News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 

North American Morning Briefing: Dow Wobbles, -3-

01/21/2022 | 06:16am EDT

Zymeworks' Stock Falls Following Restructuring Plan That Calls for Deep Job Cuts

Zymeworks Inc. slid nearly 10%, to $12.17, a day after disclosing a restructuring that targets cutting at least 25% of jobs by year's end.

The restructuring, days into Kenneth Galbraith's term as chief executive, amounts to a reset of the company's strategy to focus on its product candidate, zanidatamab (formerly known as ZW25), and its second product candidate, ZW49.

As part of the restructuring, half of the company's senior management team have left or are leaving, including Scientific Chief Anthony Polverino, who played a key role in setting and driving Zymeworks' R&D strategy; Commercial Chief James Priour; and People Chief Kathryn O'Driscoll.

"A smaller, more focused workforce is essential for us to improve our operating performance and accomplish our key priorities in a more cost-efficient manner," Mr. Galbraith said.

The Canadian clinical-stage biopharmaceutical company said it ended 2021 with about $250 million in cash and short-term investments, which it said should be enough to cover its operations through at least late 2022. Zymeworks is slated to report fourth-quarter results in late February.

Other News:

No items published

Market Talk:

No items published


Expected Major Events for Friday

00:01/UK: Jan UK Consumer Confidence Survey

05:00/JPN: Dec Steel Production

07:00/UK: Dec UK monthly retail sales figures

13:30/CAN: Dec New Housing Price Index

13:30/CAN: Nov Retail trade

13:30/US: U.S. Weekly Export Sales

15:00/US: Dec Leading Indicators

All times in GMT. Powered by Kantar Media and Dow Jones.


Expected Earnings for Friday

Ally Financial Inc (ALLY) is expected to report $1.95 for 4Q.

Ames National (ATLO) is expected to report for 4Q.

Bank of the James Financial Group Inc (BOTJ) is expected to report for 4Q.

Bridgford Foods Corp (BRID) is expected to report for 4Q.

Chemung Financial (CHMG) is expected to report $1.26 for 4Q.

Chino Commercial Bancorp (CCBC) is expected to report for 4Q.

Colony Bankcorp (CBAN) is expected to report $0.41 for 4Q.

FIGS Inc (FIGS) is expected to report for 4Q.

First Hawaiian Inc (FHB) is expected to report $0.47 for 4Q.

Flywire Corp (FLYW) is expected to report for 4Q.

Greene County Bancorp (GCBC) is expected to report for 2Q.

Huntington Bancshares (HBAN) is expected to report $0.30 for 4Q.

MetroCity Bankshares Inc (MCBS) is expected to report $0.66 for 4Q.

Paymentus Holdings Inc (PAY) is expected to report for 4Q.

Prudential Bancorp Inc (PBIP) is expected to report $0.22 for 1Q.

Schlumberger (SLB) is expected to report $0.39 for 4Q.

Toast Inc (TOST) is expected to report for 4Q.

Unity Bancorp Inc (UNTY) is expected to report $0.86 for 4Q.

Wayne Savings Bancshares Inc (WAYN) is expected to report for 4Q.

Powered by Kantar Media and Dow Jones.


ANALYST RATINGS ACTIONS

Advanced Micro Devices Cut to Neutral From Overweight by Piper Sandler

Ameresco Raised to Outperform From Market Perform by Raymond James

American Assets Trust Cut to Neutral From Buy by Mizuho

Ashland Global Holdings Cut to Equal-Weight From Overweight by Wells Fargo

Ball Corp Cut to Equal-Weight From Overweight by Morgan Stanley

Burlington Stores Cut to Sell From Hold by Loop Capital

Calithera Biosciences Raised to Outperform From Market Perform by SVB Leerink

Carvana Cut to Sector Weight From Overweight by Keybanc

CME Group Raised to Neutral From Sell by Rosenblatt

Consolidated Edison Cut to Sell From Neutral by Guggenheim

EOG Resources Price Target Raised to $110.00/Share From $108.00 by Keybanc

Essential Props Realty Cut to Neutral From Buy by B of A Securities

Essential Props Realty Cut to Neutral From Buy by Mizuho

Etsy Raised to Overweight From Sector Weight by Keybanc

Evolus Raised to Buy From Hold by Truist Securities

Evoqua Water Technologies Raised to Outperform From Perform by Oppenheimer

First Community (SC) Cut to Market Perform From Outperform by Raymond James

Ford Motor Cut to Hold From Buy by Jefferies

Getty Realty Cut to Underperform From Neutral by B of A Securities

Hawaiian Electric Raised to Neutral From Sell by Guggenheim

Holly Energy Partners Cut to Underweight From Equal-Weight by Barclays

Hudson Pacific Properties Cut to Underperform From Neutral by Mizuho

International Paper Cut to Neutral From Buy by B of A Securities

Kilroy Realty Raised to Buy From Neutral by Mizuho

Magellan Midstream Cut to Equal-Weight From Overweight by Barclays

Northwest Natural Raised to Neutral From Sell by Guggenheim

Paramount Group Raised to Buy From Neutral by Mizuho

PetMed Express Raised to Buy From Neutral by Sidoti & Co.

