February 23, 2016 / 3:31 PM / a year ago

BUZZ-U.S. STOCKS ON THE MOVE-Valeant, JPMorgan, Fitbit, Newport

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Wall Street was lower in early trading on Tuesday, failing to sustain yet another rally in what has been a turbulent year so far, as prices of oil and other commodities resumed their declines. The Dow Jones industrial average was down 0.57 percent at 16,525.84, the S&P 500 was down 0.67 percent at 1,932.41 and the Nasdaq Composite was down 0.81 percent at 4,533.518.

** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $82.54, +8.72 pct

The Canadian drugmaker said it would restate its financial results for 2014 and 2015 after identifying some sales to Philidor that should have been recognized when products were dispensed to patients.

** JPMORGAN CHASE & CO, $56.58, -3.40 pct

The largest U.S. bank by assets will set aside $500 million more in the first quarter for oil and gas loans on top of the $815 million at the end-2015.

** FITBIT INC, $13.46, -18.52 pct

The wearable fitness device maker's current-quarter profit forecast missed Wall Street estimates by a wide margin, as the company aggressively invests in new products.

** HOME DEPOT INC, $124.87, +1.64 pct

** LOWE'S COMPANIES INC, $69.82, +0.50 pct

Home Depot, the No. 1 U.S. home improvement chain, reported better-than-expected quarterly sales, helped by a rise in demand amid an improvement in the housing market.

Shares of Home Depot's smaller rival Lowe also rose. Lowe's is scheduled to report results on Wednesday.

Graphic: here

** MACY'S INC, $41.55, +1.19 pct

The department store said quarterly sales at stores open at least a year fell less than it had expected and that it has started contacting potentially interested parties for partnerships or joint ventures for its flagship and mall-based properties.

Graphic: here

** FREEPORT-MCMORAN INC, $7.32, -7.69 pct

Citigroup downgraded shares of the copper miner to "sell" from "neutral", saying the company's planned asset sales could erode its net asset value, given weak commodity prices.

** CABOT OIL & GAS CORP, $19.98, -7.24 pct

The oil and gas producer priced an upsized offering of 44 mln shares at $20 per share. The offering, which represents 10.6 percent of Cabot's outstanding shares, is at a 7 percent discount to the stock's Monday close.

** CHIPOTLE MEXICAN GRILL INC, $517.49, -1.60 pct

Deutsche Bank cut rating on stock to "sell" from "hold", questioning when the company will execute a recovery.

** WESTERN DIGITAL CORP, $44.26, -3.99 pct

** SANDISK CORP, $66.3084, -2.03 pct

Western Digital said China's Unisplendour Corp Ltd backed out from buying a stake in the hard-disk maker, forcing the U.S. company to cut the price of its proposed offer for rival SanDisk by 9 percent.

** NEWPORT CORP, $22.765, +51.36 pct

** MKS INSTRUMENTS INC, $32.3, -3.90 pct

Newport, a laser systems maker agreed to be bought by MKS Instruments for $980 million in an all-cash deal. MKS' offer of $23 per share represents a premium of about 53 percent to Newport's Monday's close.

** TOLL BROTHERS INC, $25.74, -1.11 pct

The largest U.S. luxury homebuilder reported a higher-than-expected 8.8 percent rise in quarterly revenue, as it sold homes at higher prices, and said it was optimistic about the spring selling season.

** ORACLE CORP, $36.83, -0.75 pct

The business software maker, which is seeking to expand its cloud business, has agreed to buy Israeli cloud software company Ravello Systems, the two firms said on their websites on Tuesday.

** TIME INC, $14.04, -2.02 pct

** YAHOO INC, $31.0101, -0.51 pct

Time, the publisher of Sports Illustrated, People and Time magazine, is considering a deal to buy the core business of Yahoo, Bloomberg reported, citing people familiar with the matter.

** PTC THERAPEUTICS INC, $16.395, -41.99 pct

The U.S. Food and Drug Administration said the drug developer's marketing application for its muscle disorder drug was not sufficient to merit review.

** UNITED TECHNOLOGIES CORP,$91.82, -0.60 pct

** HONEYWELL INTERNATIONAL INC, $104.69, +0.11 pct

United Technologies on Monday disclosed merger talks with fellow aerospace component supplier Honeywell but said a deal would "face insurmountable regulatory obstacles." (Compiled by Anya George Tharakan in Bengaluru; Editing by Anil D'Silva)

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