7 Min Read
(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) Dow Jones industrial average futures were down 0.21 percent at 18,103, S&P 500 futures were down 0.17 percent at 2,117.5 and Nasdaq 100 futures were down 0.11 percent at 4,537.25.
** GENERAL MOTORS CO, Wednesday close $35.81, +1.09 pct premarket
A U.S. bankruptcy judge on Wednesday put on hold dozens of lawsuits accusing the carmaker of concealing an ignition-switch defect while plaintiffs in those cases appeal an earlier ruling that found their cases were barred.
** SEMTECH CORP, Wednesday close $24.62, -6.30 pct premarket
B Riley downgraded the semiconductor maker's stock to "sell", according to theflyonthewall.com, and cut its price target to $21 from $26.
** WESTERN DIGITAL CORP, Wednesday close $94.37, +1.64 pct premarket
Goldman Sachs upgraded the data storage company's stock "buy" from "neutral" and raised its price target to $122 from $106. Its analysts said they believe the company's current valuation doesn't fully recognize that its business model was benefiting from non-PC growth.
** SEADRILL LTD, Wednesday close $12.73, -2.59 pct premarket
The world's second-biggest offshore oil driller, predicted years of pain for the global rig market as energy companies continue to pare spending despite a recent lift in oil prices.
** COSTCO WHOLESALE CORP, Wednesday close $145.42, -1.02 pct premarket
The warehouse club operator reported a decline in quarterly comparable sales and lower-than-expected sales, hurt by gasoline price deflation and a stronger dollar that reduced value of sales from overseas markets.
** AVAGO TECHNOLOGIES LTD, Wednesday close $141.49, +0.87 pct premarket
** BROADCOM CORP, Wednesday close $57.155, -2.21 pct premarket
Avago Technologies said it would buy fellow chipmaker Broadcom in a cash-and-stock deal valued at $37 billion.
** TEVA PHARMACEUTICAL INDUSTRIES LTD.N>, Wednesday close $60.7, +0.07 pct premarket
** MYLAN NV, Wednesday close $72.04, +0.56 pct premarket
Teva Pharmaceutical disclosed a 1.35 percent interest in Mylan, saying the purchase underscored its commitment to buy Mylan as soon as possible.
** YAHOO INC, Wednesday close $43.38, -0.65 pct premarket
A U.S. judge ordered Yahoo to face a nationwide class-action lawsuit accusing it of illegally intercepting the content of emails sent to Yahoo Mail subscribers from non-Yahoo Mail accounts, and using the information to boost advertising revenue.
** EXXON MOBIL CORP, Wednesday close $85.11, -0.13 pct premarket
** CHEVRON CORP, Wednesday close $103.11, -0.11 pct premarket
Shareholders of the top two U.S. oil companies on Wednesday rejected proposals to add directors with climate change expertise to their boards, but a measure passed at one, Chevron, could give new power to minority investors with environmental concerns.
Proposals to add an independent director with expertise in climate change received the support of about 20 percent of shareholders at each company, according to preliminary tallies provided at Chevron's annual meeting and that of Exxon Mobil.
** ALIBABA GROUP HOLDING LTD, Wednesday close $92.6, -0.91 pct premarket
The logistics arm of the Chinese e-commerce giant was lining up a major warehouse expansion to streamline deliveries across the nation, devoting a large slice of long-term $16 billion investment plans to adding new space.
** FIAT CHRYSLER AUTOMOBILES, Wednesday close $16.06, -0.25 pct premarket
Fiat Chrysler Chief Executive Sergio Marchionne is convinced a merger in the auto industry will happen before 2018, he said during a visit to the carmaker's Melfi plant in southern Italy.
** ACTAVIS PLC, Wednesday close $306.79
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, Wednesday close $239.12, +2.15 pct premarket
U.S. health regulators approved new irritable bowel syndrome drugs from Actavis and Valeant on Wednesday, validating big investments both companies made to acquire the products.
** FORD MOTOR CO, Wednesday close $15.32
Ford Motor said it would give other automakers access to its electrified vehicle technologies for a fee to accelerate research and development of such vehicles.
** SONY CORP, Wednesday close $31.24
An executive in charge of Sony's TV business said it would raise prices to absorb the impact of a strengthening dollar to ensure profitability at the unit, considered one of the weaker parts of the electronics and entertainment conglomerate.
** ABERCROMBIE & FITCH CO, Wednesday close $19.65
The struggling teen apparel retailer is expected to report a fall in revenue for the ninth straight quarter. The company, which has been spurned by customers in favor of trendier and logo-free clothing sold by rival American Eagle Outfitters Inc and fast-fashion chains, is trying to effect a turnaround at its namesake and Hollister brands by cutting supply times and controlling inventory.
** CANADIAN IMPERIAL BANK OF COMMERCE, Wednesday close $76.24
Canadian Imperial Bank of Commerce reported a better-than-expected quarterly profit on Thursday, boosted by a buoyant Canadian capital market, and the country's fifth-largest lender joined other Canadian banks in raising its dividend.
** VISA INC, Wednesday close $69.49, +0.03 pct premarket
Visa has told Fifa it could end its sponsorship of soccer's world governing body if it does not act fast to restore the reputation of the game after senior officials were arrested on bribery and corruption charges.
** CHARTER COMMUNICATIONS INC, Wednesday close $178.25
** TIME WARNER CABLE INC, Wednesday close $183.57
Charter Communications executives are exploring whether to launch an online video service as part of its combination with larger rival Time Warner Cable, in what would be an unprecedented move in the cable industry.
** HONDA MOTOR CO, Wednesday close $34.34
Honda Motor called back about 340,000 cars in Japan to replace air bag inflators made by Takata Corp after the Tokyo-based parts supplier last week agreed to comply with U.S. orders to expand some of its previous recalls.
** JPMORGAN CHASE & CO, Wednesday close $66.47, -100.00 pct premarket
JPMorgan Chase officials have not done enough to show how well the company is run, Chairman and CEO Jamie Dimon said on Wednesday, after one-third of shareholders disapproved last week of his pay and the practice of one person holding his two jobs. (Reporting by Shubhankar Chakravorty in Bengaluru)