March 19, 2015 / 4:03 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Coronado, Sungy, energy and potash stocks

(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 opened modestly lower on Thursday in the wake of a rally in the prior session after the Federal Reserve cut economic growth and inflation projections and indicated it was in no rush to hike interest rates. The Dow Jones industrial average was down 0.68 percent at 17,953.16 and the S&P 500 was down 0.56 percent at 2,087.66.

** CORONADO BIOSCIENCES INC, $4.855, +50.78 pct

The drug developer partnered with cancer research hospital City of Hope in Duarte, California to develop and market its chimeric antigen receptor technology, a cell therapy intended to fight cancer. The company formed Mustang Therapeutics Inc as part of the $40 million deal.

** GUESS INC, $19.3, +15.29 pct

The apparel retailer reported better-than-expected fourth quarter profit on Wednesday as expenses fell and online sales rose. Lowered promotions, lean inventories and improving product response helping results, Jefferies & Co analyst Randal Konik wrote in a note. However, Konik cut price target to $21 from $23, saying company not out of the woods yet.

** AMICUS THERAPEUTICS INC, $12.07, +29.09 pct

The drug developer said that for marketing approval of its Fabry disease drug, migalastat, U.S. FDA is willing to consider goals achieved in two late-stage studies. The company said it plans to meet the FDA again and submit marketing application in the second half of 2015.

** SUNGY MOBILE LTD, $3.91, -20.85 pct

The Chinese mobile applications developer’s fourth-quarter revenue fell 23 percent.

** POTASH CORP OF SASKATCHEWAN INC, $32.15, -4.60 pct

** AGRIUM INC, $107.46, -3.57 pct

** MOSAIC CO, $46.46, -2.29 pct

Shares of potash-producing companies tumbled on Thursday after the Canadian province of Saskatchewan made a change in the way it taxes them and Belarus settled a supply contract with Chinese buyers at a lower than expected price.

** RITE AID CORP, $8.18, +2.00 pct

Thursday was the third day of above-normal options activity for the stock, with total options volume of 85,000, four times normal, by 10:50 a.m. ET, according to Trade Alert data.

S&P Ratings Services raised rating to “positive” from “stable” on Thursday; also changed assessment of company’s business risk profile to “fair” from “weak”.

** MERITOR INC, $12.17, -11.04 pct

Barclays cut its rating on the truck parts maker’s shares to “equal weight” from “overweight”, and target price to $15 from $17. The stock was among the top NYSE percentage losers in what was its steepest drop since Jan. 28 when Meritor posted weak results.

** SHOE CARNIVAL INC, $26.04, +7.51 pct

Susquehanna Financial Group raised its price target on the footwear retailer’s stock to $30 from $29; Sterne Agee raised its target to $32 from $25.

** HEALTH INSURANCE INNOVATIONS INC, $8.61, +14.34 pct

The cloud-based healthcare manager posted fourth-quarter adjusted earnings of 12 cents per share, well above the average analyst estimate of 6 cents per share. Revenue increased 67 percent to $26.5 million primarily due to an increase in the number of policies in force.

** NATIONAL COMMERCE CORP, $21, +7.69 pct

The bank holding company’s IPO raised $33.2 million after its upsized offering of 1.7 million shares were priced at $19.50 per share, at the mid-point of the expected range of $18.50-$20.50.

** GARRISON CAPITAL INC, $14.56, -3.06 pct

The business development company announced an offering by selling stockholders of 809,990 shares priced at $14.62 per share, a discount of 2.6 percent to the company’s Wednesday close.

** SWIFT ENERGY CO,$2.22, -12.60 pct

** APPROACH RESOURCES INC, $6.75, -3.16 pct

** GOODRICH PETROLEUM CORP, $3.02, -7.08 pct

** STONE ENERGY CORP, $14.23, -7.90 pct

** SM ENERGY CO, $44.33, -5.96 pct

** SEVENTY SEVEN ENERGY INC, $3.09, -0.32 pct

Shares of the oil companies down as oil fell after Kuwait said OPEC had no choice but to keep production steady. Brent was down 2.6 percent at $54.43 per barrel by 1410 GMT and U.S. crude was down 3.6 percent at $43.06.

** CONCERT PHARMACEUTICALS INC, $15.15, -8.46 pct

The drug developer announced an offering of 3.3 million shares at $15.15 each, a discount of 8 percent to Wednesday’s close of $16.55. Joint bookrunners Wells Fargo and JMP Securities marketed the shares in a range of $15-$16, sources told Reuters.

** RMG NETWORKS HOLDING CORP, $1.63, -7.91 pct

The digital signage platform provider said it signed non-binding letter of intent to sell its media business, called RMG Airline Media Network, for $5.5 million, excluding certain liabilities. RMG, which did not name the potential buyer, said contemplated sale did not include RMG Office Media Network.

** HORIZON TECHNOLOGY FINANCE CORP, $13.78, -3.64 pct

The specialty finance company’s offering of 2.4 million shares was priced at $13.95 per share, a discount of 2.4 percent to the stock’s Wednesday close. The offering represents about 25 percent of the company’s outstanding stock as of March 18.

** NUCOR CORP, $45.82, -7.00 pct

The U.S. steelmaker cut its first-quarter profit forecast, hurt by a fall in steel prices due to higher imports. Nucor estimated on Thursday earnings of 10-15 cents per share for the quarter ending April 4.

** RETROPHIN INC, $21.5, +6.59 pct

The drugmaker’s public offering of 6.8 million shares was priced at $19 per share. The offer price represents 6 percent discount to the stock’s Wednesday close.

** CLIFFS NATURAL RESOURCES INC, $4.32, -5.68 pct

The iron ore miner said it has been sued by Canada’s Bank of Nova Scotia for about $52.6 million for breaching some debt terms related to its Bloom Lake mine in Quebec.

** HERON THERAPEUTICS INC, $15.5, +3.61 pct

The drug developer said its experimental drug, HTX-011, was effective in reducing pain after surgery in early-stage study. The drug, a combination of local anesthetic with anti-inflammatory drug meloxicam, is being tested as potential alternative to opioids.

** CHESAPEAKE ENERGY CORP, $13.46, -4.74 pct

Sterne Agee cut its rating on the oil and gas producer’s stock to “underperform” from “neutral”, according to StreetInsider.com. “Near-term drilling focus in the Haynesville shale and Mississippian Lime does not appear to be returns-focused,” analyst Timothy Rezvan wrote in note, according to StreetInsider.com.

** FREEPORT-MCMORAN INC, $17.34, -4.88 pct

Production has been halted at the miner’s copper mine in Indonesia as more than 50 workers blocked an access road to the Grasberg site for a fourth consecutive day, union officials said. (Compiled by Kshitiz Goliya; Edited by Maju Samuel)

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