U.S. stocks fell on Tuesday, with the S&P 500 trading in its tightest daily range in nearly a month, weighed down by earnings-related selling in Wal-Mart and a drop in commodity stocks on concerns about China’s economy.
Chinese stocks fell more than 6 percent overnight. Fears that Beijing may be intent on a deeper devaluation of the yuan pushed oil prices and industrial metals, including copper, to near six-year lows.
The materials sector was the largest decliner among the top ten industry sectors with a 0.7 percent decline. Freeport McMoRan fell 3.1 percent to $9.92.
“You would think that a 6-percent China move amid the recent currency adjustments would have netted a more negative result,” said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.
He said the market has not found a reason to break lower or test record highs, so “it’s been a rubber-band kind of mentality.”
Hecla Mining Company (NYSE:HL) finished last trade at $2.12, losing -5.36%. Trading volume recorded for this company was about 5.29 million shares as compared to its average volume of 6.51 million shares. The share price plunged almost -8.23% in the last one month, while its 52 week high is $3.54. The company has the total of 377.70 million outstanding shares while its market capitalization is now about $846.04 million. Hecla Mining Company (NYSE:HL) declared that its acquisition of Revett Mining Company, Inc. (Revett) is now complete. The acquisition brings to Hecla the Rock Creek Project, considered to be one of the largest undeveloped silver and copper deposits in North America. Hecla intends to continue to advance its permitting.
Array Biopharma Inc (NASDAQ:ARRY) closed at $5.67, down -3.57%, on volume of over 1.05 million shares. The share price fell -0.87% in the last 5 days. The company has an average trading volume of 1.72 million shares. In the time frame of the last one month, shares dropped almost -18.06%. Its market capitalization was $834.21 million. Array Biopharma Inc (NASDAQ:ARRY) wholly-owned RAF inhibitor, encorafenib, was showcased this past weekend at the 2015 ESMO World Congress of Gastrointestinal Cancer during an oral presentation. At the meeting, data were shared from a Phase 1b trial and preliminary data from a 100-patient randomized Phase 2 expansion of that trial testing the combination of encorafenib and cetuximab, an EGFR inhibitor, with or without the addition of alpelisib (BYL719) 1, an investigational PI3K inhibitor in patients with BRAF-mutant colorectal cancer (BRAFmut CRC). Results from the study indicate that these combinations can be administered with good tolerability and show promising clinical activity in this patient population with high unmet medical needs. Patient enrollment is now complete in the Phase 2 study.
Synergy Pharmaceuticals Inc (NASDAQ:SGYP) traded with -3.40% lost momentum to $7.39 in the latest trading session It captured $860.37 million in market value. The total number of shares traded on the latest trading day was about 2.69 million shares. The day started out with an opening price of $7.92 and changed hands at price range of $7.26 – $7.93 apiece. Synergy Pharmaceuticals Inc (NASDAQ:SGYP) stated its financial results and business update for the three and six months ended June 30, 2015.
Second Quarter 2015 and Recent Highlights
- On June 17, 2015, we declared positive top-line results from the first of two pivotal phase 3 clinical trials evaluating the efficacy and safety of two different plecanatide treatment doses (3.0 mg and 6.0 mg), taken as a tablet once-a-day, in 1,346 adult patients with CIC. Both doses of plecanatide met the study’s primary endpoint and demonstrated statistical significance in the proportion of patients who were durable overall responders contrast to placebo during the 12-week treatment period (21.0% in 3.0 mg and 19.5% in 6.0 mg dose groups contrast to 10.2% in placebo; p<0.001 for both doses). The durable overall responder endpoint is the current FDA endpoint required for U.S. approval in CIC. Stool comprising was the key secondary endpoint stated with top-line analyses; both plecanatide doses showed statistically noteworthy improvement from baseline in Bristol Stool Form Scale (BSFS) scores contrast to placebo (mean enhance of 1.53 in 3.0 mg and 1.52 in 6.0 mg dose groups contrast to a mean enhance of 0.77 in placebo; p<0.001 for both doses). The observed improvements began at Week 1, continued throughout the 12-week treatment period, and returned towards baseline with no indication of an exaggerated or rebound effect following discontinuation of treatment. because of an adverse event were low (5.1 % in 3.0 mg and 5.0% in 6.0 mg dose groups contrast to 1.3% in placebo) and discontinuations due to diarrhea were infrequent (2.7% in 3.0 mg and 2.4% in 6.0 mg dose groups contrast to 0.4% in placebo). No clinically relevant abnormalities were observed in serum chemistries, hematology, urinalysis, ECG or vital signs measurements.
Teekay Tankers Ltd. (NYSE:TNK) moved down during the previous trading session, traded with a decrease of -3.64% and closed at $6.62, after gaining total volume of 2.16 million shares. Its opening price was $6.87. It has total market capitalization of $871.47 million and a total of 95.30 million outstanding shares. The company’s earnings per share (EPS) is $0.68, while its beta value stands at 2.33 points. Teekay Tankers Ltd. (NYSE:TNK) is engaged in the marine transportation of crude oil and refined petroleum products through the operation of its oil and product tankers worldwide. As of December 31, 2014, it owned 27 double-hulled conventional oil tankers, time-chartered in 8 Aframax tankers, and 4 long range 2 product tankers from third parties; and owned a 50% interest in 1 very large crude carrier.