BUZZ-U.S. STOCKS ON THE MOVE-Chinese ADRs, AMD, Depomed, Pinnacle
(Don(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 higher before quickly reversing course on Tuesday morning, setting the stage for another volatile session as investors await the outcome of a euro zone summit that will attempt to find a solution to the ongoing debt crisis in Greece. The Dow Jones industrial average was down 1.11 percent at 17,487.02 and the S&P 500 was down 1.05 percent at 2,047.12.
** HORIZON PHARMA PLC, $32.66, -5.44 pct
** DEPOMED INC, $28.07, +36.00 pct
Ireland-based Horizon Pharma said it offered to buy Depomed for about $3 billion, taking its bid hostile after the smaller drugmaker refused to start talks and rejected the proposal first made in May.
** ENTEROMEDICS INC, $0.397, -31.02 pct
The medical device maker's offering of 32 million units priced at 50 cents/unit; represents discount of 13.7 percent to Monday close.