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Will This News Move These Stocks Today?

stock market 012714 09jul18

Buyback

Anadarko Petroleum Corp. (APC) is boosting its share-buyback by $1 billion, and debt-reduction program by $500 million, raising its total spend on the equity and debt buyback programs to $5.5 billion. The buyback authorization extends through the end of June, 2019.

Asset Acquisition

Clinical-stage oncology drug developer MabVax Therapeutics Holdings, Inc. (MBVX), said family-owned pharma company Boehringer Ingelheim has acquired all rights in and to its program targeting a glycan commonly over-expressed on multiple solid tumor cancers. In return, MabVax will receive US $11 million in upfront and near-term milestones as well as downstream regulatory milestone payments, plus further earn-out payments. MabVax added that this asset acquisition is separate and distinct from its other programs under development.

Potential catalyst

The FDA is scheduled to make an approval decision in July or August on Elagolix, a drug for treating endometriosis-associated pain. Elagolix was originally developed by Neurocrine Biosciences (NBIX), which licensed the drug to AbbVie seven years ago. An approval would mean milestone payments and sales royalties to Neurocrine Biosciences, which currently has just one approved drug on the market.

Investment

Online luxury fashion retailer Secoo Holding Ltd. (SECO) to receive a $175 million investment from Private equity firm L Catterton Asia, and Chinese retailer JD.com, Inc. (JD).

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Business News

Editors Pick
Snack and beverage giant PepsiCo Inc. reported Thursday sharply lower profit in its fourth quarter, despite higher revenues. Adjusted earnings and top line beat market estimates. Further, the company lifted its dividend and announced around $1 billion share buyback. Looking ahead for fiscal 2023, PepsiCo expects growth in organic revenues and core earnings, which is below current market estimates. Shares of Credit Suisse Group AG were losing around 9 percent in the morning trading in Switzerland as well as in pre-market activity on the NYSE after the banking major said it sees substantial loss before taxes in fiscal 2023 after reporting narrower loss in its fourth quarter with lower expenses, despite weak revenues. Walt Disney Co. announced plans to cut 7,000 jobs worldwide as part of its restructuring efforts to save billions in costs. The planned layoffs represent around 3.6 percent of Disney's global workforce. Chief Executive Officer Bob Iger, during the company's first-quarter earnings call, said the restructuring would help the firm save $5.5 billion in costs.
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