August 26, 2014 / 2:08 PM / 4 years ago

BUZZ-U.S. Stocks on the Move-Tim Hortons, Xueda, Adept, Doral

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U.S. stocks opened little changed on Tuesday, with investors finding few reasons to buy after a rally in the previous session that took the S&P 500 index above 2,000 for the first time. The Dow Jones industrial average was up 0.23 percent at 17,116.62 and the S&P 500 was up 0.15 percent at 2,000.99.

** BURGER KING WORLDWIDE INC, $32.8, +1.23 pct

** TIM HORTONS INC, $81.47, +9.03 pct

Burger King agreed to buy Canadian coffee and doughnut chain Tim Hortons in cash and stock to create the third-largest quick service restaurant group with sales of about $23 billion.

** BEST BUY CO INC, $29.95, -6.38 pct

The largest U.S. specialty retailer of consumer electronics reported a 4 percent drop in quarterly revenue due to lower traffic in its stores.

** XUEDA EDUCATION GROUP, $3.93, -15.12 pct

The Chinese education company reported an 11 percent fall in second-quarter net income attributable to the company to $15.3 million as margins and average total revenue per student dropped. The company also said it expects third-quarter revenue to be down about 8 percent. Xueda forecast an adjusted net loss attributable to the company of 8 cents per ADS, compared with a profit of 4 cents per ADS a year earlier.

** KITE PHARMA INC, $25.77, +15.56 pct

The drug developer said its experimental cancer immunotherapy showed potential in treating patients with an aggressive form of blood cancer, in an early-stage study.

** IKANG HEALTHCARE GROUP INC, $20.3, -10.38 pct

The Chinese preventive healthcare services provider reported weaker-than-expected first-quarter profit and revenue, hurt by a 46 percent rise in costs.

** DORAL FINANCIAL CORP,$7.33, -12.32 pct

The lender ended negotiations with Puerto Rico treasury department without settling claims related to a lawsuit.

Doral sued the government in June for voiding an agreement that required the treasury department to pay it about $230 mln in tax refunds. The Court of First Instance scheduled the trial for Sept. 16, 17 and 18.

** DIGITAL ALLY INC, $14.47, +15.76 pct

Public outrage over the Aug. 9 police shooting of 18-year-old Michael Brown in Ferguson, Missouri, has led a growing crowd to sign a White House petition calling for police to be required to wear cameras on the job. This in turn has fueled interest in the wearable camera maker’s devices.

** ADEPT TECHNOLOGY INC, $8.62, -22.55 pct

The robot maker’s CEO said he was “less than satisfied” with sales performance in the United States, as the company reported a bigger fourth-quarter loss.

** SANDERSON FARMS INC, $88.65, -6.80 pct

The poultry producer reported third-quarter profit and sales lower-than-expected as poultry processing volume fell and employee compensation costs rose. The company said it processed lesser fresh poultry than it projected in May due to lower hatch rates and a fall in the weight of chickens. Sanderson also said that it set aside $15.5 million to pay bonuses, more than double last year, and set aside $11 million for contribution to employee stock ownership program, double the amount last year.

** TRINA SOLAR LTD, $12.65, -5.39 pct

The company’s second-quarter revenue lagged expectations as it sold fewer solar panels than expected and at a lower price.

** AT&T INC, $34.58, +0.20 pct

** DIRECTV, $85.71, +0.28 pct

AT&T has reached a tentative deal with antitrust regulators to pave the way for it to buy DirecTV, the New York Post reported, citing unspecified sources.

** PROSPECT CAPITAL CORP, $10.625, -3.23 pct

The investment management company’s fourth-quarter net investment income dropped 8.7 percent to $84.1 million, or 25 cents per share, as operating expenses increased. Analysts on average had expected income of 32 cents per share, according to Thomson Reuters I/B/E/S.

** CNINSURE INC, $7.39, +5.72 pct

The Chinese insurer’s second-quarter revenue rose 21 pct and net income more than doubled, helped by higher revenue from its insurance brokerage business. The company said its expected third-quarter revenue to grow about 15 percent from year earlier. (Compiled by Abhirup Roy and Lehar Maan; Edited by Maju Samuel)

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