Lower open despite gain in retail sales

Retail sales rose 0.5% in May but the markets opened lower with the Dow tumbling 76 points to 17,655 as crude oil prices continued to slip. Nasdaq fell 15 points to 4,833.


On the upside


Leading Brands (Nasdaq: LBIX) swung to a profit for the first quarter.


Wedbush upgraded Achaogen (Nasdaq: AKAO) from a Neutral rating to an Outperform rating.

Insider Monkey noted that more hedge funds took positions in Vonage (Nasdaq: VG) in the first quarter.


On the downside


Infinity Pharmaceuticals (Nasdaq: INFI) halted a Phase 1b/2 study of duvelisib after disappointing results and will eliminate 46 research jobs.


Revance Therapeutics (Nasdaq: RVNC) reported disappointing results from a Phase 3 trial of RT001 to treat crow's feet.


ImmunoGen (Nasdaq: IMGN) will offer $100 million in convertible senior notes through a private placement.

In the broad market, declining issues outpaced advancers by a margin of more than 3 to 2 on the NYSE and by nearly 5 to 4 on Nasdaq. The broader S&P 500 fell 6 points to 2,072. Bitcoin dropped $10 to $680.

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