July 28, 2015 / 1:15 PM / in 2 years

BUZZ-U.S. STOCKS ON THE MOVE-Baidu, Cummins, Supervalu, GrubHub

(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. stock index futures rose on Tuesday as investors refocused on corporate earnings a day after a tumble in the Chinese stock market sent global markets lower. Dow Jones industrial average futures were up 0.24 percent at 17,437, S&P 500 futures were up 0.34 percent at 2,071.5 and Nasdaq 100 futures were up 0.22 percent at 4,532.25.

** BAIDU INC, Monday close $197.68, -13.00 pct

China’s biggest Internet search company’s quarterly profit missed analysts’ estimates as the company spent heavily to diversify away from its core search advertising business, which is becoming less profitable and more competitive. Brokerages also cut ratings and price targets saying Baidu will have to face competition on multiple fronts with sizable private players in “online to offline” (O2O) services and company’s earnings growth will likely be muted during its O2O investment cycle.

** CUMMINS INC, Monday close $123.78, +4.02 pct

The Diesel engines maker reported a 4 percent rise in quarterly revenue, helped by higher demand in North America.

** SUPERVALU INC, Monday close $7.36, +8.70 pct

The grocery retailer said it was exploring a spinoff of its discount supermarket chain, Save-A-Lot, as a publicly traded company. Save-A-Lot operates more than 1,300 stores across the United States, SuperValu said on Tuesday.

** DUPONT, Monday close $56.73, -3.51 pct

The chemical and crop company reduced its earnings forecast for the year to account for the spin-off of its performance chemicals unit and weak demand for agricultural products.

** IMMUNOMEDICS INC, Monday close $3.71, -40.16 pct

Belgian pharmaceutical group UCB said that its phase III trial for lupus treatment epratuzumab failed to produce statistically significant results in both dosages tested. UCB had licensed epratuzumab from U.S. biotech firm Immunomedics for clinical development and commercialization in all autoimmune disorders.

** GRUBHUB INC, Monday close $95.12, +3.50 pct

The online food order and delivery company reported a 47 percent rise in quarterly revenue as more people used its services to order meals. The number of active diners using GrubHub’s services jumped about 42 percent to 5.9 million from a year earlier, the company said.

** INOTEK PHARMACEUTICALS CORP, Monday close $16.76, +9.31 pct

Brokerage Piper Jaffray raised its price target on the drug developer’s stock to $29 from $9, saying company’s late-stage study on experimental glaucoma drug, trabodenoson, faces lower risks after U.S. FDA agrees on study design.

** FORD MOTOR CO, Monday close $14.55, +2.27 pct

The automaker reported second-quarter earnings that handily beat expectations, based on the continued strength of North American sales, led by its popular F-150 pickup truck.

** FIAT CHRYSLER AUTOMOBILES NV, Monday close $14.41, +3.12 pct

The automaker could pay billions of dollars to buy back defective trucks as part of a settlement with U.S. safety regulators, but has the option to recover costs by reselling vehicles once they are repaired.

** GENERAL MOTORS CO, Monday close $31.05, +0.90 pct

The automaker said it will invest $5 billion over the next several years to develop with its Chinese partner a new family of Chevrolet vehicles aimed at fast-growing emerging markets, in the process offering investors a fresh rationale for rejecting a merger with Fiat Chrysler Automobiles NV.

** UNITED PARCEL SERVICE INC, Monday close $95.12, +3.50 pct

The package delivery company on Tuesday reported a higher second-quarter net profit as improved margins offset a drop in revenue. Volume growth and price increases boosted margins at its international package business.

** PFIZER INC, Monday close $34.34, +1.89 pct

The U.S. drugmaker reported better-than-expected quarterly profit and revenue, helped by strong demand for its pneumonia vaccine Prevnar 13 and sales of its breast cancer drug, Ibrance. The company, which also raised its full-year adjusted earnings forecast, said revenue from its global vaccines unit rose 44 percent to $1.58 billion.

