U.S. stocks experienced slight gains on Monday amid tepid consumer data — namely, consumer spending only increased slightly last month. The S&P 500 edged 0.1% higher and the Dow Jones Industrial popped 0.1% at Monday’s closing.
Foot Locker, Inc. (FL)
Foot Locker shares rose after the bell Monday on news that the company announced it will join the S&P 500 index.
The footwear retailer will replace Cameron International Corporation (NYSE:CAM) in the index after trading closes on April 1. The announcement was made after the Chinese cleared Schlumberger Limited’s (NYSE:SLB) merger with Cameron International.
Real estate investment trust DCT Industrial Trust Inc (NYSE:DCT) will take Foot Locker’s place in the S&P MidCap 400.
FL stock was set to open Tuesday’s trading up 2%.
Alexza Pharmaceuticals, Inc. (ALXA)
Fiscal fourth-quarter results had pharmaceutical firm Alexza falling in Tuesday’s premarket action.
Alexza Pharmaceuticals posted a wider net loss in its 2016 Q4, losing $6.7 million versus 3 million in 2015’s fourth quarter. Quarterly revenue was $673,000, also significantly lower than the year-ago period’s $1.45 million.
ALXA investors are clearly nervous about the company’s ability to stay listed on the Nasdaq. The company has been in danger of delisting since June 2015, though it did receive a determination in March that it could stay on the Nasdaq should it comply with several minimum standards. One of those is a minimum $35 million market value by June 14 of this year — a now more difficult feat considering the company was worth $18 million before Tuesday’s 30% premarket haircut.
Puma Biotechnology, Inc. (PBYI)
Puma Biotechnology shares were also on the decline following news that the company plans to submit a New Drug Application (NDA) later than it had originally planned.
The developmental-stage biopharmaceutical company will now submit its NDA application for the approval of neratinib in mid-2016, pushing back its initial plan to send in the application in the first quarter of the year.
Neratinib is intended to treat “extended adjuvant breast cancer that has previously been treated with a trastuzumab-containing regimen.”
PBYI stock was set to open Tuesday roughly 12% lower