Weekly jobless claims miss estimates as employment gains taper off

Satsuma Pharma: STS101 Fails To Meet Statistical Significance On Co-primary Endpoints

Satsuma Pharmaceuticals, Inc. (STSA) announced topline results from its phase 3 EMERGE efficacy trial of STS101 powder as an acute treatment for migraine. The company said topline data from the study did not show statistically significant differences between either dosage strength of STS101 and placebo on co-primary endpoints of freedom from pain and most bothersome symptom at two hours post-administration. STS101 was well-tolerated in the trial.

The company said analysis of EMERGE trial data is ongoing, and it expects to provide a detailed update on its business plans after these analyses are completed.

Headquartered in South San Francisco, California, Satsuma Pharmaceuticals is a clinical-stage biopharmaceutical company developing STS101. Shares of Satsuma Pharma were down 83% in pre-market trade on Thursday.

BPEA Affiliated Funds To Acquire Virtusa In $2.0 Bln Deal – Quick Facts

Baring Private Equity Asia, and Virtusa Corp. (VRTU) have entered a merger deal, under which funds affiliated with BPEA will acquire all outstanding shares of common stock of Virtusa for $51.35 per share in an all-cash transaction valued at approximately $2.0 billion. The deal is anticipated to close in the first half of 2021.

Baring Private Equity Asia or BPEA is one of the largest independent private equity firms in Asia with approximately $20 billion of assets under management.

Kris Canekeratne, CEO of Virtusa, said, “This transaction represents a strategic evolution for Virtusa and a unique opportunity to take our business to new heights at a time of accelerating digital adoption.”

EARNINGS SUMMARY: Details of FuelCell Energy Inc. Q3 Earnings Report

Below are the earnings highlights for FuelCell Energy Inc. (FCEL):

-Earnings: -$16.13 million in Q3 vs. -$8.33 million in the same period last year.
-EPS: -$0.07 in Q3 vs. -$0.18 in the same period last year.
-Analysts projected -$0.06 per share
-Revenue: $18.73 million in Q3 vs. $22.71 million in the same period last year.

Gold Futures Flat As Markets Await ECP Policy Announcement

Gold prices are swinging between gains and losses in a very narrow range Thursday morning as traders await European Central Bank’s monetary policy announcement, due later in the day.

A weak dollar is supporting the yellow metal a bit. The dollar index is down 0.12% at 93.14.

Gold futures for December are down slightly at $1,954.30 an ounce, moving between $1,950.50 and $1,960.40.

Silver futures for December are rising $0.247 or 0.91% at $27.330 an ounce.

Data on U.S. jobless claims, wholesales sales and Conference Board’s Coincidence Index and Leading Index are also due later in the day.

Are you a student, teacher, or parent adjusting to online classes? Business Insider wants to hear from you.

  • Business Insider is seeking input from K-12 students, parents, and teachers whose school districts have moved to online learning.
  • We want to hear from you in order to get a better sense of the financial and personal impacts of the transition.
  • Please take 5 minutes to tell us about your experience by taking our survey here.
  • Visit Business Insider's homepage for more stories.

If you're a teacher, student, or parent adjusting to online classes amid COVID-19 school shutdowns, Business Insider wants to hear from you.

We're seeking input to get a better picture of how online learning is affecting people's lives. We hope this input will help inform our coverage of remote learning, its advantages, and any potential difficulties faced by educators, students, or their families.

You can take our survey here.

If you'd rather submit tips directly to a reporter, contact Aaron Holmes at [email protected] or Allana Akhtar at [email protected]

Department Store Century 21 Files for Bankruptcy, Will Shut Down

Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy Thursday with plans to shut down, adding to the retail industry carnage exacerbated by the pandemic.

The retailer will hold going out of business sales at its 13 stores in New York, New Jersey, Pennsylvania, and Florida, according to a companystatement. The company listed assets and liabilities of as much as $500 million each in its bankruptcy petition.

“The decision follows nonpayment by the company’s insurance providers of approximately $175 million due under policies put in place to protect against losses stemming from business interruption such as that experienced as a direct result of the Covid-19 pandemic,” the company said in the statement.

Weekly jobless claims miss estimates as employment gains taper off

  • Weekly jobless claims totaled 884,000 last week vs. estimates of 850,000.
  • Continuing claims totaled 13.385 million, an increase of 93,000 from the previous week.

Weekly jobless claims were worse than expected last week amid a plodding climb for the U.S. labor market from the damage inflicted by the coronavirus pandemic.

The Labor Department reported 884,000 first-time filings for unemployment insurance, compared to the 850,000 expected by economists surveyed by Dow Jones. The total was unchanged from the previous week.

Continuing claims from those filing for at least two weeks rose from the previous week, hitting 13.385 million, an increase of 93,000 from a week ago and an indicator that the strong jobs improvement through the summer may be tailing off entering the fall.

The Labor Department changed its methodology in how it seasonally adjusts the numbers, so the past two weeks' totals are not directly comparable to the reports from earlier in the pandemic. Claims not adjusted for seasonal factors totaled 857,148, an increase of 20,140 from the previous week.

This is breaking news. Please check back here for updates.