in his sights. Earlier this week, the hedge fund manager disclosed that he is betting against "legacy" data centers that face growing competition from the trio of technology giants, which have previously been their biggest customers. The fund manager, who is best known for his winning bet against Read More

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL)

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) posted a 30% increase in its third quarter earnings amid strong traffic and sales. The restaurant and retail chain company reported $1.02 per share in earnings, compared to the consensus estimate of 94 cents a share. Revenues also topped Wall Street expectations. The company increased its quarterly dividend from 50 cents to 75 cents. Cracker Barrel also raised its full-year forecasts. Shares surged 6.51% to $95.28.

Synta Pharmaceutical Corp. (NASDAQ:SNTA)

Shares of the pharmaceutical company initially rose after it said that interim survival analysis results were positive. But investors became skeptical after market news showing that the drug’s hazard ratio was 0.82, indicating only 18% reduction in the risk of patient death. Shares slumped 34.015 to end the session at $4.87.

Merck & Co. Inc. (NYSE:MRK)

The pharmaceutical giant announced Sunday that its experimental drug lambrolizumab reduced cancer tumours in 38% patients in an early state study. Merck said it will now directly conduct a late stage clinical trial. Shares rose 3.75% to close the session at $48.45.

Colonial Properties Trust Inc. (NYSE:CLP)

The real estate investment trust is being acquired by its peer Mid-America Apartment Communities Inc. in a $2.2 billion all stock deal. Colonial Properties Trust Inc. (NYSE:CLP) shareholders will get 0.36 shares of Mid America for every Colonial share they own. The deal values Colonial at $24.47, an 11% premium to its Friday’s closing price. Shares of Colonial Properties rose 5.70% to end the session at $23.37.

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