Bristol-Myers Squibb’s Empliciti flunks first-line myeloma study

Bristol-Myers Squibb (NYSE:BMY) reports unsuccessful results from a Phase 3 clinical trial, ELOQUENT-1, evaluating Empliciti (elotuzumab) in newly diagnosed multiple myeloma (MM) patients who were transplant ineligible.

Specifically, the addition of Empliciti to Revlimid (lenalidomide) and dexamethasone failed to demonstrate a statistically significant improvement in progression-free survival (PFS) compared to Revlimid + dexamethasone alone.

No new safety signals were observed.

Complete data will be submitted for presentation at a future medical conference.

The company is co-developing Empliciti with AbbVie (NYSE:ABBV).

The FDA approved the SLAMF7-directed immunostimulatory antibody in November 2015 for MM patients who have received one-to-three prior lines of therapy and in November 2018 for certain other MM patients (both indications are combo therapies).

BMY and ABBV are both down 4% premarket on light volume.

https://seekingalpha.com/news/3549658-bristol-myers-squibbs-empliciti-flunks-first-line-mm-study

AIM ImmunoTech up on Ampligen testing in Japan for COVID-19

Nano cap AIM ImmunoTech (NYSEMKT:AIM) jumps 66% premarket on robust volume in reaction to its announcement that Japan’s National Institute of Infectious Diseases (NIID) will begin testing Ampligen (rintatolimod), a broad-spectrum antiviral, for the potential treatment of COVID-19. The testing will be conducted at both the NIID and University of Tokyo.
https://seekingalpha.com/news/3549664-aim-immunotech-up-66-premarket-on-ampligen-testing-in-japan-for-covidminus-19

Modest bounce as stocks come off trading halt

The averages plunged 7% to begin the day, setting off a 15-minute circuit breaker. About 10 minutes after re-opening, the Dow, S&P, and Nasdaq are down about 6%.

Oil is lower by 20.1% to $32.75. Gold is up only 0.45% to $1,680.

The 10-year Treasury yield is down 28 basis points to 0.49%.

Checking oilfield names, they’re trading as if black gold will no longer be necessary for the modern existence the globe has gotten used to. Schlumberger, Halliburton, and Marathon Oil – to name three – are all down in the area of 40%.

https://seekingalpha.com/news/3549751-modest-bounce-stocks-come-off-trading-halt

AbbVie HIV drug being investigated as potential COVID-19 treatment

AbbVie (NYSE:ABBV) announces that it is working with global health authorities, including the FDA, CDC, BARDA, NIH and Chinese officials, to determine if HIV med Kaletra/Aluvia (lopinavir/ritonavir) is effective in treating COVID-19, the current coronavirus outbreak.

It has donated Aluvia to the Chinese government for experimental use but apparently does not have access to clinical information thus far.

The company is “closely monitoring” manufacturing and supply chain resources worldwide to ensure supply for HIV patients as well as COVID-19 use.

Shares down 6% premarket on light volume as most biotech and biopharma players are in the red before the open.

https://seekingalpha.com/news/3549715-abbvie-hiv-drug-being-investigated-potential-covidminus-19-treatment

Stock trading put in time-out after 7% drop

Equities trading is halted for 15 minutes after the S&P 500  plunges 7% at the open.

The Dow sinks 7.3% and the Nasdaq falls 6.9%.

Trading is set to resume at 9:49 AM ET.

Update at 9:47 AM: About a third of the S&P 500 didn’t trade before the NYSE halted trading, according to Bloomberg. That implies more pain when trading resumes in a minute.

Previously: With stocks plunging, here are the circuit breaker rules (Feb. 28)

https://seekingalpha.com/news/3549739-stock-trading-put-in-time-out-after-7-drop

Entire Treasury yield curve below 1%

U.S. Treasury yields plunge across the board to record lows, with the entire curve briefly trading below 1% for the first time in history, exacerbated by an oil price war on top of deteriorating global equity markets.

A few minutes ago, 10-year yields had dropped as much as 28 basis points to 0.48%, while the 30-year fell to 0.99% and the two-year yield shed 18 bps to 0.33%.

“The market is panicking,” Shinji Hiramatsu, senior investment manager at Sompo Japan Nipponkoa Asset Management in Tokyo, tells Bloomberg. “Position adjustment, loss-cut buying and all sorts of buying are emerging. Everybody’s buying Treasuries.”

ETFs: TLT, TBT, IEF, SHY, IEI, EDV, TMV, TMF, VGLT, GSY, SHV, TBF, SPTL, BIL, VGSH, VGIT, ZROZ, TTT, SCHO, GOVT, TLH, PST, SCHR, DTYS, PLW, SPTS, UBT, UST, TYD, TYO, VUSTX, GBIL, SPTI, DLBS, TBX, FLAT, STPP, RISE, TAPR

https://seekingalpha.com/news/3549595-entire-treasury-yield-curve-below-1-market-is-panicking

We have seen the overnight low in S&P futures. So there’s that

Early selling of S&P 500 futures triggered CME rules that prevent drops of more than 5% from the previous trading-day’s low.

Futures sank 5% to 2,819 at 8:05 p.m. ET, hitting their overnight limit. The contract can’t trade at a lower price for the remainder of the overnight session; transactions at or above that threshold are allowed.

The last time futures tripped the limit-down rule was Nov. 8, 2016, the night that Donald Trump won the U.S. presidency. After hanging around at the limit-down price for about 30 minutes, futures turned higher and ultimately went positive minutes after the opening of the regular trading.

Nasdaq futures will stop falling if the contract reaches 8,093.25. Dow futures trigger curbs at 24,534.

“It allows cooler heads to prevail, particularly in the overnight sessions it’s a good thing to have because you just don’t have as many products at work. This is one rule that it’s been so long since we have seen it, but it’s proved effective over time,” JJ Kinahan, chief market strategist at TD Ameritrade, told Bloomberg.

Once the market opens, NYSE circuit breakers work like this: trading halts for 15 minutes if the S&P 500 falls 7% (to 2,764) at any time before 3:25 p.m. ET. Another 15-minute pause is triggered if losses reaches 13% (2,586). If the decline hits 20% (2,377.9), markets will close for the day. With the exception of the final rule, circuit breakers are suspended during the final 35 minutes of trading.

https://seekingalpha.com/news/3549592-seen-overnight-low-in-s-and-p-futures