May 26, 2015 / 1:53 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-EMC, Cerulean, Geeknet, Imris

(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 opened lower on Tuesday as the dollar pushed higher after data showed that U.S. business investment spending plans increased in April for the second straight month. The Dow Jones industrial average was down 0.73 percent at 18,099.43, the S&P 500 was down 0.65 percent at 2,112.22 and the Nasdaq Composite was down 12.17 points, or 0.24 percent, at 5,077.20.

** GEEKNET INC, $17.21, +117.85 pct

Mall-based apparel and accessories retailer Hot Topic Inc offered to buy online retailer Geeknet for $117.8 million.

Hot Topic’s $17.50 per share offer represents a 121 percent premium to the stock’s Friday close.

** IMRIS INC, $0.1017, -83.27 pct

The Canadian medical device maker and two subsidiaries filed for Chapter 11 protection on Tuesday.

The company said it intends to sell itself to Deerfield Management LP and had secured debtor-in-possession financing commitment from Deerfield.


The energy-focused construction company said it received order for 12 offshore jackets from Saudi Aramco.

The contract, to be included in the second-quarter backlog, will be completed by end of the first quarter of 2016. This is the second contract from Saudi Aramco this year.

** EMC CORP, $26.21, -2.35 pct

The data storage products maker said it would buy privately held Virtustream for about $1.2 billion in cash to expand its cloud offerings.

** FIRST SOLAR INC, $51.82, -5.90 pct

RBC downgraded the solar panel maker’s stock to “underperform” from “sector perform” and cut its price target to $34 from $54, forecasting “flattish” revenue growth in 2015 and 2016.

The company’s low-cost advantage due to its cadmium telluride technology for large utility-scale projects “is diminishing due to significant cost reduction achieved by C-Si (crystalline silicon) producers,” analysts wrote in note.

** CERULEAN PHARMA INC, $6.3195, +3.94 pct

The U.S. FDA granted orphan drug status to the biotech company’s ovarian cancer drug, CRLX101.

The status, granted to drugs meant for rare diseases, allows drugmaker incentives, including seven-year U.S. marketing exclusivity. CRLX101 has shown activity in four different tumor types, both as monotherapy and in combination with other cancer drugs.


The Canadian biotech company said the U.S. FDA granted its abuse-deterrent pain drug fast track status.

The status expedites review of drugs intended to treat serious conditions that have few or no treatment options. The drug, Rexista Oxycodone XR, is intended for management of pain when an around-the-clock analgesic is needed for extended period of time.

** TIME WARNER CABLE INC, $178.66, +4.37 pct

** CHARTER COMMUNICATIONS INC, $176.24, +0.52 pct

** COMCAST CORP, $58.56, +1.19 pct

Charter Communications struck a $56 billion deal to buy Time Warner Cable, seeking to combine the third- and second-largest U.S. cable operators to better compete against market leader Comcast Corp.

** ASTRAZENECA PLC, $68.04, -2.03 pct

Britain’s second-biggest drugmaker’s hopes of topping $45 billion in revenue by 2023 have been dealt a blow by a problem with an experimental psoriasis drug that it had viewed as a potential billion-dollar plus seller.

** PRICELINE GROUP INC, $1,199.8, -0.72 pct

** CTRIP.COM INTERNATIONAL LTD, $81.901, -3.22 pct

Travel websites operator Priceline will invest an additional $250 million in Chinese online travel company to tap the fast growing China market.

** LIVEPERSON INC, $10.1, +12.98 pct

** NICE SYSTEMS, $62.76, -3.53 pct

Israeli software provider Nice is in talks to buy chat software firm LivePerson, the Calcalist financial news website said on Tuesday.

** BARRICK GOLD CORP, $11.89, -3.25 pct

The Canadian miner said it would sell 50 percent stake in its unit that manages the Porgera gold mine in Papua New Guinea to China’s Zijin Mining Group Co Ltd for $298 million in cash. (Reporting By Shubhankar Chakravorty in Bengaluru; Editing by Joyjeet Das)

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