(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) Gains in energy and technology stocks helped the S&P 500 and the Dow move higher on Tuesday morning, but a steep fall in healthcare shares capped gains on the Nasdaq. The Dow Jones industrial average was up 0.38 percent at 17,988.65, the S&P 500 was up 0.35 percent at 2,116.79 and the Nasdaq Composite was up 0.04 percent at 4,970.807.
** CHEVRON CORP, $103.56, +2.36 pct
** EXXON MOBIL CORP, $90.53, +1.33 pct
** ANADARKO PETROLEUM CORP, $55.85, +4.82 pct
** EMERGE ENERGY SERVICES LP, $6.74, +10.13 pct
** BASIC ENERGY SERVICES INC, $2.19, +2.34 pct
Oil prices hit their highest in eight months on Tuesday, buoyed by the dollar nearing one-month lows and by falling Nigerian oil output after a spate of attacks on infrastructure.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $25.22, -12.58 pct
The Canadian drugmaker slashed its 2016 forecasts on Tuesday, as its new chief executive said he would focus on rebuilding the reputation of a “distracted organization” with a debt-loaded balance sheet.
** BIOGEN INC, $253.88, -12.41 pct
Biogen said its experimental drug for treating multiple sclerosis, a nervous system disease affecting the brain and the spinal cord, did not meet the main goal of improving some symptoms in a mid-stage study.
** RALPH LAUREN CORP, $92.96, -3.50 pct
The luxury fashion retailer said it would cut jobs, close stores and reduce its real estate as part of a sweeping plan to lower costs and revive sales growth.
** SAREPTA THERAPEUTICS INC, $19.75, +23.05 pct
The drug developer said the U.S. FDA has requested for additional data from an ongoing study for its muscle-wasting treatment as the agency decides whether to approve the drug or not.
The FDA appears to leave no stone unturned to explore every possible pathway under which it could possibly approve the drug that under almost every other circumstance would have been rejected given the severe deficiencies in its dataset, RBC Capital Markets’ analysts said.
** CATALENT INC, $24.095, -8.10 pct
No. 1 holder Blackstone Group carved its stake in the drug delivery tech company, cuting its ownership position to 13.7 percent from 20.8 percent. Catalent also announced a 10 million-share secondary offering. Sources said sole bookrunner Goldman Sachs is marketing the deal in a range of $24.85-$25.25, at a discount of 3.7-5.2 percent to the stock’s $26.22 last sale.
** ALEXION PHARMACEUTICALS INC, $137.615, -11.21 pct
The drugmaker said Soliris, already approved in the United States for the treatment of two rare blood disorders, missed its primary goal in a late-stage trial. At least 9 out of 20 brokerages covering stock cut price targets on the stock.
** UNITED NATURAL FOODS INC, $44.91, +15.66 pct
The organic and fresh food distributor forecast better-than-expected FY 2016 sales as a result of the acquisitions of Nor-Cal, Global Organic, Haddon House Food Products. At least 5 brokerages, including Deutsche Bank, raised price targets by as much as $8 to as high as $53.
** MICHAELS COS INC, $27.39, -9.12 pct
The arts and crafts retailer reported first-quarter sales below analysts’ average estimate, citing softer sales in April.
** CHINA AUTO LOGISTICS INC, $2.6601, +153.34 pct
The provider of auto-related logistical services sold one of its business for about $63.2 million, with roughly 41 percent payable in cash by July 1 and the rest in the assumption of debt.
** AEHR TEST SYSTEMS, $1.7701, +65.43 pct
The semiconductor test equipment supplier received the first order worth over $4.5 million for its new FOX-XP production test cell.
** ITT EDUCATIONAL SERVICES INC, $1.95, -11.36 pct
The U.S. Department of Education said the for-profit college chain could close due to state and federal investigations, the Wall Street Journal reported. The regulator ordered the company to boost its cash reserves amid allegations of fraud levied against subsidiary ITT Technical Institute.
** AXIALL CORP, $25.4098, +9.05 pct
Lotte Chemical Corp is bidding for U.S. chemicals maker Axiall and Hanwha Chemical Corp flagged a likely U.S. deal, as cash-flush South Korean chemicals firms target acquisitions in a hunt for new revenue streams.
** DRYSHIPS INC, $1.31, -44.49 pct
The dry bulk shipper raised “substantial doubt” about its ability to stay in business after it defaulted on three bank facilities, hit by a prolonged downturn in commodity prices and low charter rates.
** ZIMMER BIOMET HOLDINGS INC, $118.98, -2.11 pct
** LDR HOLDING CORP, $36.92, +63.51 pct
Zimmer Biomet, a maker of orthopedic reconstructive products, agreed to buy fellow medical device maker LDR Holding for about $1 billion deal to expand in the market for treating spine disorders.
** ERICKSON INC, $1.29, +134.55 pct
The aviation service provider got two contracts from United States Navy Military Sealift Command worth about $70 million. (Compiled by Sruthi Shankar in Bengaluru; Editing by Maju Samuel)