August 15, 2016 / 5:16 PM / a year ago

BUZZ-U.S. STOCKS ON THE MOVE-Twitter, Valeant, Wynn Resorts

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The Dow Jones Industrial Average was up 0.39 percent at 18,649.78, the S&P 500 was up 0.37 percent at 2,192.21 and the Nasdaq Composite was up 0.65 percent at 5,267.113.

** MID-AMERICA APARTMENT COMMUNITIES INC, $96.63, -5.40 pct

** POST PROPERTIES INC, $67.71, +8.82 pct

Mid-America Apartment said it would buy Post Properties for about $3.88 billion to create the largest publicly traded multifamily apartment real estate investment trust by units.

** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $26.64, +6.90 pct

Mizuho Securities raised its rating on the Canadian drugmaker’s stock to “neutral” from “underperform”, saying that “because Valeant can relax its interest coverage covenants, we just don’t think it will matter as much if the company misses its guidance in future quarters.” Valeant is offering to pay lenders higher interest rates to obtain an amendment to its debt agreement that would loosen one of its covenants, Reuters reported on Tuesday.

Mizuho, which had an “underperform” rating on the stock since March, more than doubled its price target to $25 from $11.

** AURINIA PHARMACEUTICALS INC, $1.86, -54.52 pct

The Canadian drug developer said its experimental lead drug, voclosporin, met the main goal of improving remission rates in patients with lupus nephritis, in a mid-stage study. However, there were 13 deaths reported across the trial, which the company said were deemed unrelated to the study drug.

** TWITTER INC, $20.79, +6.40 pct

The microblogging service provider is in talks with Apple Inc to bring the Twitter app to Apple TV, the New York Times reported on Sunday, citing sources. Twitter is also in discussions with major league soccer and professional golfers association for streaming deals, the NYT reported. (nyti.ms/2aUN3ae)

** PERFORMANCE SPORTS GROUP LTD, $1.6, -54.02 pct

The Canadian sports equipment maker, formerly known as Bauer Performance Sports, said it could default on its debt due to a delay in filing its annual report as a result of an internal investigation with respect to its financial statements. The annual report was due on Monday.

** SORL AUTO PARTS INC, $2.9, +56.76 pct

The Chinese auto parts maker’s sales rose 24 percent in the second quarter, helped by higher commercial vehicle production in China. SORL Auto said rising expiration of original equipment manufacturer warranties from higher new vehicle sales boosted its aftermarket business in China.

** XYLEM INC, $50.28, +3.78 pct

The U.S. water technology company said it would buy Sensus USA Inc, a provider of advanced metering technologies to utilities, for around $1.7 billion in cash.

** SALESFORCE.COM INC, $79.15, -3.04 pct

OTR Global cut its rating on the cloud-based software maker's stock to "mixed" from "positive", Benzinga.com reported. (bit.ly/2bjO8E1).

A trader at a large U.S. firm also cited negative commentary by Piper Jaffray as a reason for the fall in the stock. Saleforce.com said it would now release its second-quarter results on Aug. 31, instead of Aug. 29, to “accommodate a scheduling conflict.”

** PROFESSIONAL DIVERSITY NETWORK INC, $0.72, +35.85 pct

The professional networking websites operator said it would sell controlling stake to Cosmic Forward Ltd, a Seychelles private company wholly owned by a group of Chinese investors.

** SELECT COMFORT CORP, $28.29, +9.82 pct

Piper Jaffray raised its rating on the mattress maker’s stock to “overweight” from “neutral” and the price target to $31 from $23. As the company moves past its transformation and investment years, its capital spending and acquisitions are expected to decline from $90 million per year to $50 million-$60 million, analyst Peter Keith wrote in a note. Select Comfort’s cash flow from operations is also expected to be $175 million-$200 million per year through 2019, he wrote.

Wedbush raised its price target on the stock on Friday to $27 from $21.

** LIVE VENTURES INC, $2.49, +8.26 pct

The diversified holdings company’s third-quarter sales rose almost six-fold to $20 million, helped by the acquisition of carpet and tile manufacturer Marquis Industries.

** FITBIT INC, $15.585, +4.11 pct

The wearable fitness device maker's stock rose amid takeover rumors. "Hearing Fitbit Private Equity Takeover Chatter, Unconfirmed," Benzinga.com said. (bit.ly/2bbLQ9x)

** WYNN RESORTS LTD, $104.09, +4.35 pct

Macau's gaming regulator approved the casino operator's new $4.2 billion resort, Wynn Palace, which will commence operations on Aug. 22. (bit.ly/2b96UiT)

** AMERICAN EAGLE OUTFITTERS INC, $19.175, +1.29 pct

Deutsche Bank raised its rating on the teen apparel retailer’s stock to “buy” from “hold” and price target to $22 from $17. “We think AEO will beat second-quarter expectations through continued strength in women’s denim and aerie, and can carry momentum forward into” the second half, analyst Tiffany Kanaga wrote in a note.

** PROVIDENCE AND WORCESTER RAILROAD CO, $24.605, +50.95 pct

** GENESEE & WYOMING INC , $66.01, +3.25 pct

Genesee & Wyoming has agreed to buy railroad company Providence for $126 million in cash, or $25 per share. The offer price represents a premium of 53.4 percent to Providence’s Friday close. (Compiled by Akankshita Mukhopadhyay in Bengaluru; Editing by Kirti Pandey)

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