December 9, 2013 / 3:28 PM / in 4 years

MARKET PULSE-McDonald's, Sysco, NII, YRC Worldwide, Given Imaging

(For more market insights, including options activity, click on ; for the Day Ahead newsletter; for the Morning News Call newsletter, Wall Street rose modestly at the open on Monday, supported by inflation data from China but gains were likely to be capped with a number of top Federal Reserve officials lined up to speak throughout the day. Dow Jones industrial average futures were up 0.18 percent at 16,042, S&P 500 futures were up 0.14 percent at 1,807.5 and Nasdaq 100 futures were up 0.34 percent at 3,516.

** MCDONALD‘S CORP, $95.69, -1.15 pct

The world’s biggest hamburger chain reported weaker-than-expected global sales at established restaurants for November, hurt by a sharp drop in comparable-store sales in the United States.

** SYSCO CORP, $40, +16.58 pct

The food distributor said it would buy rival US Foods for about $3.5 billion and assume about $4.7 billion in debt to create a company with about $65 billion in annual revenue.

** YRC WORLDWIDE, $9.39, +11.12 pct

The trucking company said the International Brotherhood of Teamsters agreed to vote on a contract that would extend the employment of about 26,000 workers till March 2019. YRC had met with the local union leaders last month for contract negotiations that it said would help with its refinancing.

** NII HOLDINGS INC, $2.42, -8.33 pct

The company, which provides telecom services under the Nextel brand in Latin America, said it would cut more than 1,400 jobs in its market operations and over 25 percent of its workforce at its Virginia headquarters.

** Exxon Mobil Corp, $95.93, +0.29 pct

** Chevron Corp, $123.28, +0.81 pct

** BP Plc, $46.93, +0.28 pct

** Schlumberger Ltd, $87.02, -1.28 pct

** Halliburton Co, $50.09, -0.93 pct

** Baker Hughes Inc, $53.33, -0.93 pct

Oil and gas companies will spend about $723 billion on exploration and production (E&P) in 2014, an increase of 6.1 percent from 2013, Barclays Bank said in a report on Monday.

Barclays forecast an increase of more than 7 percent in E&P spending in North America in 2014, while international spending is expected to increase 6 percent to a record $524 billion.

** ROSETTA GENOMICS LTD, $3.37, +11.59 pct

The molecular diagnostics company said the New York State Department of Health granted conditional approval to use the company’s Rosetta Kidney Cancer Test on patient samples from the state.

New York is the only state that requires an independent regulatory review process for laboratory-developed tests. With this approval, the company can offer the test, designed to classify the four most common types of kidney tumors, in all 50 U.S. states.

** COVIDIEN PLC, $68.54, +0.69 pct

** GIVEN IMAGING LTD, $29.65, +25.37 pct

Medical device maker Covidien will acquire Israeli camera-in-a-pill maker Given Imaging Ltd for $30.00 per share in cash, or a total of $860 million, the companies said on Sunday.

** CERAGON NETWORKS LTD, $2.74, +8.73 pct

Needham started its coverage of the Israel-based wireless network technology and services provider with a “strong buy” rating and a price target of $8.

“We believe the confluence of a low valuation, major new product cycle, aggressive cost cutting program and firming end market could provide investors with strong returns,” the brokerage said.

** ALPHA NATURAL RESOURCES INC, $6.94, +5.63 pct

Alpha Natural said it will exchange its 50 percent interest in its shale joint venture with Rice Energy for $100 million in cash and $200 million in shares of Rice Energy’s IPO.

The two companies entered into the joint venture in 2010 to develop a portion of Alpha’s Marcellus natural gas holdings in Greene County, Pennsylvania.

** ADVAXIS INC, $4.11, +14.48 pct

The company said it signed a development and marketing agreement for its experimental cancer treatment, ADXS-HPV, with Global BioPharma Inc, a Taiwanese biotech company.

ADXS-HPV is currently being tested in early and mid-stage trials for cancers associated with the human papillomavirus (HPV), such as cervical cancer, head & neck cancer and anal cancer.

** INFINITY PHARMACEUTICALS INC, $17.995, +20.37 pct

The company said data from an early-stage trial of its experimental blood cancer drug showed the therapy was highly active in patients with chronic lymphocytic leukemia.

Additionally, data from the study showed that the drug, IPI-145, was active in other blood cancers, including advanced T-cell lymphomas.

** WHITEWAVE FOODS CO, $22.62, +3.86 pct

The dairy products producer said it would buy organic food brand Earthbound Farm from investors including private equity firm Kainos Capital for about $600 million to expand its offerings of organic products.

