Gold Futures Settle Higher As Dollar Remains Weak
New York Community Bancorp Spikes On Acquisition Of Flagstar Bank Assets
New York Community Bancorp, Inc. (NYCB) shares are gaining more than 38 percent on Monday morning trade after its subsidiary Flagstar Bank N.A. acquired assets and assumes certain liabilities of Signature Bridge Bank from the Federal Deposit Insurance Corp. The deal includes assets of around $38 billion and liabilities of approximately $36 billion. The transaction is expected to be significantly accretive to earnings per share.
Currently, shares are at $9.08, up 38.85 percent from the previous close of $6.54 on a volume of 47,020,449.
1948: Egypt Starts Power Project
CAIRO, March 19 (U.P.).—King Farouk today laid the foundation stone of a new hydro-electric scheme at the Aswan Dam, in upper Egypt. The work which is expected to begin at Aswan shortly will be continued at Esna Nag Hamadi and Assiout, where other hydro-electric stations will be built. The whole scheme is to be completed by 1953. — The New York Herald, European Edition, March 20, 1948
Karuna Therapeutics Shares Fall Despite Positive Phase 3 Trial For KarXT
Karuna Therapeutics, Inc. (KRTX) shares are declining on Monday morning trade, despite its Phase 3 EMERGENT-3 trial met its primary endpoint for its lead investigational therapy KarXT in adults with schizophrenia. Karuna is planning to submit an NDA to the FDA in mid-2023. The shares have been on a bearish trend since March 17.
As Karuna’s partner Zai Lab Ltd. (ZLAB) announced the positive trial results today, Karuna shares gained in the pre-market, however, dipped after a short while.
The trial evaluated the efficacy, safety, and tolerability of KarXT demonstrating a statistically significant and clinically meaningful 8.4-point reduction in Positive and Negative Syndrome Scale total score compared to the placebo at Week 5.
Currently, shares are at 30.87, down 8.79 percent from the previous close of $33.85 on a volume 133,346.
Cue Health Receives Emergency Use Authorization For Molecular Test To Detect Mpox
Cue Health (HLTH) has received Emergency Use Authorization from the FDA for its molecular test to detect the mpox virus. The nucleic acid amplification test is run on a Cue Reader, and delivers results in 25 minutes. Cue Health noted that it is the company’s first non-COVID test to receive FDA authorization.
Ayub Khattak, CEO of Cue Health, said: “The FDA EUA for our Mpox Molecular Test provides a great tool for clinicians and their patients and demonstrates our platform’s versatility.”
For More Such Health News, visit rttnews.com.
Aziyo Biologics Stock Tanks 65% On FDA's NSE Letter For CanGaroo RM Antibacterial Envelope
Shares of Aziyo Biologics, Inc. (AZYO) are tanking over 65% on Monday morning after the company received NSE letter from FDA for CanGaroo RM antibacterial envelope.
AZYO is currently trading at $1.3386, down $2.5614 or 65.68%, on the Nasdaq. The stock opened its trading at $1.9200 after closing Friday’s trading at $3.9000. The stock has traded between $1.2300 and $9.0100 in the past 52-week period.
The company submitted a 510(k) premarket notification for the CanGaroo RM Antibacterial Envelope to the FDA in April 2022. As a combination product containing device and drug components, the filing was reviewed by the Center for Devices and Radiological Health (CDRH) and the Center for Drug Evaluation and Research (CDER).
On March 16, 2023, the company received a Not Substantially Equivalent determination from FDA. A “Not Substantially Equivalent” (NSE) letter is issued when FDA, based on the information submitted, determines that the device is not substantially equivalent to the already legally marketed device.
The notice defined the outstanding items that need to be addressed in order to obtain market clearance. The items relate to drug testing, primarily a request by FDA to modify an in vitro drug release assay employed as a manufacturing control.
Franchise Group Jumps 9% After It Receives Buyout Offer Of $30 A Share
Shares of Franchise Group, Inc. (FRG) gained 9% on Monday morning after the Vitamin Shoppe owner said it received an unsolicited takeover proposal for $30 per share in cash.
FRG is currently trading at $24.83, up $2.08 or 9.12%, on the NYSE. The stock opened its trading at $24.62, after closing Friday’s trading at $22.75. The stock has traded between $22.45 and $44.66 in the past 52-week period.
The offer represents a near 32% premium to the share’s closing price on Friday.
The company said it Board of Directors will “carefully evaluate the proposal to determine the course of action that it believes is in the best interests of the Company and all FRG stockholders.”
ZIM Integrated Shipping Services Slides 3%
ZIM Integrated Shipping Services Ltd. (ZIM) shares are down more than 3 percent on Monday morning trade continuing a decline since March 16. There were no corporate announcements on the day to influence the stock movement.
Currently, shares are at $23.22, down 3.17 percent from the previous close of $23.98 on a volume of 2,207,414.
Gold Futures Settle Higher As Dollar Remains Weak
Gold futures settled higher on Monday as the dollar lost ground against most of its major counterparts as investors assessed the possible interest rate move by the Federal Reserve.
The Fed is scheduled to hold its monetary policy meeting on Tuesday and Wednesday. The central bank is widely expected to raise interest rate by 25 basis points.
The dollar index dropped to 103.28, losing more than 0.4%.
Gold futures for April ended higher by $9.30 or about 0.5% at $1,982.80 an ounce. Gold futures rose to $2,014.90 an ounce in the Asian session.
Silver futures for May ended up $0.184 at $22.646 an ounce, while Copper futures for May settled at $3.9555 per pound, up $0.0590 from the previous close.
Gold prices climbed higher as risk aversion gripped financial markets despite global central banks announcing measures to provide dollar liquidity in a bit to stem fallout from panic in the banking sector.
“Gold traders are celebrating as persistent banking worries have some traders scrambling towards the precious metal,” says Edward Moya, Senior Market Analyst at OANDA. “Long-term gold bulls are celebrating, probably sharing the Leonardo Di Caprio party celebration meme as Fed rate cut bets are now fully pricing in a rate cut at the June FOMC meeting.”
Moya adds: “Gold might struggle to extend this rally until we get past the FOMC meeting, which might contain a surprise hike and continued voiced confidence that they have the tools to deal with all the current financial stability concerns.”