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U.S. stock indexes edged higher in a thinly-traded session on Monday, as the market’s recent upward bias continued and put the Dow on track for an eighth straight daily advance. The Dow Jones industrial average was unchanged at 18,053.17, the S&P 500 was up 0.15 percent at 2,091.94 and the Nasdaq Composite was up 0.11 percent at 4,812.022.
** LIVEDEAL INC, $4.03, +22.49 pct
The internet marketing company’s revenue tripled to $7.2 million for the year ended Sept. 30, helped mainly by acquisitions.
** MANITOWOC CO INC, $22.55, +7.79 pct
Carl Icahn reported a 7.7 percent stake in the company, and became the second activist investor to push for the splitup of its crane and foodservice equipment businesses.
** JUNO THERAPEUTICS INC, $50.66, +3.96 pct
The cancer drug developer said its license agreement with privately owned Opus Bio related to an experimental cancer drug is effective after meeting some closing conditions. Juno said it paid $20 million and issued about 1.6 million shares to Opus for the rights to the drug, which is in early-stage trial. (1.usa.gov/1zrvcXs)
** COMSTOCK RESOURCES INC, $7.16, +4.99 pct
** MATADOR RESOURCES CO, $20.01, +3.14 pct
** PIONEER ENERGY SERVICES CORP, $5.57, +2.01 pct
** CHESAPEAKE ENERGY CORP, $19.86, +0.76 pct
Oil and gas producers’ shares gained after Brent rises to around $60 per barrel, supported by concerns about disruption to output from Libya.
** CLIFFS NATURAL RESOURCES INC, $6.78, +7.45 pct
** ARCH COAL INC, $1.85, +1.09 pct
** PEABODY ENERGY CORP, $7.97, +2.18 pct
** ALPHA NATURAL RESOURCES INC, $1.63, +1.88 pct
Shares of U.S.-listed coal and iron ore miners rose after China’s iron ore and rebar futures posted the strongest gains in three weeks, rising nearly 2 percent on hopes of further credit easing by the Chinese central bank.
** REPROS THERAPEUTICS INC, $9.57, +5.28 pct
A federal judge in Texas confirmed the drug developer’s rights on two patents related to its experimental testosterone drug, Androxal. Repros had sued New York urologist and fertility specialist Harry Fisch in August 2013 over his claims of co-inventorship of one patent and contribution to the second patent.
** IGNYTA INC, $6.83, +4.43 pct
The U.S. Food and Drug Administration granted an orphan drug status to the biotech company’s lead drug, entrectinib. The drug also received a rare pediatric disease designation, which can help Ignyta gain access to a priority review voucher. The priority voucher may be sold or transferred an unlimited number of times
** COEUR MINING INC, $5.11, -3.22 pct
** ALAMOS GOLD INC, $6.91, -4.03 pct
** KINROSS GOLD CORP, $2.71, -2.87 pct
** SILVER WHEATON CORP, $20.02, -1.48 pct
** FIRST MAJESTIC SILVER CORP, $4.77, -2.25 pct
Gold and silver miners’ shares were down as gold prices fell, giving up some of sharp short-covering gains in the previous session.
** GILEAD SCIENCES INC, $96.73, +3.13 pct
Morgan Stanley raised the Hepatitis C drug maker’s stock to “overweight” from “equal-weight”, saying concerns surrounding the pricing of AbbVie Inc’s newly-approved treatment should be viewed as an opportunity. The analysts also raised their price target to $104 from $100, saying the second-largest U.S. pharmacy benefit manager, CVS Health Corp, was unlikely to exclude Gilead’s drugs from coverage. Oppenheimer analysts said developments in the hep C space were more “bark than bite”, and that Gilead was “solidly equipped” to negotiate from a position of strength, given its drugs have an overall better clinical profile versus AbbVie’s.
Separately, Gilead said it expanded an agreement with Johnson & Johnson to develop a single tablet HIV treatment.
** AMBARELLA INC, $53.55, -4.27 pct
Needham cut its rating on the video-processing chip maker’s stock to “underperform” from “hold”, citing its lower gross margin forecast and expected slowdown in revenue growth for the second half of 2015.
** MAXLINEAR INC, $7.18, -2.58 pct
** CAVIUM INC, $60.76, -3.39 pct
** M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS INC, $31.7, -1.46 pct
** SKYWORKS SOLUTIONS INC, $72.126, -3.17 pct
** RF MICRO DEVICES INC, $16.54, -1.11 pct
** TRIQUINT SEMICONDUCTORS INC, $27.66, -3.39 pct
** INPHI CORP, $16.51, +6.38 pct
Shares of communication chip makers fell after Needham & Co downgraded the stocks of several companies in a note titled “2014 Recap and 2015 Outlook - Turning More Cautious on Semiconductor Stocks”. Analyst Quinn Bolton said he believed revenue/EPS might decelerate, valuation multiples would not expand further and that estimates already reflected strong earnings growth.
Inphi’s shares rose after the brokerage raised the stock to “strong buy” from “buy” and named it the top pick for 2015.
** AMERICAN APPAREL INC, $1.051, -0.85 pct
The apparel retailer’s board has received a letter from British buyout firm Lion Capital, pushing it to explore strategic options include a sale, a source familiar with the situation said on Sunday. The letter also said that Lion Capital would nominate Lyndon Lea, one of its founders, to the clothing retailer’s board of directors to replace one of its previous designees, Gene Montesano. (Compiled by Manya Venkatesh in Bengaluru; Editing by Kirti Pandey)