Market Movers

AT&T Gets Backing From Nine State Attorney Generals on Time Warner Merger Appeal

Shares of AT&T (T) were just higher pre-market Thursday after media reports said nine state attorney generals have filed an amicus brief on Wednesday asking the US Court of Appeals for the D.C. Circuit to affirm a lower court’s decision to allow the company’s acquisition of Time Warner. The Justice Department is appealing US District Judge Richard Leon’s ruling in […]

Wedbush Cuts EPS Estimates For Many Banks Amid Lower Expectations For Loan Growth, Net Margins

Wedbush lowered its earnings-per-share estimates for more than half of the banks the firm covers late Wednesday, citing reduced expectations for loan growth, net interest margin and mortgage-banking performance. In a note to clients, the firm said it sees linked-quarter EPS growth moderating to 3% in Q3 for regional banks and 1% for mid-cap banks “as some of the macro […]

Geron Plunges 66% Pre-Bell As Janssen Ends Collaboration Deal, Will No Longer Fund Trials

Geron (GERN) was down more than 66% in Thursday’s pre-market session as Johnson & Johnson’s (JNJ) Janssen Biotech unit terminated the companies’ 2014 collaboration and license agreement. Janssen made this decision as the result of a strategic portfolio evaluation and prioritization of assets, Geron said. Geron has regained the global rights to develop and commercialize imetelstat, a drug being developed […]

Saga Profit Advances in First Half as Operating Expenses Contract

Saga, a British specialist in products and services for the over 50s, posted an increase in its pre-tax profit in the first half of its fiscal year as a more efficient operating structure helped lower operating expenses across the business. The company, which provides cruises, holidays and insurance products to quinquagenarians and those older, posted pre-tax profit of 109 million […]

Foundation Building Materials Divests Mechanical Insulation Business For $122.5 Mln

Foundation Building Materials (FBM), a specialty distributor of wallboard, suspended ceiling systems and mechanical insulation, said early Thursday that it has entered into a definitive agreement to sell its Mechanical Insulation segment to an affiliate of Dunes Point Capital, LP, for $122.5 million, subject to customary closing conditions. The transaction is expected to close in Q4. The company said that […]

Asian Stock Markets Mixed, Lower on Central Bank Outlook

Asian stock markets were mostly weaker on Thursday as traders eyed a string of Asian central banks in the rate-hike mode, possibly resulting in higher bond yields and lower property-developer gains in coming seasons. The Hong Kong, Indonesia and Philippines central banks all raised rates in reaction to the Wednesday US Federal Reserve rate increase, although the People’s Bank of […]