Acadia stock drops as schizophrenia drug doesn't pass clinical trial

Acadia Pharmaceuticals Inc. ACAD, +1.05% shares dropped in the extended session Monday after the biotech drug maker said its schizophrenia treatment did not pass a late-stage clinical trial. Acadia shares fell 15% after hours, following a 1.1% rise to close the regular session at $25.97. In a Phase 3 clinical trial, Acadia said that its treatment pimavanserin did not perform better than a placebo on a statistically significant basis when added to an existing antipsychotic treatment for schizophrenia. By Monday’s close, Acadia shares had gained nearly 61% on the year, compared with a 19% rise in the S&P 500 index SPX, +0.28% and a 24% gain in the Nasdaq Composite Index COMP, +0.71%

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Acadia stock drops as schizophrenia drug doesn't pass clinical trial

Acadia Pharmaceuticals Inc. ACAD, +1.05% shares dropped in the extended session Monday after the biotech drug maker said its schizophrenia treatment did not pass a late-stage clinical trial. Acadia shares fell 15% after hours, following a 1.1% rise to close the regular session at $25.97. In a Phase 3 clinical trial, Acadia said that its treatment pimavanserin did not perform better than a placebo on a statistically significant basis when added to an existing antipsychotic treatment for schizophrenia. By Monday’s close, Acadia shares had gained nearly 61% on the year, compared with a 19% rise in the S&P 500 index SPX, +0.28% and a 24% gain in the Nasdaq Composite Index COMP, +0.71%

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Acadia stock drops as schizophrenia drug doesn't pass clinical trial

Acadia Pharmaceuticals Inc. ACAD, +1.05% shares dropped in the extended session Monday after the biotech drug maker said its schizophrenia treatment did not pass a late-stage clinical trial. Acadia shares fell 15% after hours, following a 1.1% rise to close the regular session at $25.97. In a Phase 3 clinical trial, Acadia said that its treatment pimavanserin did not perform better than a placebo on a statistically significant basis when added to an existing antipsychotic treatment for schizophrenia. By Monday’s close, Acadia shares had gained nearly 61% on the year, compared with a 19% rise in the S&P 500 index SPX, +0.28% and a 24% gain in the Nasdaq Composite Index COMP, +0.71%

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Stocks – U.S. Market Manages Small Gains as Everyone Waits for the Fed

© Reuters.

Investing.com – Tech stocks moved higher on Monday, but the rest of the stock market seemed to stand still.

Amazon.com (NASDAQ:), Facebook (NASDAQ:) and Apple (NASDAQ:) were among the big winners, along with oil-services giant Halliburton (NYSE:), a reaction from an 8.4% drubbing it received last week as volatility roiled oil prices.

The rose 0.3%. The was up 0.07%, but the rose 0.7%, with the even stronger, up 0.9%. The Nasdaq 100 includes the biggest tech stocks.

There wasn’t much to trade on. The Middle East was quiet. Federal Reserve officials went into quiet mode a week ahead of the big July 30-31 FOMC meeting when the central bank is expected to cut its key federal funds rate.

There could be some volatility if reports on existing-home sales and new-home sales fail to meet Wall Street expectations. The former report is due Tuesday. The Commerce Department reports on new-home sales on Wednesday. In addition, Friday brings the first big read of second-quarter growth before the bell.

Facebook (NASDAQ:), up 2% on the day, issues second-quarter results Wednesday, while Amazon (NASDAQ:), up 1.1%, weighs in after Thursday’s close. Intel (NASDAQ:) also moved up ahead of its Thursday earnings report. Apple (NASDAQ:) climbed 2.3% ahead of its July 30 earnings report for its fiscal-third quarter.

Apple, Intel and Microsoft (NASDAQ:) were the leaders among the 30 Dow stocks.

Boeing (NYSE:) was 1% lower. It reports second-quarter results before Wednesday’s open and already has said it expects to take a $5 billion charge related to the problems with its 737 Max jetliner. The shares are up 2.6% this month and nearly 16% this year.

in New York moved up 56 cents to $56.22 a barrel. crude, the global benchmark, added 79 cents to $63.26 a barrel.

