On Friday, Shares of Merck & Co., Inc. (NYSE:MRK), gained 1.27% to $50.14.
Merck & Co., known as MSD outside the United States and Canada, recently declared that the U.S. Food and Drug Administration (FDA) has approved KEYTRUDA® (pembrolizumab) monotherapy, the company’s anti-PD-1 (programmed death receptor-1) therapy, at a dose of 2 mg/kg every three weeks, for the treatment of patients with metastatic non-small cell lung cancer (NSCLC) whose tumors express PD-L1 as determined by an FDA-approved test and who have disease progression on or after platinum-containing chemotherapy. Patients with EGFR or ALK genomic tumor aberrations should have disease progression on FDA-approved therapy for these aberrations before receiving KEYTRUDA. Under FDA’s accelerated approval regulations, this indication for KEYTRUDA is approved based on tumor response rate and durability of response. An improvement in survival or disease-related symptoms has not yet been established. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.
KEYTRUDA is the first and only anti-PD-1 therapy approved for both squamous and non-squamous metastatic NSCLC. In addition to approving KEYTRUDA for NSCLC, FDA approved the first companion diagnostic that will enable physicians to determine the level of PD-L1 expression in a patient’s tumor. In KEYNOTE-001, the clinical study supporting the FDA Breakthrough Designation for KEYTRUDA and this approval, KEYTRUDA demonstrated an overall response rate of 41 percent (n=25/61) in patients with a PD-L1 expression tumor proportion score (TPS) of 50 percent or more; all responses were partial responses (95% CI, 29, 54). Eighty-four percent (n=21/25) of those who responded had ongoing responses, counting 11 patients with ongoing responses of six months or longer. Immune-mediated adverse reactions occurred with KEYTRUDA counting pneumonitis, colitis, hepatitis, hypophysitis, hyperthyroidism, hypothyroidism, type 1 diabetes mellitus, and nephritis. Based on the severity of the adverse reaction, KEYTRUDA (pembrolizumab) should be withheld or suspended and corticosteroids administered. Based on its mechanism of action, KEYTRUDA can cause fetal harm when administered to a pregnant woman. Female patients of reproductive potential should be advised of the potential hazard to a fetus.
Merck & Co., Inc. is a global health care company. The Company offers health solutions through its prescription medicines, vaccines, biologic therapies and animal health products, which it markets directly and through its joint ventures.
Shares of Marvell Technology Group Ltd. (NASDAQ:MRVL), inclined 2.54% to $9.07, during its last trading session.
Marvell Technology Group, declared a noteworthy restructuring of its mobile platform business in order to focus the mobile product line on anticipated more profitable opportunities and right-size its expenses in line with corporate targets. Marvell will continue its strong commitment to wireless connectivity such as WiFi and other wireless standards needed to support its strategies in existing markets in addition to expanding into emerging opportunities in IoT and automotive.
As approved by the Company’s Board of Directors, the Company plans to significantly downsize the mobile platform organization to refocus its technology to emerging opportunities in IoT, automotive, and networking.
Operational Summary:
- Based on preliminary estimates for the first half of fiscal 2016, the Company’s mobile platform generated roughly $122 million in revenues and roughly $13 million in gross profit.
- The successful restructuring of the mobile business is presently predictable to result in annualized operating expense savings in the range of $170 million to $220 million. Comprised in this operating expense savings is estimated share based compensation in the range of $15 million to $20 million.
- The downsizing of the mobile platform organization is presently predictable to result in an about 17% reduction in global headcount.
- The restructuring will start right away and the Company anticipates the major activities to take place through the end of fiscal 2016. As a result, the Company anticipates to incur total charges of about $100 million to $130 million. The major components of the total charge comprise severance and employee-related costs predictable to be incurred in the third and fourth quarters of fiscal 2016 and are predictable to be in the range of $45 million to $55 million. Other major components comprise facilities and asset impairment charges in the range of $30 million to $40 million and an inventory write down charge in the range of $25 million to $35 million. Given the early stages of this restructuring process, the amount and timing of the aforementioned charges may be updated.
Marvell Technology Group Ltd. (Marvell) is a fabless semiconductor provider of application-specific standard products. The Company develops System-on-a-Chip (SoC) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), mobile handsets, connectivity, Internet-of-Things (IoT) devices and other consumer electronics.
Shares of Hertz Global Holdings Inc (NYSE:HTZ), inclined 3.83% to $17.50, during its last trading session.
Hertz Global Holdings, declared that Hertz Vehicle Financing II LP (“HVF II”), a wholly owned special purpose partner of the Company, priced $636.3 million in aggregate principal amount of Series 2015-2 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (the “Series 2015-2 Notes”) and Series 2015-3 Rental Car Asset Backed Notes, Class A, Class B, Class C and Class D (the “Series 2015-3 Notes” and, together with the Series 2015-2 Notes, the “Notes”). The Company utilizes the HVF II securitization platform to finance its U.S. rental car fleet.
The predictable maturities of the Series 2015-2 Notes and the Series 2015-3 Notes are September 2018 and September 2020, respectively. The Series 2015-2 Notes are comprised of about $189.5 million aggregate principal amount of 2.02% Rental Car Asset Backed Notes, Class A, $46.2 million aggregate principal amount of 2.96% Rental Car Asset Backed Notes, Class B, $14.3 million aggregate principal amount of 3.95% Rental Car Asset Backed Notes, Class C and $15.1 million aggregate principal amount of 4.93% Rental Car Asset Backed Notes, Class D. The Series 2015-3 Notes are comprised of about $265.3 million aggregate principal amount of 2.67% Rental Car Asset Backed Notes, Class A, $64.7 million aggregate principal amount of 3.71% Rental Car Asset Backed Notes, Class B, $20.0 million aggregate principal amount of 4.44% Rental Car Asset Backed Notes, Class C and $21.2 million aggregate principal amount of 5.33% Rental Car Asset Backed Notes, Class D. The Class B Notes of each series are subordinated to the Class A Notes of such series. The Class C Notes of each series are subordinated to the Class A Notes and the Class B Notes of such series. The Class D Notes of each series are subordinated to the Class A Notes, the Class B Notes and the Class C Notes of such series. The Class D Notes will be retained by HVF II or conveyed to an associate of HVF II.
Hertz Global Holdings, Inc. is a holding company. The Company operates car rental business through its Hertz, Dollar, Thrifty and Firefly brands. The Company’s operating segments are U.S. Car Rental, International Car Rental, Worldwide Equipment Rental and All Other Operations. As of December 31, 2014, the Company operated 10,880 corporate and franchisee locations in North America, Europe, Latin and South America, Asia, Australia, Africa, the Middle East and New Zealand.
Finally, Eldorado Gold Corp (USA) (NYSE:EGO), ended its last trade with 10.82% gain, and closed at $3.38.
Eldorado Gold Corporation, will release its Q3 2015 Financial Results before the market opens on Friday October 30 , 2015. Paul Wright , Chief Executive Officer of the Company, will host a conference call that same morning at 8:00 AM ET (5:00 AM PT).
Eldorado Gold Corporation owns and operates mines around the world. The Company’s activities involve various facets of the mining industry, including exploration, development, production and reclamation. Its operating gold mines include Kisladag in Turkey (100%), Efemcukuru in Turkey (100%), Tanjianshan in China (90%), White Mountain in China (95%) and Jinfeng in China (82%). Its gold projects include Perama Hill in Greece (100%), Olympias in Greece (95%), Skouries in Greece (95%), Certej in Romania (81%), Eastern Dragon in China (75%) and Tocantinzinho in Brazil (100%).
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