March 31, 2015 / 3:38 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Rada Electronic, Intercept Pharma, Alon USA

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter,; for the Morning News Call newsletter, U.S. stocks fell on Tuesday in a modest retreat from the previous session's sharp rally, but major indexes remained on track for a positive first quarter and the S&P 500 was set for its ninth straight quarterly rise. The Dow Jones industrial average was down 0.44 percent at 17,896.5, the S&P 500 was down 0.34 percent at 2,079.09 and the Nasdaq Composite was down 0.30 percent at 4,932.79.

** CHARTER COMMUNICATIONS INC, $197.595, +7.75 pct

The cable television operator said it would buy Bright House Networks in a cash-and-stock deal valued at $10.4 billion to expand in Florida. Charter said it would pay Advance Newhouse, the owner of Bright House, $2 billion in cash and the rest in common and convertible preferred units of a newly created partnership for the deal.

** SYNTA PHARMACEUTICALS CORP, $1.91, -18.03 pct

The drug developer priced its offering of 22 million shares at $1.75 each, a 25 percent discount to the stock’s Monday’s close.

** VAALCO ENERGY INC, $2.44, -22.04 pct

The oil and gas producer said it is abandoning its first well drilled offshore Angola as it was found to be water-bearing.

** TECK RESOURCES LTD, $13.84, -9.36 pct

The Canadian miner and Antofagasta Plc denied that they were in talks about a merger after Bloomberg reported that the two mining companies were in early stage talks. Teck said in a statement that it was not in discussions with Antofagasta “in relation to any form of transaction.”


The Israel-based defense electronics contractor said its tactical ‘active electronically scanned array’ (AESA) radar technology will be available in North America through deal with DRS Technologies Inc. DRS will produce and support tactical AESA radars as part of its tactical radar portfolio.


The drug developer priced its offering of 1.2 million shares at $282 per share, a 5 percent discount to the stock’s Monday close. The offering represents nearly 5 percent of company’s outstanding shares as of Feb. 15.

** CELLADON CORP, $20.74, -4.29 pct

The drug developer reported a wider fourth-quarter operating loss due to higher costs.

** GREAT BASIN SCIENTIFIC INC, $3.59, +47.13 pct

The medical tests maker got a patent covering its method of enhancing its molecular diagnostic test for a superbug. The company said the patent will lower costs and speed up the process to detect the bacteria, Clostridium difficile.

** DELEK US HOLDINGS INC, $39.93, +0.05 pct

** ALON USA ENERGY INC, $16.94, +6.01 pct

Refiner Delek US Holdings said it is in talks to buy some or all of Alon Israel Oil Co Ltd, the parent company of Alon USA Energy.

** MOVADO GROUP INC, $29.54, +15.26 pct

The luxury watch designer reported a better-than-expected fourth-quarter profit, helped by lower taxes. The company also said it would raise prices to offset the negative impact of foreign currency movements and that it would streamline “certain aspects” of its business.

** SORL AUTO PARTS INC, $3.6806, +10.53 pct

The Chinese auto parts maker reported a 14 percent jump in fourth-quarter revenue, helped by new contracts and market share gains.

** CORONADO BIOSCIENCES INC, $4.208, +18.87 pct

Analysts at MLV & Co raised their rating on the drug developer’s stock to “buy” from “hold”, and raised their price target by $5 to $7, saying Coronado’s opioid treatment, tramadol, could win approval as early as 2016 following a positive late-stage study. MLV estimated the drug would earn $80 million in annual sales by 2018.

** E-COMMERCE CHINA DANGDANG INC, $9.49, +13.25 pct

The Chinese online books and media retailer reported a better-than-expected fourth-quarter earnings per American depositary share, helped by higher orders from mobile phones.


The China-based apparel retailer reported a 52.4 percent rise in 2014 profit and a 25 percent rise in sales helped by revenue gains in both its retail and wholesale businesses.

** INFINERA CORP, $19.5502, +0.72 pct

The network gear maker said Facebook Inc had deployed Infinera’s technology in its European terrestrial network.

** GLAXOSMITHKLINE PLC, $46.05, -2.44 pct

** JOHNSON & JOHNSON, $101.2, -0.34 pct

GlaxoSmithKline has agreed to settle a lawsuit by Johnson & Johnson accusing it of using false advertising at the start of the U.S. allergy season to grab market share.

** CBRE GROUP INC, $38.36, +5.36 pct

** JOHNSON CONTROLS INC, $50.65, +1.65 pct

Johnson Controls, the largest U.S. auto parts maker, said it would sell its business that helps corporations manage their real estate energy needs to real estate services firm CBRE Group for $1.48 billion in cash. CBRE, the world’s largest commercial real estate services firm, said it expects the deal to add to adjusted earnings in 2016.


** MONTPELIER RE HOLDINGS LTD, $38.18, +0.08 pct

Property and casualty insurer Endurance will buy reinsurer Montpelier for about $1.83 billion in cash and stock, to expand into the Lloyd’s of London underwriting business. Montpelier shareholders will get 0.472 Endurance share and $9.89 in cash for each share held, the companies said on Tuesday. This represents $40.24 per share for Montpelier, a 5.5 percent premium to the stock’s closing on Monday.

** GW PHARMA PLC, $91.97, +4.04 pct

The British maker of cannabis-based drugs said it has started the second leg of a mid-stage trial testing Epidiolex to treat Dravet syndrome, a rare, treatment-resistant form of childhood epilepsyelectronics. Data from the trial is expected at end of year and GW expects to submit a marketing application to the FDA in mid-2016. Epidiolex will also undergo late-stage testing to treat Lennox-Gastaut syndrome.

** J C PENNEY CO INC, $8.24, +5.24 pct

Analysts at Piper Jaffray raised their price target on the department store chain’s stock to $14, according to Seeking Alpha. The brokerage also raised its estimates for the company based on inventory channel checks, Seeking Alpha reported.


The drug developer said it won a U.S. government contract for the continued development of its potential treatment for viral diseases, including Ebola. The 18-month contract includes a base value of $12.1 million to support manufacturing, as well as $22.9 million in additional development options that can be exercised by the government.

** SPRINT CORP, $4.69, -1.26 pct

Sprint has agreed to settle a $131 million lawsuit accusing it of defrauding shareholders by issuing false and misleading statements about its tightened credit standards, improvements in its subscriber base, and the success of its merger with Nextel Communications Inc. (Compiled by Ramkumar Iyer in Bengaluru; Editing by Simon Jennings)

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