BUZZ-U.S. Stocks on the Move-Enteromedics, MeetMe, BlackBerry, ConAgra
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U.S. stocks opened flat on Wednesday with investors looking ahead to an impending monetary policy announcement by the Federal Reserve as it concludes a two-day meeting, although the central bank is not expected to make any major changes. The Dow Jones industrial average was up 0.02 percent at 16,811.56 and the S&P 500 was up 0.14 percent at 1,944.65.
** ADOBE SYSTEMS INC, $74.11, +9.73 pct
The maker of Photoshop and Acrobat software reported better-than-expected quarterly profit and revenue, helped by higher subscription sales of its Creative Cloud and Marketing Cloud suites.
Brokerage JMP Securities raised its price target on Adobe's stock to $82 from $78. Susquehanna Financial Group raised its target price to $87 from $83. RBC Capital Markets raised its target price to $85 from $75.
** ENDOCYTE INC, $6.505, -15.74 pct
The drug developer said Merck & Co Inc would no longer pursue the development of Endocyte's cancer drug, vintafolide. Vintafolide is being developed to deliver chemotherapy drugs directly to cancer cells and is being tested in patients with lung and breast cancer. Continued...