6 Min Read
(For more market insights, including options activity, click on ; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning Call newsletter , click link.reuters.com/sum45t) U.S. stocks edged higher at the open on Monday, after four weeks of gains for the Dow and the S&P 500, ahead of data on factory orders. The Dow Jones industrial average was up 0.27 percent, the S&P 500 was up 0.33 percent, and the Nasdaq Composite was up 0.27 percent.
** BLACKBERRY LTD, $6.90, down 11 pct (10:00 a.m. ET)
The company is abandoning a plan to sell itself and instead will replace its chief executive officer and raise about $1 billion from institutional investors, including its largest shareholder. More than 42 million shares changed hands in the first half hour of trading.
** TRI POINTE HOMES INC, $17.75, up 15 pct (9:59 a.m. ET)
Tri Pointe Homes is buying Weyerhaeuser Co's homebuilding division in a $2.7 billion deal that will give it access to developed land in key markets such as California and Texas and make it one of the largest U.S. homebuilders.
** CANADIAN SOLAR INC, $27.90, up 9 pct (9:59 a.m. ET)
The Chinese solar panel maker said it expects to report a net profit for the third quarter due to strength in its power plants business. The company, which has reported a loss for eight consecutive quarters, expects to ship 460-480 megawatt (MW) in the third quarter, higher than its prior forecast of 410-430 MW. The company also raised its gross margin outlook to 18-20 percent from 10-12 percent.
** RYANAIR HOLDINGS PLC, $43.20, down 14 pct (9:58 a.m. ET)
The airline's annual profit is set to fall for the first time in five years as intense competition in Europe pushes average fares down by around 10 percent over the winter months, Europe's largest airline by passenger numbers said.
** VELTI PLC, $0.09, down 69 pct (9:53 a.m. ET)
The Irish company said it would sell its mobile marketing business in the United States, the UK and India to Blackstone Group LP, and that it filed for bankruptcy under Chapter 11 for its remaining U.S. operations. [ID: nL3N0IP1VV]
** ZOGENIX INC, $2.64, down 9.5 pct (9:55 a.m. ET)
The pharmaceutical company reported a larger-than-expected loss in the third quarter hurt by a fall in net product revenue.
The company also said it would offer $60 million shares, saying it intended to use part of the net proceeds to market its recently approved painkiller Zohydro.
** ACHILLION PHARMACEUTICALS INC, $2.73, up 8 pct (9:54 a.m. ET)
The company's largest shareholder, private equity firm RA Capital Management LLC, increased its stake to 16.4 percent as of Oct. 31, according to a regulatory filing. RA Capital previously held 14.96 percent, according to Thomson Reuters data. (link.reuters.com/nen44v)
** MORGANS HOTEL GROUP CO, $7.74, up 9 pct (9:58 a.m. ET)
The owner of hotels such as Sanderson, Morgans and Shore Club said late on Friday it had received an unsolicited proposal from The Yucaipa Companies LLC to acquire the company for $8 per share.
** ANAREN INC, $27.75, up 11.4 pct (9:56 a.m. ET)
The telecom components maker said it would be bought by a fund run by private equity investor Veritas Capital for about $381 million in cash.
** KELLOGG CO, $64.70, up 4 pct (10:01 a.m. ET)
The world's largest maker of breakfast cereals said it would cut about 7 percent of its workforce and slash capacity by 2017, after reporting another quarterly decline in sales in its cereals business.
** SOLARCITY CORP, $59.56, up 8 pct (9:55 a.m. ET)
The solar panel installer said its unit SolarCity LMC Series I LLC will offer solar assest-backed notes worth $54.4 million in a private placement.
** LINN ENERGY LLC, $32.35, up 5 pct (9:52 a.m. ET)
** BERRY PETROLEUM CO, $54.00, up 10.7 pct
The U.S. oil and gas producer Linn Energy agreed to raise its purchase price for Berry Petroleum by $600 million to $4.9 billion, the companies said in a statement.
** GENCO SHIPPING AND TRADING LTD, $3.40, up 7 pct (9:51 a.m. ET)
** PARAGON SHIPPING, $6.00, up 5.6 pct
** DRYSHIPS, $3.17, up 3 pct
** EAGLE BULK SHIPPING INC, $6.21, up 2 pct
The Baltic Exchange's main sea freight index, which gauges the cost of shipping commodities such as iron ore, grain, coal and fertilizer, rose for a third day on Monday and was up 1.7 percent at 1,552 points in early morning trade.
** AK STEEL HOLDING CORP, $5.12, up 11 pct (9:48 a.m. ET)
** UNITED STATES STEEL CORP, $27.00, up 5 pct
** STEEL DYNAMICS, $18.84, up 2 pct
Analysts at Goldman Sachs raised their ratings on the three steel makers' stocks to buy, according to theflyonthewall.com
** SUNPOWER CORP, $32.48, up 5 pct (9:47 a.m. ET)
The solar panel market said it has acquired Greenbotics Inc, a company that offers panel cleaning products and services for large-scale solar power plants.
** MERCK & CO, $45.95, up 1.6 pct (9:47 a.m. ET)
A combination of two oral hepatitis C treatments developed by Merck & Co MRK.N led to high cure rates in previously untreated patients, indicating the company is a contender in the race to find new treatments for the liver destroying virus.
** DAQO NEW ENERGY CORP, $32.50, up 4 pct (9:46 a.m. ET)
The Chinese polysilicon manufacturer said it expects to ship 1,200-1,275 metric tons (MT) of polysilicon in the third quarter, higher than its prior forecast of 1,000 MT. However, the company cut its wafer shipment to 7.4 million-7.5 million pieces from 8.9 million pieces, citing shipment delays.
** SUNTECH POWER, $1.40, up 6 pct (9:45 a.m. ET)
China's Shunfeng Photovoltaic International Ltd said late on Friday it had agreed to by the main unit of Suntech for $492 million. (Compiled by Natalie Grover; Editing by Don Sebastian)