Crude Up on Hopes for Economy; Brent Tops $90/bbl

Source: The Wall Street Journal (12/2/10)

"Oil prices gained momentum from rising equities markets and improving economic data."

Crude futures moved higher Thursday, followed rising equities as traders grow more optimistic about strength in the broader economy.

Oil prices gained momentum from rising equities markets and improving economic data. U.S. initial unemployment claims climbed by 26,000 to 436,000 last week, the Labor Department said Thursday. While the rise was larger than expected, the four-week moving average, which aims to smooth out fluctuations in the data, fell to the lowest level in more than two years.

The data follow a series of economic reports this week that have suggested the economy is improving, an important sign for the oil market as investors try to gauge future demand after a sharp rebound in prices Wednesday that again put futures on a path toward $90 a barrel.

"We came in today and we saw kind of a lull," said Matt Smith, an oil analyst with Summit Energy. "But now we're getting some positive momentum from the euro, from yesterday's inventory numbers and from equities as well."

The Dow Jones Industrial Average was recently up 101 points to 11357. The euro rose 0.8% to $1.3219 after the European Central Bank abandoned its plans to wind down emergency support for banks and government debt markets, responding to concerns that an early exit from such programs could jeopardize the euro currency.

On Wednesday, data showed U.S. productivity rose more than expected in the third quarter. A separate report showed the largest monthly increase in private sector jobs in three years.

Inventories of U.S. crude and oil stockpiles have fallen from 27-year highs hit in September. On Wednesday, traders looked past a surprise rise in weekly stockpiles. Instead, they focused on a sharp decline in the dollar, which makes oil cheaper for buyers in other currencies, and optimistic economic reports from the U.S. and China.

Novavax Shares Shoot 65% Higher on Phase 3 COVID-19 Vaccine Trial's 89.3% Effectiveness
Source: Streetwise Reports (01/29/2021)

Novavax Inc. shares established a new 52-week high after the firm's COVID-19 vaccine demonstrated an 89.3% efficacy rate in a Phase 3 trial in the U.K. and also showed efficacy against the South African variant in a Phase 2b trial.

Abiomed Shares Gain 8% After Firm Announces Record Q3 Revenue of $232 Million
Source: Streetwise Reports (01/28/2021)

Shares of cardiac medical device maker Abiomed Inc. traded higher after the company reported record revenue for Q3/21 despite the impact from COVID-19.

Sorrento Shares Rise 35% After Firm Posts Positive Data from Phase 1b ICU COVID-19 Trial
Source: Streetwise Reports (01/27/2021)

Shares of Sorrento Therapeutics traded higher after the company released positive preliminary results from it of Phase 1b COVI-MSC™ Study for treatment of hospitalized ICU COVID-19 patients.

Junior Mining Sector 'the Best Value in the Space'
Source: Streetwise Reports (01/27/2021)

The StreetSmart Live! Broadcast on Jan. 26, 2021, focused on metals and why now is a good time for investors to be looking at them and the mining space. John Newell, independent analyst and portfolio manager, and John Feneck, mining sector expert and president of Feneck Consulting, addressed the status of the current metals market. CEOs of the three metals-focused companies comprising the Metallic Group of Companies—Group Ten Metals, Metallic Minerals and Granite Creek Copper—discussed their projects.

Vir Shares Climb 48% on Initial Phase 1 Chronic Hepatitis B Trial Data
Source: Streetwise Reports (01/26/2021)

Vir Biotechnology shares traded higher after the company reported data from its Phase 1 Chronic Hepatitis B Study that showed VIR-3434 significantly and rapidly reduced hepatitis B surface antigen.

Aurinia Pharma Shares Open at 52-Week High as FDA Approves Adult Lupus Nephritis Drug
Source: Streetwise Reports (01/25/2021)

Shares of Aurinia Pharmaceuticals traded 30% higher after the company reported that the U.S. Food and Drug Administration approved its LUPKYNIS™ (voclosporin) for use in treating adults with active lupus nephritis.

AzurRx Doses First Two People in Expanded Phase 2b Trial of Cystic Fibrosis Patients
Source: Streetwise Reports (01/22/2021)

AzurRx BioPharma shares traded 45% higher after the firm advised it had dosed the first two patients in its Phase 2b OPTION 2 Extension Study of MS1819 for treatment of exocrine pancreatic insufficiency in patients with cystic fibrosis.

NGL Energy Shares Rise 21% as It Seeks to Raise $2.05 Billion from Senior Secured Note Offering
Source: Streetwise Reports (01/21/2021)

Shares of NGL Energy Partners LP traded higher after the firm made a series of announcements over the past three days regarding an update on financial operations, a settlement with a customer in bankruptcy, a quarterly Class D unit distribution and a $2.05 billion senior secured debt offering.

Explorer Discovers New Gold Mineralization at Abitibi Gold Belt Property
Source: Streetwise Reports (01/21/2021)

iMetal Resources is setting out to see if the multi-million ounce gold resource next door continues onto its Gowganda West property in Ontario.

Gritstone Oncology Licenses LNP Platform from Genevant Sciences to Develop COVID-19 Vaccine
Source: Streetwise Reports (01/20/2021)

Shares of Gritstone Oncology reached a new 52-week high price after the company advised it entered into a non-exclusive licensing agreement with Genevant Sciences to develop and commercialize self-amplifying RNA vaccines for use against SARS-CoV-2.