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U.S. stocks fell on Monday. The Dow Jones Industrial Average was up 0.12 percent at 17,008.25, the S&P 500 was down 0.21 percent at 1,981.38 and the Nasdaq Composite was down 1.27 percent at 4,509.638.
** APPLE INC, $101.71, +0.05 pct
The company said it received a record 4 million first-day pre-orders of its new iPhone 6 and iPhone 6 Plus, meaning many customers will have to wait until October for their new phones.
** SYMANTEC CORP, $24.2099, -1.30 pct
RBC Capital Markets cut its rating on the company’s stock to “sector perform” from “outperform,” saying it should take steps to streamline operations and increase margins.
** RADIOSHACK CORP, $1.03, +13.19 pct
The electronics retailer, teetering on the brink of bankruptcy, said John Feray resigned as chief financial officer on Friday, less than eight months after taking up the post. RadioShack said on Monday its interim CFO would be Holly Etlin, a managing director of turnaround firm AlixPartners LLP, which has been helping the company since July 2013.
** BANKRATE INC, $11.61, -15.99 pct
The company, which runs financial information websites, said U.S. regulators were investigating its financial reporting during 2012 and that its chief financial officer of eight years had resigned. The operator of websites such as Bankrate.com and CreditCards.com, where consumers can compare personal finance packages, said the Securities and Exchange Commission was examining the improper accounting of more than $1.5 million of accruals and expenses.
The company’s stock was among the biggest percentage losers on the New York Stock Exchange on Monday.
** MOLSON COORS BREWING CO, $76.265, +6.22 pct
The company may buy SABMiller Plc’s stake in MillerCoors LLC if Anheuser-Busch InBev’s potential acquisition of SABMiller leads to anti-trust issues, Stifel Nicolaus analysts said in a note. MillerCoors is a joint venture between Molson Coors and SABMiller.
Stifel analysts raised their price target on Molson Coors’ stock to $94 from $90. The stock rose as much as 8 percent to a record high of $77.68 on Monday.
** ALTRIA GROUP INC, $44.27, +2.57 pct
The Marlboro cigarette maker’s shares hit a record high of $44.50, after a Wall Street Journal report that Anheuser-Busch InBev was talking to banks about financing a $122 billion offer for SABMiller Plc.
Altria is SABMiller’s largest shareholder with a 26.68 percent stake.
** KNIGHTSBRIDGE TANKERS LTD, $11.485, -6.85 pct
** STAR BULK CARRIERS CORP, $13.55, -5.24 pct
** DRYSHIPS INC, $2.865, -2.55 pct
Shares of dry bulk shippers fell after the Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, declined on Friday, pulled down by a drop in rates for bigger vessels.
** CREE INC, $41, -3.93 pct
Goldman Sachs cut its rating on the company’s stock to “neutral” from “buy” and slashed its price target to $48 from $60. “We cut volumes for LED chips owing to slowing growth and checks which suggest share loss in high-power - Cree’s core product,” Goldman analysts wrote in note.
** AVANIR PHARMACEUTICALS INC, $11.715, +73.81 pct
** CONCERT PHARMACEUTICAL INC, $11.25, +11.83 pct
Avanir said its drug was more effective in reducing agitation associated with Alzheimer’s than a placebo.
Avanir’s stock rose as much as 76 percent to an eight-year high of $11.88 on Monday. The stock was among the most traded shares on the Nasdaq on Monday.
Shares of Concert Pharmaceuticals also rose as Avanir has licensed to develop and market the company’s pain and depression drug.
** REWALK ROBOTICS LTD, $38.6, +50.78 pct
The medical device maker’s shares extended gains on Monday, after more than doubling in their debut on Friday, valuing the company at about $346 million. The company raised about $36 million from its IPO.
** ALERE INC, $41.3, +12.81 pct
The diagnostic company’s former chief executive Ron Zwanziger said he planned to take it private in a deal that valued it at $3.82 billion.
** EBAY INC, $50.9199, -2.43 pct
** GOOGLE INC, $578.3199, -1.13 pct
Piper Jaffray analyst Gene Munster said he believed that speculation Google was taking a 40 percent stake in eBay was “largely unsubstantiated” and it was “unlikely” that Google would buy eBay.
