Today's top three movers are Axsome Therapeutics, Sasol Limited, and Kohl's Corporation.
Axsome Therapeutics (AXSM) Announces Positive Results of Alzheimer's Trial
Statistically significant improvement in Alzheimer’s disease agitation, as measured by the CMAI total score compared to placebo (p=0.010, primary endpoint).
Demonstrated rapid and substantial improvement in Alzheimer’s disease agitation starting at week 2 with statistical significance at week 3 compared to placebo (p=0.007)
Statistically significant rates of clinical response (p=0.005) on the CMAI and improvement on the modified Alzheimer’s Disease Cooperative Study-CGIC scale for agitation (p=0.036) compared to placebo.
Well-tolerated and not associated with cognitive impairment or sedation.
No treatments are currently approved for Alzheimer’s disease agitation.
Sasol (SSL) Limited Up More Than 15% Intraday
Sasol Ltd. is a holding company. The firm engages in the provision of liquid fuels, chemicals, and low-carbon electricity.
The company provided an Operations Safety Update and an update on the effect of COVID-19 on global operations. You can read that here.
Moody's affirms Kohl's (KSS) Baa2 rating; assigns a Baa2 to its proposed senior unsecured notes offering
Moody's Investors Service, (“Moody's”) today affirmed Kohl's Corporation (“Kohl's”) Baa2 senior unsecured rating and assigned a Baa2 rating to its proposed $500 million senior unsecured notes offering. The outlook remains negative. The net proceeds will be used to repay a portion of its senior secured asset based revolving credit facility with the remainder for general corporate purposes.
“Kohl's continues to take decisive actions to enhance its liquidity profile as its weathers the disruption related to COVID-19 and the potential suppression of consumer demand for an extended period, ” said Vice President, Christina Boni. “The recent replacement of its $1 billion unsecured credit facility with a $1.5 billion asset based revolver in conjunction with the $500 million of senior unsecured notes offering increases its liquidity to weather the disruption” Boni added.
The affirmation reflects Moody's expectation that as Kohl's business normalizes following the disruption caused by COVID-19, the company's financial strategy will remain focused on permanent debt reduction as it has in recent years.
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