Fly Intel: Top five weekend stock stories
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Incyte (INCY) and Innovent Biologics announced that the companies, through their respective subsidiaries, have entered into a strategic collaboration agreement for three clinical-stage product candidates discovered and developed by Incyte-pemigatinib, itacitinib and parsaclisib. Under the terms of the agreement, Innovent will pay Incyte $40M in cash up front, and Incyte shall be eligible to receive an additional $20M in consideration in connection with the first investigational new drug application by Innovent in China, which is expected to be achieved in 2019. Innovent will receive the rights to develop and commercialize the three assets in hematology and oncology in Mainland China, Hong Kong, Macau and Taiwan. In addition, Incyte will be eligible to receive up to $129M in potential development and regulatory milestones, and up to $202.5M in potential commercial milestones. Incyte will also be eligible to receive tiered royalties from the high teens to the low twenties on future sales of products resulting from the collaboration. 2. U.S. health-care stocks are poised for a potentially ugly trading session Monday as investors weigh in on a judge's ruling that Obamacare is unconstitutional, according to Bloomberg. A judge sided with Texas late Friday in a lawsuit alleging that Congress's decision in 2017 to kill a related tax penalty essentially voided the entire Affordable Care Act, the report noted. Publicly traded companies in the space include Aetna (AET), Anthem (ANTM), Centene (CNC), Cigna (CI), Health Net (HNT), Humana (HUM), Molina Healthcare (MOH), UnitedHealth (UNH) and WellCare (WCG). 3. As U.S. stocks stumble toward what could be their first yearly loss since 2015, next year is looking rather sunny, Vito Racanelli wrote in this week's edition of Barron's. There were many highs and lows in 2018, but short of a miraculous rally in the year's remaining 10 trading sessions, the stock market's returns this year could resemble a lump of coal, the publication noted. However, the clock starts afresh on January 1 and if just a few things go right, 2019 could be a happier year, with U.S. stocks seen rallying about 10%, the report added. 4. Sony's (SNE) "Spider-Man: Into the Spider-Verse" swung to $35.4M in its weekend debut, making it the best December opening ever for an animated movie. Overseas, the pic got off to a softer start, earning $21M from 44 markets for a global start of $56.4M. "Spider-Man: Into de Spider-Verse" earned an A+ CinemaScore and sports a 97% Rotten Tomatoes score. 5. Alphabet (GOOG; GOOGL), Apple (AAPL), Bank of America (BAC), BlackRock (BLK), Caterpillar (CAT), Chevron (CVX), Daimler (DDAIF), Delta Air Lines (DAL), Energy Transfer (ET) and Toll Brothers (TOL) saw positive mentions in Barron's.