11 Min Read
April 15 (Reuters) - Some U.S. stocks on the move on Monday:
U.S. stocks fell for a second straight session, with major indexes down more than 1 percent, pressured by weaker-than-expected growth figures in China that sparked a broad sell-off across markets, including oil and other commodities. The Dow Jones industrial average was down 129.49 points, or 0.87 percent, at 14,735.57, the Standard & Poor's 500 Index was down 17.39 points, or 1.09 percent, at 1,571.46 and the Nasdaq Composite Index was down 45.08 points, or 1.37 percent, at 3,249.86.
** SPRINT-NEXTEL CORP, $7.05, up 13 pct (1250 ET)
** DISH NETWORK CORP, $35.42, down 6 pct (1250 ET)
** CLEARWIRE CORP, $3.17, down 3 pct (1250 ET)
Dish, the No. 2 U.S. satellite television provider, offered to buy Sprint for $25.5 billion in cash and stock, a move that could thwart the proposed acquisition of Sprint by Japan's SoftBank Corp. Dish's bid is the latest development in a shakeup of the U.S. wireless business, which is undergoing a wave of consolidation. Dish was amid an unsolicited offer for Clearwire, the wireless company majority owned by Sprint.
Sprint shares soared 16.2 percent to their highest level since September 2008, leaving them well above the value of the Dish offer on Monday.
** CITIGROUP INC, $46.64, up 2 pct (1249 ET)
The bank reported a higher-than-expected 30 percent rise in first-quarter profit on Monday as revenue from its securities and investment banking business swelled.
** RIO ALTO MINING LTD, $3.80, down 11 pct (1249 ET)
** BARRICK GOLD CORP , $20.18, down 11 pct (1249 ET)
** YAMANA GOLD INC , $12.17, down 7 pct (1249 ET)
** AURICO GOLD INC, $5.09, down 11 pct (1249 ET)
** KINROSS GOLD CORP, $5.68, down 10 pct (1249 ET)
** FIRST MAJESTIC SILVER INC, $12.52, down 11 pct (1247 ET)
Gold prices dropped 6 percent on Monday to $1,400 per ounce - lowest since March 2011 - as investors took fright at a market that is heading for its biggest two-day fall in 30 years. Gold has capitulated in the last two trading days to pressure from a proposed sale of Cypriot gold holdings and concern that other nations might follow suit. Traders also cited concern that the U.S. Federal Reserve might reduce monetary stimulus towards the end of the year.
** LIFE TECHNOLOGIES CORP, $73.25, up 8 pct (1246 ET)
** THERMO FISHER SCIENTIFIC INC, $81.09, up 2 pct (1246 ET)
The genetic testing equipment maker has agreed to a $13.6 billion cash buyout by Thermo Fisher, in one of the year's biggest corporate takeovers. The acquisition values Life Technologies at $76 per share and would catapult Thermo Fisher into the hot field of genetic sequencing where researchers, drugmakers and doctors are uncovering the genetic factors underpinning diseases to better tailor treatments to the patients.
** GENCO SHIPPING & TRADING LTD, $2.10, down 8 pct (1240 ET)
** PARAGON SHIPPING INC, $3.60, down 8 pct (1240 ET)
** EAGLE BULK SHIPPING INC, $2.97, down 9 pct (1240 ET)
** DIANA SHIPPING INC, $9.28, down 5 pct (1240 ET)
** EXCEL MARITIME CARRIERS LTD, $0.82, down 4 pct (1240 ET)
** BALTIC TRADING LTD, $3.55, down 3 pct (1240 ET)
** TOP SHIPS INC, $1.44, down 8 pct (1240 ET)
** DRYSHIPS INC, $1.82, down 5 pct (1240 ET)
Nordea Markets analyst Axel Styrman said the fall in shares of the shipping companies was a reaction to China's growth numbers reported on Monday. China's economic recovery unexpectedly stumbled in the first quarter as the annual rate of growth eased back to 7.7 percent from the 7.9 percent, a year earlier.
** CHARLES SCHWAB CORP, $16.79, down 3 pct (1254 ET)
The San Francisco-based firm's first-quarter profit rose 6 percent as fee revenue from mutual funds and other managed money products jumped 14 percent while expenses rose and client trading revenue remained weak, the company said on Monday.
** JPMORGAN CHASE & CO, $48.28, down 1.5 pct (1255 ET)
A Missouri pension fund has sued JPMorgan's executives and board members over $6.2 billion in trading losses that were revealed last year, citing a recent U.S. Senate report that criticized the bank's management for failing to catch the bad trades.
** HOMEX , $6.51, down 16 pct (1246 ET)
Mexico's Homex is considering ways to boost its liquidity, including issuing debt and raising private capital, and is working on divesting non-core assets from its tourism division, the homebuilder said on Monday.
** IRONWOOD PHARMACEUTICALS INC, $16.58, down 9 pct (1245 ET)
Wedbush Securities analyst Gregory Wade said total prescriptions of Ironwood's constipation drug Linzess rose 1.4 percent in the week ending April 5 compared with a 4.9 percent rise the previous week, according to data from Source Healthcare Analytics. Unique prescriber count rose by 71 patients versus an increase of 152 last week. "It looks like the weekly prescription data for Linzess, their only product, has disappointed expectations," Wade said.
