U.S markets dipped slightly into red territory by midday Thursday after ADP released its monthly private-sector employment data for May. The report showed 173,000 jobs added in May, which beat economist estimates of 165,000. Crude oil was up as much as 0.57% by midday to $49.29 despite reports that OPEC delegates declined to put a cap on production.
Sarepta Technologies (SRPT) shares plunged as much as 25% to just below $16 following newly released "compassionate use" guidelines by the Food and Drug Administration. The guidelines provide a path for doctors to prescribe unapproved drugs to patients in the absense of other effective commercially available treatments. Unfortunately for Sarepta, the new guidelines may mean that official approval of eteplirsen, a drug used to treat Duchenne muscular dystrophy may be further delayed. TheStreet's Adam Feuerstein has the full report.
Shares of Signet Jewelers (SIG) were hit Thursday following a bearish report in James Grant's investment letter. The report raises questions about the jeweler's business and accounting practices and caused the stock to fall as much as 12% before trading was halted. By midday, the shares had recouped some of their losses but were still down nearly 7%.
Qlik Technologies (QLIK) shares rose as much as 4% to $30 on news that the company agreed to be acquired by private equity firm Thoma Bravo in a deal valued around $3 billion. Under terms of the agreeement, the data analytics company said shareholders would receive $30.50 in cash for each share of Qlik common stock they hold.
Finally, Walmart Stores (WMT) popped a modest 0.37% Thursday as the company announced that it is close to using drone technology to check in on warehouse inventory. The Arkansas-based retailer will be holidng its annual meeting Friday. Real Money's Brian Sozzi has been onsite and has been documenting some of the progress Walmart has made recently.
-- Written by Carleton English