June 3 (Reuters) - Some U.S. stocks on the move on Monday:
U.S. stocks rose on Monday, with the Dow rising to a session high on strength in blue chip names.
The Dow Jones industrial average was up 76.60 points, or 0.51 percent. The Standard & Poor’s 500 Index was up 3.53 points, or 0.22 percent. The Nasdaq Composite Index was up 2.13 points, or 0.06 percent.
** APPLE INC, $447.11, down 0.5 pct (1009 ET)
Fidelity Investments’ Contrafund, the largest active shareholder in Apple, cut its stake in the iPad and iPhone maker by a further 9 percent in April after expressing concern about heightened competition from rivals.
Apple also heads to trial on Monday in an antitrust lawsuit brought by the U.S. government accusing it of conspiring to fix prices in the ebooks market.
** PIXELWORKS INC, $3.60, up 20 pct (1003 ET)
The company, which makes chips for digital display, said it was bringing its video display processor technology to tablets and ultrabooks. At Computex Taipei, Pixelworks will demonstrate its technology on Microsoft Corp’s Windows 8 Tablets and Ultrabooks based on Intel Corp’s 4th generation Core processors.
The stock, trading more than two times its average 10-day volume, was one of the top percentage gainers on the Nasdaq.
** QUALITY DISTRIBUTION INC, $9.75, up 7 pct (1029 ET)
The logistics and transportation provider reported first-quarter results that beat market estimates, boosted by higher sales at its energy logistics business.
** 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.
** PEREGRINE PHARMACEUTICALS INC, $1.90, up 16 pct
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.
** AMERICAN SAFETY INSURANCE HOLDINGS LTD, $28.92, up 21 pct (0938 ET)
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.
** STRATASYS LTD, $79.64, down 5 pct (1032 ET)
About 14 million shares of the 3-D printer maker will be released from lock up on June 4. After Stratasys and Israel’s Objet merged on Dec. 3 in a $1.4 billion deal, Objet shareholders received over 40 percent of Stratasys shares. Over 90 percent of those shares will be released on Tuesday.
** INFOSYS LTD, $43.60, up 4.4 pct (1041 ET)
India’s No. 2 IT services firm Infosys, grappling with disappointing results and loss of market share, has recalled founder and former chairman N.R. Narayana Murthy to act as executive chairman for five years.
** ENTRAVISION COMMUNICATIONS CORP, $4.88, up 5 pct (1026 ET)
Brokerage Noble Financial Capital raised its price target on the Spanish-language media company’s stock to $6.50 from $5.00 after the company entered into a new secured bank credit facility on Friday.
The company’s stock has risen more than 200 percent in the last six months.
** 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.
** MATTSON TECHNOLOGY INC, $2.10, up 7 pct (1052 ET)
Smith Kenneth, director of the chipmaker, purchased 14,000 shares in the company at $2.09 on Friday for a total price of $29,204.
** 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)