6 Min Read
(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. stocks edged lower at the open on Wednesday as caution arose following the first diagnosis of a patient in the United States with Ebola. The Dow Jones industrial average was down 0.93 percent at 16,884.08 and the S&P 500 was down 0.86 percent at 1,955.4.
** TEKMIRA PHARMACEUTICAL CORP, $24.426, +15.54 pct
** BIOCRYST PHARMACEUTICALS INC, $9.98, +2.05 pct
** SAREPTA THERAPEUTICS INC, $21.71, +2.89 pct
** NEWLINK GENETICS CORP, $23.26, +8.59 pct
** LAKELAND INDUSTRIES, $7.61, +9.50 pct
Shares of several pharmaceutical companies with potential Ebola treatments jumped after the U.S. Centers for Disease Control and Prevention confirmed on Tuesday the first case of the virus diagnosed in the country.
Shares of Lakeland Industries, which makes protective clothing for healthcare and first responders, also jumped.
** MECHEL OAO, $1.09, -3.54 pct
VTB Bank will drop a lawsuit against the Russian coal and steel producer if agreement over debt is reached, the Russian bank's head Andrei Kostin said. VTB Bank filed a $77-million lawsuit against Mechel last week.
** ANGIE'S LIST INC, $8.169, +28.24 pct
Northland Capital Markets raised its rating on the online review company's stock to "market perform" from "underperform," as company reported to be exploring sale.
** WESTPORT INNOVATIONS INC, $7.7475, -26.28 pct
The Canadian auto parts maker cut its 2014 revenue forecast to $130-$140 million, below analysts' expectations of $178.7 million. The company also said it expects adjusted loss before interest, tax, depreciation and amortization at three operating businesses this year.
** SPHERIX INC, $1.12, -28.21 pct
The company, which buys and licenses technology patents, said a court hearing for its lawsuit against cordless telephone makers VTech Holdings Ltd and Uniden Corp has been rescheduled to Nov. 10 from Oct. 2. Spherix sued the companies for patent infringement in September last year, after acquiring the related patents from Rockstar Consortium US LP.
** BOEING CO, $124.64, -2.15 pct
The U.S. Federal Aviation Administration is requiring airlines to replace cockpit displays on more than 1,300 Boeing airplanes to avoid interference from Wi-Fi and cellular devices.
** JPMORGAN CHASE & CO, $60.05, -0.32 pct
A federal judge on Tuesday said JPMorgan must face a class action lawsuit by investors who claimed the largest U.S. bank misled them about the safety of $10 billion of mortgage-backed securities it sold before the financial crisis.
** AMERICAN APPAREL INC, $0.7913, -3.50 pct
The retailer's board is increasingly open to letting its ousted founder, Dov Charney, stay at the company, Bloomberg reported, citing people familiar with the matter.
** RETROPHIN INC, $8.78, -2.66 pct
The drugmaker said it fired founder and Chief Executive Martin Shkreli effective immediately, the second top level change at the drugmaker this month.
** ARDELYX INC, $16.255, +14.39 pct
The company said its experimental drug to treat constipation-related irritable bowel syndrome achieved the main goal of increasing bowel movement compared with a placebo in a mid-stage study involving 371 patients.
** KEURIG GREEN MOUNTAIN INC, $128.286, -1.23 pct
Canada's Club Coffee said it was suing K-cup coffee pod maker Keurig Green Mountain for engaging in anti-competitive measures to maintain a near monopoly and keep single-serve coffee prices artificially high.
** EBAY INC, $55.485, -2.02 pct
At least four brokerages cut their ratings on the online retailer's stock, a day after the company said it would spin off PayPal next year.
** CHINANET ONLINE HOLDINGS INC, $3.2, -4.48 pct
The Chinese advertising company said on Wednesday its stock price regained compliance with Nasdaq's listing rule. The Nasdaq had sent a letter to ChinaNet in June as its stock failed to maintain closing bid price of $1 or above for 30 days, as required by exchange rules.
** PORTOLA PHARMACEUTICALS INC, $28.49, +12.70 pct
The company said its drug met the main goal of reversing the effect of anti-coagulant drugs in a late-stage study.
** REAL GOODS SOLAR INC, $1.55, -9.88 pct
The solar energy company said on Tuesday it would exit its large commercial business, which encompasses projects that are larger than 200 kilowatts, to focus on the residential and small commercial market.
** ENTERPRISE PRODUCTS PARTNERS LP, $40.41, -0.03 pct
** OILTANKING PARTNERS LP, $51.18, +3.21 pct
Pipeline company Enterprise Products said it acquired a 64.7 percent limited partner interest in crude storage provider Oiltanking Partners as well as a 2 percent general partner interest for $4.41 billion.
** FRONTLINE LTD, $1.405, +11.51 pct
Frontline Management, which operates tanker company Frontline Ltd, enters into a chartering joint venture called VLCC Chartering Ltd with Tankers International LLC to increase joint fleet size and cut operating costs. (Compiled by Anannya Pramanick; Editing by Maju Samuel)