REFILE-BUZZ-U.S. Stocks on the Move-ARIAD Pharma, NewLink, Lakeland, Staples
(Corrects company name in headline to "ARIAD Pharma" from "ARIA Pharma") (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 rose at the open on Thursday as data pointed to a strengthening economy that appeared likely to overcome the impact of a steep drop in oil prices. The Dow Jones industrial average was up 0.59 percent at 17,637.34, the S&P 500 was up 0.80 percent at 2,042.45 and the Nasdaq Composite was up 0.90 percent at 4,725.97.
** STAPLES INC, $16.07, +8.47 pct
** OFFICE DEPOT INC, $7.48, +11.23 pct
Activist investor Starboard Value LP disclosed a 5.1 percent stake in Staples and raised its holdings in Office Depot to about 10 percent, possibly setting the stage for a merger of the struggling office-supply retailers.
** WET SEAL INC, $0.108, -61.28 pct
The women's apparel retailer said on Wednesday it may seek to restructure under provisions of the bankruptcy code if it fails to address liquidity in the near term. The company said strategies may include out-of-court restructurings. Wet Seal also reported a 9 percent decline in third quarter sales. Continued...