(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 rose higher in afternoon trading on Wednesday, on track for their best day since mid-May, on reports that Greece would avoid a default.
The Dow Jones industrial average was up 0.69 percent at 18,165.91, the S&P 500 was up 0.85 percent at 2,121.99 and the Nasdaq Composite was up 1.29 percent at 5,097.749.
** BROADCOM CORP, $54.7, +16.58 pct
** AVAGO TECHNOLOGIES, $139.8, +6.47 pct
Chipmaker Broadcom, which has a market value of $28 billion as of Tuesday’s close, is in talks to be bought by Avago, the Wall Street Journal reported.
** MICHAEL KORS HOLDINGS LTD, $46.1, -23.91 pct
** COACH INC, $35.28, -3.50 pct
** KATE SPADE & CO, $25.42, -4.54 pct
** FOSSIL GROUP INC, $71.435, -5.60 pct
Michael Kors reported its slowest growth in quarterly revenue since it went public in December 2011 as sales were hurt by lower tourist traffic, weak demand for watches and shipping delays due to West Coast port disruptions.
The company’s comments weighed on the stocks of its rivals.
** TIFFANY & CO, $95.72, +11.91 pct
The luxury jeweler Tiffany reported better-than- expected quarterly sales and profit as it benefited from higher spending by tourists in Europe and growing demand for its Tiffany T line of fashion jewelry.
** CERES INC, $3.45, +105.36 pct
The agricultural biotech company was granted a U.S. patent for a genetic sequence derived from soybean, covering research, product development and plant transformation.
** GREAT BASIN SCIENTIFIC INC, $4.05, +38.70 pct
Dawson James Securities begins coverage of the diagnostic maker’s stock with “buy” rating and $10 price target, calling the shares “attractive”.
** GLOBEIMMUNE INC, $4.01, -51.34 pct
The drug developer’s shares hit a record low after the company’s hepatitis B drug failed in a mid-stage study.
** GALENA BIOPHARMA INC, $1.59, +11.97 pct
** VASCULAR BIOGENICS LTD, $7.08, -3.67 pct
** CLEVELAND BIOLABS INC, $3.0901, -4.92 pct
Preliminary data on Galena’s experimental cancer drug showed a 78 percent reduction in the risk of ovarian and endometrial cancer recurrence.
Several drugmakers, including Galena, Vascular Biogenics and Cleveland Biolabs, are scheduled to present data full at ASCO, the world's most important cancer meeting, from May 29 to June 2. (bit.ly/1Oy9etL)
** CHICO’S FAS, $16.57, -0.90 pct
The women’s apparel retailer reported first-quarter sales that missed analysts’ average estimate, reflected approximately flat average dollar sale and transaction count.
** RADISYS CORP, $2.76, +8.66 pct
The network gear maker said it received follow-on order of about $11 million from an Asian carrier for its media processing platform, gives it further confidence in meeting its 2015 adjusted profit forecast.
** SOPHIRIS BIO INC, $1.15, +29.94 pct
The drug developer said first patients had been dosed in a mid-stage proof-of-concept trial of its experimental prostate cancer drug.
** 21VIANET GROUP INC, $17.01, -8.60 pct
The Chinese data-center services company reported lower-than-expected first-qurater results and forecast second-quarter revenue below estimates.
** EMERALD OIL INC, $5.94, +14.01 pct
The oil producer said it would not proceed with a stock offering, citing the current market environment and the associated dilution to shareholders.
** OPEXA THERAPEUTICS INC, $0.5334, +38.58 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, $3.62, +2.26 pct
SWK Holdings Corp reported 6.4 percent passive stake in the drug developer as of May 14.
** FIVE PRIME THERAPEUTICS INC, $22.90, +16.4 pct
** BLUEBIRD BIO INC, $188.5399, +2.64 pct
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, $82.68, -10.61 pct
The software maker for human resource services forecast weak current-quarter billings and reported a bigger quarterly net loss due to higher spending on marketing and product development.
** OXIGENE INC, $1.45, +5.07 pct
The cancer drug developer received U.S. patent for its cancer drug, OXi4503, to treat myeloid neoplasms, including acute myeloid leukemia (AML).
** JUMEI INTERNATIONAL HOLDING LTD, $23.02, +6.52 pct
HSBC raised its price target on the online beauty products retailer’s stock to $28 from $24 after the company reported better-than-expected first-quarter results last week.
** FRONTIER COMMUNICATIONS CORP, $5.23, +6.30 pct
Morgan Stanley upgraded the U.S. regional telephone operator’s stock to “overweight” from “underweight.” The stock has taken a hit due to pending financing to buy Verizon’s wireline assets, the brokerage said.
** DSW INC, $35.38, +3.30 pct
The footwear and accessories retailer reported better-than-expected first-quarter revenue and profit as healthy regular priced sales and lower clearance inventory than last year drove gross margins.
** BROWN SHOE CO INC, $31.36, +3.98 pct
The retailer of brands including Nike and Adidas reported higher-than-expected quarterly results, helped by strong margins and sales in its branded shoes business.
** PLUG POWER INC, $2.6887, +4.21 pct
The fuel-cell maker said it would supply its flagship GenKey product to a large footwear maker in North America, which had identified its first three sites and was evaluating adopting the units in 30 sites globally.
** HYDROGENICS CORP, $11.15, +23.61 pct
The Canadian fuel-cell maker signed a 10-year agreement, valued at more than $54 million, to supply hydrogen fuel-cell systems for Alstom’s regional commuter trains in Europe.
** RETROPHIN INC, $29.98, +11.57 pct
The drugmaker agreed to sell its rare pediatric disease priority review voucher (pediatric PRV) to French drugmaker Sanofi SA for about $245 million.
** HORMEL FOODS CORP, $58.63, +3.57 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 $20.97, +3.71 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, $10.735, +3.62 pct
The digital video recorder maker reported better-than-expected quarterly revenue and profit, helped by higher subscriptions.
** FRONTLINE LTD, $2.975, +4.39 pct
Morgan Stanley upgraded the stock to stock to “equal-weight”, saying the Norwegian shipping company’s fleet had the capacity both to serve its debt and lease obligations and to generate high profits.
** REYNOLDS AMERICAN INC, $77.13, +2.25 pct
** LORILLARD INC, $72.91, +1.10 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. (Reporting by Shubhankar Chakravorty in Bengaluru; Editing by Savio D’Souza)