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Shares in Genmab A/S (GMAB) rose in pre-market trading after announcing a collaboration agreement with AbbVie (ABBV) to jointly develop and commercialize three of its early-stage investigational bispecific antibody product candidates.The stock advanced 5% to $30.32 in Wednesday’s pre-market trading. The two companies said that they will also collaborate on research to develop future differentiated antibody therapeutics for cancer.As part of the partnership they will develop Genmab’s next-generation bispecific antibody programs, epcoritamab (DuoBody-CD3xCD20), DuoHexaBody-CD37 and DuoBody-CD3x5T4.“Epcoritamab is a strong fit for our robust hematological oncology franchise”, said Michael Severino, Vice Chairman and President at AbbVie. “By combining the strengths of our two organizations, we can advance the treatment landscape for patients battling cancer.”Under the financial terms of the collaboration, AbbVie will pay Genmab $750 million in an upfront payment with the potential for Genmab to receive up to $3.15 billion in additional development, regulatory and sales milestone payments for all programs....
(Bloomberg) -- U.S. futures fluctuated and European stocks turned lower as investors weighed a grim economic forecast by the OECD with the expectation of more support from the Federal Reserve. The dollar slipped.Contracts on the S&P 500 and Dow Jones Industrial Average swung between gains and losses after the international group forecast a 6% contraction in the global economy this year. Nasdaq 100 futures traded in the green all morning. The Stoxx Europe 600 index was lower after reversing an earlier advance. Treasuries extended gains. Crude oil retreated.While the Fed is expected to keep its benchmark interest rate unchanged after its meeting on Wednesday, investors will be looking for reassurance on the central bank’s willingness to keep providing extraordinary support for the economy. Policy makers may also comment on potentially targeting yields for some Treasury maturities. Markets are balancing that with the OECD’s assessment that the economic hit from the pandemic...
Apple Inc. (NASDAQ: AAPL) is going to let its customers turn in their old Mac devices at its retail outlets in US and Canada in exchange for credit for a new device or balance on the Apple gift card starting this month, Bloomberg reported Tuesday.What Happened The consumer electronics company told its retail employees that the program will come into effect on June 15 in the United States and June 18 in Canada, according to Bloomberg.The trade-in facility is already available for other Apple devices, including the iPhone, iPad, and Apple Watch.Mac devices accounted for about 10% of Apple's revenue in 2019 at $25.7 billion, and according to Bloomberg, the move could further boost the computer sales.Price Action Apple shares closed nearly 3.2 higher at $343.99 on Tuesday, the record highest price in history. The shares added another 0.4% in the after-hours session at $345.40 in the after-hours session.See more from...
Top news and what to watch in the markets on Wednesday, June 10, 2020....
(Bloomberg) -- European stocks declined and U.S. futures erased gains as a grim economic forecast by the OECD undercut market optimism. The dollar slipped.Travel companies and carmakers led the reversal on the Stoxx Europe 600 index. Contracts on the S&P 500 and Dow Jones Industrial Average edged lower after after the international group forecast a 6% contraction in the global economy this year. America’s top infectious-disease specialist, Anthony Fauci, added to the unease with a warning that the coronavirus outbreak is far from over. Treasuries extended earlier gains. Crude oil retreated.The OECD’s assessment brought home that the economic hit from the pandemic may be deeper than anticipated, even after U.S. employment numbers seemed to signal a recovery was under way in the world’s biggest economy. While the Fed is expected to keep its benchmark interest rate unchanged, investors will be looking for reassurance on the central bank’s willingness to keep providing...
(Bloomberg) -- Oil retreated to near $38 a barrel after a U.S. industry report signaled a surprise jump in crude inventories, underscoring the market’s patchy road to rebalancing.Futures dropped 2.4% in New York. The American Petroleum Institute reported that stockpiles expanded by 8.42 million barrels last week, according to people familiar with the data. If confirmed by government figures later on Wednesday, it would be the largest build since the end of April. Inventories at a key European hub jumped to a two-year high last week, Genscape Inc. reported.Oil’s recovery from the virus-driven demand crash and swollen stockpiles remains uneven. Consumption is showing signs of uptick in India, where Indian Oil Corp. is boosting processing at its refineries this month. Still, the OECD is forecasting a sharp contraction in the global economy this year, and one that could get worse if there’s a second wave of virus infections.“Indications from the American...
