BUZZ-U.S. STOCKS ON THE MOVE-Dollar stores, Dillard's, oil stocks
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U.S. stocks opened higher on Tuesday, with both the Dow and S&P 500 setting new intraday records after an unexpectedly strong report on economic growth. The Dow Jones industrial average was up 0.45 percent at 18,039.97, the S&P 500 was up 0.21 percent at 2,082.86 and the Nasdaq Composite was up 0.07 percent at 4,784.96.
Graphic on U.S. GDP, (reut.rs/1va7NY50
** VANDA PHARMACEUTICALS INC, $14.2695, +19.81 pct
** NOVARTIS AG, $93.1, -2.31 pct
The drugmaker settled a license dispute with Novartis over its schizophrenia drug, Fanapt. [ID:nPn8mCHpP
Vanda will regain U.S. and Canada rights to Fanapt and get exclusive worldwide license for similar drug, AQW051, from Novartis. Under the settlement, Novartis will buy Vanda shares worth $25 million at $13.82 per share.
Separately, Novartis said the European Commission had approved an additional treatment for its eyecare unit Alcon's Travatan treatment for glaucoma, a chronic, sight-threatening eye disease. Continued...