The new year got off to a hot start as gold gained 0.5% and energy stocks were higher. The S&P 500 Index gained 0.4%, the Dow Jones Industrial Average surged 0.8% and the Nasdaq Composite soared 1.5% by day’s end.
Here’s what you should know:
Moneygram International’s big-money deal did not go through.
The company was expected to be acquired by Ant Financial, but a U.S. government panel rejected the move, citing security concerns, according to statements from both companies on Tuesday.
This isn’t the first deal between a Chinese party and the U.S. that was rejected by the administration of U.S. President Donald Trump. The deal was slated to net the company’s executives $1.2 billion.
Ant Financial’s owner is Jack Ma, who promised Trump a year ago that he would create 1 million jobs in the U.S., including some from the deal that was almost completed.
MGI stock fell as much as 6.1% after the bell Tuesday.
Trevena had a positive afternoon following good news from a U.S. agency.
The pharmaceutical company discovered that the Food And Drug Administration has accepted its marketing application as the company seeks approval for the medication OLINVO (oliveridine).
The medication is designed to help manage moderate-to-severe acute pain, with the agency’s action date set for the fourth quarter of fiscal 2018.
Oliceridine is a G-protein-based ligand that targets the mu opioid receptor as an alternative to intravenous opioid analgesics. It relieves pain to a similar degree as morphine, minus respiratory depression, constipation, nausea and vomiting.
TRVN stock soared 21.7% after the market closed Tuesday.
Tetraphase Pharmaceuticals has also received good news from the FDA.
The medication is an intravenous (IV) eravacycline for the treatment of complicated intra-abdominal infections (cIAI). The NDA submission carries with it data from the IGNITE1 and IGNITE 4 phase 3 clinical trials.
The trials discovered that the twice-daily IV eravacycline was well tolerated and helped to reach high clinical cure rates in patients with cIAI.
TTPH stock gained 12.8% after hours Tuesday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.