Interest rates moved

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S&P 500 climbs toward record, marquee reports in focus

(Reuters) – The S&P 500 climbed toward a record high on Monday, supported by expectations of lower interest rates, while investors awaited quarterly earnings from marquee companies Facebook, Alphabet and Amazon later this week.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 16, 2019. REUTERS/Brendan McDermid

Facebook Inc (FB.O) rose 1.6% ahead of its report after the bell on Wednesday, while Amazon.com Inc (AMZN.O) and Google-parent Alphabet Inc (GOOGL.O) were each up about 0.5% ahead of their reports on Thursday.

Investors’ reactions to the reports of those top-tier growth companies could affect broader market sentiment as the S&P 500 trades about 1% below its July 15 record high close.

“How is that going to affect my other tech holdings and the market overall? That is more worrying than my actual investment in Alphabet,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma.

The technology index .SPLRCT rose 1.2%, the most among the S&P sectors, while the Philadelphia chip index .SOX surged 2%.

Shares of Boeing Co (BA.N) fell 1% and pressured the blue-chip Dow index .DJI after ratings agency Fitch revised its outlook on the planemaker to “negative” from “stable,” while the tech-heavy Nasdaq was lifted by chipmakers.

The European Central Bank meets on Thursday and money markets are pricing in a more than 50% chance of a 10 basis point cut in interest rates. Federal Reserve officials are set to meet a few days later, when they are widely expected to lower rates by at least 25 basis points.

Hopes of an interest rate cut have helped Wall Street’s main indexes hit record levels this month, recovering from a slump in May caused by a sudden escalation of U.S.-China trade tensions.

About 30% of S&P 500 companies

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Wall Street edges higher ahead of major earnings, central bank meetings – Reuters

(Reuters) – U.S. stocks eked out small gains on Monday as investors were wary of making big bets ahead of key central bank meetings on interest rates and waited for earnings from marquee companies including Facebook and Amazon due later this week.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 16, 2019. REUTERS/Brendan McDermid

Shares of Boeing Co (BA.N) fell 1.13% and pressured the blue-chip Dow index .DJI after rating agency Fitch revised its outlook on the planemaker to “negative” from “stable,” while the tech-heavy Nasdaq was lifted by chipmakers.

“Markets are trading sideways because there are not a lot of earnings out today, with the exception of Halliburton, but it is going to be a very big earnings week,” said Tom Martin, senior portfolio manager at GlobAlt Investments in Atlanta.

“We are anticipating the European Central Bank meeting and we have to wait next week for the Federal Reserve, and it seems as though the market has come into accepting a quarter point cut and that’s just the right message.”

The European Central Bank meets on Thursday and money markets are pricing in a more than 50% chance of a 10 basis point cut in interest rates. Federal Reserve officials are set to meet a few days later, when they are widely expected to lower rates by at least 25 basis points.

Hopes of an interest rate cut have helped Wall Street’s main indexes hit record levels this month, recovering from a slump in May caused by a sudden escalation of U.S.-China trade tensions.

About 30% of S&P 500 companies are set to report second-quarter results this week, with overall profits now estimated to rise about 1%, according to Refinitiv IBES data.

Facebook Inc (FB.O), Amazon.com Inc (AMZN.O) and Google-parent Alphabet

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Microsoft invests $1 billion in AI start-up

Microsoft Corp. MSFT, +1.34% is making a huge bet on artificial intelligence by sinking $1 billion into AI start-up OpenAI, the companies announced Monday. Under a partnership, OpenAI will run all of its services on Microsoft’s Azure cloud platform and use Microsoft as its preferred partner for commercializing new AI tech. On its website, OpenAI says its mission is “to ensure that artificial general intelligence (AGI)-by which we mean highly autonomous systems that outperform humans at most economically valuable work-benefits all of humanity.” Microsoft, which is currently the only U.S. company valued at more than $1 trillion, recently reported strong earnings growth driven by Azure. Shares rose 1.2% to $138.19 in recent trading Monday, compared with a flat Dow Jones Industrial Average DJIA, +0.04% a 0.3% gain in the S&P 500 index SPX, +0.31% and a 0.7% gain in the tech-heavy Nasdaq Composite Index COMP, +0.71%

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Intel earnings: PC sales bump may not overcome data-center weakness

Intel Corp. may have a better-than-expected June-ending quarter at the expense of the next as PC sales rose in part in anticipation of upcoming tariffs in the ongoing U.S. trade war with China, and at least one analyst cautions that will cause the chip maker to slash its outlook for the year again.

Intel INTC, +2.32%  is scheduled to report second-quarter earnings after the close of markets on Thursday.

