Stock Market Update: Seagen and Activision Blizzard Soar, Scholastic and Intel Plummet

Scholastic Corp. reported a larger-than-expected loss in its fiscal first quarter, causing its stock to drop. Meanwhile, Activision Blizzard received preliminary approval from British antitrust regulators for Microsoft's buyout of the company. Seagen Inc. provided a positive update on a potential treatment for bladder cancer, leading to a rise in its stock. Alibaba Group Holding Ltd. is reportedly planning to file for an IPO in Hong Kong for its logistics arm, Cainiao. Intel Corp. faced a fresh $400 million fine from European Union antitrust enforcers in an ongoing legal battle.