September 20, 2016 / 1:42 PM / a year ago

CORRECTED-BUZZ-U.S. STOCKS ON THE MOVE-Tobira, Ascena Retail, Seaworld, DTS

(Corrects Trinseo item to say the share offering was announced by the company, not the private equity seller) U.S. stocks opened higher as investors saw little room for the Federal Reserve to raise interest rates in a two-day meeting starting Tuesday. The Dow Jones Industrial Average was up 0.47 percent at 18,204.95, the S&P 500 was up 0.41 percent at 2,147.88 and the Nasdaq Composite was up 0.39 percent at 5,255.366.

** TOBIRA THERAPEUTICS INC, $35.7, +653.16 pct

** ALLERGAN PLC, $241.78, -1.43 pct

Allergan said it would buy Tobira Therapeutics in a deal worth up to $1.7 billion, to gain access to experimental therapies for a fatty liver disease called NASH. Allergan’s offer of $28.35 per Tobira share upfront is nearly a 500 percent premium to the stock’s close on Monday.

** CONATUS PHARMACEUTICALS INC, $2.15, +22.86 pct

** INTERCEPT PHARMACEUTICALS INC, $165.48, +5.58 pct

** GALECTIN THERAPEUTICS INC, $1.97, +17.96 pct

** GALMED PHARMACEUTICALS LTD, $4.65, +26.53 pct

Stocks of companies working on NASH treatments were up after Allergan agreed to buy Tobira Therapeutics.

** ASCENA RETAIL GROUP INC, $5.905, -27.28 pct

The women’s apparel retailer reported lower-than-expected quarterly same-store sales as strong competition lured away traffic from its stores.

** SEAWORLD ENTERTAINMENT INC, $12.01, -5.36 pct

The theme parks operator cut dividend, payable on Oct. 7, to 10 cents per share from 21 cents per share it paid previously. The company also said it would suspend future dividend payments.

** ENCANA CORP, $9.26, -6.09 pct

Canadian oil and gas producer offered of 107 million shares, representing about 12.59 percent of total outstanding shares as of Aug. 21.

** DTS INC, $42.15, +22.78 pct

** TESSERA TECHNOLOGIES INC, $34.48, +2.99 pct

Patent licensing company Tessera Technologies said on Tuesday that it would buy audio equipment maker DTS Inc for about $850 million in cash.

** LENNAR CORP, $43.63, -3.24 pct

The U.S. homebuilder reported higher-than-expected profit and revenue for the third quarter as it sold more homes at higher prices and the company said orders rose 8.1 percent.

** WELLS FARGO & CO, $46.99, +2.13 pct

Wells Fargo’s chief executive, John Stumpf, will tell U.S. senators on Tuesday that he is “deeply sorry” for selling customers unauthorized bank accounts and credit cards and that he would take “full responsibility” for the unethical activity, the New York Times reported on Monday.

** CHESAPEAKE ENERGY CORP, $6.76, -0.73 pct

Carl Icahn, the biggest shareholder in the U.S. natural gas producer, more than halved his stake to 4.6 percent. Icahn reduced his position to recognize capital loss for tax planning purposes.

** COMMUNITY HEALTH SYSTEMS INC, $10.69, -3.61 pct

Apollo Global Management is one of the private equity firms in talks to acquire assets of the heavily indebted Community Health Systems.

** TRINSEO SA, $54.38, -2.47 pct

The plastics and synthetic rubber maker announced secondary sale by its No. 1 holder. Bain Capital sold 10.7 million shares, about 24 percent of total shares outstanding. The deal, priced at $54.35, is at a 2.5 percent discount to TSE’s $55.76 last sale.

** OCLARO INC, $8.876, -2.46 pct

The telecom equipment maker proposed offering 13 million newly issued shares. The offering represents about 8.79 percent of total outstanding shares as of Aug. 22.

** ADVANCED MICRO DEVICES INC, $6.23, +1.14 pct

Bernstein raised price target on the chipmaker to $5 from $3 and upgraded to ‘market perform’ from ‘underperform’. (Compiled by Sruthi Shankar in Bengaluru)

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