Chinese Authorities Flood Markets With Cash to Try to Stem Selling

Chinese authorities are rushing in to stem the sharp selling in its stock markets. Nearly $20 billion was injected into the markets by regulators who are hoping to sooth investors a day after a Chinese stock rout that rocked global markets on the first trading day of 2016. Additionally, a ban on share sales by company shareholders with stakes larger than 5% is set to expire on January 8th in China. Gilead Sciences (GILD) says the U.S. FDA granted a priority review of its experimental hepatitis C combination drug. The drugmaker filed a new application for the treatment-a combination with Solvaldi's therapy in late October. The FDA is expected to consider the treatment by June 28th. Yahoo (YHOO) is playing down its commitment to video. The company confirmed it shut down its 4 year old video portal, 'Yahoo Screen' last week.