April 28, 2014 / 1:12 PM / in 4 years

MARKET PULSE-Corning, Pozen, Youku, Newmont, Barrick Gold, Forest Labs

(For more market insights, including options activity, click on ; for the Day Ahead newsletter link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stock index futures rose on Monday rebounding from sharp losses on Friday, boosted by merger and acquisition activity in the pharmaceuticals sector. Dow Jones industrial average futures were up 0.25 percent at 16,364, S&P 500 futures were up 0.17 percent at 1,863.3 and Nasdaq 100 futures were up 0.15 percent at 3,535.75.

** CORNING INC, Friday close $20.74, +2.70 pct premarket

The specialty glass maker best known for its Gorilla glass used in smartphones and tablets said it expected LCD glass price declines to be “significantly less” in the current quarter compared with the first quarter.

** FOREST LABORATORIES INC, Friday close $89.84, +2.26 pct premarket

** FURIEX PHARMACEUTICALS INC, Friday close $80.15, +29.83 pct premarket

Forest Laboratories said it would buy Furiex Pharmaceuticals for up to $1.46 billion including milestone payments to access Furiex’s promising treatment for irritable bowel syndrome.

** POZEN INC, Friday close $9.13, -13.25 pct premarket

U.S. health regulators denied approval for the company’s experimental pain medication citing deficiencies at the manufacturing facility of an active ingredient supplier.

** BANK OF AMERICA CORP, Friday close $15.95, -3.70 pct premarket

The lender said it would suspend its $4-billion stock buyback program and the planned increase in its quarterly dividend after it miscalculated the treatment of certain structured notes related to its acquisition of Merrill Lynch in 2009.

** AMERICAN ELECTRIC POWER CO, Friday close $53.38, +0.21 pct premarket

Analysts at several brokerages raised their price targets on the power company’s stock, citing its increased earnings forecast and capital expenditure for transmission projects for 2014. The company on Friday raised its 2014 earnings forecast to between $3.35 and $3.55 per share, from $3.20 to $3.40 per share.

** NEWMONT MINING CORP, Friday close $26.45, -5.37 pct premarket

** BARRICK GOLD CORP, Friday close $17.89, +1.01 pct premarket

Newmont Mining has terminated merger talks with Barrick Gold Corp. In a brief statement, Barrick said that although it believed a merger of the two gold miners would have been in the best interests of shareholders, Newmont’s the board had decided its shareholders’ interests were best served by remaining independent.

** YOUKU TUDOU INC, Friday close $24.14, +9.78 pct premarket

Alibaba Group Holding Ltd and a private equity firm co-founded by its executive chairman Jack Ma have agreed to buy a $1.22 billion stake in Youku, as China’s ecommerce giant intensifies its focus on online video business.


** ONCOGENEX PHARMACEUTICALS INC, Friday close $9.7, -51.44 pct premarket

Teva Pharmaceutical and OncoGenex Pharmaceuticals said their prostate cancer treatment failed to show improvement over standard chemotherapy in a late-stage trial.

** THE BANCORP INC, Friday close $15.92

Raymond James cut its price target on the lender’s stock to $18 from $21, after the bank reported quarterly results on Thursday that widely missed Street estimates due to a higher loan loss provision.

** JINKOSOLAR HOLDING CO LTD, Friday close $29.52, +1.29 pct premarket

The Chinese solar company said it had signed a 21.09 mega watt solar panel supply agreement with Nan Xin Solar, a subsidiary of China Southern Power Grid, for a distributed roof-top project located in Foshan, Guangdong Province.

** PRECISION DRILLING CORP, Friday close $12.56

Canada’s largest oil and gas drilling contractor raised its full-year capital spending plan for the second time in over a month, citing strong demand for its new rigs.

** ATHERSYS INC, Friday close $2.73, -54.58 pct premarket

Athersys said its experimental stem-cell therapy for treating an inflammatory bowel disease failed to show any meaningful benefit in early results from a trial, sending its shares plunging before the bell.

