(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 higher on Wednesday, bouncing back a day after posting their steepest fall in three weeks as the dollar enjoyed its biggest rally in two years.
The Dow Jones industrial average was up 0.54 percent at 18,138.5, the S&P 500 was up 0.55 percent at 2,115.69 and the Nasdaq Composite was up 0.64 percent at 5,065.032.
** MICHAEL KORS HOLDINGS LTD, $48.96, -19.19 pct
** COACH INC, $34.76, -4.92 pct
** KATE SPADE & CO, $26.07, -2.10 pct
** FOSSIL GROUP INC, $71.17, -5.95 pct
Michael Kors reported its slowest growth in quarterly revenue since it went public in December 2011 on weak demand. Lower tourist traffic in U.S. Northeast and Southeast, weak sales in its watches business and shipping delays due to disruptions at West Coast ports hurt sales.
The company’s comments weighed on the stocks of its rivals.
** TIFFANY & CO, $95.15, +11.25 pct
The luxury jeweler Tiffany reported better-than-expected quarterly profit and sales, helped by strong demand for its Tiffany T line and higher sales in the Americas and Europe.
** GLOBEIMMUNE INC, $3.85, -53.28 pct
The company said its experimental hepatitis B drug did not meet the main goal of reducing infection in patients after 24 weeks, in a mid-stage trial.
** CHICO’S FAS, $16.04, -4.07 pct
The women’s apparel retailer reported first-quarter sales that missed analysts’ average estimate, reflected approximately flat average dollar sale and transaction count.
** EMERALD OIL INC, $6.85, +31.48 pct
The oil producer said it would not proceed with a stock offering, citing the current market environment and the associated dilution to shareholders. As a result, the company said it won’t close the previously announced Delaware basin acquisition. Emerald Oil also reiterated its 2015 capex and production forecasts.
** OPEXA THERAPEUTICS INC, $0.458, +18.99 pct
Maxim started coverage of the stock with a “buy” rating and $5 price target, citing substantial opportunity for Tcelna, being developed to treat a severe form of multiple sclerosis. The only other brokerage covering the stock also rates it “buy”.
** NANOSPHERE INC, $3.88, +9.60 pct
SWK Holdings Corp reported 6.4 percent passive stake in the drug developer as of May 14.
** FIVE PRIME THERAPEUTICS INC, $21.9475, +10.9 pct
** BLUEBIRD BIO INC, Tuesday close $183.69, +1.35 pct premarket
The two companies signed a licensing deal to develop a cancer cell therapy. Five Prime got $1.5 million upfront payment, while bluebird received exclusive rights to Five Prime’s novel human antibodies.
** WORKDAY INC, $83.52, -9.70 pct
The human resource software company forecast current-quarter billings below market expectations and reported a bigger quarterly net loss due to higher spending on marketing and product development.
** OXIGENE INC, $1.46, +5.80 pct
The cancer drug developer received U.S. patent for its cancer drug, OXi4503, to treat myeloid neoplasms, including acute myeloid leukemia (AML).
The drug is being tested in an investigator-sponsored early stage study at the University of Florida in patients with relapsed and refractory AML and myelodysplastic syndrome.
** FRONTIER COMMUNICATIONS CORP, $5.15, +4.67 pct
Morgan Stanley upgraded the U.S. regional telephone operator’s stock to “overweight” from “underweight.”
Stock has taken a hit due to pending financing for Verizon Communications Inc’s wireline assets, analysts wrote in note. Verizon said in February that it would sell wireline assets to Frontier for $10.54 bln in cash
** DSW INC, $36.18, +5.64 pct
The footwear and accessories retailer reported better-than-expected first-quarter revenue and profit. The company’s sales rose 9.4 percent to $655 million, helped by strong sales of athletic footwear.
Healthy regular priced sales and lower clearance inventory than last year drove significant improvement in gross profit rate, Chief Executive Mike MacDonald said.
** PLUG POWER INC, $2.7299, +5.81 pct
The fuel-cell maker said it would supply its flagship GenKey product to a large footwear maker in North America. The company said the footwear maker has identified first three sites and is evaluating adopting the units in 30 sites globally.
** HYDROGENICS CORP, $11.7718, +30.51 pct
The Canadian fuel-cell maker signed a 10-year supply agreement with Alstom Transport valued at over 50 million euros ($54.2 mln). Hydrogenics said it would supply hydrogen fuel-cell systems for Alstom’s regional commuter trains in Europe.
** RETROPHIN INC, $29.58, +10.09 pct
The drugmaker agreed to sell its rare pediatric disease priority review voucher (pediatric PRV) to French drugmaker Sanofi SA for about $245 million.
Pediatric PRV is issued to a developer of rare pediatric disease product, allowing for expedited review of its marketing application. Retrophin received the pediatric PRV when U.S. Food and Drug Administration approved its rare disease drug, Cholbam.
** HORMEL FOODS CORP, $58.19, +2.79 pct
Hormel Foods said it would buy natural and organic meat processor Applegate Farms LLC for about $775 million to cater to an increasing demand for food free of antibiotics, hormones and artificial additives.
** XBIOTECH INC, Tuesday close $21.23, +5.00 pct
The drugmaker said it successfully cloned an anti-Ebola product candidate using its antibody platform, which is derived directly from human donors who have natural immunity to disease.
** TIVO INC, $10.865, +4.87 pct
The digital video recorder maker reported better-than-expected quarterly revenue and profit, helped by higher subscriptions.
** REYNOLDS AMERICAN INC, $76.77, +1.78 pct
** LORILLARD INC, $72.75, +0.87 pct
Reynolds American on Tuesday won U.S. antitrust approval to buy smaller rival Lorillard in a deal that would combine the No. 2 and No. 3 U.S. cigarette companies.
** TOLL BROTHERS INC, $36.09, -2.43 pct
The largest U.S. luxury homebuilder, reported a better-than-expected quarterly profit and raised the low end of its average selling price forecast for the full year as demand strengthens.
** ALIBABA GROUP HOLDING LTD, $92, -0.56 pct
China’s banking regulator has given a green light to MYbank, the online bank affiliated with Alibaba, to start operating.
** CITIGROUP INC, $54.47, +0.42 pct
European banks Deutsche Bank, Barclays and UBS have seen their market share in foreign exchange trading slump in the past year, as U.S. banks led by Citigroup grabbed business, according to widely watched industry rankings.
** GENERAL ELECTRIC CO, $27.58, +0.22 pct
GE is in advanced talks to sell assets of its vehicle fleet management business, GE Capital Fleet Services, to Element Financial Corp, Bloomberg reported, citing people familiar with the matter. (Reporting by Shubhankar Chakravorty in Bengaluru; Editing by Savio D’Souza)