Tuesday, 6 Jun 2023

Gold Slips As Dollar Firms Up Amid Risk Aversion

PHOTOS: Colorado Avalanche beat Tampa Bay Lightning in overtime, NHL Stanley Cup Finals Game 4

The Colorado Avalanche gutted out a 3-2 Game 4 win Wednesday night in front of a stunned Tampa Bay Lightning crowd on Nazem Kadri’s winner at 12:02 of overtime. Kadri beat Lightning goalie Andrei Vasilevskiy to the blocker side.

The win puts the Avalanche within one game of their first Stanley Cup in 21 years.

The series now moves to Denver for Friday’s Game 5.

Click here to read more about tonight’s win.

Stephen Colbert Taunts Ron Johnson for Faking It

Colbert said that the Wisconsin senator tried to avoid talking to reporters after Tuesday’s Jan. 6 hearing, “but like most things, he’s not very good at that.”

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By Trish Bendix

Novartis: FDA OKs Tafinlar + Mekinist For Solid Tumors With BRAF V600E Mutation

Swiss drug major Novartis AG (NVS) announced Thursday that the US Food and Drug Administration or FDA granted accelerated approval for Tafinlar (dabrafenib) + Mekinist (trametinib) to treat unresectable or metastatic solid tumors with BRAF V600E mutation.

The company noted that Tafinlar + Mekinist is the first and only BRAF/MEK inhibitor therapy to be approved with a tumor-agnostic indication for patients with solid tumors that have a BRAF V600E mutation, who have progressed following prior treatment and have no satisfactory alternative treatment options. It is also the only BRAF/MEK inhibitor approved for use in pediatric patients 6 years of age and older.

BRAF mutations drive tumor growth across more than 20 tumor types, including thyroid, brain and gynecologic cancers.

The FDA approval was based on clinical efficacy and safety demonstrated in three clinical trials. Results from Phase II ROAR and NCI-MATCH studies demonstrated overall response rates up to 80% in patients with BRAF V600E solid tumors. An additional study (Study X2101) demonstrated the clinical benefit and acceptable safety profile of Tafinlar + Mekinist in pediatric patients.

The company noted that the safety profile of Tafinlar + Mekinist observed in these studies was consistent with the known safety profile in other approved indications.

Pre-market Movers: HSCS, CALA, SNTI, RDBX, ACIU…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 06.30 A.M. ET).

In the Green

Heart Test Laboratories, Inc. (HSCS) is up over 87% at $3.18
Senti Biosciences, Inc. (SNTI) is up over 19% at $2.45
Redbox Entertainment Inc. (RDBX) is up over 17% at $12.85
W&T Offshore, Inc. (WTI) is up over 9% at $8.00
Olympic Steel, Inc. (ZEUS) is up over 8% at $33.75

In the Red

Calithera Biosciences, Inc. (CALA) is down over 27% at $1.99
AC Immune SA (ACIU) is down over 15% at $2.42
Quantum Computing, Inc. (QUBT) is down over 9% at $2.36
Koninklijke Philips N.V. (PHG) is down over 8% at $20.78
Eros Media World Plc (EMWP) is down over 8% at $2.36
Symbotic Inc. (SYM) is down over 7% at $14.75
Tremor International Ltd (TRMR) is down over 7% at $8.61

CVS Magnesium Citrate Saline Laxative Oral Solution Lemon Flavor Recalled

CVS Health branded Magnesium Citrate Saline Laxative Oral Solution Lemon Flavor has been recalled due to microbial contamination.

The U.S. Food and Drug Administration announced that Smyrna, Tennessee-based Vi-Jon, LLC is recalling one lot of the 10 FL OZ (296 mL) drug to the consumer level after testing identified it contain the bacteria Gluconacetobacter liquefaciens.

The product is used for relief of occasional constipation or irregularity, and generally produces bowel movement in 1/2 to 6 hours. The product is packaged in a 10 oz clear round plastic bottle.

The affected CVS Magnesium Citrate Saline Laxative Oral Solution Lemon Flavor lot includes the batch number: 0556808 and expiration date: 12/2023.

This particular lot was sent to a 3rd Party Outside Lab for testing per CVS request as a first production sample for CVS. This lot of Magnesium Citrate Saline Laxative Oral Solution Lemon Flavor was distributed Nationwide at CVS drug store locations.

According to the agency, immunocompromised patients, if consumed the product, may be at increased risk for invasive infections caused by Gluconacetobacter liquefaciens that could lead to serious, life threatening adverse health consequences.

However, Vi-Jon has not received any complaints related to the recall to date.

Consumers are urged to stop using the drug and return any remaining product to the place of purchase.

Gold Slips As Dollar Firms Up Amid Risk Aversion

Gold prices declined on Thursday and the U.S. dollar edged higher on safe-haven demand as recession worries mounted.

Spot gold dipped 0.4 percent to $1,831.37 per ounce, while U.S. gold futures were down 0.3 percent at $1,832.50.

Federal Reserve Chair Jerome Powell on Wednesday acknowledged that achieving a “soft landing” will be “very challenging” due in part to factors outside of the Fed’s control and noted a recession is “certainly a possibility.

Powell also said the central bank will look for “compelling evidence” that inflation is cooling before it begins to scale back its monetary policy tightening plans.

Money markets are pricing in a 75-basis point interest rate hike in July and a half-point move in September.

Powell will testify on the semi-annual monetary policy report before the House Financial Services Committee in Washington DC later in the day.

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