Stock Alert: Poseida Therapeutics Plunges 30% After FDA Decision
Shares of Poseida Therapeutics, Inc. (PSTX) are down more than 30% Tuesday morning after the drug amker announced the FDA has halted the trial for its prostrate cancer drug candidate P-PSMA-101 following patient death.
Poseida stock touched a new low of $8.38 this morning.
Mnuchin Hopes for Stimulus Talks, With House Postal Vote Looming
Treasury Secretary Steven Mnuchin said he hopes House Speaker Nancy Pelosi will be interested in jump-starting negotiations over a coronavirus stimulus package when the chamber returns to discuss U.S. Postal Service funding.
With the House returning to Washington this week, Mnuchin said Tuesday on CNBC: “Since Speaker Pelosi is coming back to look at Postal, hopefully she will be more interested in sitting down.” The chamber is set to vote Saturday on adding $25 billion in Postal Service funding.
Democrats and the White House have been locked in a stalemate over a new stimulus package, with Democrats demanding more funding than Republicans. The two sides are at least $1 trillion apart on another package of relief to overcome the ravages of a pandemic that continues to force companies, schools and other organizations to roll back plans to reopen for business.
Mnuchin said there’s “a lot of bipartisan support” for adding funds to the Paycheck Protection Program for small businesses. White House Chief of Staff Mark Meadows said there was an “agreement in principle” with Democrats to expand the program before talks broke down.
Stock Alert: Sea Ltd. Shares Hit 52-Week High
Shares of Sea Ltd. (SE) hit a 52-week high of $152.51 Tuesday morning, after the company reported a sharp growth in Q2 revenue. SE is currently trading at $148.11, up $13.83 or 10.30% in the regular session.
The company reported Q2 net loss of $393.5 million or $0.68 per share compared to a loss of $280.1 million or $0.48 per share last year.
Revenue for the quarter was $882.0 million, a jump of 102.2% from the previous year’s revenue of $436.2 million.
Analysts polled by Thomson Reuters expected a loss of $0.41 per share on revenue of $1.07 billion for the quarter. Analysts’ estimate typically exclude certain special items.
Court: Hezbollah member guilty in killing of ex-Lebanon PM
A U.N.-backed tribunal has ruled that a member of the Hezbollah militant group is guilty beyond reasonable doubt of involvement in the 2005 assassination of former Lebanese Prime Minister Rafik Hariri.
The Special Tribunal for Lebanon said Salim Ayyash was guilty of involvement in the suicide truck bombing that killed Hariri and 21 others and injured 226 people in a huge blast outside a seaside hotel in Beirut on Feb. 14, 2005.
The court is reading out verdicts against three other Hezbollah members also charged with involvement in the plot to murder Hariri.
CANADA STOCKS-TSX opens higher as gold prices gain
Aug 18 (Reuters) – Canada’s main stock index opened higher on Tuesday, boosted by gold miners after prices of the yellow metal climbed as a weakening dollar drove investors holding other currencies to the safe-haven asset.
* At 9:30 a.m. ET (1330 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 34.9 points, or 0.21%, at 16,691.02.
EARNINGS SUMMARY: Details of Highway Holdings Ltd Q4 Earnings Report
Below are the earnings highlights for Highway Holdings Ltd (HIHO):
-Earnings: $0.56 million in Q4 vs. -$0.19 million in the same period last year.
-EPS: $0.14 in Q4 vs. -$0.05 in the same period last year.
-Revenue: $2.93 million in Q4 vs. $3.76 million in the same period last year.
Stock Alert: GrowGeneration Climbs To New 52-week High
Shares of GrowGeneration Corp. (GRWG) are rising more than 10 percent or $1.64 in Tuesday’s morning trade at $17.80, after earlier touching a new 52-week high of $19.40.
Interest has been growing in Colorado-based GrowGeneration after the operator of retail hydroponic and organic gardening stores reported higher net income and revenue growth for the second quarter on August 13. The company also raised its revenue and adjusted EBITDA outlook for fiscal 2020.
GrowGeneration has traded in a range of $2.62 to $19.40 in the past 52 weeks.
NY Gov. Andrew Cuomo Publishing New Book On COVID-19 Response In October
Crown Publishing Group, a division of Penguin Random House, announced Tuesday it’s putting out a new book by New York Governor Andrew Cuomo this fall on the pol’s experience dealing with the coronavirus pandemic.
American Crisis, Leadership Lessons From The COVID-19 Pandemic will hit on Oct. 13, three weeks before the presidential election. The book was a bit of a surprise. Cuomo had mentioned this summer that he was considering writing a book. Crown announced it the day after the Governor spoke at the opening night of the Democratic National Convention.
“We’re excited to share this new book from New York Governor Andrew Cuomo is coming out with new book in October,” Crown tweeted this morning.
New York was initially the epicenter of the pandemic but has lately become a success story in containing it and in gradual reopening that has so far avoided a resurgence. The third-term governor has become a national figure with daily briefings where he often takes the Trump Administration to task for its inadequate response to the pandemic.
Cuomo will voice the audio book as well.
U.S. Reaches Deal With Moderna For 100 Million Doses Of COVID-19 Vaccine
Moderna said Tuesday that it has reached an agreement with the U.S. to initially supply 100 million doses of its experimental vaccine for COVID-19, mRNA-1273. The U.S. government has awarded up to $1.525 billion for the vaccine.
The U.S. will also have the option to purchase up to an additional 400 million doses of mRNA-1273 from Moderna.
The U.S. government has already invested $955 million in the company’s vaccine development, bringing its total investment up to $2.48 billion, Moderna said in a statement.
The U.S. has also entered into a deal with Pfizer in July to secure 100 million doses of its vaccine BNT162. In August it has reached a deal to get 100 million doses of vaccine Ad26.COV2.S from Janssen Pharmaceutical. Similarly, the U.S has reached deals with GlaxoSmithKline, Sanofi, Novavax and AstraZeneca for their vaccines.