BUZZ-U.S. Stocks on the Move-Petrobras, QLT, Net Element, Tokai Pharma
(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for more market insights, including options activity, ; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock indexes were little changed on Wednesday. The Dow Jones industrial average was up 0.03 percent at 17,136.46, the S&P 500 was down 0.05 percent at 1,998.03 and the Nasdaq Composite was unchanged at 4,552.793.
** ENDO INTERNATIONAL PLC, $69.14, +6.09 pct
** AUXILIUM PHARMACEUTICALS, $30.9942, +44.03 pct
** QLT INC, $5.45, -12.10 pct
Auxilium adopted a poison pill with a 15 percent trigger, a day after an unsolicited $2.2 billion buyout offer from Endo . Poison pills, or shareholder rights plans, are designed to stop hostile takeover attempts by triggering the issuance of new shares, which dilutes the holdings of all investors if any one exceeds a set threshold.
Auxilium said its board would review Endo's proposal, but it would not modify or withdraw its bid for Canadian eye drug maker QLT.
** NET ELEMENT INC, $3.17, +21.92 pct Continued...