Sabtu, 14 Desember 2019

In surprise decision, US approves muscular dystrophy drug - The Associated Press

WASHINGTON (AP) — U.S. health regulators approved a second drug for a debilitating form of muscular dystrophy, a surprise decision after the medication was rejected for safety concerns just four months ago.

The ruling marks the second time the Food and Drug Administration has granted preliminary approval for the disease based on early results and is likely to stoke questions about its standards for clearing largely unproven medications.

The FDA said late Thursday it approved Sarepta Therapeutics’ Vyondys 53 for patients with a form of Duchenne’s muscular dystrophy. Duchenne’s affects about 1 in every 3,600 boys in the U.S., causing muscle weakness, loss of movement and early death, usually when patients are in their 20s or 30s. The drug is for a specific type that affects about 8 percent of boys with Duchenne’s.

In August, the FDA appeared to reject the injectable medication, sending a letter to the company that flagged risks of infections and cases of kidney injury in animal studies. But Sarepta disputed the decision, raising it to FDA’s drug center leadership. The company resubmitted its application and data, and the FDA reversed its decision, according to a Sarepta press release.

The FDA said Thursday doctors should monitor the kidney function of patients taking the drug. The drug’s most common side effects include headache, fever, abdominal pain and nausea. Other reactions include rash, fever, hives and skin irritation.

The surprise approval sent company shares rocketing more than 36% in trading Friday. But some Wall Street analysts said the approval suggests loosening standards at the agency.

“The abruptness of the decision making at the agency does not inspire confidence, in our view,” analyst Debjit Chattopadhyay wrote in a note to investors.

It’s the second time a Sarepta drug has followed an unusual path to approval. In 2016, FDA leaders cleared the company’s first muscular dystrophy drug, overruling agency reviewers who said there was little evidence it worked. The decision also followed an intense lobbying campaign by patients’ families, politicians and physicians. Agency critics suggested the FDA may have bowed to outside pressure.

Vyondys received “accelerated approval” based on preliminary results showing it boosts a protein that aids the growth of muscle fibers. But the drug has not yet been shown to improve patients’ mobility or health. The FDA is requiring Sarepta to conduct followup studies on those measures for both drugs. If the company fails to show the drugs help patients, the FDA can withdraw approval — though it rarely does so.

The follow-up study for Vyondys is due by 2024. The drug will cost $300,000 per year for the typical patient — a child weighing 44 pounds, the company said. That’s the same price as Sarepta’s earlier drug.

Analysts said the unexpected decision could bode well for other experimental drugs with questionable study results, including a closely watched drug Alzheimer’s drug that will soon come before the agency.

The drug’s developers reported results in October suggesting their medication could be the first to slow mental decline in Alzheimer’s. But many experts are skeptical, noting unusual study changes and analyses used during the drug’s development.

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Follow Matthew Perrone on Twitter: @AP_FDAwriter

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The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Department of Science Education. The AP is solely responsible for all content.

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2019-12-14 11:56:58Z
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Bath & Body Works announces Saturday 'Body Care Day' sale: $4.95 personal-care products - USA TODAY

Bath & Body Works has announced a first-of-its-kind "Body Care Day" sale to be held Saturday, December 14, which will include all personal care fragrances and collections .

The one-day sale will be available in stores and online, with many retail locations open for extended hours, according to a Friday release.

"On December 14, for one day only, ALL Body Care lines are $4.95 – that's up to a 70% discount," the release says.

The sale will apply to nearly 600 personal-care products, including three fragrances that will debut or return Saturday: Christmas Cocoa & Mint, Black Amethyst, and Pink Velvet Cupcake.

Among the personal-care products on sale: moisturizers, cleansers, and fragrances. The retailer's Men's Collection is also included in the sale.

"Body Care Day" follows last weekend's "Candle Day sale," held on Dec. 7 — the brand's sixth-annual made-up holiday, which Bath & Body Works' called its "biggest event of the season and the most highly anticipated day of the year for brand loyalists and candle aficionados." 

Search for hours using the store locator at www.bathandbodyworks.com/store-locator.

Bath & Body Works isn't the only retailer trying to attract customers with mid-December deals. Recently numerous retailers, including Best Buy, have begun '12 Days of Deals' promotions ahead of Christmas.

Contributing: Kelly Tyko, USA TODAY

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2019-12-14 07:21:02Z
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Jumat, 13 Desember 2019

Facebook Tumbles as FTC Mulls an Injunction – Is the Company’s Dissolution on the Cards? - Wccftech

The Federal Trade Commission (FTC) may use a preliminary injunction to halt Facebook’s (NASDAQ:FB) ongoing efforts toward achieving a tighter integration between its messaging apps: Instagram, Messenger and WhatsApp.

