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U.S. stocks held near the unchanged mark on Wednesday, on the heels of a three-day winning streak for the S&P 500 index and ahead of a monetary policy announcement by the Federal Reserve. The Dow Jones industrial average was down 0.17 percent at 16,779.56 and the S&P 500 was down 0.08 percent at 1,940.48.
** ZS PHARMA INC, $27.19, +51.06 pct
The biopharmaceutical company's shares soared in their debut, valuing the company at about $514 million. ZS Pharma raised $90 million after its IPO of 5 million shares was priced at $18 per share, higher than the expected range of $15-$17
** INSMED INC, $17.113, +37.29 pct
U.S. FDA granted breakthrough therapy designation to the drug developer's experimental lung infection drug. The designation can accelerate review for drugs that show substantial benefit over available therapies.
** ADOBE SYSTEMS INC, $72.55, +7.42 pct
The Photoshop and Acrobat software maker's shares hit a life-high of $74.69 after it reported better-than-expected quarterly profit and revenue on Tuesday.
At least five brokerages raise price targets on the stock. UBS raised price target to $85 from $80 and said it expects the company to show 18-20 percent revenue growth and 50 percent+ earnings growth over the next two years.
** 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.
** ENTEROMEDICS INC, $1.745, +14.80 pct
The medical device maker said a U.S. FDA panel voted 6-2 in favor of its obesity device. EnteroMedics device helps treat obesity by controlling hunger and blocking the primary nerve that regulates the digestive system.
** LA-Z-BOY INC, $22.71, -8.57 pct
The company, known for its La-Z-Boy recliners, reported lower-than-expected revenue for the fourth quarter. Same-store sales declined 0.9 percent.
** AIR PRODUCTS & CHEMICALS INC, $129.39, +6.41 pct
The industrial gas producer under pressure from Bill Ackman to overhaul its management, said it has appointed Seifi Ghasemi chief executive. Ghasemi, currently CEO of specialty chemicals maker Rockwood Holdings Inc, replaces John McGlade.
** MEETME INC, $2.3996, +24.33 pct
Wunderlich Securities initiates coverage on the social media technology company with "buy" and price target of $4.50. Enhancements to MeetMe's main mobile app to help increase active users, brokerage said. All four analysts covering the stock have "buy" or "strong buy" on it
** SIGNAL GENETICS INC, $8.71, -12.90 pct
The diagnostic company's shares fell 11.8 percent to $8.54 in their debut, valuing the company at about $34 million. Signal Genetics raised $8.5 million after its IPO of 850,000 shares was priced at $10 each, at the low end of its expected range of $10-$12.
** FEDEX CORP, $147.64, +5.22 pct
The world No. 2 package delivery company reported a better-than-expected quarterly profit as strong shipments of items ordered online boosted its ground business. FedEx also said earnings for 2015 should benefit from ongoing cost cutting and restructuring.
** CONAGRA FOODS INC, $30.24, -7.95 pct
** KELLOGG CO, $66.3, -0.60 pct
The maker of Hunt's tomato ketchup and Slim Jim beef jerky said its adjusted fourth-quarter profit would be below its forecast due to lower sales in its consumer foods business and weak profits in private brands.
Shares of Kellogg were slightly down.
** WALGREEN CO, $74.97, +2.56 pct
Barclays Capital raised its rating on the drugstore operator's stock to "overweight" from "equal weight", saying the company was considering changes that could materially boost earnings and the stock price. Potential changes include reducing expenses and optimizing the capital structure, and inverting the existing corporate structure to achieve tax savings, analyst Meredith Adler wrote in a note, raising the price target to $92 from $56.
** GW PHARMACEUTICALS PLC, $85.87, -4.40 pct
The drugmaker's American depositary shares fell after the UK-based company said it planned to sell 1.7 million of its ADRs in a public offering. The price of the offering has not been decided.
** BLACKBERRY LTD, $8.225, +2.17 pct
The Canadian smartphone maker is set to unveil a licensing deal with Amazon.com Inc, sources said. The Deal would allow the company to offer about 240,000 Android apps from Amazon's app store on new BlackBerry's devices.
** LIVEDEAL INC, $4.26, +12.70 pct
The number of restaurants registered with the internet marketing company's real-time "deal engine" on a daily basis rose 400 pct. A 35-city campaign helped drive traffic into more than 8,000 associated restaurants.
** BALLARD POWER SYSTEMS INC, $3.99, +12.08 pct
Jennings Capital initiated coverage on the Canadian fuel cell maker's stock with "buy" and price target of $40. Analysts said Ballard's recent patent acquisitions from United Technologies Corp would help it focus better on auto sector and strengthen its position as preferred engineering partner.
** YINGLI GREEN ENERGY HOLDING, $3.83, -3.04 pct
Analysts at Roth Capital Partners cut the Chinese solar company's price target to $4 from $4.50 on Tuesday. RBC Capital Markets cut price target to $4 from $6, citing uncertain global demand, changing raw material costs and unexpected changes in solar wafer, cell and module prices.
** SKY-MOBI LTD, $6.91, +2.98 pct
The mobile application store operator realized a gain of 56.4 million yuan ($9 million) from the sale of its 37.9 percent equity interest in Shanghai Fangcun Information Technology Co Ltd.
($1 = 6.2090 Chinese Yuan Renminbi)
** NIMBLE STORAGE INC, $30.83, +10.58 pct
Morgan Stanley raised the data storage maker's stock rating to "overweight" from "equal weight", according to theflyonthewall.com.
** MAGICJACK VOCALTEC LTD, $15.239, +3.88 pct
The company, which makes devices to make and receive calls over the Internet, launched magicApp that allows users to make free international mobile calls.
** COACH INC, $39.31, -3.68 pct
Barclays Capital cut the target price on the upscale retailer's stock to $45 from $48. Analyst Joan Payson said the company could face challenges in repositioning its brands and stores.
** ACTUANT CORP, $34.74, -4.30 pct
The industrial products maker cuts full-year profit forecast, partly due to weak mining industry. The company forecast full-year earnings of $1.92-$1.97 per share, below previous estimate of $2.00-$2.10
** FORESIGHT ENERGY LP, $19.13, -4.35 pct
Foresight Energy's units fell more than 2 percent in their market debut, after the coal producer's IPO was priced at the midpoint of its expected price range. The company raised $350 million after the offering of $17.5 million common units, representing limited partner interests, were priced at $20 each.
** ZALICUS INC, $1.32, +5.60 pct
The drug developer licensed experimental painkiller to privately held AnaBios Corp. Zalicus may receive up to $17.2 million in milestone payments and up to 12 percent of net sales.
** RECEPTOS INC, $40.76, +5.93 pct
The drug developer said it would sell its common stock, procceds of which will go to fund trials for multiple sclerosis drug and other treatments. Receptos said in a filing on June 11 it plans to raise up to $150 million
** NGL ENERGY PARTNERS LP, $42.7, -6.50 pct
The propane gas supplier priced the offering of 8 million units at $43.85 per unit. NGL intends to use net proceeds to repay debt and for capital expenditures and potential acquisitions.
** TAUBMAN CENTERS INC, $75.4, +2.33 pct
The shopping mall operator said Starwood Capital would buy seven malls from it, in a deal valued at $1.4 billion. (Compiled by Mridhula Raghavan; Edited by Don Sebastian)