Eleven Biotherapeutics Inc. (EBIO), a biologic oncology company, touched a new yearly high of $2.12 on Monday. According to a report, the results are expected soon for the phase 3 trial of Actinium that study patients with non-muscle invasive bladder cancer and the targeted protein therapeutics are a sound approach to the localized cancer destruction. The stock is likely to reach new highs if the trial results are positive.
Shares of Icahn Enterprises L.P. (IEP), a diversified holding limited partnership, hit a new 52-week high of $64.20 after billionaire investor Carl Icahn confirmed amended agreement with Newell to defuse board tension. Also, Icahn Enterprises agreed to sell casino business that operates as Tropicana Entertainment for about $1.85 billion.
Commercial and retail banking provider Umpqua Holdings Corp. (UMPQ) reached a new yearly high of $24.06 after Eric Field has been named Umpqua Investments’ chief executive in its newly formed leadership structure. The addition of Field as CEO to drive expansion is concurrent with Jeani Winterbourne’s transition to Umpqua Investments president and COO to provide greater focus on operational excellence and enhanced client experience.
Vectren Corp. (VVC), which provides energy delivery services, climbed to a new 52-week high of $70.32 after CenterPoint Energy (CNP) agreed to buy Vectren for $6 billion. CenterPoint Energy will pay $72 in cash for each Vectren share and will assume all outstanding Vectren net debt. Scott Prochazka will serve as president and CEO of the combined company. With the merger, CenterPoint expects to maintain annual guidance for EPS growth of 5% to 7% in 2019 and 2020.
Aceto Corp. (ACET), the developer health products and pharmaceutical ingredients maker, fell to a new yearly low of $2.22 on Monday after shareholders rights law firms are investigating whether certain of its officers and directors breached their fiduciary duties to shareholders. Aceto on April 18 said it was negotiating credit agreement waivers, lowering its dividend, taking a significant impairment charge and starting an evaluation of strategic alternatives. Following this on April 20, the stock plummeted over 66% to close at $2.51.
Specialty generic pharmaceutical company Akorn Inc. (AKRX) tumbled to a new 52-week low of $12.40 after Fresenius dropped a pending $4.3 billion merger agreement with Akorn due to unfulfillment of several closing conditions. Fresenius found problems with Akorn’s product-development practices.
Shares of Colgate-Palmolive Co. (CL) hit a new yearly low of $66.01 ahead of the consumer goods behemoth’s earnings this week. Market analysts are expecting upbeat earnings and revenue for this quarter, but investors are clueless as the company had exceeded expectations only once in the past four quarters and the balance three times came in line with consensus. Also, analysts are holding tight to find keys to the company’s future during this quarter’s earnings conference.
Huggies and Kleenex maker Kimberly-Clark Corp. (KMB) dropped to a new 52-week low of $97.53 after a drop in first-quarter earnings. Despite upbeat results, investors were cautious and sought more details of the 2018 global restructuring program. As part of the program, the company had expected to sell or exit some low-margin businesses that deliver about 1% of sales, mainly concentrated in the consumer tissue unit.
The massive slowdown in the IPO market continued in the second half as the challenges posed by high inflation and interest rate hikes weighed on investor confidence. Meanwhile, there is
The automotive sector is one of the worst affected by the combination of high inflation and rising interest rates. Consumers have become more cautious and are prioritizing their purchases with
The IPO market has witnessed muted activity this year, and things don’t seem to have improved in the second half. The upcoming public listing of video game technology firm Ultimax