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U.S. stock indexes pared gains and turned negative on Friday as oil prices dipped below $33 per barrel, their lowest level in more than a decade. The Dow Jones industrial average was up 0.08 percent at 16,527.18, the S&P 500 was down 0.02 percent at 1,942.7 and the Nasdaq Composite was down 0.01 percent at 4,689.191.
** TIME WARNER INC, $72.9, +3.85 pct
Activist shareholders could push the media company to sell itself or spin off its lucrative HBO business, the New York Post reported. While the activist shareholders have not approached Time Warner officially, New York-based firm Corvex Management is planning a move, the New York Post reported, citing sources familiar with the situation.
** AMERICAN EAGLE OUTFITTERS INC, $13.48, -15.11 pct
The teen apparel retailer reaffirmed its profit forecast of $0.40-$0.42 per share for the fourth quarter, below the average analyst estimate of $0.43. The company said its comparable sales increased 4 percent so far in the fourth quarter.
** FEDEX CORP, $136.81, +1.65 pct
The package delivery company and TNT Express said they had obtained unconditional approval from the European Commission for their proposed merger.
** SUNEDISON INC, $3.505, +4.94 pct
The solar company’s shares recovered from a selloff on Thursday after SunEdison announced the pricing of a $725 million second-lien credit facility and swapped equity for debt to help reduce its indebtedness. “We believe the transactions help resolve the company’s near-term liquidity challenges, and allow the company to execute on the DevCo strategy in 2016,” JP Morgan analysts wrote in a note. SunEdison also signed a 20-year power purchase agreement with Watervliet, New York, for close to 1 megawatt DC of solar power that would help the city save more than $1 million.
** QORVO INC, $44.3, -2.94 pct
Apple Inc suppliers Qorvo and Cirrus Logic Inc added to growing worries about slowing shipments of iPhone 6S and 6S Plus by cutting their revenue estimates for the third quarter.
** LGI HOMES INC, $23.43, +8.12 pct
The homebuilder reported fourth-quarter closings of 946, up 45 percent from last year. The company expects to close more than 4,000 homes in 2016 as it sees robust demand for homeownership.
** BARRICK GOLD CORP, $8.52, -2.63 pct
** GOLDCORP INC, $12.58, -1.10 pct
** NEWMONT MINING CORP, $18.63, -1.22 pct
** KINROSS GOLD CORP, $1.905, -4.75 pct
** SIBANYE GOLD LTD, $6.58, -4.08 pct
Gold miners’ U.S.-listed shares fell as the price of the precious metal declined due to stronger-than-expected U.S. payrolls data, which boosted the dollar and stock markets.
Spot gold fell to $1,100.60 per ounce from Thursday’s close of $1,109.10.
** XBIOTECH INC, $8.94, +2.52 pct
The drugmaker said additional late-stage study data showed that its colorectal cancer drug Xilonix reduced the risk of serious adverse events in a European study. Xilonix met the main goal in a European late-stage trial in December.
** BOYD GAMING CORP, $18.8, +5.74 pct
J.P. Morgan raised its rating on the U.S.-based gaming company’s stock to “overweight” from “neutral” and price target to $22 from $20. J.P. Morgan said the company’s domestic gaming portfolio should continue to gain from U.S. jobs growth and lower gas prices.
** MARATHON OIL CORP, $10.03, -6.00 pct
** APACHE CORP, $35.63, -2.52 pct
** VALERO ENERGY CORP, $69.63, -3.41 pct
** TRANSOCEAN LTD, $10.67, -3.00 pct
** BAKER HUGHES INC, $41.93, -1.39 pct
** HALLIBURTON CO, $32.5, -1.25 pct
U.S.-listed shares of oil and gas companies fell as crude prices eased to near 11-and-a-half-year lows. Persistent global oversupply and bleak demand outlook erased earlier gains. Brent fell 0.95 percent to $33.43 per barrel, while U.S crude declined 0.75 percent at $33.
** CONTAINER STORE GROUP INC, $4.19, -41.64 pct
JPMorgan downgraded the storage products retailer’s stock to “neutral” from “overweight” and withdrew its price target after the company said it expected fourth-quarter profit of 19-22 cents per share, lower than the average analyst estimate of 30 cents.
** COLLEGIUM PHARMACEUTICAL INC, $19.35, -8.42 pct
The drugmaker’s public offering of 2.8 million shares was priced at $20 per share, a 5.3 percent discount to the stock’s Thursday close. The company had 20.7 million shares outstanding as of Oct. 31.
** SORL AUTO PARTS INC, $1.74, -28.10 pct
The Chinese auto parts maker said Chief Executive Xiaoping Zhang and two directors withdrew their proposal to take the company private, citing concerns over market conditions. The company said in October that the CEO and the directors had offered to buy all its outstanding shares that were not owned by them or any affiliates.
** SIENTRA INC, $6.4799, +9.83 pct
The breast implant maker said its medical implants were found to be safe in a third-party testing, three months after it suspended sales of the devices to ensure technical compliance.
** UNIQURE NV, $18.22, +5.44 pct
The Dutch biotech company said its experimental gene therapy for a blood disorder benefited some patients in an early-stage study, offering a rare ray of hope in gene therapy research plagued by a series of failed trials.
** BARRACUDA NETWORKS INC, $11.06, -32.68 pct
The computer security and storage firm reported lower-than-expected revenue and profit for the third quarter, hurt by lower billings and a 21 percent rise in operating expenses.
At least 5 brokerages cut their price targets on the stock by as much as $17 to as low as $15. Morgan Stanley cut its rating to “equal-weight” from “overweight”. (Compiled by Kshitiz Goliya in Bengaluru; Editing by Kirti Pandey)