January 6, 2015 / 3:48 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Frontline, Michael Kors, Minerva

(Adds Cleveland Biolabs, Combimatrix, Frontline; Updates Crescent Point, Michael Kors) (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 were little changed on Tuesday a day after Wall Street suffered its biggest drop since early October and as data showed the pace of momentum in the U.S. economy had slowed. The Dow Jones industrial average was up 0.06 percent at 17,512.12, the S&P 500 was up 0.08 percent at 2,022.21 and the Nasdaq Composite was down 0.2 percent at 4,643.32.

** CRESCENT POINT ENERGY CORP, $21.41, +1.09 pct

The Canadian oil producer said it would cut its capital spending by 28 percent in 2015, becoming the latest Canadian oil and gas producer to trim its spending plans in the face of a sustained fall in global oil prices.

** CLEVELAND BIOLABS INC, $0.3197, +5.51 pct

The drug developer said interim analysis of early-stage oral administration trial shows its cancer drug, code named Curaxin CBL0137, was well-tolerated at various dose levels.

** COMBIMATRIX CORP, $1.56, +19.08 pct

A U.S. court issued a tentative ruling in favor of the medical test-maker and other defendants, and against all claims of plaintiffs in insurance benefit case. The court determined that the company and other defendants had no fraudulent intent when they pursued insurance benefits under the National Union D&O Policy over a decade ago.

** DELHAIZE GROUP SA, $18.54, +5.82 pct

BAML upgraded Belgium-based Delhaize’s stock to “buy” from “hold” on an improved outlook for the supermarket chain’s U.S. arm.

BAML said the valuations were attractive, and the company’s shares were trading at a 25 percent discount to its peers’, despite an exposure to a stronger dollar. Impact from Belgian labor action was well-flagged and priced in to the shares.

** FRONTLINE LTD, $3.08, +20.31 pct

The Crude tanker company expected continued high demand and solid freight rates, boosted by a drop in oil prices and increased contango driven storage, CEO Robert Hvide Macleod said. Rising demand and low prices for oil have sent freight rates for very large crude carriers up 100 percent since mid-October to around $55,000-$60,000 per day.

** MICHAEL KORS HOLDINGS LTD, $67.7, -7.26 pct

** KATE SPADE & CO, $29.51, -4.56 pct

Handbag and accessories maker Michael Kors’ stock fell as much as 7 percent to its one-and-a-half-year low of $67.88. Credit Suisse downgraded it to “neutral” from “outperform” and cut its price target to $79 from $103, citing higher promotions for the company’s handbags.

Shares of smaller rival Kate Spade were also down.

** CYTRX CORP, $3.27, +14.74 pct

The biotechnology company said interim data showed its experimental cancer drug was effective in a mid-stage study to treat patients with a deadly form of brain cancer.

** MINERVA NEUROSCIENCES INC, $7.99, +33.17 pct

An analog of the drug developer’s experimental compound showed improvements in treating symptoms of Parkinson’s disease in primates. The company used an analog of MIN-301, its investigational neuregulin-1 compound.

“This data provides further support for advancing MIN-301 into clinical trials for the treatment of Parkinson’s disease in humans,” Chief Executive Remy Luthringer said.

** ROYAL GOLD INC, $66.87, +1.55 pct

** HARMONY GOLD MINING CO LTD, $2.295, +8.77 pct

** ANGLOGOLD ASHANTI LTD, $9.5, +3.60 pct

** NEWMONT MINING CORP, $19.93, +2.42 pct

** SIBANYE GOLD LTD, $8.26, +6.44 pct

Gold prices hit three-week highs on sliding oil prices and concerns over Greece’s exit from the euro zone.


The drug developer said U.S. FDA accepted 30 percent reduction in pain as the main goal of a late-stage study of drug to treat fibromyalgia. Tonix’s lead drug, TNX-102 SL, reduced pain by at least 30 percent in a mid-stage study on Sept. 29.

** VERIZON COMMUNICATIONS INC, $46.84, +0.58 pct

** AOL INC, $46.6, +4.16 pct

The telecom company approached AOL about a potential acquisition or joint venture to expand its mobile-video offerings, Bloomberg reported citing people with knowledge of the matter.

** SONY CORP, $20.48, +1.09 pct

Chief Executive Officer Kazuo Hirai on Monday praised employees and partners of the company’s Hollywood movie studio for standing up to “extortionist efforts” of hackers who attacked Sony Pictures Entertainment.

** CVS HEALTH CORP, $94.87, +0.75 pct

** GILEAD SCIENCES INC, $97.75, +1.00 pct

** ABBVIE INC, $65.25, +0.93 pct

CVS Health, one of the largest U.S. managers of drug benefits, said it would give preferred status to the hepatitis C treatments from Gilead Sciences and cover a new competing treatment from AbbVie only as an exception.

** AMERICAN AIRLINES GROUP INC, $53.85, -0.05 pct

** HAWAIIAN HOLDINGS INC, $24.59, -1.99 pct

** DELTA AIR LINES INC, $47.56, -1.65 pct

American Airlines and Hawaiian Airlines formally launched bids Monday to wrest control of a key slot in Tokyo’s Haneda Airport from Delta as part of a fight among the carriers to stake out a greater presence in Asia.

** ASTRAZENECA PLC, $69.155, -1.01 pct

Drugmaker AstraZeneca has appointed a new leader for its all-important immuno-oncology drug development operation after the departure of the previous head for personal reasons, the British-based drugmaker said on Monday.

** JOHNSON & JOHNSON, $104.46, +0.65 pct

The drugmaker has started clinical trials of its experimental Ebola vaccine, which uses a booster from Denmark’s Bavarian Nordic A/S, making it the third such shot to enter human testing.

** TWITTER INC, $37.75, +3.77 pct

The microblogging site said it has fully resolved an issue with a delay in tweets appearing on users’ timelines from 1651 PST to 1830 PST on Monday (from 0051 GMT to 0230 GMT Tuesday).

Users of Twitter, whose main service allows broadcast of 140-character messages, were facing a delay of 25 minutes to 45 minutes.

** CEMPRA INC, $23.5642, -4.02 pct

The antibiotic developer said it intends to sell common stock worth $100 million in public offering. Cempra scheduled to price offering on Wednesday, bookrunning manager told IFR. The company has market value of about $880 million.

** CERUS CORP, $6.11, -7.00 pct

The biomedical product maker plans public offering of common stock, but gives no details on the size. Issue to be priced after markets close Tuesday, IFR confirms with bookrunning manager.

** CYBERONICS INC, $54.4, -5.87 pct

Centers for Medicare & Medicaid Services (CMS) will not cover the medical technology company’s implanted device for treatment-resistant depression. CMS will allow coverage of maintenance services for patients who began using device before 2007.

** GENERAL MOTORS CO, $34.66, +0.96 pct

The car maker and its Chinese joint ventures sold a record 3,539,970 vehicles in China in 2014, up 12 percent from the previous year.

** DISH NETWORK CORP, $69.485, -1.36 pct

The No. 2 U.S. satellite TV on Monday took the wraps off its long-anticipated video streaming service, named Sling TV, targeted at younger consumers who shun pricey cable and satellite subscriptions. (Compiled by Lehar Maan)

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