(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) U.S. stocks rose in a volatile Tuesday session as energy shares rallied and investors bet the Federal Reserve will be cautious in removing support in the face of a more fragile global economy.
The Dow Jones industrial average was up 0.64 percent at 17,290.27, the S&P 500 was up 0.56 percent at 2,000.78 and the Nasdaq Composite was up 0.20 percent at 4,614.425.
** NOVOGEN LTD, $4.91, +187.13 pct
The Australian drug developer said its brain cancer drug, TRXE-009, was also found to be effective in treating a kind of skin cancer in pre-clinical studies.
** TETRALOGIC PHARMACEUTICALS CORP, $4.54, -22.39 pct
The drug developer lowered dosage of ovarian cancer drug in early-stage study after adverse events were reported. The drug, tested in combination with Amgen’s conatumumab, led to adverse events at doses lower than expected.
** CYCLACEL PHARMACEUTICALS INC, $0.749, -73.53 pct
The company said an independent data and safety board determined that its lead drug was unlikely to show a statistically significant improvement in survival in some leukemia patients.
** TALISMAN ENERGY INC, $7.565, +47.75 pct
Spanish oil company Repsol said it had reached a deal to buy Talisman, Canada’s fifth-largest independent oil producer, for $13 billion. Repsol’s offer valued Talisman at $8.00 per share in cash.
Breakingviews article on the deal
** SWIFT ENERGY CO, $3.22, +22.43 pct
** OASIS PETROLEUM INC, $14.16, +15.88 pct
** BILL BARRETT CORP, $9.02, +15.64 pct
** EXCO RESOURCES INC, $2.31, +9.48 pct
** SANCHEZ ENERGY CORP, $7.53, +16.20 pct
** VANGUARD NATURAL RESOURCES LLC, $14.80, +8.90 pct
** ABRAXAS PETROLEUM CORP, $2.7625, +7.91 pct
** MAGNUM HUNTER RESOURCES CORP, $3.23, +13.73 pct
** RANGE RESOURCES CORP, $59.63, +7.64 pct
** NABORS INDUSTRIES LTD, $11.01, +7.10 pct
** HALLIBURTON CO >, $39.06, +3.28 pct
** BAKER HUGHES INC, $56.08, +2.09 pct
Shares of oil producers and oil service companies were up on Tuesday despite oil falling below $59/bbl for first time since 2009. “With oil below $60, I speculate that the market feels the energy industry is in deep value territory as we could potentially be reaching a bottom in the price of oil, thus investors are buying energy,” Raymond James analyst Carlos Newall said. [ID:nL3N0U04L4
Graphic: Oil company bonds: debt in distress link.reuters.com/cus63w
** WILLBROS GROUP INC, $4.84, +20.70 pct
The specialty energy infrastructure contractor reported better-than-expected third-quarter revenue and refinanced its term loan with a new $270 million loan.
** BBX CAPITAL CORP, $13.36, -12.91 pct
BankAtlantic Bancorp Inc, now known as BBX Capital, and its CEO defrauded investors in 2007, a federal jury found. The Florida lender and Alan Levan, who remains as CEO, were found liable by a federal jury in Miami.
As a result of the time frames involved in the appeal of the verdict, BFC Financial Corp and BBX Capital have mutually agreed to terminate their proposed merger.
** NAVISTAR INTERNATIONAL CORP, $30.87, -11.93 pct
The Illinois-based truckmaker reported a larger-than-expected loss, pulled down by restructuring and product warranty costs.
** GT ADVANCED TECHNOLOGIES INC, $0.469, +14.95 pct
** APPLE INC, $108.7001, +0.44 pct
GT Advanced altered its settlement with former partner Apple to produce more near-term cash to support its emergence from bankruptcy, a lawyer for the sapphire maker told a court on Monday.
** FRONTLINE LTD, $2.38, -17.07 pct
The shipping company signed a private deal to exchange $22.5 million of its 4.5 percent convertible bond for 3.9 million shares at $3.12 per share, a near 9 pct premium to Monday close. The exchange also includes a cash payment of $9.6 million plus accrued interest and the company will issue an additional 760,377 shares to bondholders.
** HYDROGENICS CORP, $11.64, -3.80 pct
The Canadian fuel cell maker said it will not meet its full-year target of over $50 million revenue and break-even on an adjusted EBITDA basis. Due to supplier issues, there will be a delay in the delivery of two projects scheduled for shipment in fourth quarter and associated revenue of about $5 million will be recognized in first quarter.
** 3M CO, $160.39, +2.26 pct
The maker of adhesives, abrasives and other products for a variety of industries said it expected organic sales to rise 3-6 percent in 2015, excluding the effect of foreign exchange rates. It also raised its dividend for the first quarter by 20 percent to $1.025 per share.