** PRIMERO MINING CORP, $6.13, +9.46 pct
The company cut its full-year production forecast at Black Fox mine to 65,000-75,000 ounces from 70,000-80,000 ounces due to lower-than-expected volumes. “We believe the market was anticipating a more negative update at Black Fox,” Morgan Stanley analysts wrote in a note. “We suspect this update could provide relief, reducing concerns related to the nearer term outlook at Black Fox,” they wrote.
** JETBLUE AIRWAYS CORP, $11.24, -7.79 pct
BofA Merrill Lynch cut its rating on the airline’s stock to “underperform,” according to Benzinga.com. This is the stock’s third downgrade so far this month, according to Thomson Reuters data.
** TESLA MOTORS, $250.741, -10.19 pct
The electric car maker’s stock price is a bit ahead of itself, Morgan Stanley analyst Adam Jonas wrote in a note. He said that the demand for Tesla’s Model S and X in China - the world’s largest, fastest growing car market - would far outstrip the company’s ability to meet it for many quarters or years to come.
** PTC THERAPEUTICS INC, $35.72, +9.17 pct
Deutsche Bank initiated coverage of the company’s stock with a “buy” rating and a price target of $75. Analysts believe that the company’s lead candidate, ataluren, is unappreciated and has a “reasonable shot of working.” The drug is being studied in late-stage studies for treatment of a kind of muscle weakness disorder and a type of lung disease.
** MDU RESOURCES GROUP INC, $29.02, -3.81 pct
The utility company cut its 2014 profit forecast to $1.40-$1.50 per share from $1.50-$1.65, citing challenges in oil production in the Paradox Basin in Utah.
** TEREX CORP, $32.26, -7.03 pct
The heavy equipment maker cut its 2014 adjusted earnings forecast to $2.35-$2.50 per share from $2.50-$2.80. The company also forecast third-quarter adjusted earnings of 55-65 cents per share, below the average analyst estimate of 79 cents per share. Terex cited weakness in cranes business for the downward revision.
** MILLER ENERGY RESOURCES INC, $4.86, +11.72 pct
The oil and gas producer named Carl Giesler, who was previously Harbinger Group Inc’s managing director of investments, as its new CEO. The company also said it was to buy Alaskan operating assets of Buccaneer Energy for about $40 million to $50 million. The deal is expected to add to both credit and cash flow per share.
** AMAZON.COM INC, $320.06, -3.36 pct
Writers published by Hachette Book Group and their allies are planning to appeal directly to the board of the online retailer to find a way out of the impasse over e-book prices, the New York Times reported. The writers have been at the receiving end of a dispute, which has seen Amazon delay deliveries and cut discounts on some books published by Hachette.
** RACKSPACE HOSTING INC, $37.31, -3.17 pct
J.P.Morgan cut its rating on the stock to “neutral” from “overweight” after shares rose 3.5 percent in the past week, likely due to a Bloomberg report that CenturyLink may be interested in acquiring the company. The brokerage said it was skeptical of a deal happening since CenturyLink prefers acquisitions that add to its free cash flow from the second year of the deal’s closure and buying Rackspace would not meet that criteria.
** PARKER DRILLING CO, $5.87, -4.71 pct
Brokerage Stephens cut its rating on the stock to “equal-weight” from “overweight”. Geopolitical instability in the Middle East may hurt the company’s rental tools business in international markets, offsetting domestic successes in the near term, analysts said.
** GILEAD SCIENCES INC, $101.11, -2.46 pct
The next generation version of the biotech company’s $84,000 hepatitis C drug, already under fire for its record-breaking costs, is going to be even more expensive. Gregg Alton, Gilead’s executive vice president of corporate and medical affairs, declined to give an exact price for the new medicine, the first all-oral treatment for the virus which is expected to launch next month.
Separately, the drugmaker agreed on Monday to license its hepatitis C drug Sovaldi to seven India-based drugmakers to sell cheaper versions of the $1,000-a-pill medicine in 91 developing nations.
** INSYS THERAPEUTICS INC, $31.45, -2.99 pct
The drugmaker received subpoena from the U.S. attorney’s office for the district of Massachusetts regarding its cancer pain drug, Subsys, seeking documents regarding sales and marketing practices.
** TRW AUTOMOTIVE HOLDINGS CORP, $103.045, -0.78 pct
The U.S. auto parts maker said it would bought by German peer ZF Friedrichshafen for $13.5 billion, including debt, creating a global automotive supply powerhouse. (Compiled by Amrutha Penumudi in Bangalore; Editing by Kirti Pandey)