Evercore ISI analyst C.J. Muse, who has an in-line rating and a $50 price target on Intel, said he expects weak data-center sales in the second half to drag Intel’s outlook for the year down to $4.20 a share on revenue of $68 billion.

Back in April, Intel had forecast an outlook of $4.35 a share on revenue of about $69 billion, which at the time was below the Wall Street consensus. Analysts surveyed by FactSet currently expect $4.24 a share on revenue of $68.51 billion.

“Elsewhere, we look for Intel to focus on what the company can control – namely cost reductions, focus on [return on invested capital] across each business (we understand fab-lite being considering for many businesses outside of CPUs) as well as deploying capital aggressively toward stock buybacks,” Muse said.

Earnings: Of the 35 analysts surveyed by FactSet, Intel on average is expected to post adjusted earnings of 89 cents a share, down from the $1.01 a share expected at the beginning of the quarter, and the $1.04 a share reported a year ago. Intel has forecast 89 cents a share. Estimize, a software platform that uses crowdsourcing from hedge-fund executives, brokerages, buy-side analysts and others, calls for earnings of 90 cents a share.

Revenue: Wall Street expects revenue of $15.69 billion from Intel, according to 32 analysts polled by FactSet. That’s down from the $16.85 billion

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Nasdaq surges on big-tech strength, but most stocks decline

The Nasdaq Composite COMP, +0.69% surged 0.7% in afternoon trading Monday, and was by far the best performer of the Big 3 stock market indexes, but internal market data would suggest otherwise. The number of declining stocks on the Nasdaq exchange actually outnumbered declines by 1,438 to 1,374, while volume in advancing stocks represented 60.7% of total volume. That suggested the technology friendly Nasdaq index was being driven higher by the more liquid, or larger market capitalization company shares. The Nasdaq 100 index NDX, +0.79% of the 100-largest Nasdaq companies rose 0.8%. The SPDR Technology Select Sector ETF XLK, +1.16% climbed 1.2% and was the biggest gainer of ETFs tracking the S&P 500 SPX, +0.29% 11 key sectors. Meanwhile, on the NYSE, the number of advancing stocks led decliners 1,491 to 1,302 and volume of advancing stock represented 56.2% of total volume. The S&P 500 rose 0.3% and the Dow Jones Industrial Average DJIA, +0.02% gained 12 points, or less than 0.1%. Among the largest-cap Nasdaq tech stocks, shares of Microsoft Corp. MSFT, +1.32% rose 1.1%, Amazon.com Inc. AMZN, +1.09% tacked on 0.4% and Apple Inc. AAPL, +1.88% rallied 1.8%.

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U.S. stocks led higher by tech on trade optimism; oil rises

NEW YORK (Reuters) – U.S. stocks advanced on Monday at the onset of a heavy earnings week, while European shares inched higher as investors took heart from potential progress in U.S.-China trade talks and increasing geopolitical tensions sent oil prices higher.

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., July 16, 2019. REUTERS/Brendan McDermid

Tech pulled Wall Street into the black as investors girded themselves for second-quarter results from major industrial and technology companies and looked forward to the U.S. Federal Reserve’s expected interest rate cut at the end of the month.

The South China Morning Post reported U.S. trade negotiators will likely visit China next week for their first face-to-face talk with Chinese officials since the G20 meeting, when Trump held off imposing a new round of tariffs on Chinese imports.

“The thing to watch with Chinese negotiations is not necessarily the day to day events,” said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.

“We’re still a long way from hammering out an agreement,” Hellwig added. “We’ve seen this happen before.”

The Dow Jones Industrial Average .DJI rose 9.57 points, or 0.04%, to 27,163.77, the S&P 500 .SPX gained 8.02 points, or 0.27%, to 2,984.63 and the Nasdaq Composite .IXIC added 52.49 points, or 0.64%, to 8,198.98.

Growing tensions in the Middle East, coupled with worries about Britain leaving the European Union (Brexit) without a deal held world stocks flat.

“Brexit fears can be somewhat alleviated by a friendly European Central Bank, and it appears that’s the way they’re trending,” Hellwig said.

The pan-European STOXX 600 index rose 0.13% and MSCI’s gauge of stocks across the globe .MIWD00000PUS gained 0.06%.

Brent crude prices LCOc1 moved higher on worries that Iran’s seizure of a British tanker last week

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