GTXI, L, CNA, ATI, AA, X, USB Popular Stocks
U.S. stocks traded mixed Monday as the Dow Jones Industrial Average rose 52 points to 9764, the S&P 500 climbed 4 points to 1040 but the Nasdaq Composite fell 2 points to 2043.
GTx Inc. (NASDAQ:GTXI, $4.53, -$4.45, -49.54%) shares plummeted after the U.S. Food and Drug Administration didn’t approve the company’s bone loss drug and said it wants to see an additional late-stage study on the treatment.
Loews Corp. (NYSE:L, $33.87, +$0.77, 2.33%) and its CNA Financial Corp. (NYSE:CNA, $22.32, +$0.55, 2.53%) insurance unit swung to the black in third quarter because of significantly lower investment losses and improved investment income, as both companies handily beat analysts’ expectations. Loews, a conglomerate led by New York’s Tisch family, posted a profit easily exceeding analyst expectations.
Raw-materials names were big beneficiaries following Monday’s strong readings of manufacturing around the world. Allegheny Technologies Inc. (NYSE:ATI, $31.01, +$0.15, 0.49%) and Alcoa Inc. (NYSE:AA, $12.48, +$0.06, +0.48%) advanced, but U.S. Steel Corp. (NYSE:X, $34.09, -$0.40, -1.16%).
Banking regulators seized nine related community lenders, representing the collapse of one of the nation’s largest privately held bank holding companies, FBOP Corp., that grew through a string of acquisitions dating back to the savings-and-loan crisis of the 1990s. U.S. Bancorp (NYSE:USB, $23.76, +$0.54, 2.33%), the large Minneapolis-based regional bank, agreed to assume essentially all of the nine banks’ combined assets of $19.4 billion and deposits of $15.4 billion. It is the latest in a flurry of failed-bank acquisitions for U.S. Bancorp.
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