According to the reporting by the Wall Street Journal, the impetus behind a possible injunction has grown stronger over the past few months amid fears that Facebook’s integration campaign may make it difficult, if not impossible, to break up the company in any future antitrust action.

As per an internal source of the Journal, the FTC may invoke the “interoperability” rules as a basis for an injunction and to highlight the potential detrimental impact of Facebook’s integration push on the ability of other industry players to compete.

It is important to note that this decision by the FTC will require a favorable majority vote. Currently, 3 Republicans and 2 Democrats constitute the membership of the commission. Consequently, in order to impose an injunction on Facebook, the vote will have to be carried by at least 3 FTC members.

As a refresher, Facebook first announced its plans for a tighter stitch between its apps earlier this year. The social media giant’s CEO Mark Zuckerberg wrote in a blog post: “People want to be able to choose which service they use to communicate with people. We want to give people a choice so they can reach their friends across these networks from whichever app they prefer.”

The tech giant’s concurrent efforts to introduce end-to-end encryption on all of its messaging apps has emerged as another thorny issue. Attorney General William Barr has voiced his concerns that this step will provide a safe haven to criminals and make it harder for law enforcement agencies to detect online crimes such as instances of child exploitation. Facebook, for it part, has asserted that its encryption of chats and messages is a necessary component of its targeted efforts for enhancing user privacy.

This development follows growing anger in Washington over the lack of comprehensive scrutiny at the time Facebook purchased WhatsApp and Instagram. In a Twitter post earlier this year, Democratic Representative Ro Khanna wrote: “This is why there should have been far more scrutiny during Facebook’s acquisitions of Instagram and WhatsApp which now clearly seem like horizontal mergers that should have triggered antitrust scrutiny.”

Interestingly, in addition to an ongoing probe by the FTC, Facebook is also facing a separate investigation by the Justice Department as well as another antitrust probe from a coalition of 47 state attorneys general.

In light of this report by the Wall Street Journal, Facebook’s stock tumbled over 2 percent on Thursday to close at $196.75. For context, the tech giant currently has a market capitalization of $556.37 billion. Year-to-date, the stock has posted gains of 50.09 percent against the broader gains by the S&P500 of 26.40 percent.

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2019-12-13 12:00:42Z
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Global stocks and the pound soar as euphoric traders cheer a US-China trade deal and a landslide UK election result - Business Insider

tradersGetty/Scott Olson

  • Global stocks surged to all-time highs Friday after US President Donald Trump offered to scrap tariffs on Chinese goods set to go live Sunday and slash existing tariffs.
  • On Thursday, Boris Johnson's Conservatives delivered a landslide victory in Britain's general election that paved the way for Brexit.
  • Britain's FTSE 250 hit a new high Friday, and the Euro Stoxx 600 soared to a record as well, while futures signaled the S&P 500 and the Nasdaq would rally from record levels.
  • Domestic-focused UK stocks including Royal Bank of Scotland, Lloyds Banking Group, and easyJet rallied by 10% or more.
  • "Some investors will see today as Christmas come early, as we see a convergence of two critical political risks coming to some resolve," one economist said.
  • View Business Insider's homepage for more stories.

Global stocks surged to all-time highs on Friday after US President Donald Trump offered to scrap tariffs on Chinese goods set to go live Sunday and slash existing tariffs as part of a proposed trade deal with China, and Prime Minister Boris Johnson's Conservatives achieved a landslide victory in the UK's general election.

The MSCI index of developed and emerging world equity markets touched an all-time high Friday. In the US, the S&P 500 and the Nasdaq indexes closed at record levels on Thursday, and futures signaled stocks were set to rally again at Friday's market open.

Britain's FTSE 250 of domestically exposed stocks hit a new high Friday, and the Euro Stoxx 600 reached an intraday record.

Domestic-focused UK stocks including Royal Bank of Scotland, Lloyds Banking Group, and easyJet all rallied by 10% or more. The British pound rose by 1.8% against the US dollar to $1.34.

On Thursday, Trump signed off on roughly halving tariffs on $360 billion of Chinese goods, and suspending a planned expansion of duties to $160 billion worth of other Chinese goods, as part of a proposed trade deal with China, according to the Wall Street Journal. Under the agreement, China would purchase $50 billion worth of US agricultural goods and other American products next year.

Also Thursday, the Tories won at least 364 seats in the House of Commons, surpassing the 326 needed for a majority and paving the way for Britain to leave the European Union.

"Some investors will see today as Christmas come early, as we see a convergence of two critical political risks coming to some resolve," Dean Turner, an economist at UBS Wealth Management, said in an email. "Indications of a strong electoral outcome in the UK and developments towards a Phase 1 US-China trade deal have lifted the mood in the markets."

Here's the market roundup as of 12 p.m. in London (7 a.m. in New York).

