BUZZ-U.S. STOCKS ON THE MOVE-Ashford, steelmakers, Bebe, Catabasis
(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) Wall Street was little changed in a narrow trading range late on Wednesday morning, with the S&P 500 inching towards its all-time high, as oil prices gave up some early gains. The Dow Jones industrial average was up 0.31 percent at 17,994.19, the S&P 500 was up 0.22 percent at 2,116.84 and the Nasdaq Composite was up 0.20 percent at 4,971.842.
** VERIFONE SYSTEMS INC, $20.28, -28.16 pct
At least five brokers downgraded the credit card swipe machine maker's stock after the company said it intends to reduce headcount and conduct a strategic review to address underperforming businesses. The company also posted a second-quarter profit below analysts' expectations and reduced its full-year forecast.
** FLEXION THERAPEUTICS INC, $14.06, -12.62 pct
The specialty pharmaceutical company raised $77 million in a follow-on offering, upsized from $60 million, at $14 - midpoint of the $13.75-$14.25 range marketed by bookrunners Wells Fargo, Royal Bank of Canada and Bank of Montreal. Flexion said it would use the proceeds to fund a planned NDA submission for its lead drug, Zilretta, a non-opioid treatment for moderate to severe knee osteoarthritis pain.
** ASHFORD HOSPITALITY PRIME INC, $15, +32.51 pct Continued...