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U.S. stocks were lower on Thursday, on the heels of the biggest gain for the S&P 500 in a month and following data on the labor market and durable goods.
The Dow Jones industrial average was down 1.11 percent at 17,018.74, the S&P 500 was down 1.16 percent at 1,975.07 and the Nasdaq Composite was down 1.56 percent at 4,484.126.
** TRAVELPORT WORLDWIDE LTD, $16.9, +5.63 pct
** ORBITZ WORLDWIDE INC, $7.76, -2.51 pct
** BLACKSTONE GROUP LP, $31.46, -0.60 pct
Travelport’s shares rose as much as 10.6 percent in their market debut, valuing the provider of booking and payment services to the travel industry at about $2.13 billion.
The Blackstone-backed company’s IPO was priced at $16 per share, the top end of the expected range. Travelport has a stake in Orbitz.
** CONE MIDSTREAM PARTNERS LP, $29.25, +32.95 pct
** NOBLE ENERGY INC, $69.21, -1.72 pct
** CONSOL ENERGY INC, $36.22, -2.19 pct
The stock of Cone Midstream, a Marcellus shale-focused MLP formed by Consol and Noble, jumped as much as 34 percent in its debut, underscoring demand for midstream MLPs, which provide a cushion as sliding crude prices take a bite out of offshore drillers.
The offering was priced $22 per unit, higher than the expected price range of $19 to $21. Consol and Noble will each own a 34.3 percent limited partner interest in Cone after the IPO.
** GWG HOLDINGS INC, $13.665, +9.32 pct
The stock of the company, which operates in the secondary life insurance market, opened lower before soaring as much as 40 percent in its trading debut. The company’s IPO was priced at $12.50 per share.
** LIPOSCIENCE INC, $5.19, +62.70 pct
** LABCORP, $102.48, -1.35 pct
Diagnostic test maker LabCorp said it would to buy the medical device maker for $85.3 million, or $5.25 a share, in cash.
** OMNOVA SOLUTIONS INC, $5.75, -17.97 pct
The chemical maker’s third-quarter adjusted net income from continuing operations fell 36.7 percent to $2.2 million. Net sales fell 3.5 pct to $252.1 million, mainly as its coated publication paper business struggles with lower-priced contracts struck earlier in the year.
** YAHOO INC, $39.25, -1.58 pct
** ALIBABA GROUP HOLDING LTD, $89.54, -1.14 pct
Yahoo said it now holds about 383.6 million Alibaba’s shares, or a stake of about 15 percent in the Chinese company, following the IPO last week. Yahoo said it had entered into a lock-up agreement restricting the sale of Alibaba’s shares for one year.
RBC Capital Markets also cut its rating on Yahoo’s stock to “sector perform” from “outperform”, making it the third downgrade on the stock since Alibaba’s IPO on Friday. There has been two upgrades.
** AIXTRON, $14.26, +13.17 pct
The German microchip equipment maker said it received a large multiple tool order, one of its biggest ever, from China. San‘an Optoelectronics Co Ltd has ordered 50 next generation Showerhead MOCVD tools, which will be delivered starting in the fourth quarter.
** MAGNUM HUNTER RESOURCES CORP, $6.06, +10.99 pct
The oil and gas explorer said on Wednesday that a well in Tyler County, West Virginia, which was placed on production last weekend, tested at a peak rate of 46.5 million cubic feet of natural gas per day. (mmcf/d)
“This is one of the best tests thus far in the region even surpassing Rice Energy’s Big Foot well, which tested at 41.7 mmcf/d,” Wunderlich Securities analysts said.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $126.79, +2.25 pct
** ALLERGAN INC, $175.987, -0.17 pct
Valeant said it had named the head of a top shareholder, ValueAct Capital, to its board of directors and vowed to continue with its hostile takeover attempt on Botox maker Allergan.
