May 26, 2015 / 6:14 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Cyren, SFX Entertainment, Sky-Mobi

(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 recorded their steepest fall in three weeks in morning trading on Tuesday as positive economic data added to the gains in the dollar and sent it soaring to a one-month high. The Dow Jones industrial average was down 1.25 percent at 18,004.7, the S&P 500 was down 1.17 percent at 2,101.26 and the Nasdaq Composite was down 19.52 points, or 0.92 percent, at 2,106.54.

** GENERAL MOTORS CO, $35.55, -0.42 pct

The U.S. car maker said it will spend $1.2 billion to expand and upgrade the paint shop, body shop and general assembly area at its full-size truck plant in Fort Wayne, Indiana.

** SFX ENTERTAINMENT INC, $4.99, +21.12 pct

The music event organizer’s chief executive raised offer to buy the company. CEO Robert Sillerman’s new offer, valuing SFX at about $774 million, is higher than his Feb. 25 offer of $4.75. Sillerman owns about 37 percent of the company, which organizes the world’s largest EDM festival, Tomorrowland.

** SKY-MOBI LTD, $4.09, -8.09 pct

The Chinese mobile phone app maker said second-quarter revenue would be hurt by new payment security policies adopted by three mobile carriers in China.

China Mobile, China Unicom and China Telecom suspended certain payment channels and introduced a mandatory payment verification step, discouraging mobile subscribers from buying content from app providers like Sky-mobi.

** CYREN LTD, $2.66, -15.56 pct

The Israeli cyber security software maker’s first-quarter revenue fell 13.5 percent, hurt mainly due to continued decline of euro. The company gets about 40 percent of its revenue in euros.

** MAGAL SECURITY SYSTEMS LTD, $4.56, -7.51 pct

The security system supplier reported 6 percent fall in first quarter revenue to $11.8 million, citing impact of harsh winter in the United States.

** PRIMA BIOMED LTD, $3.027, -3.90 pct

The Australian biotech announced on Sunday a deal to commercialize iCAN, which handles electronic records and electronic signatures associated with operations for immuno-cellular therapies like CVac.


The Israel-based defense electronics contractor reported a 32 percent decline in first-quarter revenue, citing delayed deliveries of some avionics production items. The company’s financial expenses rose 13 percent.

** TECK RESOURCES LTD, $11.86, -6.17 pct

TD Securities cut the price target on the Canadian miner’s stock to C$16 from C$18, saying that a “rapid price recovery” was not expected in coking coal.

“The coking coal market remains over-supplied by 15-20 million tons with no obvious signs that coal producers are rushing to cut capacity to re-balance the market,” analysts wrote in a note.

** QUEST DIAGNOSTICS INC, $77.13, -3.10 pct

The largest U.S. laboratory diagnostics company’s shares fell on Tuesday after jumping to a record high of $88.89 on Friday following chatter on Twitter and elsewhere that the company may be trying to sell itself.

** GEEKNET INC, $17.03, +115.57 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, $0.0603, -90.08 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.

** MCDERMOTT INTERNATIONAL INC, $5.265, +12.74 pct

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, $51.69, -6.14 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.


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, $184.15, +7.58 pct

** CHARTER COMMUNICATIONS INC, $181.805, +3.69 pct

** COMCAST CORP, $58.23, +0.62 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, $67.59, -2.68 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, $1,196.69, -0.98 pct

** CTRIP.COM INTERNATIONAL LTD, $81.06, -4.22 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, $10.2, +14.09 pct

** NICE SYSTEMS, $62.55, -3.85 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, $11.67, -5.04 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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