As expected, the path of the S&P 500 in the first week of October 2016 came in below our standard model’s projections, as stock prices continued their mostly sideways trajectory of the last three months, although with a slightly downward course.
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Coming into the week, investors appeared to be focusing their attention on the first quarter of 2017 in setting stock prices, but that downward path, combined with the news of the week suggests that may have changed, where they are perhaps now focusing more on 2016-Q4.
what is equity market: Addus HomeCare Corporation(ADUS)
- [By Lisa Levin] Gainers
Marathon Patent Group Inc (NASDAQ: MARA) shares rose 47.1 percent to $3.22 in pre-market trading after jumping 54.23 percent on Wednesday.
Digital Power Corporation (NYSE: DPW) rose 27.6 percent to $0.800 in pre-market trading after gaining 9.79 percent on Wednesday.
Social Reality Inc (NASDAQ: SRAX) shares rose 23.1 percent to $7.16 in the pre-market trading session after surging 37.59 percent on Wednesday.
China Auto Logistics Inc (NASDAQ: CALA) rose 16.9 percent to $4.15 in pre-market trading after gaining 4.11 percent on Wednesday.
Riot Blockchain Inc (NASDAQ: RIOT) rose 15.1 percent to $18.40 in pre-market trading after climbing 42.01 percent on Wednesday.
Seven Stars Cloud Group Inc (NASDAQ: SSC) rose 14.5 percent to $2.85 in the pre-market trading session after gaining 0.40 percent on Wednesday.
Affimed NV (NASDAQ: AFMD) shares rose 14.3 percent to $2.40 in pre-market trading after gaining 4.88 percent on Wednesday.
Corecivic Inc (NYSE: CXW) rose 10.2 percent to $25.56 in pre-market trading after climbing 0.65 percent on Wednesday.
LM Funding America, Inc. (NASDAQ: LMFA) rose 9.6 percent to $3.30 in pre-market trading after surging 34.98 percent on Wednesday.
U.S. Global Investors, Inc. (NASDAQ: GROW) rose 7.2 percent to $3.30 in pre-market trading after dropping 8.06 percent on Wednesday.
Xunlei Ltd (NASDAQ: XNET) rose 6.8 percent to $25.61 in pre-market trading after climbing 11.74 percent on Wednesday.
Net 1 UEPS Technologies Inc (NASDAQ: UEPS) shares rose 5.9 percent to $13.00 in pre-market trading after gaining 21.34 percent on Wednesday.
Addus Homecare Corporation (NASDAQ: ADUS) rose 5.5 percent to $35.60 in pre-market trading after gaining 3.69 percent on Wednesday.
TOP SHIPS Inc (NASDAQ: TOPS) rose 5.2 percent to $0.528 in pre-market trading after falling 10.36 percent on Wednesday.
Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA) rose 4.7 percent to $14.11 in pre-market trading. Teva Pharma
what is equity market: Xerox Corporation(XRX)
- [By Paul Ausick]
Xerox Corp. (NYSE: XRX) dropped about 23% on Tuesday to post a new 52-week low of $6.46 after closing at $8.73 on Friday. The dip was the result of the company’s completed separation into two firms this morning. After the early drop shares had gained around 17% by late afternoon, probably on the strength of a cash payment of $1.8 billion.
- [By Chris Lange]
The stock posting the largest daily percentage gain in the S&P 500 ahead of the close Monday was Xerox Corp. (NYSE: XRX) which rose 3.8% to $30.56. The stocks 52-week range is $22.90 to $30.76. Volume was 3.8 million compared to its average volume of 2.3 million.
what is equity market: Ultragenyx Pharmaceutical Inc.(RARE)
- [By Johanna Bennett]
Nothing guts a drug stock like bad clinical trial data. Shares of Ultragenyx Pharmaceutical (RARE) fell as much as 10% after a seizure medication failed in a phase II study.
Trading at a recent $72.22, the shares were down 7.7% after earlier falling as much as 10% to $70.51
The seizure drug UX007 was tested as a treatment for glucose transporter type-1 deficiency syndromeor Glut1 DSamong a small group of patients. Data released Wednesday showed that it only cut the rate of seizures in the drug arm by 13.4% compared to the placebo arm, falling short of statistical significance.
Investigators, though, teased out a clinically — though not statistically — significant benefit for patients experiencing what are called absence seizures. Ultragenyx now intends to focus on that in a Phase III pivotal trial.
Leerik analyst Joseph Schwartz called the selloff a buying opportunity.
