BUZZ-U.S. STOCKS ON THE MOVE-Macy's, J C Penney, Everyday Health
(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) U.S. stock index futures were higher on Wednesday after mixed economic data out of China suggested that Beijing may need to provide further stimulus to kickstart growth, even as investors brace for a possible rise in U.S. interest rates next month. Dow Jones industrial average futures were up 0.32 percent at 17,773, S&P 500 futures were up 0.31 percent at 2,084.5 and Nasdaq 100 futures were up 0.29 percent at 4,656.5.
** MACY'S INC, Tuesday close $47.02, -8.55 pct premarket
The department store operator reported its third straight quarter of sales decline as customers cut back on spending and a strong dollar reduced spending by tourists. The company also said it would not pursue formation of a real estate investment trust at this time.
** HORIZON PHARMA PLC, Tuesday close $22.38, -16.67 pct premarket
** DEPOMED INC, Tuesday close $21.21, -6.84 pct premarket
Express Scripts Holding Co has removed pharmacy Linden Care from its network after finding it primarily dispensed drugs from Horizon, under fire for high prices. Horizon said less than 5 percent of its net sales are from prescriptions filled by Linden Care and processed by Express Scripts. The largest U.S. manager of prescription drug plans also sued Horizon seeking to recover around $140 million from the company's U.S. unit, citing its failure to comply with contracted rebate obligations.
Meanwhile, shares of Depomed also moved on the news, as the company continues to push against Horizon's repeated takeover attempts. Continued...