BUZZ-U.S. Stocks on the Move-Enteromedics, MeetMe, BlackBerry, ConAgra

Wed Jun 18, 2014 10:03am EDT
 
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(For faster updates on individual market-movers, use search string "STXBZ US"; for more market insights, including options activity, ; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s)

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...