July 7, 2015 / 3:37 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Chinese ADRs, AMD, Depomed, Pinnacle

(Don(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 before quickly reversing course on Tuesday morning, setting the stage for another volatile session as investors await the outcome of a euro zone summit that will attempt to find a solution to the ongoing debt crisis in Greece. The Dow Jones industrial average was down 1.11 percent at 17,487.02 and the S&P 500 was down 1.05 percent at 2,047.12.

** HORIZON PHARMA PLC, $32.66, -5.44 pct

** DEPOMED INC, $28.07, +36.00 pct

Ireland-based Horizon Pharma said it offered to buy Depomed for about $3 billion, taking its bid hostile after the smaller drugmaker refused to start talks and rejected the proposal first made in May.

** ENTEROMEDICS INC, $0.397, -31.02 pct

The medical device maker’s offering of 32 million units priced at 50 cents/unit; represents discount of 13.7 percent to Monday close.

** PRIMA BIOMED LTD, $1.4501, +21.69 pct

The Australian immuno-oncology company said it received positive “scientific advice” from the European Medicines Agency (EMA) on development for its lead product, IMP321, in breast cancer.

** ALIBABA GROUP HOLDING LTD, $77.52, -3.38 pct

** SOUFUN HOLDINGS LTD, $6.19, -13.18 pct

** ALUMINUM CORP OF CHINA, $9.1, -16.36 pct

** XUNLEI LTD, $8.42, -15.97 pct

** CHEETAH MOBILE INC, $20.79, -16.57 pct

The Chinese stock market fell again on Tuesday, despite a slew of emergency rescue measures, raising fears that a full-blown crash could derail China’s fragile economic recovery.

** CARDTRONICS INC, $33.41, -9.21 pct

The ATM operator said it received notification that convenience store chain 7-eleven will not renew ATM placement contract, which expires mid-2017.

** ADVANCED MICRO DEVICES INC, $2.095, -15.18 pct

The chipmaker lowered its revenue estimate for the second quarter, below analysts’ average estimate, saying demand for personal computers was weaker than expected.

At least eight brokerages cut their PT on AMD’s stock, citing pressure on the company from weak PC demand and tough competition, according to Thomson Reuters data.

** A SCHULMAN INC, $37.14, -11.91 pct

The specialty chemical maker cut its 2015 adjusted EPS forecast to $2.37-$2.42 from $2.50-$2.55, below analysts’ average estimate of $2.48.

** PLUG POWER INC, $2.4, +7.62 pct

The fuel cell maker said it shipped 888 GenDrive fuel cell units during the second quarter, much higher than the 687 it shipped in the same period last year.

** SILVER WHEATON CORP, $15.65, -10.78 pct

The mining finance company said late on Monday that it might face tax payments of more than $200 million following reassessment “proposal” from Canada’s tax authority.


** PINNACLE ENTERTAINMENT INC, $39.67, +5.90 pct

Gaming and Leisure Properties, which leases real estate to casino operators, raised its offer for Pinnacle Entertainment’s real estate assets to about $5 billion, including debt, from $4.1 billion.

** SHAKE SHACK INC, $53.19, -9.85 pct

Analysts at Morgan Stanley cut their rating on the stock to “underweight,” according to theflyonthewall.com.

** TERRAFORM POWER INC, $39.1, +4.18 pct

** SUNEDISON INC, $29.26, +1.04 pct

TerraForm Power, a unit of SunEdison, said it would buy 930 megawatt of wind farms in the United States and Canada from Invenergy Wind LLC for $2 billion.

** GRUPO TELEVISA SAB, $35.94, -6.21 pct

Mexican broadcaster Televisa, the world’s biggest producer of Spanish-language television content, on Monday reported a 40 percent fall in its second-quarter profit as its financial costs rose.

** PETROLEO BRASILEIRO SA, $7.74, -5.61 pct

The Brazilian state-run company must pay the government about 350 million reais ($112 million) more in royalties each quarter for oil produced in seven offshore fields under an arbitration ruling, the company said on Monday.

** HI CRUSH PARTNERS LP, $23.71, -8.77 pct

The frac sand MLP’s shares fall on an unregistered block sale. Sources cite Morgan Stanley re-offering 900,000 units at $25, a 3.8 percent discount to Monday’s $25.99 last sale; seller(s) not known.

** NORTHFIELD BANCORP INC, $15.43, +2.05 pct

The bank was added to the S&P SmallCap 600 index on Monday, replacing Jack in the Box Inc.

** FIRST SOLAR INC, $43.08, -2.51 pct

The company’s shares fell, descending from its April high, and plenty of factors suggest stock remains vulnerable.


The Israel-based drug developer said it signed a Letter of Intent for investment and license deal in China with Sinopharm Capital Management and Hefei Life Science & Technology Park. (Compiled by Anet Josline Pinto in Bengaluru; Edited by Maju Samuel)

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