June 3, 2013 / 1:58 PM / 5 years ago

MARKET PULSE-Peregrine Pharma, Cracker Barrel, Merck, Flamel, Intel

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June 3 (Reuters) - Some U.S. stocks on the move on Monday:


U.S. stocks early advance lost steam on Monday, with both the S&P 500 and Nasdaq turning negative.

The Dow Jones industrial average gained 31.50 points, or 0.21 percent. The Standard & Poor’s 500 Index dropped 2.33 points, or 0.14 percent. The Nasdaq Composite Index dropped 10.74 points, or 0.31 percent.

** CRACKER BARREL OLD COUNTRY STORE INC, $95.6, up 7 pct (0935 ET)

The company, which owns the Steak ‘n Shake and Western Sizzlin restaurants, reported third-quarter results that beat market estimates as more customers visited its stores and restaurants.

Cracker Barrel also raised its full-year 2013 profit and revenue forecasts.


The company said its experimental drug, bavituximab along with gemcitabine, improved overall survival in pancreatic cancer patients, according to results from a mid-stage study.

Roth Capital analyst Joseph Pantginis raised his price target on the stock to $7 from $4.


Fairfax Financial Holdings Ltd said it has agreed to acquire American Safety for about $306 million, in a move aimed at expanding its insurance operations in certain specialty lines.

** MERCK & CO, $48.90, up 4.7 pct (093 ET)

A Merck drug designed to unmask tumor cells and mobilize the immune system into fighting cancer helped shrink tumors in 38 percent of patients with advanced melanoma in an early-stage study, U.S. researchers said on Sunday.

Atleast two brokerages raised their price targets on the stock on Monday.

** FLAMEL TECHNOLOGIES, $5.58, up 16 pct (0937 ET)

The maker of drug delivery products said the U.S. Food and Drug Administration approved its drug Bloxiverz, which aims to reverse the effects of neuromuscular blocking agents. Flamel said it expected to launch the drug in July.

** COLONIAL PROPERTIES TRUST, $23.45, up 6 pct (0938 ET)

Mid-America Apartment Communities Inc said it would buy Colonial Properties Trust in an all-stock merger to create a Sunbelt-focused, publicly traded, multifamily real estate investment trust with a total market value of $8.6 billion.

** CANADIAN SOLAR INC, $8.68, up 2 pct (0939 ET)

The solar panel producer said it had signed an RMB 270 million ($44.1 million) loan agreement with China Development Bank Corp to fund the construction of its 30 megawatt solar project and its ancillary facility in China.

** F5 NETWORKS INC, $79.71, down 4 pct (0939 ET)

Brokerage Morgan Stanley downgraded the network gear maker to “equal weight” from “overweight”, according to Theflyonthewall.com.

** BRISTOL-MYERS SQUIBB, $47.19, up 2.5 pct (0942 ET)

The pharmaceutical giant said on Friday that an experimental drug, named nivolumab, shrank tumors in 31 percent of patients with advanced melanoma, the deadliest form of skin cancer in an early-stage trial.

“We are raising our forecasts for nivolumab and now forecast risk-adjusted 2020 sales of $3 billion,” JP Morgan analyst Chris Schott said in a note.

** INTEL CORP, $25.20, up 4 pct

Samsung Electronics Co said on Monday it will use Intel processors to power a new version of one of its top-tier Android tablets.

FBR raised its rating on the stock to outperform from market perform, according to theflyonthewall.com. (Compiled by Sruthi Ramakrishnan)

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