June 18, 2015 / 3:58 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Fitbit, Bankrate, Digital Ally, Radius

(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) Wall Street was higher at the open, a day after the Federal Reserve said the U.S. economy is likely strong enough to withstand an interest rate increase later this year but indicated that the pace of a hike will be slower than expected. The Dow Jones industrial average was up 0.99 percent at 18,113.17 and the S&P 500 was up 0.88 percent at 2,118.85.

** FITBIT INC, $29.84, +49.20 pct

Shares of the maker of popular wearable fitness-tracking devices ran up as much as 60 percent in their debut, valuing the company at up to $6.5 billion.

** ORACLE CORP, $41.1, -8.48 pct

At least five brokerages cut their price targets after the business software maker reported fourth-quarter profit and revenue below analysts’ estimates. “Weak Q4 results remind us that the pain from the transition to cloud is likely to stay for several quarters,” Piper Jaffray analysts wrote.

** BANKRATE INC, $11.37, -17.91 pct

SunTrust Robinson cuts rating to “neutral” from “buy” on the personal finance website operator’s stock, citing increased competition from Zillow Group Inc and auto insurers’ unwillingness to embrace Bankrate’s online marketing offering. Suntrust slashes target price to $12 from $18.

** HERCULES OFFSHORE INC, $0.2322, -65.11 pct

The offshore driller expects to file for Chapter 11 bankruptcy within a few weeks. Noteholders owning or controlling more than 67 percent of outstanding senior notes due 2019 also agree to lend $450 million more to complete the construction of newbuild jackup and provide additional liquidity.

Hercules had reduced day rates for customers, slashed jobs and executive pay to rein in costs in response to the nearly 45 percent decline in global crude prices since June last year.

** RITE AID CORP, $8.55, -4.15 pct

The No.3 U.S. drugstore chain operator, reported slower-than-expected quarterly same-store sales growth as the introduction of new generic drugs hurt pharmacy sales.

** DIGITAL ALLY INC, $14.8108, +9.22 pct

Brokerage H.C. Wainwright & Co initiate coverage with an “outperform” rating and a $24 price target on the wearable camera maker’s stock. “Global spend on security systems have been increasing steadily ... DGLY is one of the best-positioned players to offer police departments a combined offering of in-car surveillance systems and body worn cameras,” H.C. Wainwright & Co analysts wrote in a note.

** BIOMARIN PHARMACEUTICAL INC >, $138.6001, +12.14 pct

At least six brokerages raised their price targets on the stock after the drugmaker said its experimental drug improved growth in children with the most common form of dwarfism in a mid-stage study. William Blair analysts said they believe the drug, BMN 111, is set to become the company’s next blockbuster product.


The drug developer’s osteoarthritis drug, zydax, demonstrated significant improvement in mobility in dogs. Zydax is being developed to treat osteoarthritis in dogs and horses.

** RADIUS HEALTH INC, $60.77, +17.48 pct

Cantor Fitzgerald raised price target on the drug developer’s stock to $71 from $58. Results from extended late-stage study of company’s osteoporosis drug show treatment is effective in reducing fractures in patients. Cantor’s Mara Goldstein says the drug, abaloparatide, has “meaningful” opportunity even if it captures a modest share of the market from Eli Lilly & Co’s Forteo.

** ANGLOGOLD ASHANTI LTD, $9.52, +3.59 pct

** DRDGOLD LTD, $1.75, +4.17 pct

** COEUR MINING INC, $6.16, +3.88 pct

** FIRST MAJESTIC SILVER CORP, $5.39, +4.05 pct

** ENDEAVOUR SILVER CORP, $2.145, +1.66 pct

Higher prices spur U.S. listed gold and silver miners’ stocks. Gold rises after Federal Reserve indicated that U.S. interest rates may rise more slowly than expected, knocking the dollar. Spot gold up 1.4 pct at $1,201.66 an ounce by 10:00 a.m ET; silver up 1.7 pct at $16.38 an ounce.

** LUMENIS LTD, $13.75, +13.82 pct

The surgical medical lasers provider said it would be acquired by investment firm XIO Group for about $510 million.

** JUNO THERAPEUTICS INC, $53.24, +3.72 pct

Maxim Group initiates coverage on the cell therapy developer’s stock with a “buy” rating” and prce target of $78. Juno is best equipped for success against solid tumors, analyst Jason McCarthy wrote, referring to the company’s experimental cancer treatments. (Compiled by Yashaswini Swamynathan in Bengaluru; Edited by Maju Samuel)

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