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British pound hits fresh 20-month low as U.K.'s May struggles with Brexit dealExternal Link

The British pound touched a fresh 20-month low on Tuesday amid continuous Brexit struggles that saw U.K. Prime Minister Theresa May jetting across the European continent in an effort to get reassurances on the Northern Ireland border issue as she attempts to shore up support at home for her Brexit plan. Meanwhile back in the U.K., there were conflicting reports about whether enough Conservative members of parliament had sent in letters that would trigger a leadership challenge to May. The Prime Minister pulled the vote on her Brexit deal on Tuesday, apparently under the assumption that she would lose it anyway. But as a vote of no-confidence has seemed close before, investors might practice caution, explaining the relatively muted slide in sterling that nevertheless hit its lowest level since April 2017. The pound last bought $1.2537, down 0.3%, but up from its session low of $1.2493. The euro spiked to £0.9064, but since came down to an unchanged level of £0.9028.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 11 Dec 2018 16:25:28 GMT
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Portola Pharma shares slide 6% on news of delay in EU review of treatment for bleedingExternal Link

Shares of Portola Pharmaceuticals Inc. slid about 6% Tuesday, after the company said a European committee has extended the review period for approval of a treatment for bleeding that has already been approved in the U.S. The Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has provided the company with a list of questions related to data submitted for its Ondexxya product, which is being reviewed for the reversal of the anticoagulant effects of the Factor Xa inhibitors apixaban and rivaroxaban in patients experiencing uncontrolled or life-threatening bleeding. The company has a deadline of Jan. 29 for responses, followed by a 30-day assessment period for the committee. "We will work diligently to address the Committee's questions as they review and further consider the data package supporting the MAA," Portola Chief Executive Scott Garland said in a statement. An opinion is now expected by Feb. 28 of 2019. The product was approved by the U.S. Food and Drug Administration in May and is being sold under the name Andexxa. Portola shares have fallen 60% in 2018, while the S&P 500 has fallen 0.6%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 11 Dec 2018 16:13:48 GMT
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Harley-Davidson sales decline worsened in October and November, new product needed: WedbushExternal Link

Harley-Davidson Inc. sales worsened after September based on channel checks conducted by Wedbush analysts, with dealer contacts estimating declines in the mid-single digits in October and high-single digits in November. The decline was low-single digits in September. "The promised new product push can't come soon enough, and we worry that worsening declines between now and next fall will create an even larger-than-expected hole for the new products to counter, a notion that has historically left investors disappointed," the Wedbush note said. In October and November, analysts say Harley-Davidson ran "little to no" promotions but offered a new 1.99% financing incentive. Wedbush rates Harley-Davidson shares neutral with a $38 price target. Harley-Davidson shares have shed 26.3% over the past year while the S&P 500 index has gained 0.4% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 11 Dec 2018 15:32:52 GMT
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Super Micro says its investigation found 'absolutely no evidence of malicious hardware'External Link

Super Micro Computer Inc. told customers on Tuesday that its recent investigation with a third-party firm found "absolutely no evidence of malicious hardware on our motherboards," following a Bloomberg report that said Chinese hackers were able to infiltrate the company's motherboards. "As we have stated repeatedly since these allegations were reported, no government agency has ever informed us that it has found malicious hardware on our products; no customer has ever informed us that it found malicious hardware on our products; and we have never seen any evidence of malicious hardware on our products," the company said in the letter, which was also filed with the Securities and Exchange Commission. The Bloomberg story from October said that Apple Inc. and Amazon.com Inc. were Super Micro customers who had noticed malicious chips on the company's motherboards, which both Apple and Amazon denied. "We appreciate the industry support regarding this matter from many of our customers, like Apple and AWS," Super Micro said in its letter. Super Micro's shares are unchanged in Tuesday morning trading. They've fallen 22% so far this year, while the S&P 500 has dropped 0.3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 11 Dec 2018 15:21:48 GMT
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Brink's stock jumps 6% on news of $50 million accelerated share buyback External Link

The Brink's Co. shares rose 6% Tuesday, after the company announced a $50 million accelerated share buyback with Bank of America Merrill Lynch. The cash management and transportation company said it will pay the bank $50 million and it will receive 700,000 shares, with more to come in February when the deal is expected to be completed. The company is financing the deal with proceeds from its revolving credit facility. It will have $106 million remaining in its share buyback authorization once the deal is complete. Separately, Brink's said it has won antitrust approval for the acquisition of Brazil-based Rodoban, a cash-in-transit and ATM services company, for about $130 million in cash. That deal is expected to close by year-end or shortly after. Brink's shares have fallen 16% in 2018, while the S&P 500 has fallen 0.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Tue, 11 Dec 2018 15:15:36 GMT
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