Safehold Cut to Neutral From Buy by Mizuho

Sealed Air Raised to Overweight From Equal-Weight by Morgan Stanley

Shell Midstream Partners Cut to Equal-Weight From Overweight by Barclays

Silvergate Capital Raised to Buy From Neutral by Goldman Sachs

South Jersey Industries Cut to Neutral From Buy by Guggenheim

Spire Inc Cut to Neutral From Buy by Guggenheim

Tenet Healthcare Raised to Strong Buy From Outperform by Raymond James

UiPath Raised to Outperform From Perform by Oppenheimer

United Parcel Service Raised to Neutral From Underperform by Exane BNP Paribas

US Bancorp Cut to Market Perform From Outperform by Keefe, Bruyette & Woods

Ventas Raised to Buy From Neutral by Mizuho

Vertex Pharmaceuticals Raised to Outperform From Market Perform by BMO Capital

VF Corp Cut to Hold From Buy by Williams Capital

Vroom Raised to Overweight From Sector Weight by Keybanc

W. P. Carey Raised to Neutral From Underperform by B of A Securities

Walmart Cut to Sector Weight From Overweight by Keybanc

Welltower Raised to Buy From Neutral by Mizuho

WestRock Cut to Neutral From Buy by B of A Securities

World Fuel Services Raised to Buy From Underperform by B of A Securities

WW International Cut to Underweight From Sector Weight by Keybanc

Zynga Cut to Neutral From Buy by BTIG

This article is a text version of a Wall Street Journal newsletter published earlier today.


