ICYMI. Weekly Stock Market Recap. June 25-29, 2018
In case you missed it. this week stock market movers and news.
Monday- Trade war tension increase between the U.S. vs China and Europe. Technology sector took the biggest dive, most notably from the so-called "FANG" for FB -2.67%, AMZN -3.06%, NFLX, -6.47%, GOOGL -2.57%. Dow Jones dropped -328.09 points and SPY -1.34%.
- Merrimack Pharmaceuticals (MACK)- stop developing its experimental treatment of pancreatic cancer. MM-141
- Sophiris Bio Inc (SPHS) halt study due to death patient.
- GW Pharmaceuticals plc (GWPH)- FDA announces FDA approval of Epidiolex oral solution
- CBOE Volatility Index (VIX) up +29.41%,
- ProShares Ultra VIX Short-Term Futures ETF( (UVXY) +22.11%
Tuesday Consumer confidence June 126.4 vs 128.1 in May. Dow Jones close +30.31 points, SPY+0.22% and IBB -0.43%
- Puma Biotechnology Inc (PBYI)- CHMP vote recommendation of MAA for neratinib
- Achaogen Inc (AKAO)- FDA approval of ZEMDRI, but CRL fo the CARE study for BSI
- Harley-Davidson, Inc (HOG)- planned to move overseas for production, but today President Trump threatens to "taxed like never before"
Wednesday stocks rose as the crackdown on Chinese tech was less restrictive than expected, Dow up +250 points intraday, but close down -162.25 points, SPY -0.66%, IWM -1.54%, IBB -2.04%.
- Global Blood Therapeutics Inc (GBT) says primary endpoint achieved in Phase 3 HOPE study
- Cara Therapeutics (CARA)- reports 'positive' top line data Phase 2/3 I.V. CR845
- Differential Brands Group Inc (DFBG) to acquire part of GBG's North American business.
Thursday economy data GDP (QoQ) 2.0% vs 2.2%, and continuing Jobless Claims 1,705k vs 1,725k estimate. Dow Jones +97.58 points, SPY +0.58%, IWM +0.28%, and IBB +0.57%
- Amazon.com (AMZN) acquire online pharmacy PillPack. Negative reaction to CVS Health Corp (CVS)
- Chipotle Mexican Grill, Inc (CMG)- sees $115M-$135M in restructuring charges and 55-65 restaurant closings this year. Stock down -6.31%
- Arsanis Inc (ASNS) stock down -77.19% discontinuation of its Phase 2 clinical trial of ASN100
Friday US market early morning rallies lead by the banks Goldman and JPMorgan. Dow close +55.36 point after up over 250 points intraday. SPY +0.14%, biotech bounce day +1.73%, IWM -0.07%, and QQQ +0.27%. This is the end of quarter 2, 2018.
- Gemphire Therapeutics Inc (GEMP)- Clinical trial INDIGO-1 meet primary endpoints
- Celgene Corp (CELG), and Acceleron Pharma Inc (XLRN)- Luspatercept achieved primary and secondary endpoint
- Dermira Inc (DERM)- FDA approval for Qbrexza cloth
- Vertex Pharmaceuticals Incorporated (VRTX) granted Canadian approval for PrSYMDEKO
- Nike Inc (NKE)- Earnings report Q4 EPS adjusted 69c vs 64c, announces $15B stock repurchased program
Thanks for reading.