December 8, 2014 / 4:18 PM / 3 years ago

CORRECTED-BUZZ-U.S. Stocks on the Move-McDonald's, Taser, ClubCorp, Celgene

5 Min Read

(Removes item on Canadian Solar, which was based on an erroneous report. The error also appeared in previous versions of U.S. Stocks on the move)

Dec 8 - (For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks dipped on Monday, after soft data in China and Japan raised global growth concerns, while a further drop in oil prices weighed on energy shares. The Dow Jones industrial average was down 0.05 percent at 17,949.84, the S&P 500 was down 0.04 percent at 2,074.5 and the Nasdaq Composite was up 0.13 percent at $4,787.06.

** MCDONALD'S CORP, $92.86, -3.58 pct

McDonald's reported a steeper-than-expected fall in global same-restaurant sales in November and said current-quarter results would be hurt by the after-effects of a supplier scandal in China and a stronger dollar.

** MERCK & CO INC, $61.48, -0.02 pct

** CUBIST PHARMACEUTICALS INC, $100.69, +35.41 pct

Merck said on Monday it would buy Cubist for $8.4 billion plus assumption of debt, giving the major drugmaker an entry into the market for drugs that target so-called superbugs.

** BIOLINE RX LTD, $1.66, +12.16 pct

** CELGENE CORP, $118.81, +4.10 pct

BioLine's blood cancer drug and Celgene's thalassemia drug showed promise in mid-stage studies, the companies said in separate presentations at the American Society of Hematology conference. BioLine's drug, BL-8040, was tested for safety and efficacy in treating patients with acute myeloid leukemia, a type of blood cancer. UBS Investment Research raised its price target on Celgene's stock to $131 from $112, while Cantor Fitzgerald raised it to $130 from $120.

** CLUBCORP HOLDINGS INC, $18.36, -7.79 pct

The golf and country club operator said conversion to a real estate investment trust (REIT) is "not a viable option today. Shareholders Red Alder LLC and ADW Capital Partners LP had asked the company in September to convert into REIT and spin off non-real estate assets. ClubCorp said it had considered other hybrid-REIT structures, but financial and operational risks outweighed the limited tax benefits and uncertain valuation benefits of such conversions.

** DELIA*S INC, $0.0208, +10.05 pct

The teen apparel retailer filed for Chapter 11 bankruptcy protection and said it had hired advisers to help liquidate its assets.

** HALCON RESOURCES CORP, $1.57, -10.29 pct

** GOODRICH PETROLEUM CORP, $3.37, -9.16 pct

** ENERGY XXI LTD, $2.975, -9.30 pct

** SANCHEZ ENERGY CORP, $7.72, -11.57 pct

BMO Capital Markets cut its ratings and price targets on several oil and gas producers, saying the companies might need to cut capital spending, which would potentially curtail growth and increase debt.

** PRECISION DRILLING CORP ; $5.46, -8.70 pct

Canada's largest drilling contractor said it expected 2015 capital spending to be 44 percent lower than this year's already lowered budget as a steep fall in oil prices threaten to render exploration and development project uneconomic.

** CONOCOPHILLIPS, $65.58, -3.35 pct

ConocoPhillips said it would cut its 2015 capital budget by 20 percent, or about $3 billion, compared with this year, marking the biggest spending cut by a U.S. oil and gas company in dollar terms as global oil prices hit five-year lows.

** HANWHA SOLARONE CO LTD, $1.53, -5.56 pct

The solar power company said it will buy Germany-based affiliate Q Cell Investment Co Ltd in a deal valued at about $1.2 billion to avoid U.S. tariffs on China-made products.

** INFOSYS LTD,$32.27, -4.14 pct

Some of the founders of Infosys Ltd sold shares worth $1.1 billion in India's second-largest IT services exporter on Monday, cashing in on a more than 20 percent gain in the stock since the company picked its first outsider as chief executive.

The shares were sold by N.R. Narayana Murthy, Nandan Nilekani, S.D. Shibulal and K. Dinesh, members a group of seven engineers who founded Infosys in 1981 by pooling together $250, stock market filings showed.

** TASER INTERNATIONAL INC, $23.29, -6.16 pct

Ladenburg cut its rating on the stun-gun maker's stock to "neutral" from "buy", according to Theflyonthewall.com.

** AMGEN INC, $172.37, +1.85 pct

Novartis said its copycat version of Amgen's Neupogen for patients with low white blood cell counts works as well as the original drug in a late-stage trial.

Separately, the top U.S. patent appeals court has upheld the dismissal of a lawsuit brought by Sandoz Inc that sought to shield its planned version of Amgen's psoriasis and arthritis drug Enbrel from patent lawsuits.

** BLACKBERRY LTD, $10.86, +1.69 pct

The Canadian smartphone maker and NantHealth, a healthcare-focused data provider, launched a secure cancer genome browser on Sunday, giving doctors the ability to access patients' genetic data on the BlackBerry Passport smartphone. (Compiled by Sneha Banerjee in Bengaluru; Editing by Simon Jennings and Joyjeet Das)

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