** MARKETAXESS HOLDINGS INC, $38.98, up 2 pct (1245 ET)
Brokerage Raymond James raised the electronic bond trading platforms operator to "strong buy" from "market perform," saying opportunity from high-yield and emerging market bonds is underappreciated and can drive earnings growth even in the face of a pause in high-grade market share growth.
** IAMGOLD CORP , $5.38, down 7 pct (1244 ET)
Canadian gold miner Iamgold Corp said the Suriname parliament on Saturday approved the agreement that the company signed last November with the South American country's government to expand its Rosebel mine.
** COEUR D'ALENE MINES CORP, $15.23, down 9 pct (1244 ET)
The largest U.S.-based silver miner reported a 22 percent drop in first-quarter silver production due to lower grade ore processed at its Palmarejo mine in Mexico. Coeur D'Alene produced 3.8 million ounces silver in the quarter. Average realized price was $30.61 per ounce.
** THERAVANCE INC, $27.96, up 18 pct (1244 ET)
Reviewers for the U.S. Food and Drug Administration said on Monday that the efficacy data for GlaxoSmithKline Plc and Theravance's experimental drug to treat chronic obstructive pulmonary disease are not entirely consistent.
** METROPCS COMMUNICATIONS, $11.20, down 3 pct (1243 ET)
The company amended the terms for its proposed merger with Deutsche Telekom unit T-Mobile USA, and asked shareholders to vote for the deal.
The move follows Deutsche Telekom sweetening its offer last Wednesday, bowing to pressure from activists and proxy advisory firms.
** ENANTA PHARMACEUTICALS INC, $20.33, up 3 pct (1243 ET)
JMP Securities initiated coverage on the biotechnology company's stock with a "market outperform" rating saying the company is heading towards profitability in 2014, driven by near-term milestones of $195 million and royalties. Leerink Swann also initiated coverage on Enanta's stock with an "outperform" rating.
** NETFLIX INC, $180.18, up 4 pct (1242 ET)
BTIG started coverage of the U.S. video rental and streaming company with a "buy" rating and $250 price target, according to Streetinsider.com. (link.reuters.com/buf47t)
"We believe the improving Netflix price/value relationship, along with high-quality, proprietary original programming will drive better than expected subscriber growth and moderate churn (the more a subscriber streams daily, the lower churn should fall)," analyst Richard Greenfield said, the website quoted.
** BIOCRYST PHARMACEUTICALS INC, $1.95, up 3 pct(1242 ET)
** SINOVAC BIOTECH LTD, $4.06, up 6 pct (1242 ET)
Shares of companies that are developing anti-viral agents to counter the avian influenza virus rose after China said the death toll from a new strain of bird flu rose to 13.
** NEW YORK & CO, $4.43, up 5 pct (1241 ET)
A turnaround at the women's retailer could propel its stock price 40 percent over the next 18 months, according to an article in financial weekly Barron's.
** ROSETTA RESOURCES INC, $44.77, down 7 pct (1240 ET)
The oil and natural gas producer raised its 2013 capital expenditure forecast to $840 million to $900 million from $640 million to $700 million, based on its proposed acquisition of some of Comstock Resources Inc's assets in West Texas's Permian Basins. Rosetta said it would sell 7 million shares in a public offering and use the proceeds to partly fund the deal. The company also estimated a 39 percent increase in its first-quarter production.
** ACORDA THERAPEUTICS INC, $34.40, up 9 pct (1240 ET)
The pharmaceutical company said results of a mid-stage study testing a 10 mg dose of its multiple sclerosis drug Ampyra showed improved walking ability in people who suffered a stroke. This study included 83 participants who experienced a stroke due to blood clots at least six months prior to enrollment and had chronic problems in movements.
** DISCOVERY LABORATORIES INC, $1.98, down 17 pct (1240 ET)
The biotechnology company said the U.S. health regulator asked for clarifications on the updated product specifications submitted by the company on its respiratory drug, Surfaxin. Discovery said it will provide a response within two months and expects to launch the drug in the fourth quarter of 2013.
Discovery said in October that its analysis of Surfaxin showed product specifications needed to be updated.
** NATIONAL FINANCIAL PARTNERS, $24.95, up 7 pct (1238 ET)
The wealth management company said it agreed to be bought by private equity investment firm Madison Dearborn Partners LLC for about $1.3 billion, including debt.
** MECHEL OAO , $4.03, down 6 pct (1238 ET)
The heavily indebted Russian miner reported bigger than expected fourth-quarter losses due to weak demand on Monday, sending its share price to a record low.
** GEVO INC, $1.90, down 9 pct (1238 ET)
The biofuel company filed for a mixed shelf offering of a combination of its common stock, preferred stock or debt of up to $250 million, according to a regulatory filing on Friday. (r.reuters.com/dud47t)
** J.C. PENNEY CO INC, $14.81, up 1.3 pct (1237 ET)
The department store operator said on Monday that it had drawn $850 million out of a $1.85 billion revolving credit facility to help buy inventory as it moves past a failed turnaround. The company also said it will continue to explore additional capital-raising alternatives with the help of its financial advisers.
** BIOCRYST PHARMACEUTICALS INC, $1.94, up 3 pct (1237 ET)
Shares of the company, which is developing an intravenous anti-viral agent to treat the influenza virus, continued their rise as the number of people infected by bird flu in China rose further. The death toll rose to 13 on Sunday. (Compiled by Aditi Shrivastava; Editing by Joyjeet Das)