We had been cautious on this asset (and its two programs – G1DS and long-chain fatty acid oxidation disorder/LC-FAOD; LINK) – but believe the selling pressure after mkt. presents a buying opportunity ahead of a more de-risked X-linked hypophosphatemia (XLH) Ph.3 data in 1H17.
Cowen analyst Eric Schmidt remained convinced of RAREs long-term prospects thanks to a diversified orphan disease pipeline. And analysts at Credit Suisse see more catalysts ahead in 2017.
We are buyers on a pullback and we like RAREs setup for the remainder of 2017…Remaining 2017 catalysts keep us buyers on a pullback: We see Q2:17 KRN23 ph3 adult XLH data, H1:17 rhGUS FDA/EMA submission, potential KRN23 CHMP decision in mid-17 (based on late-2016 EMA submission/validation), H2:17 Ace-ER ph3 GNEM data, and potential KRN23 FDA submission in late-17/early-18 as upcoming catalysts worth owning for.
- [By Lisa Levin] Related Mid-Afternoon Market Update: CytomX Therapeutics Climbs Following Bristol-Myers Squibb Partnership; Medgenics Shares Slide 15 Biggest Mid-Day Losers For Monday Cerulean Pharma's (CERU) CEO Chris Guiffre on Cerulean and Dar茅 Proposed Transaction (Transcript) (Seeking Alpha)
Related Mid-Afternoon Market Update: Cancer Genetics Gains After Q4 Results; Heat Biologics Shares Slide Mid-Day Market Update: Dow Rises Over 50 Points; Tandem Diabetes Care Shares Plunge Tandem Diabetes prices stock offering at $1.25; shares off 19% premarket (Seeking Alpha)
Cerulean Pharma Inc (NASDAQ: CERU) shares dipped 27 percent to $0.817. Cerulean Pharma shares have dropped 60.28 percent over the past 52 weeks, while the S&P 500 index has gained 15.31 percent in the same period.
Tandem Diabetes Care Inc (NASDAQ: TNDM) shares tumbled 24.2 percent to $1.17. Tandem Diabetes Care priced 18 million share offering at $1.25 per share.
Alphatec Holdings Inc (NASDAQ: ATEC) shares fell 21.1 percent to $2.10 as the company reported a $18.9 million private placement.
Heat Biologics Inc (NASDAQ: HTBX) shares dropped 15.5 percent to $0.870. Heat Biologics priced its 5 million share offering at $0.80 per share.
Rave Restaurant Group Inc (NASDAQ: RAVE) shares fell 15 percent to $1.76.
QuickLogic Corporation (NASDAQ: QUIK) shares declined 12.2 percent to $1.58. QuickLogic priced its 10 million share offering at $1.50 per share.
Orion Engineered Carbons SA (NYSE: OEC) shares dropped 9.5 percent to $19.10. Orion Engineered Carbons reported a 5 million common stock secondary offering.
Interpace Diagnostics Group Inc (NASDAQ: IDXG) shares fell 8.7 percent to $2.61 after the company reported debt restructuring and agreed to eliminate its royalty and mileston
- [By Jon C. Ogg]
Ultragenyx Pharmaceutical Inc. (NASDAQ: RARE) was indicated down 7% at $72.85 on Thursday due to results from a seizure medication study. It was downgraded to Neutral from Overweight at Piper Jaffray, and Wedbushlowered its target for the stock.
what is equity market: Baidu Inc.(BIDU)
- [By Stark Merrifield]
To capitalize on the U.S.’ strong trade relationship with China, Fitz-Gerald suggests looking at companies like Alibaba Group Holding Ltd. (NYSE: BABA), “which dominates Chinese e-commerce the way Amazon.com Inc. (Nasdaq: AMZN) does in the United States,” or Baidu Inc. (Nasdaq: BIDU), which “mirrors Alphabet Inc. (Nasdaq: GOOGL).”
- [By Joe Tenebruso]
Netflix also just recently made inroads into the biggest international market of them all: China. It agreed to a licensing deal with iQiyi, Baidu’s (NASDAQ:BIDU) video streaming service. iQiyi is the most popular video streaming platform in China, with 500 million monthly viewers for its free service and 20 million paid subscribers. And while the terms of the deal were undisclosed, Netflix no doubt stands to benefit from the brand exposure that gaining access to iQiyi’s massive user base will provide.
- [By WWW.THESTREET.COM]
But Coursera co-founder Andrew Ng, who previously founded Google’s AI-powered Brain project and served as chief scientist of Baidu (BIDU) , is much more optimistic. Speaking at TechCrunch Disrupt on Wednesday, Ng detailed how AI is pegged to change the world for the better. It also won’t just be limited to Silicon Valley.