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(Bloomberg) -- European stocks fell with U.S. futures on Friday, while the dollar edged higher as markets took a risk-off turn after President Donald Trump said he had tested positive for the coronavirus.Trump said both he and First Lady Melania Trump have contracted the virus and will now quarantine themselves, adding to uncertainty in the runup to the U.S. presidential elections next month. The CBOE volatility index jumped to a three-week high. The yen, gold and Treasuries, often seen as havens in times of market stress, all rose along with bonds in Europe. Crude oil extended losses.In Europe, precious metals miner Centamin plunged as much as 20% after reducing its 2020 production guidance. The pound reversed a loss on news U.K. Prime Minister Boris Johnson will intervene in the Brexit negotiations for the first time since June when he holds talks with his European counterpart on Saturday.Trump’s diagnosis adds to gloomy...
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(Bloomberg) -- European stocks fell with U.S. futures on Friday, while the dollar edged higher as markets took a risk-off turn after President Donald Trump said he had tested positive for the coronavirus.Trump said that both he and First Lady Melania Trump have contracted the virus and that they will now quarantine themselves. They were tested after Hope Hicks, one of his closest aides, returned a positive result for Covid-19. The yen, gold and Treasuries, often seen as havens in times of market stress, all rose along with bonds in Europe. Crude oil extended losses.“This is a big shock -- these are completely exogenous events,” David Page, head of macroeconomics at AXA Investment Managers, said on Bloomberg TV. “It’s quite natural to see a bit of risk off.”The news adds to gloomy developments around the virus as big cities once again turn into hotspots. New York reported the most new cases...
Shares of Amag Pharmaceuticals climbed 45.2% on Thursday after the company approved a takeover bid by Covis Pharma. The transaction is expected to be completed in November this year.Covis will pay $13.75 in cash for each outstanding shares of Amag Pharmaceuticals (AMAG), representing a premium of 46% from the stock's closing price of $9.40 on Sept. 30. According to Amag, the deal is valued at “approximately $498 million on a fully diluted basis and approximately $647 million on an enterprise basis, including debt obligations expected to be assumed or repaid net of cash.”Covis CEO Michael Porter said, “AMAG’s category leading treatments are strong strategic complements to our existing therapeutic portfolio. Through this combination, we believe we will be able to unlock value for all of our stakeholders, employees and patients through the effective and efficient management of these products, coupled with our two companies’ longstanding commitment to expanding patient access to...
Ligand Pharmaceuticals announced that it has completed the acquisition of Pfenex Inc. for $437.5 million in cash. The biopharmaceutical company said that it would make a “contingent payment of $78 million in cash if a certain specified milestone is achieved.” The deal was announced in August this year. Ligand shares closed 3.02% higher on Thursday.Ligand (LGND) expects the Pfenex deal to boost royalties by 50% annually and to contribute $60 million of total revenue in 2023.“The acquired protein expression technology platform [Pfenex] is utilized to develop next-generation and novel protein therapeutics to improve existing therapies and create new therapies for biological targets linked to critical, unmet diseases,” the company said in a statement.Ligand’s CEO John Higgins said that the “business is well established with an attractive growth outlook that is expected to add significantly to Ligand’s financial growth and performance." (See LGND stock analysis on TipRanks).On Sept. 29, Roth Capital analyst Scott...
Exxon Mobil Corporation (NYSE: XOM), in a filing with the U.S. Securities and Exchange Commission on Thursday, disclosed that its third-quarter earnings could fall well below analyst estimates, primarily due to the pandemic effect.The company estimates earnings for the quarter to be anywhere between a loss of 68 cents and a profit of 7 cents. This is significantly lower than the average analyst consensus of 7 cents loss, according to the Refinitv data reported by Reuters.Exxon is expected to announce the Q3 earnings results on Oct. 30.What Happened: Exxon expects the change in oil and gas prices, refining margins, and changes in sales volumes to drive down its earnings per share in the third quarter of 2020. A rise in crude prices could enhance earnings between $1.4 billion to $1.8 billion, whereas a fall in gas prices could negatively impact earnings by $500 million, as per the management forecasts.The adverse impact...
