(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 turned positive in volatile late morning trading on Tuesday. Wall Street had opened lower as a further slide in crude oil prices and the Russian rouble sent traders fleeing from risky assets on global economic concerns.
The Dow Jones industrial average was up 0.59 percent at 17,282.63, the S&P 500 was up 0.55 percent at 2,000.51 and the Nasdaq Composite was up 0.09 percent at 4,609.454.
** NOVOGEN LTD, $4.88, +185.38 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.
** WILLBROS GROUP INC, $5.09, +26.93 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, $13.43, -12.45 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.
** CYCLACEL PHARMACEUTICALS INC, $0.73, -74.20 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, $7.55, +47.46 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
** GOOGLE INC, $509.83, -1.17 pct
J.P. Morgan lowered its revenue and non-GAAP earnings estimates for Q4, 2015, and 2016 to account for slower organic growth, continued strength in the dollar and ongoing investment opportunities. “However, we believe buy-side expectations are currently below sell-side estimates,” the brokerage said.
J.P. Morgan cut its price target to $600 from $670, but maintained its “overweight” rating on the stock.
** NAVISTAR INTERNATIONAL CORP, $31.01, -11.53 pct
The Illinois-based truckmaker reported a larger-than-expected loss, pulled down by restructuring and product warranty costs.
** GT ADVANCED TECHNOLOGIES INC, $0.5201, +27.48 pct
** APPLE INC, $108.9766, +0.69 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, $2.37, -17.42 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, $11.37, -6.03 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, $159.82, +1.89 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.
** COCA-COLA CO, $40.9, +0.81 pct
The company said it does not expect its earnings per share growth in 2015 to be “significantly different” from 2014, when adjusted for currency, as the company struggles to grow amid lackluster demand for soda.
UBS, Jefferies and Nomura cut their price targets on the stock.
** BIOLINERX LTD, $1.78, +9.20 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, $2.38, +2.15 pct
** YAMANA GOLD INC, $3.701, +1.12 pct
** GOLDCORP INC, $17.45, +0.17 pct
** NEWMONT MINING CORP, $17.88, -0.22 pct
** BARRICK GOLD CORP, $10.46, +0.10 pct
** RANDGOLD RESOURCES LTD, $63.25, +3.35 pct
** KINROSS GOLD CORP, $2.63, -2.59 pct
** ANGLOGOLD ASHANTI LTD, $7.61, +1.74 pct
** FRANCO-NEVADA CORP, $46.34, +0.43 pct
** AGNICO EAGLE MINES, $22.32, +0.54 pct
** ELDORADO GOLD CORP, $5.93, +2.77 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, $17.1, +7.21 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, $16.69, -5.60 pct
** VIMPELCOM, $3.17, -5.93 pct
** MOBILE TELESYSTEMS, $6.02, -13.01 pct
** QIWI, $18.83, -12.46 pct
** CTC MEDIA INC, $4.5, -1.10 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, $111.02, +7.76 pct
The drug developer said it would clear excess inventory by the end of 2015, a year earlier than it had forecast.
** BOEING CO, $124.66, +2.11 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, $33.64, +5.99 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, $59.9, +8.12 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, $26.07, -3.23 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.
** CROCS INC, $12.56, +3.29 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, $24.34, +4.64 pct
** FIRST SOLAR INC, $41.87, +0.50 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.
** ABRAXAS PETROLEUM CORP, $2.665, +4.10 pct
Analysts at Baird downgraded the oil and gas producer’s stock to “neutral” from “outperform,” and halved the price target to $3 after company cut its fourth-quarter output forecast. The company also chopped its 2015 drilling budget to about $54 million from $200 million , citing weak oil prices. (Compiled by Anannya Pramanick in Bangalore; Editing by Savio D’Souza)