European Economic News Preview: Eurozone Foreign Trade Data Due

Foreign trade data from the euro area is the top economic news due on Thursday, headlining a light day for the European economic news.

At 12.30 am ET, unemployment data from the Netherlands and consumer confidence from Norway are due.

At 4.00 am ET, Norway’s central bank is set to announce its monetary policy decision. The bank is expected to lift its key interest rate to 4.00 percent from 3.75 percent.

At 5.00 am ET, Eurostat publishes euro area foreign trade data for June. Economists forecast the trade balance to post a surplus of EUR 18.3 billion compared to a shortfall of EUR 0.3 billion posted in May.

GRI Bio Slides After Agreeing To Sell Legacy Asset, ADAIR To Aardvark

GRI Bio, Inc. (GRI) shares are down more than 15 percent on Wednesday morning trade after the company reported an asset purchase agreement with Aardvark Therapeutics Inc. for the sale of legacy assets as well as global development and commercialization rights of Abuse-Deterrent Amphetamine Immediate Release or ADAIR.

As per the agreement, GRI Bio will receive a modest up-front payment and milestone payment of up to $80 million.

Earlier, the clinical stage company had given exclusive license rights to develop and commercialize ADAIR in Europe and the UK to Medice Arzneimittel Pütter GmbH.

Currently, shares are at $2.24, down 15.47 percent from the previous close of $2.65 on a volume of 1,933,778.

Peloton Interactive Falls On Q4 Loss

Peloton Interactive, Inc. (PTON) shares are sliding more than 20 percent on Wednesday morning trade after the company reported net loss for the fourth quarter compared to profit in the comparable quarter last year.

The quarterly loss was $313.2 million or $1.05 per share, while the interactive fitness company reported profit of $89.1 million or $0.31 per share a year ago.

currently, shares are at $5.54, down 20.39 percent from the previous close of $6.99 on a volume of 20,116,322.

AMC Entertainment Continues To Fall

AMC Entertainment Holdings, Inc. (AMC) shares are down more than 18 percent on Wednesday morning trade, continuing a bearish trend for the last several days, and touched an all-time low. There have been no corporate announcements today to influence the stock movement.

Currently, shares are at $2.06, down 19.01 percent from the previous close of $2.55 on a volume of 111,767,399.

Twenty-Year Bond Auction Attracts Below Average Demand

The Treasury Department announced the results of this month’s auction of $16 billion worth of twenty-year bonds on Wednesday, revealing the sale attracted below average demand.

The twenty-year bond auction drew a high yield of 4.499 percent and a bid-to-cover ratio of 2.56.

Last month, the Treasury sold $12 billion worth of twenty-year bonds, drawing a high yield of 4.036 percent and a bid-to-cover ratio of 2.68.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous twenty-year bond auctions had an average bid-to-cover ratio of 2.65.

On Thursday, the Treasury is due to announce the details of this month’s auctions of two-year, five-year and seven-year notes.

Gree Recalls 1.56 Mln Dehumidifiers Due To Fire And Burn Risks

Gree Electric Appliances, Inc. is recalling 1.56 million dehumidifiers after reports of at least 23 fires, the U.S. Consumer Product Safety Commission announced.

According to the agency, the dehumidifiers can overheat, smoke, and catch fire, posing fire and burn hazards to consumers. There were reports of at least 23 fires, 688 incidents of overheating, and $168,000 in property damage with the recalled dehumidifiers.

The recall involves 42 models of dehumidifiers with brand names Kenmore, GE, SoleusAir, Norpole and Seabreeze. The dehumidifiers are white, beige, gray or black plastic and measure between 19 and 24 inches tall, 13 and 15 inches wide, and 9 and 11 inches deep.

They were manufactured in China between January 2011 and February 2014, and distributed in the U.S. By GE Appliances; Gree USA Sales Ltd.; IRP; MC Appliance Corp. ; and MJC America Ltd. dba Soleus International Inc.

The affected products were sold at Home Depot, Lowe’s, Menards, Sam’s Club, Sears, Walmart and other stores nationwide, starting in 2011 through 2014 for between $110 and $400.

Consumers are urged to immediately stop use, unplug the dehumidifiers, and contact Gree to receive a refund.

In similar recalls, Daikin Comfort Technologies Manufacturing L.P, affiliated to Japan’s Daikin Industries, Ltd., in early August called back about 62,100 units of Amana Packaged Terminal Air Conditioners/Heat Pumps or PTACs citing burn and fire hazards.

Research Products in mid June recalled about 40,000 steam humidifiers due to the risk of fire.

ITeos Therapeutics Gains 30% After Roche "Accidentally" Publishes Positive Results From Cancer Study

Shares of iTeos Therapeutics, Inc. (ITOS) are gaining over 30% on Wednesday morning. The stock was boosted after rival Roche (RHHBY) accidentally published positive interim results from a lung cancer treatment study.

ITOS is currently trading at $15.50, up $3.75 or 31.91%, on the Nasdaq. The stock opened its trading at $16.56 after closing Tuesday’s trading at $11.75. The stock has traded between $11.34 and $24.40 in the past 52-week period.

The interim results from Roche showed positive data for overall survival with tiragolumab, but the results were “not mature” at the time of the analysis that was disclosed, Roche said in a release.

The study is ongoing and will continue until the final analysis for overall survival, Roche said.

Analysts and investors saw the data as a positive for other anti-TIGIT therapies, which include companies like iTeos and Arcus Biosciences, sending shares of those companies up.