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Aerie Pharma eye drug Rhopressa approved by FDAExternal Link

Aerie Pharmaceuticals Inc. announced Monday afternoon that the Food and Drug Administration has approved a medication developed to relieve pressure in patients suffering from glaucoma or ocular hypertension. Chief Executive Vicente Anido said in the announcement that the approval of Rhopressa "represents the single greatest achievement in Aerie's history to date." Anido said that the company plans to hire a sales force for the drug early in the first quarter of 2018 and will seek to launch sales in by the middle of the second quarter. Aerie shares were halted ahead of the announcement, then declined about 3% in late trading.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 18 Dec 2017 21:47:43 GMT
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McDermott, CB&I to merge in deal valued at $6 billion External Link

McDermott International Inc. and Chicago Bridge & Iron Co. NV , which provide infrastructure and other products for the oil and gas industries, announced Monday afternoon that they plan to merge in an all-stock transaction. The companies estimated the enterprise value of the transaction at $6 billion, with McDermott investors owning about 53% of the combined company and CB&I the other 47%, and expect annualized cost savings of about $250 million by 2019. McDermott Chief Executive David Dickson will remain in charge, and the company will retain McDermott's headquarters in Houston, Texas. "Together, we will have a broadened reach across the entire energy industry that addresses evolving customer needs, along with a much stronger and more flexible financial profile than CB&I would independently," said CB&I CEO Patrick Mullen, who will remain with the company through a transition period. The board will include five directors from each company, along with Dickson. When the transaction is complete, CB&I shareholders will receive 2.47221 shares of McDermott for each CB&I share they own, unless McDermott completes a planned 3-to-1 reverse stock split ahead of the closing, which would reduce that number to 0.82407 shares. The companies' stocks bounced around in late trading after the announcement, initially adding more than 1% apiece but then falling back, with McDermott suffering a 0.5% decline and CB&I gaining 0.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 18 Dec 2017 21:42:57 GMT
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Extended Stay CEO Gerry Lopez to step down External Link

Shares of Extended Stay America Inc. rose in Monday's extended session after the long-term stay hotel chain said Chief Executive Gerry Lopez will step down and serve as a senior adviser until March 18. Lopez will be succeeded by Chief Financial Officer Jonathan Halkyard, effective Jan. 1. The company also raised its 2017 profit outlook to a range of $158 million to $163 million from $155 million to $161 million and increased its revenue target to $1.28 billion to $1.284 billion versus $1.273 billion to $1.279 billion previously. Analysts surveyed by FactSet are projecting average sales of $1.276 billion this year. Extended Stay shares gained 2.2% after hours.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 18 Dec 2017 21:30:32 GMT
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Stocks end at records; Dow notches highest number of record closes in a calendar yearExternal Link

U.S. stock indexes closed at records on growing expectations that tax cut legislation would be passed this week, propelling the Dow, S&P and Nasdaq to all-time highs. The Dow posted its 70th record close of the year, the highest-ever number of record closes in a calendar year. Dow Jones Industrial Average advanced 141 points, or 0.6%, to 24793. The S&P 500 added 15 points, or 0.5%, to 2690. The Nasdaq Composite Index climbed 58 points, or 0.8%, to 6995.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 18 Dec 2017 21:03:19 GMT
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Vipshop's stock soars on market-leading volume after Tencent, JD.com make investmentsExternal Link

The U.S.-listed shares of of Vipshop Holdings Ltd. shot up 41% on very heavy volume in afternoon trade Monday, after the Beijing-based online discount retailer disclosed that Tencent Holdings Ltd. and JD.com Inc. will invest a total of $863 million in the company. Volume swelled to 68.6 million shares, nearly 10 times the full-day average, and enough to make the stock the most actively traded on major U.S. exchanges. The company said in an SEC filing that Tencent will subscribe for newly issued Class A ordinary shares worth $604 million and JD.com will subscribe for $259 million worth of shares. The purchase price will be $65.04 per ordinary share, which is equivalent to $13.08 per American Depositary Share (ADS), which is still 9.8% above current levels. The purchases are expected to be completed "in the near future," and with shares subject to a two-year lock restriction. Vipshop has also entered into business cooperation agreements with Tencent and JD.com. Vipshop's stock has now gained 7.9% year to date, while Tencent's ADS have more than doubled, JD.com's stock has soared 64% and the S&P 500 has gained 20%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 18 Dec 2017 20:34:44 GMT
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