Bay Area gas prices rise on refinery work
Spot gasoline prices in the Bay Area rose for the first time in five days after Valero Energy said its Benicia refinery had performed work on a hydrocracker.
The 170,000-barrel-a-day plant conducted "very brief planned maintenance" on the unit Friday, Valero spokesman Bill Day said. "No material impact to production."
California-grade gasoline climbed 1 cent in the Bay Area. Prices also rose in Southern California.
The Benicia hydrocracker, which breaks down oil feedstock into lighter products such as gasoline, is back at "planned rates," Day said.
San Ramon-based Chevron's refinery in Richmond remains at 60 percent of normal production levels following a disastrous fire at the fuel factory more than three months ago. The refinery is due to be back at full production levels by the end of March 2013.
Dynavax shares dive 47 percent
Berkeley-based Dynavax Technologies tumbled the most in four years after its hepatitis B vaccine Heplisav failed to win the backing of U.S. regulatory advisers.
Dynavax is attempting to bring its first product to market.
Although Heplisav works to treat the contagious liver disease, Dynavax didn't provide adequate safety data to support approval, Food and Drug Administration advisers voted yesterday.
Dynavax plunged 47 percent, or $2.19 a share, and finished at $2.44.
Pandora slumps after Katy Perry criticism
Oakland-based Pandora Media fell to a record low after recording artists including Katy Perry criticized the online radio service for supporting a bill that would reduce the company's payments to musicians.
Pandora fell 2.5 percent, or 18 cents, and finished at $7.18. That was the lowest close since the Internet radio service went public in June 2011.
Maroon 5, Kiss, Missy Elliott, Vince Gill and Hootie and The Blowfish joined 120 other musicians signing a letter in Billboard magazine protesting the Internet Radio Fairness Act.
The stock is under pressure from the artists, said Rich Greenfield, an analyst at BTIG. The measure would set equal royalties for music played on the Web, satellite radio and pay TV.
-- Bloomberg News