** ENERGY TRANSFER PARTNERS LP, Friday close $55.8

** SUSSER HOLDINGS CORP, Friday close $57.03, +37.73 pct premarket

The pipeline company said it would buy Susser Holdings in a cash-and-stock deal valued at $1.8 billion to expand its retail gasoline business to Texas, New Mexico and Oklahoma.

** LOEWS CORP, Friday close $44.14

Hotel, energy and financial services conglomerate Loews Corp reported a 75 percent drop in quarterly profit as it booked a loss related to the pending sale of the annuity and pension deposit business of CNA Financial Corp.

** CHARTER COMMUNICATIONS INC, Friday close $130.01, +1.67 pct premarket

The No. 4 U.S. cable company reported a 15 percent jump in first-quarter revenue due to a rise in the number of residential video subscribers.

** COMCAST CORP, Friday close $50.97, +0.55 pct premarket

** TIME WARNER CABLE INC, Friday close $139.41

Comcast Corp offered to sell 1.4 million pay TV subscribers to Charter Communications Inc for $7.3 billion, as part of a wider transaction aimed at winning regulatory approval for its proposed $45 billion takeover of Time Warner Cable.

** E*TRADE FINANCIAL CORP, Friday close $22.4, -2.41 pct premarket

Wall Street's self-funded regulator is investigating the discount brokerage firm's history of stock order executions, leading to suspicions of rigged markets and high-frequency front-running, the New York Post reported on Sunday, citing sources. The Financial Regulatory Authority (Finra) is looking into whether its clients received the best pricing on their purchases, the New York Post added. (link.reuters.com/gud88v)

** PFIZER INC, Friday close $30.75, +2.80 pct premarket

** ASTRAZENECA PLC, Friday close $68.66, +16.09 pct premarket

The U.S. drugmaker is working on its next move in a potential $100-billion-bid battle for Britain’s AstraZeneca Plc after having two bids rejected, as deal-making grips the healthcare industry.

** MICROSOFT CORP, Friday close $39.91, +0.23 pct premarket

The software giant is rushing to fix a bug in its widely used Internet Explorer web browser after a computer security firm disclosed the flaw over the weekend, saying hackers have already exploited it in attacks on some U.S. companies.

** MERCK & CO INC, Friday close $57.24, +0.31 pct premarket

The pharmaceutical giant is in the final stages of selling its consumer healthcare unit for close to $14 billion, with Bayer AG and Reckitt Benckiser Group Plc among final contenders to clinch a deal as soon as next week, people familiar with the matter said.

** HARTFORD FINANCIAL SERVICES GROUP, Friday close $34.98, +0.40 pct premarket

Japan’s Orix Corp has agreed to buy Hartford Financial Services Group’s Japanese unit for $895 million as part of efforts to expand its life insurance business in the world’s third-largest economy.

** WAL-MART STORES INC, Friday close $78.62, +0.08 pct premarket

The U.S. retailer paid about $234 million in debt related to the purchase of a stake in its Indian joint venture with Bharti Enterprises, which Wal-mart ended in October last year, according to its 2014 annual report.

** AMERICAN AIRLINES GROUP, Friday close $36, +1.64 pct premarket

A federal judge on Friday approved the November settlement between the U.S. government and the airlines that merged to form American Airlines Group, the world’s biggest carrier.

** OMNICOM GROUP, Friday close $67.91

The chief executives of advertising companies Publicis and Omnicom Group are working together to resolve a seven-month-old struggle over who will be chief financial officer of their combined group if the $35 billion merger is completed, three people close to the deal said on Sunday.

** MYLAN INC, Friday close $52.1, -2.09 pct premarket

Swedish drugmaker Meda has rejected an improved takeover offer from the U.S. generics firm, saying it was confident in its future as an independent company and its biggest shareholder did not support the bid.

** LIBERTY GLOBAL PLC, Friday close $40

The U.S. cable group’s bid for Dutch peer Ziggo is likely to face lengthy scrutiny by European Union antitrust regulators because of the complex issues involved, two people familiar with the matter said on Friday. (Compiled by Rohit T.K. in Bangalore; Editing by Simon Jennings)

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