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U.S. stocks opened higher on Monday, with the S&P 500 hitting a new intraday record amid corporate merger activity and as hopes grew for more monetary stimulus in European markets. The Dow Jones industrial average was up 0.61 percent at 17,104.8 and the S&P 500 was up 0.57 percent at 1,999.64.
** REGADO BIOSCIENCES INC, $1.3, -54.23 pct
The company’s shares lost nearly half of their value in premarket trading, after the company stopped enrollment in a late-stage trial of its lead drug following concerns of allergic reactions.
** BURGER KING WORLDWIDE INC, $31.309, +15.49 pct
** TIM HORTONS INC, $75.67, +20.42 pct
Burger King is in talks to acquire Canadian coffee and doughnut chain Tim Hortons Inc in a deal that would create a fast food powerhouse with a market capitalization of roughly $18 billion.
** INTERMUNE INC, $72.995, +35.68 pct
Roche Holding AG has agreed to buy U.S. biotech company InterMune for $8.3 billion in cash, helping the world’s leading maker of cancer drugs expand into the treatment of rare or incurable diseases.
** J.C. Penny Co Inc, $10.69, +4.91 pct
J.P. Morgan Securities analysts said they expected the department stores’ operator to shut more stores, which will add to savings. The stock “sets up well for a long trade through year-end,” said the analysts, who have a “neutral” rating on the stock. Up to Friday’s close, the stock’s 11.4 pct rise this year is more than the 1.4 pct rise in the Dow Jones U.S. retailers index.
** ADVAXIS INC, $3.527, +8.52 pct
** MERCK & CO INC, $59.72, +0.93 pct
Advaxis said it would test an experimental immuno-oncology drug in combination with a high-profile immunotherapy from Merck as a treatment for patients with advanced prostate cancer.
** DIGITAL ALLY INC, $10.4601, +31.74 pct
** TASER INTERNATIONAL INC, $16.261, +3.51 pct
Stocks of the two companies gained due to a spike in interest for wearable video cameras after the Ferguson, Missouri shooting on Aug. 9.
** ANN INC, $39.77, +6.00 pct
An activist investor urged women’s apparel retailer to sell itself, saying it could fetch as much as $2.52 billion, failing which each of the company’s board members should buy back stock as a “sign of confidence”.
** SONOCO PRODUCTS CO, $40.66, +0.89 pct
Sonoco Products on Monday said it agreed to buy Germany’s privately held Weidenhammer Packaging Group for about $383 million in cash, which would give a boost to its packaging business.
The deal is expected to increase Sonoco’s global consumer-related packaging and services business to about $2.8 billion in annual sales, the company said in a statement.
** LAYNE CHRISTENSEN CO, $11.57, +2.48 pct
Layne Christensen’s largest shareholder said it had asked the water management company to reorganize and consider selling a division to repay debt.
Investment manager Van Den Berg Management I Inc, which said it presented its proposals to the company on Aug. 13, said it held a 16.2 percent stake in the Woodlands, Texas-based company.
** GOLDMAN SACHS GROUP INC, $178.69, +1.84 pct
Goldman has agreed to a settlement worth $1.2 billion to resolve a U.S. regulator’s claims the bank sold Fannie Mae and Freddie Mac faulty mortgage bonds, the regulator announced on Friday.
** UNITED STATES STEEL CORP, $38.77, +2.54 pct
Credit Suisse raised its rating on the steel producer’s stock to “outperform” from “underperform” and target price to $50 from $25. Analysts at Credit Suisse expect higher steel prices, raw material cost advantages to position the company as one of the world’s most profitable steel makers. (Compiled by Lehar Maan in Bangalore; Edited by Maju Samuel)