Bristol-Myers Squibb, 270 Bio shares fall as FDA delays decision on cancer drug
43 minutes ago
Shares in Bristol-Myers Squibb ( BMY ) and partner 2seventy bio ( TSVT ) fell after the two companies said the Food and Drug Administration (FDA) would not make a decision on expanded use of their blood cancer treatment, Abecma, next month as originally planned.
The FDA was to decide on December 16 whether Abecma could be prescribed for those with prior lines of triple-class exposed relapsed or refractory multiple myeloma.
A decision by Germany’s Bayer to end a Phase 3 trial of an experimental blood-thinning drug due to lack of efficacy also raised concerns about the future of a similar drug under development by Bristol-Myers Squibb and Johnson & Johnson ( JNJ ) subsidiary Janssen Pharmaceuticals .
Bristol-Myers Squibb shares fell more than 3% on Monday to their lowest level since the start of the COVID-19 pandemic, while 270 bio stocks sank more than 18% to record lows.
November Bond Rally brings hope of breaking two-year losing streak
1 hour and 35 minutes ago
After November’s rally in the bond market, US bonds are on track for an annual gain for the first time since 2020.
The S&P US Aggregate Bond Index is up 3% so far this month, boosted by cooler inflation and labor market data. The rally has lifted the index by 1.2% for the year.
The index has fallen for two consecutive years – 1.4% in 2021 and 12% in 2022 – amid the largest government bond market in history.
The iShares Core US Aggregate Bond ETF, which tracks the Bloomberg US Aggregate Bond Index, is down more than 20% from its July 2020 high, its biggest move since the index launched in 2004.
Microsoft appoints former OpenAI head Sam Altman to lead new AI team and shares rise
2 hours and 17 minutes ago
Microsoft ( MSFT ) said it hired Sam Altman to lead an advanced artificial intelligence (AI) research team after he was fired as CEO of ChatGPT maker OpenAI, and shares rose in early trading on Monday.
Former OpenAI president and chairman Greg Brockman, who had also been asked to step down and left OpenAI, has joined Microsoft along with Altman. Other OpenAI colleagues suggested they would also follow them to Microsoft.
Microsoft has invested $13 billion in OpenAI and represents its largest shareholder with a stake of around 49%.
Shares of Microsoft, which fell on Friday after Altman’s departure from OpenAI was announced, rose 1.2% on Monday morning.
Argentina shares jump after populist libertarian Milei wins presidency
3 hours 2 minutes ago
Shares of Argentine companies traded on US exchanges rose on Monday morning after right-wing populist Javier Milei won the country’s presidential election.
Milei has promised to abandon the peso and make Argentina the world’s largest economy to adopt the US dollar as its official currency. He also said he will reform the central bank and the pension system.
The election results come as Argentina struggles with 150% inflation and rising poverty levels.
U.S. depositary receipts of oil company YPF Sociedad Anonima ( YPF ) rose 35% on Monday morning, while bank Grupo Financiero Galicia ( GGAL ) and Telecom Argentina ( TEO ) both rose more than 20%.
4 hours and 5 minutes ago
CRISPR Therapeutics AG (CRSP): Shares in the gene-editing technology company rose 4% after British authorities last week approved the world’s first gene therapy treatment for sickle cell disease.
Vale SA (VALE): The mining company’s shares rose more than 2% after it signed a deal to sell a 14% stake in its Indonesian nickel mining subsidiary as part of efforts to meet regulatory requirements imposed on foreign firms.
Medtronic Plc (MDT): Shares in the health technology company rose about 1% after it said the FDA had approved its renal denervation system to treat hypertension. Medtronic also reports its quarterly earnings tomorrow.
Bristol-Myers Squibb Co. (BMI): Shares in the pharmaceutical giant fell nearly 5% after it said the FDA had delayed a decision to expand use of its blood cancer treatment.
Uber Technologies Inc. (UBER): Shares of the ride-hailing app fell more than 2% after it said it would sell $1.2 billion in convertible senior notes.
Futures mixed heading into shortened trading week
4 hours 59 minutes ago
Futures contracts linked to the Dow Jones Industrial Average were slightly lower in premarket trading on Monday.
S&P 500 futures were actually flat just over an hour before markets opened.
Nasdaq 100 futures were less than 0.1% higher.