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U.S. stock indexes were little changed on Monday. The Dow Jones industrial average was down 0.03 percent at 17,568.1, the S&P 500 was up 0.01 percent at 2,032.03 and the Nasdaq Composite was down 0.11 percent at 4,627.242.
** J.C. PENNEY CO INC, $7.46, -4.60 pct
A shortfall in projected sales growth for the century-old retailer could drive the stock down 35 percent, according to the Nov. 10 edition of Barron‘s, which notes the company’s chances of reaching its long-term financial goals look slim.
** DENDREON CORP, $0.322, -65.82 pct
The biotechnology company filed for chapter 11 bankruptcy protection on Monday and said it had reached agreements on the terms of a financial restructuring with certain bond holders.
** TOLL BROTHERS INC, $33.24, +3.17 pct
The largest U.S. luxury homebuilder reported a 29 percent jump in quarterly revenue as it sold more homes at higher prices. The number of homes finished rose 22 percent to 1,807 in the fourth quarter ended Oct. 31, while the average selling price rose 6.3 percent to $747,000, the company said.
** DEAN FOODS CO, $15.84, +9.85 pct
The largest U.S. milk processor reported a quarterly adjusted loss that was smaller than market estimates, for the first time in seven quarters. The company, hammered by rising milk prices, also forecast an adjusted profit for the current quarter, its first this year, as it expects a fall in the prices of butterfat - a key ingredient in products such as ice creams and cottage cheese.
** ACHILLION PHARMACEUTICALS INC, $11.09, +9.69 pct
** GILEAD SCIENCES INC, $109.1401, +2.53 pct
** MERCK & CO INC, $58, -2.26 pct
Interim data from Achillion’s ongoing mid-stage study testing its drug ACH-3102 along with Gilead’s Sovaldi showed 100 percent cure rate in 12 hepatitis-C patients after eight weeks of treatment.
However, Merck’s attempt to shorten hepatitis-C treatment to just four weeks by adding Gilead’s Sovaldi to its own oral two-drug combination did not show the desired efficacy due to a high rate of relapse, according to interim data from a mid-stage study.
** PORTUGAL TELECOM, $1.68, +10.53 pct
Isabel dos Santos, the daughter of Angola’s president, launched a takeover bid for the company at 1.35 euros per share on Sunday in an attempt to thwart a 7-billion-euro bid for the Portuguese company’s assets.
** TRANSOCEAN LTD, $30.45, +2.49 pct
The rig contractor’s adjusted profit beat market estimates for the sixth straight quarter as costs fell roughly 4 percent.
** AMERICAN EAGLE OUTFITTERS INC, $12.43, -3.94 pct
** ABERCROMBIE & FITCH CO, $28.56, -3.19 pct
Teen apparel retailers’ stocks fell as analysts took a bearish view on the sector. Barclays cut its outlook on the U.S. apparel, accessories and footwear retail sector to “negative” from “positive”. At least two brokerages cut their ratings on American Eagle’s stock and Barclays also cut its price target to $11 from $15.
At least six brokerages cut their price targets on Abercrombie’s stock and Wunderlich Securities cut its price target by $18 to $30.
** OREXIGEN THERAPEUTICS INC, $4.32, +12.21 pct
The drugmaker posted a third-quarter profit, compared with a year-earlier loss, as it recognized two milestone payments for its obesity drug, Contrave.
** GOPRO INC, $76.5301, -3.20 pct
The wearable camera maker filed for a follow-on offering of up to $800 million of Class A common stock. GoPro did not specify how many shares it will sell and how many shares will be offered by selling stockholders. GoPro’s CEO Nicholas Woodman said he planned to sell a portion of his holdings in the company.
** GOGO INC, $15.56, -6.49 pct
The in-flight wireless Internet service provider reported a third-quarter net loss of 29 cents per share, bigger than the 26 cents analysts had expected on average.
** AMERICAN AIRLINES GROUP INC, $42.74, -1.06 pct
The airlines’ flight attendants narrowly rejected a joint labor contract on Sunday, in a defeat following the merger of American and the former US Airways last year that brought together a combined workforce of some 24,500 U.S.-based stewards.
** CHEETAH MOBILE INC, $21.03, +4.11 pct
The Chinese security software maker reported better-than-expected revenue and profit for the third quarter. Cheetah Mobile’s revenue from online marketing services, its biggest division, more than doubled in the quarter and revenue from its internet value-added services business, its second biggest, rose four-fold. The company also forecast fourth-quarter revenue above the average analyst estimate.
** ARQULE INC, $1.21, +14.15 pct
The drug developer’s data showed its prostate cancer drug, tivantinib, improved survival among patients, without the disease getting worse.
** BLACKBERRY, $10.92, +3.70 pct
The company, which has completed the first phase of its two-year turnaround plan, is now focused on profitability and will not spread itself thin by attempting to launch too many new devices, Chief Executive John Chen said. (Compiled by Avik Das in Bangalore; Editing by Kirti Pandey)