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Live updates on stock market and business news during the coronavirus outbreak.
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A conversation about the latest market-moving events, including the coronavirus outbreak, as Wall Street wraps up a wild first quarter.
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 CytoDyn Inc. said Tuesday the Food and Drug Administration has allowed the company's Phase 2 trial testing its experimental drug leronlimab in COVID-19 patients to move forward. Shares of the company are not yet moving in premarket trading. The investigational therapy has not been approved for any indications; for COVID-19, it's being proposed as a treatment for mild-to-moderate respiratory complications that occur in patients with the disease. the randomized, double-blind, placebo-controlled study will test the efficacy and safety of leronlimab in 75 patients. There are no FDA-approved vaccines or treatments for the novel coronavirus; however, the regulator on Sunday granted emergency use authorization to chloroquine as a treatment for the disease, and a number of clinical trials are underway. CytoDyn had been studying the experimental therapy as a treatment for people with HIV and a form of metastatic breast cancer. CytoDyn's stock has soared 160% year-to-date, while the S&P 500 has dropped 18%.
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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Dollar Tree Inc. said Tuesday that it is withdrawing its fiscal first-quarter and full-year outlook as the discount retailer heads into peak Easter shopping season beneath a cloud of uncertainty. Shares tumbled 3.6% in Tuesday premarket trading. Same-store sales trends soared through March 29, with the namesake chain up 7.1% and Family Dollar up 14.4%. However trends have "moderated," the company said, with same-store sales at Family Dollar up 8.8% for the seven days ending March 29 and Dollar Tree down 19.4% for the period. Food and household consumable sales remain strong, however the company's ability to restock items in high demand, weaker-than-expected sales in discretionary categories and the impact of the coronavirus on the Easter selling season raise questions. There were also higher first-quarter costs associated with pay and benefits, and other measures tied to the pandemic response. And there are concerns about gross margins due to the merchandise mix. As of March 30, Dollar Tree has $1.9 billion in cash and investments, including $750 million drawn down from its $1.25 billion revolving credit line. The company plans to pay $250 million due in April. All remodels and installations have been halted until April 27. The company doesn't expect to repurchase shares in the near-term. It is scheduled to report fiscal first-quarter earnings on May 28. Dollar Tree stock is down 15.1% for the year to date while the S&P 500 index has sunk 18.7% for the period.
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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The stocks making the biggest moves in premarket trading include Conagra, Carnival, RH, Visa, and more.
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Shares of Carnival Corp. turned lower in premarket trading Tuesday, after the cruise operator said it commenced a public offering of $1.25 billion worth of its common stock. Based on Monday's stock closing price of $12.80, the offering could represent about 97.66 million shares, or about 18.5% of the shares outstanding. The company also said it commenced private offerings of $3 billion shares of senior secured notes due 2023 and $1.75 billion in senior convertible notes due 2023. The stock fell 1.6%, after being up as much as 11% earlier in the premarket, and after plunging 28% over the past two sessions. Earlier, the company said it was suspending its dividend and share repurchases, cutting expenses and pursuing additional financing to improve liquidity. The stock has plummeted 61.8% over the past month through Monday, while the S&P 500 has shed 11.1%.
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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 European stocks were on track for their seventh gain in nine sessions on Tuesday, rising on the belief that the worst from the economic fallout from the coronavirus outbreak is in sight if still to come.
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Hilton Grand Vacations INc. said Tuesday it is suspending its U.S. sales operations due to the growing number of travel restrictions and stay-at-home policies being implemented across the country during the coronavirus pandemic. The Orlando, Fla.-based company said it has closed some resorts and is temporarily pausing reservations at its U.S., Europe and Barbados resorts through the end of April. Sales in Japan and South Korea remain open on a limited basis and customer service team members are available for customers who want to change or cancel travel. "While the level of disruption to the travel industry is unprecedented, we remain confident in our ability to manage through this difficult period," Chief Executive Mark Wang said in a statmeent. "Approximately 40% of 2019 segment EBITDA was derived from recurring fees in our Finance and Club & Resort segments. Through the end of March, we have collected approximately 90% of our member fees for fiscal 2020, which fund all of the operational costs of our resorts." The company has a leverage ratio of 1.59 times and had just over $1 billion in liquidity at end-February. In March, the company drew down the remainder of its revolving credit facility. Shares were not active premarket, but have fallen 53% in the year to date, while the S&P 500 has fallen 19%.
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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Buckle Inc. said Tuesday that it would keep its stores closed until further notice. As a result, the apparel retailer will furlough most of its store associates and corporate workers starting April 5. Furloughed staff will continue to receive benefits. Those who continue to work will do so with pay reductions. Buckle's Chief Executive Dennis Nelson will forego his salary until operations resume, and the company's board has chosen to forego their retainers for the current quarter. Buckle stock is down 20% for the past year while the S&P 500 index has fallen 7.3% for the period.
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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Shares of Amarin Corp. PLC took a 69% dive on heavy volume in premarket trading Tuesday, after drug maker announced a disappointing court ruling in its patent litigation against two generic companies regarding Vascepa, its Food and Drug Administration-approved treatment of cardiovascular disease. Trading volume ballooned to over 10 million shares ahead of the open, which is already more than the full-day average of 9.6 million shares. Amarin said late Monday that the U.S. Distric Court for the Distric of Nevada ruled in favor of the generic companies. "Amarin strongly disagrees with the ruling and will vigorously pursue all available remedies, including an appeal of the Court's decision and a preliminary injunction pending appeal to, if an ANDA is approved by FDA, prevent launch of generic versions of VASCEPA in the United States," said Cief Executive John Thero. Stifel Nicolaus analyst Derek Archila reiterated his hold rating but slashed his stock price target to $8 from $24, saying he believes the court ruling will be difficult to overturn on appeal. "The negative IP ruling is a serious blow for [Amarin], and we would not be buying shares here given the uncertainty the decision has created around the future of Vascepa sales and, more importantly, [Amarin's] near-to-medium term cash runway," Arichila wrote in a note to clients. Through Monday, Amarin's stock had declined 36.7% over the past three months while the S&P 500 had lost 18.7%.
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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