BUZZ-U.S. STOCKS ON THE MOVE-Cyren, SFX Entertainment, Sky-Mobi
(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 recorded their steepest fall in three weeks in morning trading on Tuesday as positive economic data added to the gains in the dollar and sent it soaring to a one-month high. The Dow Jones industrial average was down 1.25 percent at 18,004.7, the S&P 500 was down 1.17 percent at 2,101.26 and the Nasdaq Composite was down 19.52 points, or 0.92 percent, at 2,106.54.
** GENERAL MOTORS CO, $35.55, -0.42 pct
The U.S. car maker said it will spend $1.2 billion to expand and upgrade the paint shop, body shop and general assembly area at its full-size truck plant in Fort Wayne, Indiana.
** SFX ENTERTAINMENT INC, $4.99, +21.12 pct
The music event organizer's chief executive raised offer to buy the company. CEO Robert Sillerman's new offer, valuing SFX at about $774 million, is higher than his Feb. 25 offer of $4.75. Sillerman owns about 37 percent of the company, which organizes the world's largest EDM festival, Tomorrowland.
** SKY-MOBI LTD, $4.09, -8.09 pct
The Chinese mobile phone app maker said second-quarter revenue would be hurt by new payment security policies adopted by three mobile carriers in China. Continued...