** BIOLINERX LTD, $1.7, +4.29 pct
Swiss drugmaker Novartis AG bought a 12.8 percent stake in the Israeli biopharmaceutical company as part of a multi-year collaboration deal. Novartis acquired an initial 5 million BioLineRx American depositary shares at $2.00 a share.
** IAMGOLD CORP, $2.34, +0.43 pct
** YAMANA GOLD INC, $3.67, +0.27 pct
** GOLDCORP INC, $17.61, +1.09 pct
** NEWMONT MINING CORP, $18.03, +0.61 pct
** BARRICK GOLD CORP, $10.51, +0.57 pct
** RANDGOLD RESOURCES LTD, $63.23, +3.32 pct
** ANGLOGOLD ASHANTI LTD, $7.68, +2.67 pct
** FRANCO-NEVADA CORP, $47.14, +2.17 pct
** AGNICO EAGLE MINES, $22.36, +0.72 pct
** ELDORADO GOLD CORP, $5.96, +3.29 pct
The stock of gold miners rallied as the price of the metal rose around 2 percent on Tuesday, aided by a diving dollar and lower European stocks, after falling more than 2 percent in the prior session in its deepest 1-day slide in over a year.
Spot gold rose as high as $1,221.40 an ounce and was up 2 percent at $1,215.81 an ounce by 1258 GMT as other markets, already nervous about this week’s U.S. Federal Reserve meeting and a fall in oil prices, were rattled by the failure of Russia’s emergency interest rate rise to stabilise its currency.
** ORANGE, $17.03, +6.77 pct
Britain’s BT has entered into exclusive talks with Orange and Deutsche Telekom to buy EE for 12.5 billion pounds ($19.6 billion) , opting for the country’s biggest mobile operator over rival suitor, Telefonica’s O2.
** YANDEX NV, $17.12, -3.17 pct
** VIMPELCOM, $3.31, -1.78 pct
** MOBILE TELESYSTEMS, $6.36, -8.09 pct
** QIWI, $19.59, -8.93 pct
** CTC MEDIA INC, $4.6842, +2.95 pct
The slump in the rouble, down 50 percent against the dollar this year, forced Russia’s central bank raised its key interest rate to 17 percent from 10.5 percent on Tuesday. The rouble plunged around 10 percent against the dollar on Monday, its sharpest fall since 1998.
Breakingviews article on the rouble
** SALIX PHARMACEUTICALS LTD, $110.15, +6.91 pct
The drug developer said it would clear excess inventory by the end of 2015, a year earlier than it had forecast.
** BOEING CO, $124.91, +2.32 pct
The world’s biggest planemaker raised its share repurchase authorization to $12 billion from $10 billion and said it would increase its quarterly dividend by 25 percent, a sign of confidence in its cash outlook for the year. The company had $4.8 billion remaining in its previous stock buyback plan and raised the dividend to 91 cents per share from 73 cents.
** GRUBHUB INC, $32.71, +3.06 pct
Goldman Sachs raised its rating on the online and mobile food delivery service company’s shares to “buy” from “neutral”, according to Theflyonthewall.com
** RANGE RESOURCES CORP, $59.63, +7.64 pct
Barclays raised its rating on the oil producer to “equal weight” from “underweight”. “Range shares should be far less vulnerable to the steep oil price declines than most E&Ps, and we see a large improvement in its relative attractiveness,” the brokerage said.
Barclays target price is $65 versus its previous target of $68, a cut of about 4 percent compared with a more than 20 percent cut on the company’s peers
** EXACT SCIENCES, $25.72, -4.53 pct
The molecular diagnostic’s company offered a pricing of 4 million shares at $25.75 per share, at a 4.4 percent discount to Monday’s last trade.
** CVS HEALTH CORP, $93.27, +3.78 pct
The pharmacy chain operator said it expects 2015 adjusted earnings of $5.05-$5.19/share vs average analyst estimate of $5.11. The company also announced a new share repurchase program for up to $10 billion.
** RCM TECHNOLOGIES INC, $8.127, +4.46 pct
The IT services company said it will give special dividend of $2 per share payable on Dec. 30 to stockholders of record on Dec. 26.
** CROCS INC, $12.515, +2.92 pct
The company, known for its colorful clog shoes, said it appointed Gregg Ribatt as chief executive, effective late January. Crocs has been looking to remodel its core footwear brands and said Ribbat’s appointment would aid the transformation.
** SUNPOWER CORP, $24.26, +4.30 pct
** FIRST SOLAR INC, $42.15, +1.18 pct
Morgan Stanley said it assigned a 75 percent probability to SunPower launching a Yield Co and a 50 percent probability to First Solar, based on recent commentary from each company’s management team.
Based on this, the brokerage upgraded SunPower to “overweight” and introduced a price target of $35. It maintained its “equal-weight” rating on First Solar and introduced a $47 target. (Compiled by Anannya Pramanick in Bangalore; Editing by Savio D‘Souza)