On Friday, UBS Group AG (USA) (NYSE:UBS)’s shares inclined 2.83% to $19.23.
The UBS Global Asset Administration US Pension Fund Fitness Tracker saw the funding ratio of the typical corporate US pension plan fall by about five percentage points to 82% in the third quarter of 2015.
Negative investment returns of -3.1%, together with positive liability returns of 2.5%, led to nearly a 5 percentage point drop in funding ratios over the third quarter. Widening credit spreads failed to offset lower Treasury yields this quarter. These estimates are based on the average corporate plan’s stated asset allocation weightings from the UBS Global Asset Administration Pension 500 Database and publicly accessible benchmark information.
In the third quarter of the year, the investor focus shifted from Greece to China, with the latter having a much more pronounced market impact. China’s decision to bring the yuan closer to a market-based valuation mechanism and its ensuing weakening triggered a selloff in risk assets globally. Concerns about a major slowdown in the Chinese economy caused investors to lower their global growth expectations, which exacerbated the flight to quality.
UBS Group AG, together with its auxiliaries, provides wealth administration, retail and corporate, asset administration, and investment banking products and services worldwide. The company’s Wealth Administration division provides financial services to wealthy private clients.
Energy XXI Ltd (NASDAQ:EXXI)’s shares gained 9.17% to $1.19.
Energy XXI (EXXI.L) declared fiscal fourth-quarter and full-year financial and operating results for the period ended June 30, 2015, and offered an operations update. Highlights comprise:
- Production remaining stable into fiscal first quarter at 58,300 BOE/d
- Current liquidity is $679 million
- $124 million accessible on $500 million revolver
- Proved reserves estimated at 183.5 MMBOE, 75 percent oil
- Non-cash impairment causes ceiling test write-down due to commodity prices
- Acquisitions and divestitures in fiscal fourth-quarter and to-date
- Monetized Grand Isle Gathering System
- Sold East Bay field
- Attained producing Gulf of Mexico assets from M21K, LLC
- Cost control efforts driving per barrel equivalent costs lower
- LOE down 30 percent from fiscal 4Q2014 to 4Q2015
- G&A down 36 percent from fiscal 4Q2014 to 4Q2015
Energy XXI Ltd engages in the acquisition, exploration, development, and operation of oil and natural gas properties onshore in Louisiana and Texas, and on the Gulf of Mexico. As of June 30, 2015, the company had net proved reserves of 183.5 million barrels of oil equivalent.
At the end of Friday’s trade, Medivation Inc (NASDAQ:MDVN)‘s shares surged 4.64% to $44.89.
Medivation, Inc. ( MDVN) declared that Dr. Lynn Seely, its chief medical officer, plans to retire from her position effective October 15, 2015, after over ten years of service. She will continue as a consultant to Medivation for a period of six months, during which she will assist with the transition of her responsibilities. Mohammad Hirmand, M.D., who has been responsible for the XTANDI® (enzalutamide) prostate cancer development program, counting the pivotal clinical trials (AFFIRM and PREVAIL) which led to XTANDI’s approval for metastatic castration-resistant prostate cancer, has been promoted to interim chief medical officer and will be considered for the permanent position of chief medical officer.
Dr. Hirmand joined Medivation as senior director, clinical development in August 2007 and most recently served as senior vice president of clinical development and operations. Over the past eight years, he has played an instrumental role in advancing Medivation’s clinical trials, counting those for enzalutamide, which led to the approval of XTANDI (enzalutamide) capsules for the treatment of metastatic castration-resistant prostate cancer. Before joining Medivation, he was a senior director of clinical development at Nuvelo, Inc. (now ARCA biopharma), where he led the clinical development department comprised of clinical operations, clinical data administration and clinical sciences/medical monitor staff. Before that, he served as director of oncology development at SuperGen, Inc. (now Astex Pharmaceuticals, Inc) and as associate director of clinical research at Amgen, Inc. (formerly Tularik, Inc.), where he led clinical development efforts for Tularik’s oncology trials. Early in his career, he was a clinical scientist and manager of market development and product evaluation at Theravance Biopharma, Inc. Dr. Hirmand holds a Bachelor of Arts degree from Cornell University. Dr. Hirmand received his M.D. from Harvard Medical School.
Medivation, Inc., a biopharmaceutical company, focuses on the development and commercialization of novel therapies to treat serious diseases in the United States. It offers XTANDI for the treatment of post-chemotherapy metastatic castration-resistant prostate cancer (mCRPC) patients.
PTC Inc (NASDAQ:PTC), ended its Friday’s trading session with 1.94% gain, and closed at $32.01.
GE (GE) and PTC (PTC) recently declared that the two companies are partnering to deliver an innovative manufacturing solution that will be accessible within GE’s Brilliant Manufacturing Suite. This new GE-branded manufacturing solution leverages the capabilities of PTC’s ThingWorx Industrial Internet of Things application enablement environment. The result is an industry-hardened solution that features flexible dashboards and powerful data analytics integrated with GE’s software capabilities on the manufacturing plant floor.
The joint solution connects disparate systems – from the shop floor to the ERP – and offers a dashboard and differentiated user experience with consumer-like drag-and-drop capabilities tailored to each user’s role.
GE and PTC will align their respective global manufacturing sales and marketing teams to jointly pursue opportunities worldwide. As GE is one of the world’s largest manufacturing companies, the GE-PTC solution will be implemented within GE’s internal manufacturing plants as part of its Brilliant Factory initiative.
PTC Inc. develops, markets, and supports software products and solutions in the areas of computer-aided design (CAD), product lifecycle administration (PLM), application lifecycle administration (ALM), service lifecycle administration (SLM), and Internet of things (IoT) worldwide.
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