On Monday, Shares of Barrick Gold Corporation (NYSE:ABX), lost -4.94% to $7.69, as a stronger dollar drives gold prices lower taking mining stocks along for the ride.
Gold for February delivery is lower by 0.78% to $1,075.60 per ounce on the COMEX last morning.
The jump in the dollar was the result of positive data out of the U.S. from last week, the Wall Street Journal reports. Strong U.S. labor data on Friday showed that employers added 211,000 jobs in November and the unemployment rate remained at 5%.
With the better than predictable jobs data, the case for the Federal Reserve raising interest rates this month is getting stronger. The Fed had been waiting for signs the U.S. economy could handle a hike in rates.
Higher rates is seen as a negative for gold as the precious metal pays no interest to those that hold it and can struggle against interest yielding assets.
Barrick Gold Corporation produces and sells gold and copper. The company is also involved in exploration and mine development activities. It conducts mining, development and exploration, and other activities in various countries, counting the United States, Canada, Australia, Argentina, Chile, Peru, the Dominican Republic, Papua New Guinea, Tanzania, Zambia, and Saudi Arabia. Its principal properties comprise Cortez, Goldstrike, Pueblo Viejo, Lagunas Norte, Veladero, Zaldívar, and Lumwana mines; and its Pascua-Lama project. As of December 31, 2014, the company had proven and probable mineral reserves of 93.0 million ounces of gold and 9.6 billion pounds of copper. Barrick Gold Corporation was founded in 1983 and is headquartered in Toronto, Canada.
Shares of AbbVie Inc. (NYSE:ABBV), declined -1.59% to $56.27, during its last trading session.
AbbVie (ABBV), a global biopharmaceutical company, declared results from the Phase 3 RAY (MCL3001) trial, which showed IMBRUVICA® (ibrutinib) significantly prolonged progression-free survival (PFS; the primary endpoint) and improved overall response rates (ORR; a key secondary endpoint) in patients with relapsed or refractory mantle cell lymphoma (MCL), contrast with temsirolimus. Notably, IMBRUVICA was associated with a 57% reduction in the risk of progression or death with a median follow-up of 20 months. These data were published online in The Lancet recently and presented in an oral session at the 57th Annual American Society of Hematology (ASH) Meeting and Exposition in Orlando, FL. IMBRUVICA is jointly developed and commercialized by Pharmacyclics LLC, an AbbVie Company, and Janssen Biotech, Inc.
Mantle cell lymphoma is an aggressive form of blood cancer which arises from B cells, a type of white blood cell (lymphocyte) that originates in the bone marrow. MCL is more prevalent in men than women. The majority of patients are in their mid-60s at diagnosis and the median overall survival rate is three to four years.
IMBRUVICA significantly improved PFS as determined by an Independent Review Committee (IRC) contrast to treatment with temsirolimus, resulting in a reduction in the risk of disease progression or death by 57% after a median follow-up of 20 months (HR 0.43 [95% CI, 0.32-0.58; P
These findings are consistent with results from previous single-arm Phase 2 studies evaluating the safety and efficacy of IMBRUVICA in patients with MCL.
AbbVie Inc. discovers, develops, manufactures, and sells pharmaceutical products worldwide. The company’s products comprise HUMIRA, a biologic therapy administered as a subcutaneous injection to treat autoimmune diseases; VIEKIRA PAK, an all-oral, short-course, interferon-free therapy, with or without ribavirin, for adult patients with genotype 1 chronic hepatitis, counting those with compensated cirrhosis; Kaletra, an anti-HIV-1 medicine used with other anti-HIV-1 medications as a treatment that maintains viral suppression in people with HIV-1; Norvir, a protease inhibitor indicated in combination with other antiretroviral agents to treat HIV-1 infection; and Synagis to prevent respiratory syncytial virus infection in high risk infants. It also provides AndroGel, a testosterone replacement therapy for males diagnosed with symptomatic low testosterone; Creon, a pancreatic enzyme therapy for exocrine pancreatic insufficiency; Synthroid to treat hypothyroidism; and Lupron, a product for the palliative treatment of prostate cancer, and the treatment of endometriosis and central precocious puberty, in addition to for the preoperative treatment of patients with anemia. In addition, the company offers Duopa and Duodopa, a levodopa-carbidopa intestinal gel to treat Parkinson’s disease; Sevoflurane, an anesthesia product for human use; TriCor, Trilipix, Niaspan, Simcor, and Advicor to treat metabolic conditions characterized by high cholesterol and/or high triglycerides; and Zemplar to treat secondary hyperparathyroidism.