(END) Dow Jones Newswires

01-21-22 0615ET

Stocks mentioned in the article
ChangeLast1st jan.
ADVANCED MICRO DEVICES, INC. -3.28% 93.5 Delayed Quote.-35.02%
ALLY FINANCIAL INC. 0.03% 38.67 Delayed Quote.-18.78%
AMERESCO, INC. 0.02% 55.44 Delayed Quote.-31.94%
AMERICAN ASSETS TRUST, INC. -0.69% 31.69 Delayed Quote.-14.97%
AMES NATIONAL CORPORATION -0.70% 22.72 Delayed Quote.-6.57%
ASHLAND GLOBAL HOLDINGS INC. -0.16% 99.95 Delayed Quote.-7.16%
BALL CORPORATION -1.03% 68.98 Delayed Quote.-28.35%
BARCLAYS PLC -0.07% 153.18 Delayed Quote.-18.33%
BNP PARIBAS 0.98% 53.71 Real-time Quote.-11.62%
BRIDGFORD FOODS CORPORATION 0.00% 12.87 Delayed Quote.0.00%
BURLINGTON STORES, INC. -14.95% 150.71 Delayed Quote.-48.30%
CALITHERA BIOSCIENCES, INC. 11.49% 0.2319 Delayed Quote.-65.14%
CARVANA CO. 2.10% 33.57 Delayed Quote.-85.52%
CHEMUNG FINANCIAL CORPORATION -1.75% 45.02 Delayed Quote.-3.08%
CME GROUP INC. 1.03% 192.11 Delayed Quote.-16.77%
COLONY BANKCORP, INC. -1.05% 16 Delayed Quote.-6.27%
CONSOLIDATED EDISON, INC. 1.04% 95.81 Delayed Quote.11.13%
EOG RESOURCES, INC. 0.29% 122.05 Delayed Quote.37.40%
ETSY, INC. -1.14% 78.34 Delayed Quote.-64.22%
EVOLUS, INC. 1.00% 12.17 Delayed Quote.86.94%
EVOQUA WATER TECHNOLOGIES CORP. -0.14% 36.21 Delayed Quote.-22.55%
FIGS, INC. -1.33% 8.9 Delayed Quote.-67.71%
FIRST COMMUNITY CORPORATION 0.85% 19.02 Delayed Quote.-9.65%
FIRST HAWAIIAN, INC. 1.12% 24.46 Delayed Quote.-10.50%
FLYWIRE CORPORATION 2.51% 19.18 Delayed Quote.-49.61%
FORD MOTOR COMPANY -2.72% 12.5 Delayed Quote.-39.82%
GETTY REALTY CORP. 0.72% 26.57 Delayed Quote.-17.20%
HAWAIIAN HOLDINGS, INC. -3.61% 16.02 Delayed Quote.-12.79%
HUDSON PACIFIC PROPERTIES, INC. -0.05% 19.81 Delayed Quote.-19.83%
HUNTINGTON BANCSHARES INCORPORATED -0.69% 13.02 Delayed Quote.-14.98%
INTERNATIONAL PAPER COMPANY -0.71% 47.48 Delayed Quote.1.79%
KILROY REALTY CORPORATION 0.33% 58.12 Delayed Quote.-12.55%
MAGELLAN MIDSTREAM PARTNERS, L.P. -0.53% 48.51 Delayed Quote.4.46%
METROCITY BANKSHARES, INC. 1.02% 19.89 Delayed Quote.-27.75%
MORGAN STANLEY -0.74% 79.37 Delayed Quote.-19.14%
NORTHWEST NATURAL HOLDING COMPANY 0.50% 51.78 Delayed Quote.6.15%
PARAMOUNT GROUP, INC. -1.83% 8.58 Delayed Quote.2.88%
PAYMENTUS HOLDINGS, INC. 0.47% 15.03 Delayed Quote.-57.03%
PETMED EXPRESS, INC. -1.19% 19.95 Delayed Quote.-21.02%
PIPER SANDLER COMPANIES 1.03% 120.96 Delayed Quote.-32.93%
PRUDENTIAL BANCORP, INC. 0.20% 15.28 Delayed Quote.12.52%
RAYMOND JAMES FINANCIAL, INC. 0.25% 91.77 Delayed Quote.-8.60%
S&P 500 0.01% 3901.36 Real-time Quote.-18.16%
SAFEHOLD INC. 3.15% 42.18 Delayed Quote.-48.79%
SCHLUMBERGER LIMITED 0.66% 41.12 Delayed Quote.36.39%
SEALED AIR CORPORATION 0.13% 59.89 Delayed Quote.-11.35%
SHELL MIDSTREAM PARTNERS, L.P. 0.87% 13.93 Delayed Quote.19.88%
SILVERGATE CAPITAL CORPORATION -1.92% 70.39 Delayed Quote.-51.57%
SOUTH JERSEY INDUSTRIES, INC. 0.62% 34.28 Delayed Quote.31.24%
SPIRE INC. -0.63% 75.36 Delayed Quote.15.55%
TENET HEALTHCARE CORPORATION 1.03% 64.49 Delayed Quote.-21.06%
UIPATH INC. 1.63% 17.41 Delayed Quote.-59.63%
UNITY BANCORP, INC. -0.32% 27.66 Delayed Quote.5.37%
UNITY ENTERPRISE HOLDINGS LIMITED -2.22% 0.88 Delayed Quote.137.84%
US BANCORP -0.06% 49.21 Delayed Quote.-12.34%
VERTEX PHARMACEUTICALS 1.23% 258.59 Delayed Quote.17.76%
VERTEX, INC. 5.29% 12.14 Delayed Quote.-27.35%
VF CORPORATION 6.07% 47.32 Delayed Quote.-35.37%
VROOM, INC. 0.00% 1.45 Delayed Quote.-86.56%
WALMART INC. 0.11% 119.2 Delayed Quote.-17.71%
WELLS FARGO & COMPANY -0.79% 41.67 Delayed Quote.-12.46%
WELLTOWER INC. 0.67% 88.11 Delayed Quote.2.73%
WESTROCK COMPANY -1.63% 44.16 Delayed Quote.-0.45%
WORLD FUEL SERVICES CORPORATION -4.79% 24.47 Delayed Quote.-2.91%
WW INTERNATIONAL, INC. -3.09% 6.59 Delayed Quote.-59.14%
ZYMEWORKS INC. 2.92% 5.99 Delayed Quote.-63.45%
ZYNGA INC. -2.04% 8.18 Delayed Quote.27.81%
Latest news "Markets"
05:47pToronto market ends weekly losing streak as utilities climb
RE
05:47pToronto market ends weekly losing streak as utilities climb
RE
05:40pThe WSJ Dollar Index Falls 1.29% to 95.43 -- Data Talk
DJ
05:38pBOVESPA Index Ends the Week 1.46% Higher at 108487.88 -- Data Talk
DJ
05:38pS&P/TSX Composite Index Ends the Week 0.49% Higher at 20197.61 -- Data Talk
DJ
05:38pIPC Indice de Precios Y Cotizaciones Ends the Week 3.91% Higher at 51518.30 -- Data Talk
DJ
05:38pS&P MERVAL Index Ends the Week 0.76% Lower at 88118.96 -- Data Talk
DJ
05:32pBear market beckons as stock volatility continues in 2022
RE
05:30pGlobal stocks rebound despite unease over economy; dollar gains
RE
05:24pADRs End Higher, Leju Holdings and Sanofi Trade Actively
DJ
Latest news "Markets"