Celgene, Apple and CES – 5 Things You Must Know Before the Market Opens Monday – TheStreet.com
Here are five things you must know for Monday, Jan. 8:
1. — Stock Market Climbs Ever Higher
European shares traded mostly to the upside, with the Stoxx Europe 600 index jumping 0.26% in early trading.
The Dow Jones Industrial Average, the S&P 500 and the Nasdaq all set new records on Friday, Jan. 5, finishing off the best first week of a new trading year since 1999.
The Dow soared 220 points to 25,295 on Friday. It crossed 25,000 for the first time on Thursday, Jan. 4.
The S&P 500 jumped 0.70% on Friday and the Nasdaq rose 0.8%. The S&P 500 and Nasdaq also notched record closing highs on Tuesday, Wednesday and Thursday of last week.
2. — Celgene to Buy Impact Biomedicines
Celgene Corp. (CELG) signed a definitive agreement to acquire Impact Biomedicines for as much as $7 billion.
Celgene, one of the biggest U.S. biotech companies known for its cancer portfolio, was interested in Impact Biomedicines’ development of fedratinib for the treatment of bone-marrow disorders known as myelofibrosis and polycythemia vera.
Under terms of the deal, Celgene will pay about $1.1 billion upfront. A further payment of up to $1.b million will be made if regulatory approval milestones are hit, and up to $4.5 billion will be paid if global annual net sales exceed $5 billion.
San Diego-based Impact Biomedicines, a start-up founded less than two years ago, bought the rights to continue development of fedratinib last year after Sanofi SA stopped research and development in 2013 because of serious side effects including confusion and other neurological issues that were caused by vitamin deficiency-induced brain swelling. The U.S. Food and Drug Administration, last year, agreed to allow Impact Biomedicines to continue testing the drug despite the side effects.
3. — Investors Urge Apple to Help Curb iPhone Addiction Among Kids
Jana and CalSTRS combined own about $2 billion worth of Apple shares.
In an open letter to Apple, the investors said the iPhone maker must offer more choices and tools to help children fight addiction to its devices.
“There is a developing consensus around the world including Silicon Valley that the potential long-term consequences of new technologies need to be factored in at the outset, and no company can outsource that responsibility,” the letter said. “Apple can play a defining role in signaling to the industry that paying special attention to the health and development of the next generation is both good business and the right thing to do.”
An Apple spokesman declined to comment on the letter. The news was first reported by the Wall Street Journal.
4. — Driverless Cars a Big Focus at CES
The International Consumer Electronics Show kicked off in Las Vegas on Sunday, Jan. 7, and some of the highlights expected from Jan. 7 to Jan. 12 include voice assistants, robots and driverless cars.
TheStreet’s senior tech writer, Eric Jhonsa, wrote how automakers such as Ford Motor Co. (F) , Toyota Motor Co. (TM) and BMW are expected to show off autonomous driving tech, as are suppliers like Aptiv PLC (APTV) and Intel Corp. (INTC) . Nvidia Corp. (NVDA) , in fact, announced on Sunday that it has teamed up with Uber Technologies Inc. to supply self-driving hardware for the ride-hailing company.
Jhonsa also said to look for fresh announcements during the week from virtual reality headset makers and their chip/display suppliers as they continue making gradual progress toward addressing current shortcomings in areas such as display quality and processing power.
Tech reporter Annie Palmer reported that Amazon.com Inc. (AMZN) has partnered with wearables maker Vuzix Corp. (VUZI) and this week will be releasing a pair of augmented-reality smartglasses that respond to commands from Alexa.
5. — Dunkin’ Streamlines Its Menu
Dunkin’ eliminated 10% of its menu items, such as smoothies, afternoon sandwiches, and some muffins and bagel and cream cheese combinations.