July 8, 2014 / 1:23 PM / in 3 years

BUZZ-U.S. Stocks on the Move-Groupon, NeuroMetrix, PHH, Guess

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U.S. stock index futures pointed to a lower open on Tuesday, suggesting a second day of weakness as investors continued to hold off from making big bets going into the start of corporate earnings season. Dow Jones industrial average futures were down 0.18 percent at 16,915, S&P 500 futures were down 0.20 percent at 1,967 and Nasdaq 100 futures were down 0.14 percent at 3,898.75.

** ABBVIE INC, Monday close $57.4, -0.87 pct premarket

The U.S. drugmaker raised its offer for Shire Plc to 30.1 billion pounds ($51.3 billion) on Tuesday, hoping to win over its reluctant target after three earlier offers were rejected.

** GROUPON INC, Monday close $6.45, +5.43 pct premarket

B. Riley & Co raises its rating on the daily coupon website’s stock to “buy” from “neutral” and price target to $9.50 from $6.

“GRPN has put into place several initiatives that should be gaining traction and provide top and bottom line momentum in 2014,” B. Riley analyst Sameet Sinha said.

** NEUROMETRIX INC, Monday close $1.89, +51.32 pct premarket

The U.S. FDA cleared the medical device maker’s wearable pain management technology for over-the-counter use.

NeuroMetrix is in late stage development of a consumer-oriented chronic pain treatment product.

** ANACOR PHARMACEUTICAL INC, Monday close $16.74, +2.45 pct premarket

The drugmaker said the U.S. Food and Drug Administration has approved its treatment for a fungal infection of the nail.

** GUESS INC, Monday close $27.39, +4.05 pct premarket

Piper Jaffray upgraded its rating on the women’s apparel retailer’s stock to “overweight” from “neutral,” according to theflyonthewall.com.

** TESLA MOTORS INC, Monday close $222.66, -1.51 pct premarket

The U.S. electric car maker is being sued in China for trademark infringement, a surprise development that casts a shadow over CEO Elon Musk’s ambition to expand rapidly in the world’s biggest auto market.

** MYLAN INC, Monday close $50.56, +0.00 pct premarket

The drugmaker launched a generic version of German drugmaker Boehringer Ingelheim’s Micardis tablets.

** ACTIONS SEMICONDUCTOR CO LTD, Monday close $2.38, -5.46 pct premarket

The chipmaker lowered its second-quarter revenue outlook, citing lower demand from tablet makers. The Chinese company, which makes chips for consumer electronic products, lowered its revenue outlook to about $12 from a range of $15 million to $17 million.

** PETSMART INC, Monday close $68.95, +0.07 pct premarket

Longview Asset Management LLC became the latest shareholder calling for the company’s board to consider selling itself, even as the retailer said on Monday it was reviewing potential changes in its capital structure.

** MACQUARIE INFRASTRUCTURE CO LLC, Monday close $61.17, +6.26 pct premarket

The company said it would buy the 50 percent stake in liquids storage provider International-Matex Tank Terminals (IMTT) that it does not control for $1.03 billion in cash and stock.

** FIFTH STREET FINANCE CORP, Monday close $9.97, +2.31 pct premarket

The investment adviser raised its monthly dividend by 10 percent to 9.17 cents per share for September, from 8.33 cents per share for August.

** AMERICAN APPAREL INC, Monday close $0.885, -1.24 pct premarket

Investment firm Standard General LP said Monday it gained voting control of ousted Chief Executive Officer Dov Charney’s shares in the firm and will back the retailer in its battle against bankruptcy.

** ALPHA NATURAL RESOURCES INC, Monday close $3.63, -0.83 pct premarket

Morgan Stanley cut its price target on the coal producer’s stock to $4 from $5. Analysts on average have a price target of $5, according to Thomson Reuters data.

** SEADRILL LTD, Monday close $39.6, -4.22 pct premarket

The offshore drilling contractor launched $1 billion convertible bonds, which will be issued and redeemed at 100 percent of the principal amount and mature in 2019.

** PHH CORP, Monday close $23.28, +7.43 pct premarket

The mortgage-lending and car-leasing company said it intends to buy back up to $450 million in stock, which includes a $200 million accelerated stock repurchase program

PHH will also focus on restructuring private label business and plans to invest up to $150 million to diversify across mortgage servicing business.

** ALLERGAN INC, Monday close $165.85

William Ackman’s Pershing Square Capital Management proposed on Monday a slate of six directors for the board of Allergan as the hedge fund presses forward with its $53 billion takeover bid with Valeant Pharmaceuticals International Inc for the Botox maker. (Compiled by Avik Das in Bangalore; Edited by Maju Samuel)

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