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U.S. stocks opened lower on Friday, putting the benchmark S&P 500 on track to snap seven straight weeks of gains, after oil prices fell and Chinese data disappointed. The Dow Jones industrial average was down 0.35 percent at 17,534.47, the S&P 500 was down 0.35 percent at 2,028.16 and the Nasdaq Composite 0.23 percent at 4,697.34.
** ADOBE SYSTEMS INC, $74.91, +7.41 pct
The Photoshop maker said it would buy stock photography company Fotolia for $800 million and reported quarterly revenue above market estimates, helped by a 28 percent jump in the number of subscribers to its Creative Cloud suite.
** CAESARS ENTERTAINMENT CORP, $13.21, -11.10 pct
Certain lenders of Caesars Entertainment said the gaming company did not reach an agreement with senior bondholders on the terms of a restructuring plan for its largest unit, Caesars Entertainment Operating Co.
** RADIOSHACK CORP, $0.43, -15.69 pct
The struggling electronic retailer said it plans to save over $400 million through cost cuts, but lenders are against 1,100 store closures, raising doubts about its turnaround.
“We believe bankruptcy is imminent,” Wedbush Securities analyst Michael Pachter said. Pachter is one of two analysts who say the stock is worthless.
** GOPRO INC, $62.9018, +4.75 pct
J.P. Morgan upgraded the wearable camera maker’s stock to “overweight” from “neutral”. The brokerage recommends buying the “strong growth-stock at a more reasonable price ahead of catalysts”.
J.P. Morgan’s Paul Coster says the lock-up expiry on Dec. 23 is a near-term risk, but positive catalysts include stock-outs during the holiday season, the CES in early January, strong fourth-quarter results and product launches in international markets, especially China.
** A. H. BELO CORP, $12.51, +2.63 pct
The news publisher’s said on Thursday it would pay a special cash dividend of $2.25 per share on Jan. 14, 2015.
** NU SKIN ENTERPRISES INC, $41.52, -3.31 pct
The direct seller of skincare and nutritional products, forecast 2015 profit below market expectations as it battles a stronger dollar and regulatory concerns in China, its biggest market.
** IVANHOE ENERGY , $0.743, -12.59 pct
The Canadian oil and gas company flagged “going concern” doubts on Friday and said it was exploring a possible sale. The company said it could default on an interest payment of about C$2.1 million ($1.8 million) due on Dec. 31. ($1 = C$1.16)
** CHEMOCENTRYX INC, $7.855, +74.94 pct
The company said its experimental drug met the main goal of reducing excessive protein in urine in diabetics with progressive kidney disease after 52 weeks.
** GOODRICH PETROLEUM CORP, $3.88, -8.92 pct
J.P. Morgan cut its rating to “underweight” on the oil and gas exploration and production company, according to Theflyonthewall.com. Goodrich said on Wednesday that it would spend much less on exploration and production next year due to falling oil prices.
** TALISMAN ENERGY INC , $4.935, +33.74 pct
Spanish energy company Repsol SA is finalizing 4 billion euro bid for Talisman, Spanish newspaper Expansion said. The bid could be at around C$6 per share, or C$6 billion, the newspaper said citing sources.
** CENTENE CORP, $101.86, +2.99 pct
The health insurer forecast better-than-expected sales and profit for 2015 as it signs on more Medicaid members. The company, which provides services to government-sponsored healthcare programs, said it expects to earn $5.05 to $5.35 per share next year.
** ACTAVIS PLC, $259.77, -1.23 pct
A U.S. judge said in a preliminary injunction on Thursday that Actavis must continue to sell its Alzheimer’s drug after a lawsuit alleged the company was trying to limit generic competition while it launched an extended-release version of the widely used medicine.
** FIAT CHRYSLER AUTOMOBILES, $11.33, +1.34 pct
The automaker said the banks underwriting its mandatory convertible bond and share offer have exercised overallotment options, bringing the total proceeds to about $3.89 billion.
** SEAWORLD ENTERTAINMENT INC, $16.64, +3.42 pct
The troubled theme park operator said Jim Atchison would step down as chief executive, and it would cut some jobs. SeaWorld did not say how many jobs it would cut as part of its restructuring plan aimed at saving about $50 million by the end of 2015. (Compiled by Lehar Maan in Bengaluru; Editing by Simon Jennings)