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U.S. stock index e-mini futures fell on Tuesday as weak trade data out of China reignited fears of a global economic slowdown and oil prices continued to slide: Dow Jones industrial average futures were down 1.10 percent at 17,561, S&P 500 futures were down 1.15 percent at 2,057 and Nasdaq 100 futures were down 1.21 percent at 4,644.
** FAIRCHILD SEMICONDUCTOR INTERNATIONAL INC, Monday close $19.53, +7.68 pct premarket
The chipmaker said it received an unsolicited buyout proposal that values the company at $2.46 billion, topping an earlier offer made by ON Semiconductor Corp. The cash offer of $21.70 per share is a 11.1 percent premium to Fairchild’s Monday close.
** QUALCOMM INC, Monday close $52.43, -3.49 pct premarket
EU antitrust regulators accuse the chipmaker of using its power to thwart rivals, putting the company at risk of paying a hefty fine. Qualcomm also said Taiwan’s Fair Trade Commission had launched an investigation into whether its patent licensing arrangements violate the Taiwan Fair Trade Act.
** CHIPOTLE MEXICAN GRILL, Monday close $551.75, -4.12 pct premarket
Thirty Boston College students got sick after eating at the Chipotle Mexican Grill over the weekend, a school spokesman said, worsening fears of more food poisoning problems at the burrito chain. Chipotle said it had temporarily closed its restaurant in Boston’s Cleveland Circle, where a college spokesman said all the students reported eating, while it works with local health officials to investigate the illnesses.
** ONCONOVA THERAPEUTICS INC, Monday close $1.31, +34.35 pct premarket
The drug developer said its oral cancer drug rigosertib, in combination with FDA-approved Vidaza, was effective in a study in patients with myelodysplastic syndrome.
** UNITED NATURAL FOODS INC, Monday close $44.03, -13.29 pct premarket
At least eight brokerages cut their price targets on the natural and organic food distributor’s stock by as much as $12 to as low as $39 after it reported a lower-than-expected quarterly profit on Monday.
** OUTERWALL INC, Monday close $58.06, -20.17 pct premarket
At least four brokerages cut their price targets on the Redbox DVD rental kiosks owner’s stock after the company cut its full-year forecast to below analysts’ expectation on Monday.
** NORFOLK SOUTHERN CORP, Monday close $91.52, -2.75 pct premarket
Canadian Pacific Railway Ltd revised its offer to buy U.S. railroad operator Norfolk, less than a week after its previous $28.4 billion proposal was rejected - and it was promptly rejected again.
** STAPLES INC, Monday close $10.66, -1.50 pct premarket
** OFFICE DEPOT INC, Monday close $5.59, -6.98 pct premarket
The U.S. Federal Trade Commission said it had filed a complaint aimed at stopping Staples, the nation’s largest office supply store, from buying its top rival, Office Depot. Canada’s Competition Bureau also said on Monday it would challenge the proposed transaction, which has received the green light from competition authorities in China, Australia and New Zealand.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, Monday close $92.24, -2.86 pct premarket
The Canadian drugmaker is reaching out to potential buyers for its specialty contact lens manufacturing division, Paragon Vision Sciences, amid scrutiny from the Federal Trade Commission, according to two people familiar with the matter.
** CHESAPEAKE ENERGY CORP, Monday close $4.27, -5.62 pct premarket
Barclays Capital cut its price target on the U.S. natgas producer’s stock to $3 from $5, citing “very low commodity price realizations driven by unfavorable contract arrangements.”
** VERIZON COMMUNICATIONS INC, Monday close $46.06, -0.96 pct premarket
** YAHOO INC, Monday close $34.68, -1.21 pct premarket
Verizon Communications Chief Financial Officer Fran Shammo, said the No. 1 U.S. wireless carrier could look at buying Yahoo’s core business, which includes Mail, its news and sports sites and advertising technology, if it is a good fit.
Tech news site Re/code said Yahoo might make big changes to its media unit, restructuring and consolidating it, including making cuts and shuttering some efforts.
** PEP BOYS-MANNY, MOE & JACK, Monday close $16.06, -1.31 pct premarket
The U.S. auto parts retailer said its board determined that Carl Icahn’s offer to buy the company for $15.50 per share could result in a “superior proposal” compared with Bridgestone Corp’s offer.
** NEWELL RUBBERMAID INC, Monday close $48.16, -0.44 pct premarket
** JARDEN CORP, Monday close $50.09, +2.22 pct premarket
Newell Rubbermaid, known for its Sharpie markers and Parker pens, is in talks to combine with consumer products company Jarden Corp, according to a person familiar with the matter who requested anonymity because the negotiations are confidential. (Compiled by Sruthi Shankar in Bengaluru; Editing by Kirti Pandey)