BUZZ-U.S. Stocks on the Move-Eli Lilly, Covenant, Wet Seal, Staples
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U.S. stocks rose on Thursday, bouncing sharply from a three-day drop as data pointed to a strengthening economy that appeared likely to weather the impact of a steep drop in oil prices. The Dow Jones industrial average was up 1.22 percent at 17,747.42, the S&P 500 was up 1.37 percent at 2,053.88 and the Nasdaq Composite 1.52 percent at 4,755.05.
** ELI LILLY & CO, $74.99, +5.55 pct
The drugmaker's shares touched a 10-year high after Morgan Stanley upgraded the stock to "overweight" from "underweight", citing higher chances of the company's drugs getting approvals. The brokerage raised its price target from $60 to $85, the highest on Wall Street.
** STAPLES INC, $16.28, +9.89 pct
** OFFICE DEPOT INC, $7.56, +12.42 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. Continued...