  • US stocks were set to rise, with futures underlying the S&P 500 and the Dow Jones Industrial Average up 0.4% and Nasdaq futures up 0.5%.
  • Asian equities climbed, with China's Shanghai Composite up 1.8%, Hong Kong's Hang Seng up 2.6%, and Japan's Nikkei up 2.6%.
  • European markets were jumping, with Germany's DAX up 1.3% and the Euro Stoxx 50 up 1.34%.
  • Oil prices climbed, with West Texas Intermediate up 1.2% at about $59.90 a barrel and Brent crude up 1.5% at $65.20.
  • The pound held onto post-election Thursday-evening gains, and was up 1.7% to $1.34 on Friday morning.
  • The FTSE 100 benchmark of UK large caps rallied 1.9%, weighed down by internationally focused companies that decline when the pound rallies. A higher pound devalues revenue generated abroad.

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2019-12-13 11:48:45Z
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Global stocks and the pound soar as euphoric traders cheer a US-China trade deal and a landslide UK election result - Business Insider

tradersGetty/Scott Olson

  • Global stocks surged to all-time highs Friday after US President Donald Trump struck a deal with China to suspend new tariffs set to go live Sunday.
  • On Thursday, Boris Johnson's Conservatives delivered a landslide victory in Britain's general election that paved the way for Brexit.
  • Britain's FTSE 250 hit a new high Friday, and the Euro Stoxx 600 soared to a record as well, while futures signaled the S&P 500 and the Nasdaq would rally from record levels.
  • Domestic-focused UK stocks including Royal Bank of Scotland, Lloyds Banking Group, and easyJet rallied by 10% or more.
  • "Some investors will see today as Christmas come early, as we see a convergence of two critical political risks coming to some resolve," one economist said.
  • View Business Insider's homepage for more stories.

Global stocks surged to all-time highs on Friday after US President Donald Trump struck a preliminary trade deal with China to suspend new tariffs set to go live Sunday and Boris Johnson's Conservatives achieved a landslide victory in the UK's general election.

The MSCI index of developed and emerging world equity markets touched an all-time high Friday. In the US, the S&P 500 and the Nasdaq indexes closed at record levels on Thursday, and futures signaled stocks were set to rally again at Friday's market open.

Britain's FTSE 250 of domestically exposed stocks hit a new high Friday, and the Euro Stoxx 600 reached an intraday record.

Domestic-focused UK stocks including Royal Bank of Scotland, Lloyds Banking Group, and easyJet all rallied by 10% or more. The British pound rose by 1.8% against the US dollar to $1.34.

Trump reportedly signed a phase-one agreement with China on Thursday to stave off an expansion of duties to $160 billion worth of smartphones, laptops, toys, clothing, and other Chinese goods. Also Thursday, the Tories won at least 364 seats in the House of Commons, surpassing the 326 needed for a majority and paving the way for Britain to leave the European Union.

"Some investors will see today as Christmas come early, as we see a convergence of two critical political risks coming to some resolve," Dean Turner, an economist at UBS Wealth Management, said in an email. "Indications of a strong electoral outcome in the UK and developments towards a Phase 1 US-China trade deal have lifted the mood in the markets."

Here's the market roundup as of 9:01 a.m. in London (4:01 a.m. in New York).

  • US stocks were set to rise, with futures underlying the S&P 500 and the Dow Jones Industrial Average up 0.4% and Nasdaq futures up 0.6%.
  • Asian equities climbed, with China's Shanghai Composite up 1.8%, Hong Kong's Hang Seng up 2.6%, and Japan's Nikkei up 2.6%.
  • European markets were jumping, with Germany's DAX up 1.2% and the Euro Stoxx 50 up 1.3%.
  • Oil prices climbed, with West Texas Intermediate up 0.8% at about $59.60 a barrel and Brent crude up 1% at $64.80.
  • The pound held onto postelection Thursday-evening gains, and was up 1.6% to $1.34 on Friday morning.
  • The FTSE 100 benchmark of UK large caps rallied 1.7%, weighed down by internationally focused companies that decline when the pound rallies. A higher pound weakens revenue generated abroad.

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2019-12-13 09:31:43Z
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Kamis, 12 Desember 2019

Stock market news: December 12, 2019 - Yahoo Finance

Stocks surged and the S&P 500 hit a fresh record high after President Donald Trump said the U.S. and China were closing in on a trade deal.

Here were the main moves in markets, as of 9:43 a.m. ET:

  • S&P 500 (^GSPC): +0.45%, or 14.09 points

  • Dow (^DJI): +0.46%, or 128 points

  • Nasdaq (^IXIC): +0.4%, or 35.22 points

  • WTI crude oil prices (CL=F): +0.36% to $58.97 a barrel

  • 10-year Treasury yield (^TNX): +2.2 bps to 1.812%

  • Gold (GC=F): +1.06% to $1,490.60 per ounce

Minutes after market open, Trump said in a Twitter post said the U.S. and China were “Getting VERY close to a BIG DEAL with China. They want it, and so do we!” 

