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U.S. stocks opened slightly lower on Monday, with both the Dow and S&P 500 near records levels as investors digested an agreement by euro zone finance ministers to extend Greece’s bailout by four months, provided it draws up a list of reforms. The Dow Jones industrial average was down 0.30 percent at 18,086.26, the S&P 500 was down 0.24 percent at 2,105.23 and the Nasdaq Composite was down 0.05 percent at 4,953.38.
** RIGEL PHARMA INC, $3.39, +32.94 pct
Rigel and Bristol-Myers Squibb Co will collaborate to develop and market cancer immunotherapies based on Rigel’s TGF beta receptor kinase inhibitors-in-development.
** HOME LOAN SERVICING SOLUTIONS LTD, $18.255, +8.92 pct
** NEW RESIDENTIAL INVESTMENT CORP, $13.65, +4.28 pct
New Residential Investment will buy Home Loan Servicing for about $1.3 bln in cash. The deal value of $18.25/share represents about a 9 percent premium to Home Loan Servicing’s closing price on Friday.
** CYBERARK SOFTWARE LTD, $63.5, -9.74 pct
JP Morgan downgraded the cyber security software maker’s stock to “underweight” from “neutral”, saying “a lot needs to go right to justify current share price... a lot of positive sales execution and expanded distribution is already factored into the stock.”
** BALLARD POWER SYSTEMS INC, $2.702, +12.12 pct
The fuel cell maker signed two fuel cell technology contracts, one with Ardica Technologies and one with an unnamed automotive equipment manufacturer.
** TOWER SEMICONDUCTOR LTD, $15.58, +13.81 pct
TowerJazz, which includes the Israeli chipmaker and its U.S. unit Jazz Semiconductor, said fourth-quarter net profit doubled and revenue grew 75 percent. It expects first-quarter revenue to rise about 70 percent.
** CELLDEX THERAPEUTICS INC, $24.74, +16.64 pct
FDA granted the company’s drug rindopepimut breakthrough therapy status. Rindopepimut is an experimental immunotherapy that targets tumor cells in patients with glioblastoma multiformem, a type of brain tumor.
** DIGITAL ALLY INC, $13.2955, +20.43 pct
The maker of wearable cameras for police forces was awarded a five-year contract by U.S. General Services Administration. The contract allows federal, state and local governmental customers to buy the company’s products at approved pricing.
** EXXON MOBIL, $89.26, -0.73 pct
** CHEVRON CORP, $108.03, -0.52 pct
** CONOCOPHILLIPS, $66.94, -0.65 pct
** SCHLUMBERGER LTD, $84.99, -1.04 pct
** HALLIBURTON CO, $42.8, -1.29 pct
** NATIONAL-OILWELL VARCO INC, $53.53, -1.73 pct
** SEADRILL LTD, $11.9, -3.57 pct
** TRANSOCEAN LTD, $16.56, -2.65 pct
** NABORS INDUSTRIES LTD, $13.1, -3.11 pct
** GOODRICH PETROLEUM CORP, $4.27, -2.95 pct
** BASIC ENERGY SERVICES INC, $6.66, -6.20 pct
** PENN WEST PETROLEUM LTD, $2.128, -5.42 pct
Oil prices fall on worries about oversupply in North America and a strong dollar. Brent crude was trading $1.66 lower at $58.56/bbl, while U.S. WTI crude April futures were down $1.54 at $48.80 [ID;nL4N0VX0AY]
** AAR CORP, $30.97, +3.54 pct
** TRANSDIGM GROUP INC, $220.11, +2.99 pct
Aviation services provider AAR Corp said it would sell its cargo handling business, Telair Cargo Group, to TransDigm Group for $725 million in cash.
** HARMONY GOLD MINING CO, $2.39, -1.24 pct
An underground fire broke out at the company’s Kusasalethu mine near Johannesburg on Sunday. The miner said it rescued all 486 miners trapped underground.
** ARMSTRONG WORLD INDUSTRIES INC, $56.98, +3.98 pct
The construction materials maker said it would spin off its flooring business to concentrate on its ceilings unit. Armstrong World also reported lower-than-expected fourth-quarter revenue, hurt by lower sales in the Americas and a stronger dollar.
** OCWEN FINANCIAL CORP, $8.72, -9.17 pct
** NATIONSTAR MORTGAGE HOLDINGS INC, $30.78, +10.20 pct
Mortgage servicer Ocwen said it would sell a portfolio of residential mortgage servicing rights worth $9.8 billion to Nationstar Mortgage. The portfolio consists of about 81,000 performing loans owned by Freddie Mac.
** BOEING CO, $154.56, -2.37 pct
Goldman Sachs downgraded the aircraft maker’s stock to “sell” from “neutral”, according to Theflyonthewall.com. Of 23 other analysts covering it, 15 have “buy” or higher ratings, while seven have “hold” and one has “strong sell”.
** SPECTRUM PHARMACEUTICALS INC, $5.96, -20.11 pct
A Nevada court ruled in favor of Novartis AG, deeming “invalid” two patents covering the cancer-focused biotech’s injection, Fusilev.
Roth Capital downgraded the stock to “neutral”, saying the company will be hurt by the increasing risk to the Fusilev revenue stream, and halved its price target to $7 from $15.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $197.5, +13.99 pct
** SALIX PHARMACEUTICALS LTD, $156.18, -1.06 pct
Canada’s Valeant agreed to buy gastrointestinal drugmaker Salix for about $10.1 billion, the companies said on Sunday.
Cantor Fitzgerald raised its price target on Valeant’s stock to $214 from $184.
** HSBC HOLDINGS PLC, $44.25, -5.21 pct
The bank reported a deeper-than-expected 17 percent slide in annual pretax profit and cut its earnings target, saying allegations its Swiss business had helped customers to dodge taxes had brought shame on it.
BREAKINGVIEWS-HSBC’s operating woes trump Swiss tax furore:
** TWENTY-FIRST CENTURY FOX INC, $35.13, -3.57 pct
** DISCOVERY COMMUNICATIONS INC, $33.03, +6.79 pct
Rupert Murdoch’s Twenty-First Century Fox, which like other broadcasters is battling a shift to on-demand TV, denied there had been any takeover talks with Discovery, owner of Animal Planet and the Discovery Channel, as reported by the Australian Financial Review.
** POLYPORE INTERNATIONAL INC, $59.49, +12.35 pct
** 3M CO, $168.53, +0.24 pct
Asahi Kasei Corp, a Japanese chemicals maker, said it would buy Polypore’s energy storage segment for $2.2 billion. 3M Co will buy the assets of Polypore’s Separations Media segment for about $1 billion and Asahi Kasei will receive the cash proceeds.
** ANGLOGOLD ASHANTI, $11.51, +0.35 pct
Africa’s top bullion producer said it fell into a loss in the fourth quarter of last year because of costs associated with layoffs and restructuring at its key Ghana operation and accounting adjustments.
** GLOBE SPECIALTY METALS INC, $16.96, +10.34 pct
The silicon-alloy producer and Spain’s Grupo FerroAtlantica SA said they would merge to form a company controlled by FerroAtlantica shareholders. (Compiled by Sneha Banerjee in Bengaluru; Editing by Joyjeet Das)