Cassava Plummets on Alzheimer's Drug Test Disappointment

36 minutes ago

Cassava Sciences (SAVA) shares lost most of their value Monday morning after the biotech firm said its experimental Simufilam drug—aimed at treating Alzheimer’s disease—failed to show a “significant reduction in cognitive or functional decline” during the Phase 3 trial of the treatment.

The drug was aimed at treating patients with mild-to-moderate Alzheimer’s, which the Mayo Clinic describes as the most common cause of dementia.

CEO Rick Barry said that the failure of the late-stage trial for Simufilam means that the company would discontinue another late-stage study and open-label study of the drug. An open-label or nonblinded study is where both the health providers and the patients are aware of the drug or treatment being given, according to the National Cancer Institute.

The company in September agreed to a $40 million settlement with the Securities and Exchange Commission (SEC) over charges that it manipulated clinical trial data related to its Alzheimer’s disease drug.

Cassava shares were down 85% and trading at a four-year low late Monday morning.

–Nisha Gopalan

Bath & Body Works Stock Soars on Earnings, Outook

1 hr 35 min ago

Bath & Body Works (BBWI) shares skyrocketed Monday after the personal care items retailer posted better-than-expected results and boosted its outlook on strong store traffic, customer loyalty and optimism about the upcoming holiday season.

The owner of its namesake locations reported third-quarter adjusted earnings per share (EPS) of $0.49, with revenue up 3.1% to $1.61 billion. Both exceeded forecasts.

CEO Gina Boswell said Bath & Body Works was “capitalizing on our agile business model and predominantly U.S.-based supply chain, and we believe we are well-positioned to navigate a volatile retail environment and shorter holiday calendar.”

The company now sees full-year adjusted EPS of $3.15 to $3.28, compared to its earlier guidance of $3.06 to $3.26. It predicts revenue to decline 1.7% to 2.5%, versus the previous expectation of a drop of 2.0% to 4.0%.

Bath & Body Works shares were up 18% in recent trading. Despite the big gain, the stock is still down more than 16% since the start of the year.

–Bill McColl

Macy's Stock Slides as Company Delays Earnings Report

2 hr 17 min ago

Macy’s (M) shares fell Monday morning after the retailer said its official third-quarter results would be delayed so that an independent investigation into an accounting issue can be completed.

The company said that it discovered that an employee had made "erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses" from the fourth quarter of fiscal 2021 through the third quarter of 2024.

Macy's said it found the issue with delivery expenses while preparing the earnings report, which was originally set to be released Tuesday. It said the employee responsible for the seemingly intentional error is no longer with Macy's.

Macy’s did, however, release preliminary results for the third quarter on Monday. It said revenue declined just over 2% year-over-year to $4.74 billion, below the $4.88 billion analysts had expected, according to estimates compiled by Visible Alpha.

Macy's shares were down about 4.5% in recent trading and is now down about 23% since the start of 2024.

–Aaron McDade

Bitcoin Levels to Watch as $100K Remains in Sight

3 hr 50 min ago

Bitcoin (BTCUSD) has given up some ground this morning but still sits on the precipice of surpassing the $100,000 mark for the first time.

The cryptocurrency was at $97,500 in recent trading, after hitting a high around $99,800 on Friday afternoon.

Since Donald Trump’s decisive election victory on Nov. 5, Bitcoin has surged around 40% amid expectations of a crypto-friendly administration and Congress.

The cryptocurrency’s price has recently broken out from a pennant pattern, signaling a continuation of its strong bullish move. 

A bars pattern, which takes the trending price bars that preceded the pennant and repositions them from the pattern’s top trendline, projects a price target of around $118,000. Investors should watch important support levels on Bitcoin's chart around $93,000 and $70,000.

Read the full technical analysis here.

–Timothy Smith

Futures Point to Higher Open for Major indexes

4 hr 23 min ago

Futures tied to the Dow Jones Industrial Average were up 0.7%.

S&P 500 futures were up 0.5%.

Nasdaq 100 futures were also up 0.5%.

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