BUZZ-U.S. STOCKS ON THE MOVE-KaloBios, Pandora, Avon, Pier 1
(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. stock index futures were higher on Thursday, a day after the Federal Reserve raised interest rates for the first time in almost a decade, signaling confidence in the strength of the world's largest economy. Dow Jones industrial average futures were up 0.39 percent at 17,805, S&P 500 futures were up 0.33 percent at 2,078.75 and Nasdaq 100 futures were up 0.53 percent at 4,687.75.
** KALOBIOS PHARMACEUTICALS INC, Wednesday close $23.59, -53.24 pct premarket
** RETROPHIN INC, Wednesday close $21.35, -6.23 pct premarket
Martin Shkreli, a lightning rod for growing outrage over soaring prescription drug prices, was arrested by the FBI on Thursday after a federal investigation involving his former hedge fund and a pharmaceutical company he previously headed. The securities fraud probe of Shkreli, who is now chief executive officer of Turing Pharmaceuticals and KaloBios, stems from his time as manager of hedge fund MSMB Capital Management and CEO of biopharmaceutical company Retrophin, a person familiar with the matter said.
** PANDORA MEDIA INC, Wednesday close $13.44, +19.94 pct premarket
On track for best day since March 2013. A U.S. Copyright Royalty Board raised music royalty rates that Pandora and other Internet radio stations would have to pay.
"We think this new rate was as wise as Solomon in that everyone should walk way with victory," Albert Fried analysts wrote in a note. Continued...