Data transfer pact clinched
Social networks and search engines like Facebook (NASDAQ:FB.) and Google (NASDAQ:GOOG), the latter already in the news today with positive results, got a potential boost as it emerged a new deal was struck on a new transatlantic data transfer pact.
It comes after the EU the USA have been working hard to replace the previous framework, called Safe Harbor, which was hit last year by the European Court of Justice on concerns about US mass surveillance, leaving thousands of firms in limbo legally.
The latest deal should prevent European Union regulators from restricting data transfers by companies across the Atlantic.
Big Oil and big Falls
Away from the chatter of the Iowa election, big cap global oilers are in focus today with some of the biggest names reporting as the turmoil in crude markets continues unabated.
Amid tumbling equity markets in Europe and Asia, Exxon Mobil Corp (NYSE:XOM) saw shares slip almost 2% in after hours deals in New York after it unveiled a 58% drop in quarterly profit and said it would cut spending this year by a quarter.
Exxon puts capex spending at around US$23.2 billion this year, down 25% from 2015 as the slump of 70% in crude prices hits all firms big and small.
It comes as in London, the biggest laggard was BP, whose shares slumped almost 9% as it reported underlying profits crashing 91% to $196mln in the fourth quarter, well below analyst forecasts.
On the positive front, in the health sector, shares in Alere (NYSE:ALR) rose over 50% in pre-market after it revealed it was being bought by Abbott Laboratories for $5.8 billion.
E lsewhere, pharma giant Pfizer (NYSE:PFE) shares lost 1.7% despite beating expectations in its fourth quarter and as it tempered forecasts for the coming year. Later it recouped losses to nudge higher.
What's hot and what's not? RISERS Michael Kors (NYSE:KORS), up 20.55% after revenue climbed a better-than-expected 6.3% in the latest quarter on strong demand for its accessories and footwear. Mattel (NASDAQ:MAT) , up over 11% as it also posted strong sales in the fourth quarter. Hansen Medical (NASDAQ:HNSN), jumped over 35% after its Magellan(TM) Robotic Catheter eKit has received clearance from the U.S. Food and Drug Administration (FDA). FALLERS Carbylan Therapeutics (NASDAQ:CBYL) down over 65% as it announced top-line results from COR1.1, its first Phase III trial of Hydros-TA for the treatment of pain associated with osteoarthritis of the knee. Horsehead Holding (NASDAQ:ZINC), down 48% as it filed for chapter 11 bankruptcy protection Tuesday, after it was hit by low commodity prices and weaker global demand for base metals. Axovant Sciences (NYSE:AXON) shares fell over 26% to US$12.34 after pharma titan Pfizer (NYSE:PFE) reportedly halted a phase II study related to one of their Alzheimer’s drugs known as PF-05212377.