Tag: Yahoo Finance

Oil Steady as U.S. Crude Supplies Swell While Trade Hopes Build

(Bloomberg) -- Oil was steady as investors weighed expectations for swelling American crude stockpiles against signs of U.S.-China trade progress.Futures in New York and Brent crude in London were little changed after falling the past two days. U.S. crude inventories probably rose for a sixth time through the week ended Oct. 18, the longest run of gains in almost a year, according to a Bloomberg survey before government data on Wednesday. President Donald Trump said China has indicated talks on a trade deal are advancing, offering a glimmer of hope for global demand.Oil has slid from an April peak as the dispute between Beijing and Washington dented demand and as U.S. crude inventories expanded above their five-year seasonal average. The impact of the trade war is responsible for about 70% of the price decline, while the rest is a result of abundant supply, according to Bloomberg Economics, predicting the trend will...

The Spectacular 770% Surge of a Biotech Stock in Just 12 Weeks

(Bloomberg) -- A Korean biotechnology stock has surged more than sixfold since August as investors looked beyond an earlier failed clinical study in favor of the prospect of its cancer drugs reaching the market.HLB Inc. surged as much as 24% in early trading Tuesday. The shares soared by the daily limit of 30% yesterday after Chief Executive Officer Jin Yang-Gon told local media that the company will develop five cancer drugs in the next five years. The company now has the second-most valuable stock on Kosdaq, with a market capitalization of $6.4 billion. It is also the biggest winner among 1,350 small-cap stocks in the past three months.The company said in September that its own study for a cancer drug called Rivoceranib was successful. It’s now scheduled to have a pre-new-drug-application meeting on Oct. 24 with U.S. Food & Drug Administration officials, according to its Oct. 18 statement. A company spokesman...