** ACURA PHARMACEUTICALS INC, $1.768, +4.62 pct

The pharma company said the U.S. Food and Drug Administration agreed to review the results of a failed mid-stage trial of a painkiller made with the company’s technology designed to deter abuse.

** GILEAD SCIENCES INC, $75.0101, +1.38 pct

U.S. regulators on Friday approved the company’s Sovaldi as a potentially easier cure for chronic infection with the liver-destroying hepatitis C virus.

** JOHNSON & JOHNSON, $93.81, -0.67 pct

** PHARMACYCLICS INC, $123.29, -3.46 pct

A closely watched leukemia drug developed by the two companies maintained its effectiveness in keeping the disease at bay for most patients, according to long-term follow-up data from a mid-stage study being presented at a major medical meeting.

** ABBVIE INC, $51.37, +0.04 pct

The company’s experimental drug for leukemia controlled or eliminated signs of the disease in more than 80 percent of patients who had failed to benefit from previous treatments, an unprecedented finding that could spur use of the medicine for other cancers, researchers said.

** SPHERIX INC, $9.0999, +4.12 pct

A unit of the lifesciences company sued AT&T Inc and AT&T Mobility LLC for infringing its patent on a technology that relates to the location of cells phones on the AT&T network.

** ESSEX PROPERTY TRUST INC, $154.48, +0.32 pct

** BRE PROPERTIES INC, $58.25, -1.84 pct

Essex Property, a manager of residential properties on the U.S. West Coast, offered to buy BRE Properties for about $4.48 billion in stock and cash.

BRE’s stock has risen 11 percent to close at $59.34 on Friday after Bloomberg reported on Dec. 4 that Essex had offered to buy the real estate investment trust for about $5 billion.

** MOSAIC CO, $46.18, -1.30 pct

The U.S. fertilizer company said on Monday that it will buy back 43.3 million restricted shares from the Margaret A. Cargill Foundation and the Anne Ray Charitable Trust over the next eight months.

** CELGENE CORP, $172.17, +3.45 pct

Cantor Fitzgerald raised its price target on the company’s stock to $186 from $171 to reflect higher 2014 and 2015 earnings estimates.

“With Abraxane moving to become a foundation of treatment for pancreatic cancer and Pomalyst hitting the market in the United States; we are forecasting accelerating sales and EPS growth,” analyst Mara Goldstein wrote in a note.

** VERIZON COMMUNICATIONS INC, $49.07, -0.83 pct

** AKAMAI TECHNOLOGIES INC, $44.23, -1.60 pct

Verizon said it would buy Akamai’s smaller rival EdgeCast Networks, whose services help speed up delivery of content over the Internet, to broaden its portfolio of site acceleration services for digital enterprises.

** AUXILIUM PHARMACEUTICALS INC, $21.8099, +0.79 pct

U.S. health regulators on Friday approved the company’s Xiaflex injections to treat a condition that causes a painful curvature of the penis called Peyronie’s disease.

** CANADIAN SOLAR INC, $27.5, -0.25 pct

The solar products maker said on Monday it had signed a $40 million loan agreement with Harvest North Star Capital. Canadian Solar will use the finance to develop solar power projects in Japan.

** MCDERMOTT INTERNATIONAL, $8.31, +4.40 pct

CNBC’s Mad Money host Jim Cramer said the engineering and construction firm is being more disciplined about going after work that pays well instead of chasing “super low” margin projects.

Cramer also said he expects record offshore spending from oil companies in the coming years.

** EQUAL ENERGY LTD, $5.42, +0.93 pct

The oil and gas producer agreed to be bought by Petroflow Energy Corp and Petroflow Canada Acquisition Corp for about $230 million, including debt.

The offer price of $5.43 per share represents a premium of 1 percent to the stock’s closing price on Friday.

** MECHEL OAO, $2.19, +1.39 pct

The debt-laden Russian miner said on Monday it had reached agreement with the state’s largest lender Sberbank regarding covenant holidays on credit lines of $1.4 billion until the end of 2014.

** KKR & CO LP, $23.8, +2.45 pct

** TYCO INTERNATIONAL INC, $37.78, +0.08 pct

KKR and Bain Capital are among suitors which have placed initial bids for Tyco’s South Korean security systems unit, a business valued at about $1.6 billion, people familiar with the matter said.

** UNITED THERAPEUTICS CORP, $90.585, -0.42 pct

The pharma company said on Monday it received a subpoena from the U.S. Department of Health and Human Services regarding marketing practices used to sell three of its drugs to treat pulmonary arterial hypertension. (Compiled by Avik Das in Bangalore; Editing by Savio D‘Souza)

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