October 21, 2014 / 1:48 PM / 4 years ago

BUZZ-U.S. Stocks on the Move-Apple, McDonald's, Coca-Cola, Illumina

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U.S. stocks rose at the open on Tuesday, with the S&P 500 on track for a fourth straight session of gains, as Apple and Texas Instruments rallied after their results. The Dow Jones industrial average was up 0.41 percent at 16,467.43, the S&P 500 was up 0.86 percent at 1,920.43 and the Nasdaq Composite was up 1.11 percent at 4,363.95.

** APPLE INC, $102.22, +2.47 pct

Strong global demand for Apple’s iPhone 6 will drive revenue growth through 2015, while updated models should help reverse three straight quarters of declining iPad sales, analysts said.

At least 10 brokerages raised price targets on Apple’s stock by as much as $20 to as high as $143. The median price target on the stock is $115, according to Thomson Reuters data.

BREAKINGVIEWS-Apple’s new, new things overshadowed by old thing [ID: nL2N0SF2HI]

INTERVIEW-Apple, IBM to shed light on apps, alliance next month

** TEXAS INSTRUMENTS INC, $45.7, +2.90 pct

The company posted third-quarter results above expectations and its CFO said business was healthy, in contrast to recent concerns on Wall Street about a possible slowdown in chip demand.

** THE COCA-COLA CO, $40.71, -5.96 pct

Coca-Cola Co said its quarterly profit fell 14 percent and that it was expanding cost-cutting initiatives as carbonated beverage volumes in North America declined.

** MCDONALD’S CORP, $91.02, -0.62 pct

The world’s largest restaurant chain reported a 30 percent fall in quarterly profit due to a food scandal in China and tough competition in the United States, and said these factors were expected to hurt current-quarter results.

** TRAVELERS COS INC, $93.88, +0.73 pct

The property and casualty insurer reported a better-than-expected rise in quarterly operating profit, helped by higher net investment income and a fall in disaster-related losses.

** ILLUMINA INC, $175.35, +6.62 pct

At least seven brokerages raised their price targets on the genetic research technology provider’s stock after the company reported better-than-expected quarterly results and raised its forecast for year on Monday.

JMP Securities raised its price target to $245 from $215, the steepest rise, while Cantor Fitzgerald raised it to $150 from $145. The median price target on the stock is up by $1 at $200 from 30 days ago.

** HARLEY-DAVIDSON INC, $62.87, +7.69 pct

The motorcycle maker reported better-than-expected third-quarter revenue and profit as it sold more vehicles in key markets, including the United States. The company expects to ship 3.5-5.5 percent more vehicles in 2014.

** FACEBOOK INC, $77.44, +0.64 pct

Facebook and Chief Executive Mark Zuckerberg have sued several lawyers who represented Paul Ceglia, claiming they helped the upstate New York entrepreneur pursue a fraudulent lawsuit to extort a 50 percent stake in the social networking company.

** MICROSOFT CORP, $44.56, +1.09 pct

Microsoft will provide free cloud-computing and research applications to qualified medical researchers working on the Ebola virus, the software company’s chief executive said on Monday.

** IBM CORP, $164.44, -2.76 pct

IBM reported on Monday a marked slowdown in business in September and abandoned its 2015 operating earnings target. The company also announced that it would hive off its loss-making semiconductor unit to contract chipmaker Globalfoundries Inc.

** CHIPOTLE MEXICAN GRILL INC, $625.32, -4.24 pct

Morgan Stanley cut its price target on Chipotle Mexican Grill’s stock to $696 and Wunderlich Securities to $660 from $680. The median price target on the stock is $712.50.

Chipotle reported on Monday another acceleration in quarterly restaurant sales growth, but shares in the popular burrito seller tumbled after it signaled that such momentum would not last forever.

** RHINO RESOURCE PARTNERS LP, $5.79, -51.30 pct

Raymond James downgraded the coal producer’s stock to “underperform” from “outperform”, saying lower cash distribution gives little confidence in the company’s near-term outlook.

“..2014 guidance is out the window and we have little visibility towards 2015,” the brokerage wrote in a note.

Rhino on Monday announced a quarterly cash distribution of 5 cents per common unit, down from 44 cents per unit a year earlier, and said weak coal markets hurt cash flow.

** IBIO INC, $2, -8.26 pct

** ALPHA PRO TECH LTD, $4.46, +0.68 pct

** LAKELAND INDUSTRIES INC, $14.934, +0.03 pct

** CHIMERIX INC, $30.12, -1.76 pct

Shares of biotech Ibio, face mask maker Alpha Pro and hazmat suit maker Lakeland and drug developer Chimerix fell after more than 40 people exposed to the first Ebola patient diagnosed in the United States emerged from isolation with a clean bill of health on Monday.

The WHO declared Nigeria free of Ebola on Monday after 42 days with no new cases

The WHO’s emergency committee on Ebola will meet on Wednesday to review the scope of the outbreak and whether additional measures are needed.

** OMEROS CORP, $12.2, -11.72 pct

The biotechnology company said it suspended enrolment in a mid-stage study testing its experimental Huntington’s drug as the company evaluates data from a concurrent trial in rats.


The drugmaker reported positive data from a mid-stage study on its constipation drug, plecanatide. Synergy said the drug met its primary goal by showing clear improvement in efficacy at a higher dose range of 3-9 mg.

** OMNICOM GROUP INC, $68.91, +2.42 pct

The No. 1 U.S. advertising company reported quarterly revenue and profit above analysts’ expectations boosted by higher ad spending in the United States.

** AMAZON.COM INC, $307.75, +0.50 pct

The online book retailer said on Monday that it had signed a multi-year deal with Simon & Schuster Inc, the second Big-Five book publisher, on the future price of e-books.

** ALLERGAN INC, $182.7, +1.92 pct

** SHIRE PLC, $185.57, +0.53 pct


** ABBVIE INC, $55.49, +1.98 pct

Allergan shareholder Paulson & Co is urging the Botox maker to merge with specialty pharmaceutical company Shire as an alternative to a deal with hostile bidder Valeant, according to two people familiar with the matter.

U.S. drugmaker AbbVie said on Monday that it had reached agreement with Shire to officially call off its proposed $55 billion purchase of the Irish company, and would pay Shire a $1.64 billion breakup fee for walking away from the deal.

** ACTAVIS PLC, $228.71, +0.90 pct

** SANOFI SA, $51.43, -0.68 pct

The generic drugmaker and France’s Sanofi are among the suitors for privately held Omega Pharma NV , Bloomberg reported, citing people familiar with the matter.

** KAISER ALUMINUM CORP, $71.07, -5.42 pct

The specialty aluminum products maker’s third-quarter profit plunged 36 percent due to lower shipments. The company said it expects full-year adjusted EBITDA to fall slightly below 2013 levels. (Compiled by Shailaja Sharma in Bangalore; Editing by Simon Jennings)

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