U.S. stock market traded higher in Monday trading with the major indexes well in the green.
Shares of Exelixis, Inc. (EXEL, Financial) jumped in premarket trading due to the announcement that the company obtained positive results from a Phase 3 clinical trial CELESTIAL, which met its primary endpoint of overall survival. It was evaluated by the cabozantinib, which provided better results than the placebo in patients with advanced hepatocellular carcinoma (HCC). Exelixis will present a supplemental New Drug Application with the Food and Drug Administration in the first quarter of 2018.
Moreover, shares of Groupon (GRPN, Financial) gained ground after Cowen & Co. upgraded the company to Market Perform based on "balanced expectations" for the second semester of the year. In the second quarter, several indicators such as billings growth, revenue and gross profit have improved from the prior quarter. Now, the price target is $5.50, up from previous $3.50.
Gainers
- Freeport-McMoRan Inc. (FCX, Financial).
- Wynn Resorts Ltd. (WYNN, Financial).
- Davita Inc. (DVA, Financial).
- Micron Technology Inc. (MU, Financial).
- Acuity Brands Inc. (AYI, Financial).
- Hess Corp. (HES, Financial).
Losers
- Nordstrom Inc. (JWN, Financial).
- Phillips 66 (PSX, Financial).
- Macy's Inc. (M, Financial).
- Cerner Corp. (CERN, Financial).
- Bristol-Myers Squibb Co. (BMY).
Global markets
The main European stock markets traded mixed. The FTSE 100 lost 0.11% as well as the IBEX 35 which fell 0.75%. The French CAC 40 gained 0.21% and the Germany´s DAX closed up 0.09%.
In Asia, markets closed mostly higher. China’s Shanghai was the only index that fell 0.36%.
Disclosure: The author holds no position in any stocks mentioned
