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May 29 (Reuters) - Some U.S. stocks on the move on Wednesday:
U.S. stocks extended their losses, with the S&P 500 and Dow briefly dropping 1 percent as investors continued to question the longevity of the Federal Reserve’s stimulus program.
The Dow Jones industrial average was down 151.41 points, or 0.98 percent, at 15,257.98. The Standard & Poor’s 500 Index was down 16.68 points, or 1.00 percent, at 1,643.38. The Nasdaq Composite Index was down 31.40 points, or 0.90 percent, at 3,457.49.
** SMITHFIELD FOODS INC, $32.32, up 24.68 pct (0931 ET)
** TYSON FOODS, $25.74, up 3.35 pct (0932 ET)
China’s Shuanghui International agreed on Wednesday to buy the largest U.S. hog producer for $4.7 billion in cash, in a deal that will increase the flow of U.S.-made pork to the world’s largest consumer of the meat.
Shares in Tyson, the largest meat processor in the United States, also rose.
** STEWART ENTERPRISES INC, $13.09, up 34.39 pct (0931 ET)
** SERVICE CORP INTERNATIONAL, $19.14, up 8.56 pct (0933 ET)
** CARRIAGE SERVICES INC $19.05, up 6.13 pct (1103 ET)
Funeral home operator Service Corp has agreed to acquire peer Stewart Enterprises in a deal with an enterprise value of $1.4 billion, the companies said.
Shares of peer Carriage Services were also up on the news.
** FACEBOOK INC, $23.43, down 3 pct (1020 ET)
Facebook said its systems to remove hate speech haven’t worked as well as the company had hoped, amid reports that advertisers are pulling their brands off the social network in the face of a backlash from women’s groups.
** AEGERION PHARMACEUTICALS INC, $68.17, up 12 pct (1035 ET)
Canaccord Genuity analysts raised their price target on the company’s stock to $90 from $54, saying that physicians at lipid clinics surveyed by them had high awareness of the company’s cholesterol-lowering drug Juxtapid.
The analysts said the findings were consistent with their assumptions that patients would prefer to use Juxtapid over an injected drug Kynamro, marketed by Genzyme, a unit of Sanofi SA .
** HECLA MINING CO, $3.73, up 9 pct (1035 ET)
The silver miner said on Tuesday it received government approval for acquisition of Canada’s Aurizon Mines Ltd.
** SONUS NETWORKS INC, $2.83, up 10 pct (1025 ET)
Analysts at Jefferies raised their rating on the voice and data communication equipment maker’s stock to “buy” from “hold,” saying they expect the company to continue to meet or exceed investor expectations in 2013 and 2014.
** SALLIE MAE CORP, $25.83, up 12.57 pct (0934 ET)
The student loan provider said it would split the company into two publicly traded entities and named John Remondi as its chief executive officer.
** BROWN SHOE COMPANY INC, $20.16, up 9 pct (1029 ET)
The shoe retailer’s adjusted first-quarter profit beat analysts’ estimates as customers bought more of its Famous Footwear brand’s athletic and canvas styles. The company raised its full-year adjusted profit outlook to between $1.22 and $1.29 per share from between $1.18 to $1.25 per share.
** CHICO‘S FAS INC, $18.22, down 5.48 pct (0934 ET)
The women’s apparel retailer posted weaker-than-expected fourth-quarter results, hurt by an unusually cool spring and increased promotions to clear out its merchandise.
** BROCADE COMMUNICATIONS SYSTEMS INC, $5.24, down 2.4 pct (0957 ET)
Morgan Stanley cut the networking equipment maker’s stock to underweight, theflyonthewall.com reported.
** MONSANTO CO, $104.20, down 1.2 pct (0955 ET)
The world’s largest seed company raised its full-year earnings forecast to a range of $4.50 to $4.55 per share before items, but that came in below analysts’ expectations of $4.63 per share, according to Thomson Reuters I/B/E/S.
** TATA MOTORS LTD, $28.13, up 5 pct (1021 ET)
The Indian auto maker posted a 36.7 percent fall in fourth-quarter net profit, a smaller-than-expected drop, as a jump in sales at its Jaguar Land Rover (JLR) subsidiary offset falling profit at its domestic business.
** MOVADO GROUP INC, $35.51, up 3.22 pct (0935 ET)
The watch maker posted a 6.1 percent rise in quarterly sales and a 23 percent rise in profit as its affordable luxury products resonated well with shoppers.
** TRINA SOLAR LTD, $6.28, down 8.39 pct (0936 ET)
Trina Solar reported its seventh straight quarterly loss as a fall in panel prices outweighed cost cuts.
** CYBERONICS INC, $46.30, down 3 pct (0937 ET)
The medical device maker said federal Medicare administrators turned down a request to consider providing reimbursement coverage for its depression treatment.
** WET-SEAL INC, $4.74, up 5.33 pct (0939 ET)
The teen-apparel retailer forecast second-quarter sales above Wall Street estimates and said it expects comparable-store sales to increase in the mid-single digits.
** PERFECT WORLD CO LTD, $13.56, up 4.79 pct (0944 ET)
The Chinese online game developer reported a better-than-expected first-quarter profit due to lower operating expenses. The company posted a profit of $2.69 per American depositary share, compared with analysts’ estimates of $2.38 per ADS.
** STAR BULK CARRIERS CORP, $6.18, up 4.69 pct (0944 ET)
The drybulk shipper posted a surprise profit for the first quarter, helped by lower operating expenses, and said it expects higher demand for dry bulk commodities from major developing countries. The company expects the global freight market to start improving due to lower orders for ships, increased scrapping and scarcity of bank financing.
** SCHNITZER STEEL INDUSTRIES INC, $26.10, down 2.40 pct (0945 ET)
The company, which manufactures and exports recycled ferrous metal products, said it expects sequentially lower third-quarter net income due to weak selling prices, constrained supply trends and lower tax benefits.
** TANGOE INC, $14.60, up 4.15 pct (0947 ET)
The telecommunications software company will be added to the S&P SmallCap 600 Global Industry Classification Standard (GICS) Application Software Sub-Industry index, replacing Hot Topic Inc , which is being taken private by Sycamore Partners.
** IMPAX LABORATORIES INC, $19.80, up 3.28 pct (0948 ET)
The specialty pharmaceutical company will join the S&P SmallCap 600 index after the close of trading on Friday.
** HEALTH MANAGEMENT ASSOCIATES INC, $12.39, up 5 pct (0949 ET)
The hospital operator said on Tuesday its Chief Executive Gary Newsome would retire effective July 31, and its board of directors has begun a search for his replacement.
The announcement of Newsome’s retirement follows HMA’s disclosure on Friday that it had adopted a shareholder rights plan in response to investor Glenview Capital Management’s notice that it could increase its stake. (Compiled by Chandni Doulatramani; Editing by Sriraj Kalluvila)