** HASBRO INC, $54.5701, -0.69 pct
** DISCOVERY COMMUNICATIONS INC, $38.1, -0.01 pct
** PROCTER & GAMBLE, $85, -0.28 pct
Discovery bought 10 percent of partner Hasbro’s stake in Hub Television Networks LLC, which operates children’s cable TV network, the Hub Network, in U.S., for $64.4 million.
Toymaker Hasbro now owns 40 percent of Hub Television, while Discovery owns the rest. Hub Television to be rebranded as Discovery Family Channel next month.
In another development, the world’s largest household product maker P&G and Hasbro are at the heart of a Mexican probe into tax avoidance that could cost the firms hundreds of millions of dollars in back-taxes between them.
** PACIRA PHARMACEUTICALS INC, $101.91, -4.11 pct
The drugmaker said it received a U.S. FDA warning letter on promotional material for company’s post-surgical painkiller for adults, Exparel.
Pacira said its current label supports claims being challenged by FDA. It had Exparel sales of $44.9 million in the second quarter ended June 30.
** RANDGOLD RESOURCES, $69.3, -0.96 pct
** HARMONY GOLD, $2.3, -1.29 pct
** GOLD FIELDS, $4.1, -1.68 pct
** ANGLOGOLD ASHANTI, $12.41, -3.57 pct
** IAMGOLD, $2.98, -1.00 pct
** BARRICK GOLD, $15.4, +0.46 pct
** YAMANA GOLD, $6.36, -0.78 pct
** GOLDCORP, $23.62, +0.38 pct
A host of U.S.-listed gold stocks fell as gold prices fell to a nine-month low on Thursday in the face of a rising U.S. dollar.
Spot gold hit a low of $1,206.85 an ounce, its weakest since Jan. 2. If the price falls below $1,200, the industry could reach a tipping point that would force producers to cut output or shut mines, analysts say.
** CYBERARK SOFTWARE LTD, $32.35, +8.09 pct
The cyber security software maker’s shares rose premarket, adding to the 87 percent gains it enjoyed on Wednesday in its trading debut. The stock has now doubled from its IPO price of $16.
Israeli firms have attracted growing foreign investment over the past two years to develop tools to detect and prevent cyberattacks, challenging the traditional model of perimeter defences such as firewalls.
** MANNKIND CORP, $6.165, +1.40 pct
The drugmaker said it closed its licensing deal with France’s Sanofi SA on Thursday and that it would receive $150 million as upfront payment within 10 days. Sanofi had bought rights to develop and sell Mannkind’s already-approved inhaled insulin therapy Afrezza in August.
** JABIL CIRCUIT INC, $20.62, -1.10 pct
The contract electronics maker forecast current-quarter revenue and core earnings above market estimates after sales of Apple Inc’s iPhone 6 and 6 plus exceeded expectations. The company also posted fourth-quarter revenue that fell less than expected and reported a narrower loss for the period.
** HB FULLER CO, $37.94, -13.73 pct
The chemical company’s quarterly profit slumped to $4 million from $27.2 million a year earlier due to higher costs and project delays. The company’s adjusted profit forecast for the current quarter was short of Wall Street’s estimates.
** BHP BILLITON, $60.62, -2.54 pct
** VALE, $11.22, -3.19 pct
** RIO TINTO, $50.73, -1.99 pct
** SESA STERLITE LTD, $17.46, -5.57 pct
BHP played down the chance of a recovery in iron ore prices, saying that recent declines reflected the reality of demand and supply in the market for the steel-making ingredient.
China’s steel consumption dropped this year for the first time since at least 2000 due to slower economic growth, leading to a surplus of iron ore in the country and a more than 40 percent plunge in prices of the steelmaking raw material.
** APPLE INC, $98.33, -3.36 pct
Apple pulled back an update to its new operating system and offered a guide to revert to iOS 8 after many iPhone 6 and 6 Plus users complained about a drop in cellular service and inability to use the fingerprint Touch ID.
The move comes a day after iPhone 6 Plus buyers discovered their phones can bend when placed in back pockets. (Compiled by Shailaja Sharma in Bangalore; Editing by Savio D‘Souza)