November 11, 2013 / 3:27 PM / 4 years ago

MARKET PULSE-Zalicus, CollabRx, ViroPharma, Cirrus Logic, Gogo

(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s); for the Morning News Call newsletter, link.reuters.com/tab64v)

U.S. stocks were little changed on Monday as investors took a breather after the Dow and the S&P 500 indexes rose five weeks in a row. The Dow Jones industrial average was down 0.01 percent, the Standard & Poor’s 500 Index 0.04 percent and the Nasdaq Composite Index 0.15 percent.

** ZALICUS INC, $1.22, down 74 pct (9:39 a.m. ET)

The company said it would stop developing its most advanced product, an experimental pain drug, after it failed to show a benefit over a placebo in two mid-stage trials.

** COLLABRX INC, $6.50, up 54 pct (9:40 a.m. ET)

The data analytics firm signed a multi-year agreement with Quest Diagnostics Inc to use the company’s clinical test reports in Quest’s cancer sequencing tests. Financial details of the deal were not disclosed.

** GULF RESOURCES INC, $2.54, up 20 pct (9:41 a.m. ET)

The Chinese specialty chemicals and crude salt maker’s third-quarter profit almost doubled, led by a 65 percent rise in chemical sales. The company’s chemicals are used in a variety of industries including oil field drilling and papermaking.

** VIROPHARMA INC, $49.44, up 26 pct (9:42 a.m. ET)

** SHIRE PLC, $138.89, up 3.3 pct

Shire is buying ViroPharma for $4.2 billion, attracted by a pipeline of potentially lucrative drugs to treat rare diseases, a growing trend as drugs companies lose revenues from patent expiries on conventional treatments.

** GOGO INC, $23.28, up 24 pct (10:15 a.m. ET)

The provider of in-flight Internet raised the high end of its full-year revenue forecast range as more airlines signed up for its service.

** CIRRUS LOGIC, $19.46, down 13 pct (9:46 a.m. ET)

Barclays Capital confirmed that Apple Inc's iPad Air, unlike older iPad models, does not feature a Cirrus Logic audio amplifier, investment website SeekingAlpha reported. Barclays Capital also said Apple could stop using the company's amplifiers altogether, according to the SeekingAlpha report. (link.reuters.com/cyb64v)

Cirrus gets three quarters of its revenue from the iPhone maker.

** TRANSOCEAN LTD, $54.90, up 3 pct (9:44 a.m. ET)

** ICAHN ENTERPRISES L.P., $112.80, down 6 pct

Transocean said it reached an agreement with Carl Icahn that would see the offshore driller paying out a dividend and reducing the number of board seats, in a move that resolves a months-long proxy battle. As per the agreement, Transocean would pay a $3 dividend, while reducing the maximum number of directors to eleven from fourteen. Icahn had previously pressed for a $4 per share dividend.

** APPLE INC, $518.37, up 0.42 pct (9:46 a.m. ET)

The company is developing new iPhone designs including bigger screens with curved glass and enhanced sensors that can detect different levels of pressure, Bloomberg reported on Sunday, citing a unnamed person familiar with the plans.

** FACEBOOK INC, $47.03, down 1 pct (9:47 a.m. ET)

The firm’s director Marc Andreessen’s venture-capital firm sold a third of its stake in the world’s No. 1 online social network, according to a recent regulatory filing.

** BANK OF AMERICA CORP, $14.27, down 0.35 pct (9:48 a.m. ET)

The U.S. government urged that the bank pay $863.6 million in damages after a federal jury found it liable for fraud over defective mortgages sold by its Countrywide unit.

** YAHOO INC, $33.59, up 1.4 pct (9:49 a.m. ET)

Yahoo said it would maintain a cooperation agreement with Israeli translation software provider Babylon. Yahoo signed a four-year deal with Babylon earlier this year under which the two firms would share revenue from advertising. But last month Yahoo said it found violations in the agreement and Babylon promised to fix the issues.

** DISCOVERY LABORATORIES INC, $2.13, up 6 pct (9:51 a.m. ET)

Piper Jaffray & Co analysts started coverage on the company’s stock with an “overweight” rating, saying that its drug, Surfaxin, which treats a respiratory disorder in infants, had significant advantages over older drugs.

The analysts also said that the company’s experimental drug to treat the same respiratory disorder could target a wider population of infants.

“With north of $100 million in peak sales potential ... we believe the company can reach profitability on Surfaxin alone,” analysts David Amsellem and Traver Davis wrote in a note to clients.

** GRIFOLS SA, $31.69, up 6 pct (9:52 a.m. ET)

The Spanish pharmaceuticals group said it would finance its $1.675 billion acquisition of Novartis’s blood transfusion diagnostics unit with a $1.5 billion loan from banks.

** JA SOLAR HOLDINGS CO LTD, $11.73, up 7 pct (9:53 a.m. ET)

The Chinese solar products maker said it would supply 70 MW of polycrystalline modules to solar panel system integrator Shanghai CSET for two commercial rooftop projects.

** IMMUNOGEN INC, $13.39, down 2 pct (9:53 a.m. ET)

Brokerage Morgan Stanley downgraded the stock to “underweight” from “equal weight”, saying the drugmaker’s early-stage pipeline could see negative outcomes, after the company discontinued a mid-stage trial of its experimental small-cell lung cancer drug last week following the death of a patient.

** RDA MICROELECTRONICS INC, $18.12, up 3 pct (9:56 a.m. ET)

The chipmaker said it will sell itself to China’s state-owned Tsinghua Unigroup Ltd for about $910 million.

** MITEL NETWORKS CORP, $6.90, up 4 pct (9:57 a.m. ET)

The provider of internet phone and video-conferencing services said it would buy smaller rival Aastra Technologies Ltd for C$392 million ($374 million) to expand its customer base.

** DEVON ENERGY CORP, $61.03, up 1.5 pct (9:58 a.m. ET)

The oil and natural gas company’s stock could rise 25 percent or more to exceed $80 per share as it reaps the benefit of retooling itself to hunt for more oil, according to Nov. 11 edition of U.S. weekly newspaper Barron‘s.

** RANDGOLD RESOURCES LTD, $74.81, down 2 pct (09:50 a.m. ET)

** NEWMONT MINING CORP, $26.96, down 2 pct

Gold prices tumbled $30 an ounce on Friday after U.S. jobs data came in much stronger than expected, reigniting speculation the Federal Reserve is imminently set to taper its quantitative easing program. The prices found support at $1,281 an ounce, but breached that area early on Monday, setting a fresh 3-1/2 week low at $1,278.94. (Compiled by Natalie Grover; Editing by Maju Samuel)

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