During Thursday’s trade, Shares of Nokia Corporation (NYSE:NOK), lost -0.20% to $7.42.
Nokia Corporation declared that following receipt of all required regulatory approvals, it now anticipates to complete the sale of HERE to a consortium of leading automotive companies, comprising AUDI AG, BMW Group and Daimler AG, ahead of plan on December 4, 2015. Nokia earlier predictable the transaction to close in the first quarter of 2016.
Nokia Corporation, together with its auxiliaries, provides network infrastructure and related services in Finland, the United States, Japan, China, India, the Russian Federation, Germany, Taiwan, Indonesia, Italy, and internationally. The company operates through four segments: Mobile Broadband, Global Services, HERE, and Nokia Technologies.
Shares of The Michaels Companies, Inc. (NASDAQ:MIK), declined -0.05% to $21.90, during its current trading session.
The Michaels Companies, declared financial results for the quarter ended October 31, 2015.
For the quarter ended October 31, 2015:
- Net sales raised by 3.4%, or 5.1% on a constant currency basis, to $1.2 billion from $1.1 billion in the third quarter of fiscal 2014 and comparable store sales raised by 1.5% or 3.1% on a constant currency basis.
- Gross profit reduced 20 basis points to 39.8% of net sales contrast to 40.0% of net sales in the third quarter of fiscal 2014. The decline was driven by heightened promotional activity and a shift in product and service sales mix partially offset by an improvement resulting from our pricing optimization effort and improved sourcing efficiencies. The negative impact of foreign exchange rates was felt more this quarter as inventory was sold that had been purchased at higher foreign exchange rates earlier in the year.
- Selling, general and administrative expense, counting related party and store pre-opening costs (“SG&A”) as a percent of net sales improved 90 basis points to 26.5% as contrast to 27.4% during the third quarter last year. SG&A dollars remained flat at $309.7 million when contrast to the third quarter of fiscal 2014 due to an improvement in costs associated with operating 27 additional stores (net of closures) offset by good cost administration, timing of marketing spend year over year and a decrease in Canadian operating costs due to the exchange rate.
The Michaels Companies, Inc. owns and operates a chain of arts and crafts specialty retail stores under the Michaels and Aaron Brothers names in North America. The company’s Michaels stores offer about 35,000 stock-keeping units in arts, crafts, framing, floral, home décor and seasonal, scrapbooking, and seasonal merchandise.
Finally, Zafgen, Inc. (NASDAQ:ZFGN), lost -4.16%, and is now trading at $6.02.
Zafgen received verbal notice from the U.S. Food and Drug Administration (FDA) that its beloranib investigational new drug (IND) application has been placed on complete clinical hold, affecting the ongoing open label extension (OLE) portion of the pivotal Phase 3 ZAF-311 bestPWS clinical trial in patients with Prader-Willi syndrome (PWS). A complete clinical hold is an order that the FDA issues to a sponsor to suspend all clinical work requested under the Company’s IND application.
“We are working diligently to assemble and analyze the data from our ZAF-311 clinical trial to be able to provide a clear view of the safety and efficacy of beloranib in the PWS population,” said Dr. Thomas Hughes, Chief Executive Officer of Zafgen. “Together with PWS and thrombosis experts, we are developing a comprehensive approach to better understand the incidence and mechanisms underlying thromboembolic disease in the setting of PWS. We remain committed to advancing beloranib as a potential new therapy for this underserved patient population.”
Zafgen, Inc., a biopharmaceutical company, focuses on the development of therapeutics for patients suffering from obesity and obesity-related disorders. Its lead product candidate comprises Beloranib, an injection, which is in Phase III clinical trials for the treatment of obesity and hyperphagia in Prader-Willi Syndrome patients; that has accomplished Phase II clinical trials for the treatment of hypothalamic injury-associated obesity, counting craniopharyngioma-associated obesity; and which is in Phase IIb clinical trials for the treatment of severe obesity in the general population.
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