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MarketWatch MarketPulseAug 12, 2020
Ping Identity stock declines as revenue outlook less than Street expected
Ping Identity Holding Corp. shares declined in the extended session Wednesday after the cybersecurity company's outlook fell short of Wall Street expectations. Ping shares declined 4.7% after hours, following a 0.1% decline in the regular session to close at $33.52. The company expects revenue of $54 million to $57 million, while analysts surveyed by FactSet had forecast on revenue of $60 million. Ping reported a second-quarter loss of $2.9 million, or 4 cents a share, versus net income of $1.8 million, or 3 cents a share, in the year-ago period. Adjusted earnings, excluding stock-based compensation and other items, were 8 cents a share. Revenue declined to $59 million from $62.5 million in the year-ago quarter. Analysts had forecast earnings of 2 cents a share on revenue of $53.8 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 12, 2020
S&P 500 narrowly misses record close by 6 points as stock market bounces back from Tuesday's slump
U.S. stock benchmark finished sharply higher Wednesday, a day after the Dow Jones Industrial Average and the S&P 500 halted a win streak at seven sessions, as investors eyed the trajectory of the coronavirus pandemic and stronger-than-expected economic data. Wednesday's action was marked by a return to the trades that have worked throughout the pandemic, large-capitalization tech stocks and stay-at-home companies, which have lead the rally back from the coronavirus lows in March. The S&P 500 index closed about 6 points shy from a record close, ending at around 3,380, based on preliminary levels. That narrowly misses the Feb. 19 closing high at 3,386.15. The Dow Jones Industrial Average finished up 1.1% at 27,977, also on a preliminary basis. Meanwhile, the technology-laden Nasdaq Composite Index resumed its dominance, which had seemed to fade in recent days, finishing up 2.1% at 11,012. Recently, investors had appeared to shift away from tech names and into beaten-down sectors like financial and energy but that action subsided on Wednesday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 12, 2020
Biotech Inhibrx to offer 6 million shares in planned IPO, priced at $16 to $18 each
Biotech Inhibrx set terms for its initial public offering on Wednesday with plans to offer 6 million shares priced at $16 to $18 each. The company has applied to list on Nasdaq under the ticker "INBX." Jefferies, Evercore ISI, Credit Suisse and LifeSci Capital are underwriting the deal. Proceeds will be used to fund clinical research, for R&D and general corporate purposes. "We are a clinical-stage biotechnology company with a pipeline of novel biologic therapeutic candidates, developed using our protein engineering expertise and proprietary single domain antibody, or sdAb, platform," the company says in its prospectus.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 12, 2020
Phillips 66 to stop making fuels from crude oil at San Francisco-area refinery, will shift production to renewable fuels
Phillips 66 said Wednesday that it will stop producing fuels from crude oil at its San Francisco Refinery in Rodeo, Calif., and that it will reconfigure the refinery to produce renewable fuels. It will start making fuels from used cooking oil, fats, greases and soybean oils. The company said it expects to produce 680 million gallons a year of renewable diesel, renewable gasoline and sustainable jet fuel. Including production from an existing project, the plant will produce more than 800 million gallons a year of renewable fuels, which would make it the world's largest renewable fuels plant. Separate, Phillips 66 said it plans to shut down its Rodeo Carbon Plant and its Santa Maria refining facility in Arroyo Grande, Calif. in 2023. The company will take associated crude oil pipelines out of service in phases, starting in 2023. The stock, which ticked up 0.1% in afternoon trading, has shed 42.4% year to date, while the SPDR Energy Select Sector ETF has lost 36.3% and the S&P 500 has gained 4.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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