U.S. Industrial Production Unexpectedly Dips 0.2% In November

Third Harmonic Bio Stock Tanks 75% After Clinical Trial Halted

Shares of Third Harmonic Bio, Inc. (THRD) tanked 75% on Thursday morning after the company announced its decision to halt the early-stage study of its drug candidate THB001 in Chronic Inducible Urticaria.

THRD is currently trading at $5.03, down $14.76 or 74.57%, on the Nasdaq, on a volume of 2.4 million shares. The stock opened its trading at $20.5400 after closing Wednesday’s trading at $19.8000. The stock has traded between $4.5850 and $24.5950 in the past 52-week period.

The company’s decision follows finding of asymptomatic liver transaminitis in two subjects enrolled in the Phase 1b study of THB001.

However, Natalie Holles, Chief Executive Officer of Third Harmonic Bio commented, “Our early decision to invest in next-generation medicinal chemistry enables us to maintain our leadership position in oral wild-type KIT inhibition with the anticipated nomination of a new development candidate next year.”

Novavax Slips After Announcing Public Offering Of $125 Mln Common Stock

Novavax, Inc. (NVAX) shares are sliding more than 19 percent on Thursday morning trade after announcing $125 million public offering of common stock.

The biotech company said it may use the net proceeds from the common stock offering for general corporate purposes, repayment or repurchase of a portion of the $325 million in outstanding principal amount of our 3.75 percent convertible senior unsecured notes due February 1, 2023, etc.

currently, shares are at $13.88, down 19.47 percent from the previous close of $17.23 on a volume of 7,211,145.

Williams To Acquire MountainWest Pipelines From Southwest Gas In $1.5 Bln Deal

Williams Cos. (WMB) announced Thursday that it has reached an agreement to acquire MountainWest Pipelines Holding Co. from Southwest Gas Holdings, Inc. (SWX), in a transaction including $1.07 billion of cash and $0.43 billion of assumed debt, for an enterprise value of $1.5 billion.

MountainWest comprises roughly 2,000-miles of interstate natural gas pipeline systems primarily located across Utah, Wyoming and Colorado, totaling approximately 8 Bcf/d of transmission capacity.

MountainWest also holds 56 Bcf of total storage capacity, including the Clay Basin underground storage reservoir, providing valuable service to western markets. The acquisition price represents an approximate 8x estimated 2023 EBITDA multiple.

The bolt-on acquisition expands Williams’ midstream infrastructure footprint while increasing business mix of FERC-regulated natural gas transmission and storage.

The transaction is expected to close in 2023, following satisfaction of customary closing conditions, including regulatory approvals.

Netflix Stock Slips 7% On Concerns Over Ad-Service Viewers

Shares of Netflix, Inc. (NFLX) are slipping over 7% on Thursday morning hurt largely by a report that raised concerns about the streaming service giant’s new ad-supported tier.

NFLX is currently trading at $294.98, down $22.85 or 7.19%, on the Nasdaq. The stock opened its trading at $302.12 after closing Wednesday’s trading at $317.83. The stock has traded between $162.71 and $620.61 in the past 52-week period.

According to a report by Digiday, Netflix is having to refund some ad spending commitments amid disappointing subscriber gains in its new ad-supported service, which launched earlier this month.

“They can’t deliver,” one of five unnamed agency executives who was familiar with the situation told the news outlet. “They don’t have enough inventory to deliver. So they’re literally giving the money back.”

Digiday said Netflix has structured the deals on a so-called ‘pay for delivery’ basis, meaning advertisers were effectively guaranteed a certain level of views in order to justify paying for their promotions.

Western Digital Slips 8% After Goldman Sachs Downgrades Stock

Shares of Western Digital Corporation (WDC) are slipping about 8% on Thursday morning after Goldman Sachs downgraded the data storage company to “Sell” from “Neutral” rating.

WDC is currently trading at $33.03, down $2.80 or 7.81%, on the Nasdaq. The stock opened its trading at $33.76 after closing Wednesday’s trading at $35.83. The stock has traded between $31.56 and $69.36 in the past 52-week period.

Price target was also lowered to $31.00 from $43.00.

Trade Desk Continues Downward Spiral

Shares of digital marketing company Trade Desk, Inc. (TTD) slipped 5 percent on Thursday’s trading continuing its downward trend since December 13. There has not been any company-specific news to impact the stock. TTD’s movement is in line with the U.S markets, which are in the red early Thursday morning.

Currently at $47.40, the stock has traded between $39.00 and $98.60 during the past 52 weeks.

IMV Climbs On Positive Results In Phase 2 B Trial Of MVP-S Combination In Large B Cell Lymphoma

Shares of IMV Inc. (IMV) are gaining more than 33 percent on Thursday morning trade after the pharma company announced positive initial patient data from the VITALIZE Phase 2B trial evaluating DPX product, MVP-S, in combination with pembrolizumab in patients with relapsed, refractory Diffuse Large B Cell Lymphoma.

The trial enrolled patients who have received at least three previous lines of treatment. The company plans to present the data at the Immuno-Oncology 360° conference in New York City on February 7-10, 2023.

Currently, shares are at $2.91, up 35.34 on a volume of 7,682,048.

U.S. Industrial Production Unexpectedly Dips 0.2% In November

A report released by the Federal Reserve on Thursday unexpectedly showed a modest decrease in U.S. industrial production in the month of November.

The Fed said industrial production slipped by 0.2 percent in November after edging down by 0.1 percent in October. Economists had expected industrial production to inch up by 0.1 percent.

The unexpected dip in industrial production came as manufacturing output fell by 0.6 percent and mining output slid by 0.7 percent.

Meanwhile, a 3.6 percent spike in utilities output helped limit the downside amid unseasonably cold weather across much of the country.

“The 0.6% drop in manufacturing output last month matches the already-reported decline in retail sales and provides further evidence that the economy has lost some serious momentum,” said Andrew Hunter, Senior U.S. Economist at Capital Economics.

He added, “With weak global growth and the strong dollar compounding the domestic drag from higher interest rates, we suspect this weakness is a sign of things to come.”

The Fed also said capacity utilization in the industrial sector dipped to 79.7 percent in November from 79.9 percent in October. Economists had expected capacity utilization to edge down to 79.8 percent.

Capacity utilization in the manufacturing and mining sectors fell to 78.9 percent and 88.2 percent, respectively, while capacity utilization in the utilities sector rose to 74.4 percent.