Stocks, which had been little changed in early trading, jumped after the comment.

The upbeat rhetoric comes just days before a December 15 de facto deadline, on which date tariffs on about $156 billion worth of Chinese imports are set to take effect. Negotiators from both sides have remained in touch in recent days, according to a Bloomberg report citing Chinese Ministry of Commerce spokesperson Gao Feng.

Earlier, investor attention had turned mostly overseas, where the UK’s general election was underway and the European Central Bank (ECB) released its first rate decision under newly installed President Christine Lagarde.

The ECB on Thursday decided to keep its main refinancing rate and deposit facility rate unchanged at 0% and -0.5%, respectively. It also kept its marginal lending facility rate steady at 0.250%. This outcome had been widely expected by consensus economists.

The euro traded roughly unchanged against the dollar (EURUSD=X) in the minutes after the decision, which was released at 7:45 a.m. ET.

[Click here to read Stock Market Live Updates]

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., December 9, 2019. REUTERS/Brendan McDermid

The central bank’s monetary policy statement was left virtually unchanged from the October statement, affirming that the ECB will keep rates rates will remain “at their present or lower levels until it has seen the inflation outlook robustly converge to a level sufficiently close to, but below, 2% within its projection horizon.”

The ECB also reiterated its program to repurchase bonds at a monthly rate of 20 billion euros, or $22 billion. This had been one of the final stimulus moves launched by Lagarde’s predecessor Mario Draghi to jumpstart the flagging eurozone economy.

Meanwhile, UK voters headed to the polls Thursday for the country’s third general election in less than five years to decide on a total of 650 Members of Parliament (MPs.) The next election had previously not been set to take place until 2022, but MPs had voted for this December’s election in October as turmoil around Brexit continued.

The election serves as an opportunity for Prime Minister Boris Johnson to win a Parliamentary majority in order to enact his Brexit plan, with both Johnson and predecessor Theresa May having so far failed to convene enough support for any exit deals among their MPs. Johnson has claimed he would deliver Brexit by January 31 if his Conservative party wins a majority.

Polls opened at 2 a.m. ET on Thursday and continue until 5 p.m. ET, after which exit polls will be released.

ECONOMY: Initial unemployment claims jump to a two-year high

New unemployment claims in the U.S. rose to the highest level since September 2017 last week, according to the Labor Department’s latest weekly report Thursday.

Initial jobless claims rose to a seasonally adjusted level of 252,000 for the week ended December 7, well above the prior week’s unrevised level of 203,000. Consensus economists had expected new unemployment claims to total 214,000. The latest report brought the four-week moving average of new unemployment claims up by 6,250 to 224,000.

Continuing unemployment claims, however, unexpectedly fell to 1.667 million for the week ended November 30, down from the 1.698 million from the previous week.

A closely watched measure of underlying producer price trends came in lower than expected in November, reaffirming persistently lower inflationary pressures in the U.S.

The headline producer price index (PPI) was flat month over month in November after rising 0.4% in October, the Bureau of Labor Statistics said Thursday. Consensus economists had expected producer prices to rise by 0.2% during the month. Over last year, headline PPI rose just 1.1%, versus a 1.3% gain expected.

Excluding volatile food and energy prices, the PPI fell 0.2% month over month, versus a gain of the same magnitude expected. The PPI excluding food, energy and trade services prices was flat, while a rise of 0.2% was anticipated. This measure of PPI rose just 1.3% over last year in November, slowing from a 1.5% annual gain in October.

Splitting up has been the predominant trend of the past 10 years.

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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2019-12-12 14:44:00Z
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Gold prices higher following disappointing U.S. PPI Data - Kitco NEWS

(Kitco News) - The gold market is adding to strong gains following the latest Federal Reserve monetary policy announcement and after data highlighted weaker-than-expected producer inflation pressures.

Thursday, the U.S. Labor Department said its Producer Price Index (PPI) was unchanged in November, following October’s 0.4% rise; the data was much weaker than expected with economists’ forecasting an increase of 0.2%.

At the same time core PPI, which strips out volatile food and energy costs, dropped 0.2% last month, following July’s increase of 0.2%. Economists were expecting to see an 0.2% rise.

The disappointing inflation pressure is having a modest impact on gold, pushing prices modestly higher in initial reaction. February gold futures last traded at $1,486 an ounce, up 0.74% on the day.

According to some economists the weak inflation data is positive for gold because it supports expectations that the Federal Reserve will maintain interest rates at its current lower levels for an extended period of time.

Economists pay close attention to producer prices as it is a leading indicator for consumer prices. Traditionally, companies pass on higher costs to their customers.

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2019-12-12 13:34:00Z
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