BUZZ-U.S. Stocks on the Move-Merck, Conn's, Spirit Airlines, oil stocks
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U.S. stocks were sharply lower on Tuesday on concerns about the impact of lower oil prices on the global economy and the effect of political turmoil in Greece on the euro zone. The Dow Jones industrial average was down 0.88 percent at 17,695.15, the S&P 500 was down 0.75 percent at 2,044.78 and the Nasdaq Composite was down 0.55 percent at $4,714.80.
** CONN'S INC, $21.08, -39.93 pct
The electronics and home appliance retailer withdrew its 2015 profit forecast. CFO Brian Taylor resigned and Mark Haley was appointed interim CFO. The company reported a third-quarter loss of 8 cents per share, compared with a profit of 66 cents per share a year earlier. Conn's, which has been exploring strategic alternatives, said it is "actively engaged" in preliminary discussions with multiple parties.
** MERCK & CO INC, $58.85, -4.90 pct
** CUBIST PHARMACEUTICALS INC, $96.605, -3.97 pct
Merck said it would proceed with its $8.4 billion acquisition of antibiotic maker Cubist Pharmaceuticals Inc , despite a patent set back. Continued...