(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 opened flat on Friday, with indexes set for a sharp weekly decline, as investors awaited a speech by Federal Reserve Chair Janet Yellen. The Dow Jones industrial average was up 0.07 percent at 17,690.71 and the S&P 500 was up 0.13 percent at 2,058.89.
** OHR PHARMACEUTICAL INC, $3.13, -64.15 pct
The company said its experimental eye drug failed the main goal in a mid-stage study as a combination therapy, wiping out nearly two-thirds of the company’s market value on Friday.
** CARNIVAL CORP, $46.68, +5.09 pct
The world’s largest cruise operator by revenue swung to a quarterly profit, helped by lower costs.
** DOW CHEMICAL CO, $47.95, +3.25 pct
** OLIN CORP, $32.97, +21.26 pct
Dow Chemical said it would separate most of its chlorine business and sell it to smaller rival Olin in a tax-efficient deal valued at about $5 billion.
** OREXIGEN THERAPEUTICS INC, $7.5, +3.45 pct
The drugmaker said on Thursday that the European Commission granted marketing authorization to the company’s obesity drug, Mysimba.
** BIOMARIN PHARMACEUTICAL INC, $129.024, +11.66 pct
Deutsche Bank raises price target on the stock to $140 from $90. Deutsche analysts said they see a potential M&A take out of about $194-$271 per share in one year, assuming the company’s bone disorder drug, muscle weakness drug and blood clotting drug show positive results.
** BLACKBERRY LTD, $9.63, +3.55 pct
The Canadian smartphone maker posted better-than-expected quarterly earnings on Friday, offering signs its turnaround efforts may be beginning to gain traction, but a larger-than-expected drop in revenue gave investors cause for concern.
** AMERICAN EAGLE OUTFITTERS INC, $16.56, -2.13 pct
Goldman Sachs cut its rating on the stock to “sell” from “neutral”. “We think the market has gotten ahead of itself in its view of longterm earnings power,” analysts wrote in a note. Declining mall traffic, growing costs from ecommerce and aggressive competition from fast-fashion and off-price retailers make it difficult for American Eagle to raise prices this year, the analysts said.
** ARCELORMITTAL SA, $9.62, -3.80 pct
Citigroup downgrades the company’s Europe-listed stock from “neutral” to “sell”, which is now the lowest among 31 brokerages. Citi cut its 2015 EBITDA forecast for the company to $5.8 billion, which is 15 percent below analysts’ average estimate.
** BUILDERS FIRSTSOURCE INC, $6.5, +5.18 pct
The U.S. supplier of residential building products is in discussions to acquire peer ProBuild Holdings Inc for about $1.5 billion, including debt, three people familiar with the matter said on Thursday.
** CNOOC LTD, $141.06, +4.64 pct
China’s top offshore oil producer said on Friday its 2014 net profit rose 6.5 percent, beating forecasts, as cost cuts and higher output helped it offset the slide in global oil prices. (Compiled By Manya Venkatesh in Bengaluru; Edited by Maju Samuel)