** MERCK & CO INC, Monday close $56.99, -0.16 pct

The U.S. drugmaker reported a better-than-expected quarterly profit and boosted its full-year earnings forecast as demand for its diabetes and cancer drugs increased. The company also said it expects to reap benefits from its $8.4 billion purchase of Cubist Pharmaceuticals, the maker of blockbuster antibiotic Cubicin.

** D.R. HORTON INC, Monday close $26.74, +1.91 pct

The No.1 U.S. homebuilder reported a higher-than-expected quarterly profit as it sold more homes at higher prices, and it reported a 22 percent rise in orders.

** PROCTER & GAMBLE CO, Monday close $79.97, +1.16 pct

Procter & Gamble Co will replace Chief Executive A.G. Lafley with company veteran David Taylor in a widely expected appointment that could be announced as soon as Thursday, the Wall Street journal reported.

** BLACKBERRY LTD, Monday close $7.28, +3.30 pct

Brokerage Morgan Stanley raised its rating on the Canadian smartphone maker’s U.S.-listed shares to “equal-weight” from “underweight”, saying BlackBerry has flexibility with cash and opportunity for operating expenditure cuts.

** REGENERON PHARMACEUTICALS INC, Monday close $540.03, +2.40 pct

** SANOFI SA, Monday close $53.33, +0.32 pct

The French drugmaker said it was committing up to $2.17 billion to a collaboration with its long-time partner Regeneron Pharmaceuticals in the hot area of cancer immunotherapy.

** CONSOL ENERGY INC, Monday close $17.35, -0.69 pct

The coal and natural gas producer said it was delaying a planned initial public offering of a unit holding steel-making coal assets due to weak prices. The company, which has been looking to lower its exposure to weak coal prices, also reported a much bigger quarterly loss, hurt by an $829 million impairment charge on its oil and gas assets.

** INGERSOLL-RAND PLC, Monday close $65, -4.23 pct

The maker of Trane airconditioners and Thermo King refrigeration units reported a 74 percent fall in quarterly profit, as it set aside more money to cover tax bills.

** CORNING INC, Monday close $18.45, +1.63 pct

The supplier of Gorilla Glass for smartphones reported a marginal rise in quarterly core net sales, as strong demand for its fiber optic cables and connectors offset weak sales in its specialty materials unit.

** ALLY FINANCIAL INC, Monday close $21.55

The largest U.S. auto lender reported a better-than-expected quarterly profit as expenses declined. Total non-interest expenses fell 12 percent to $724 million for the second quarter ended June 30.

** SIRIUS XM HOLDINGS INC, Monday close $3.84, +2.86 pct

The sattelite radio service provider raised its full-year forecast for revenue and subscriber additions for the second time in a row, citing strong U.S. auto sales. Sirius XM said it now expects to add 1.8 million net new subscribers this year, up from its prior forecast of 1.4 million.

** PEABODY ENERGY CORP, Monday close $1.06, +0.00 pct

The coal miner reported a much bigger second-quarter loss as it recorded $900.8 million in impairment charges.

** NATIONAL OILWELL VARCO INC, Monday close $41.65

The largest U.S. oilfield equipment provider reported a higher-than-expected quarterly profit as cost cuts helped offset the impact of a fall in global drilling activity.

** KNOWLES CORP, Monday close $17.23

The Audio products and hearing aid component maker’s adjusted profit for the second quarter beat estimates as operating expenses fell due to lower restructuring costs.

** HONEYWELL INTERNATIONAL INC, Monday close $101.64

The U.S. manufacturer of aerospace parts and climate control systems said it would buy the utility consumption meter business of Britain’s Melrose Industries Plc MRON.L for 3.3 billion pounds ($5.14 billion) to boost its presence in high-growth regions.

** CENTENE CORP, Monday close $69.1, +0.58 pct

The health insurer reported a better-than-expected quarterly profit as it added 1.3 million more members compared with a year earlier. (Compiled by Ankit Ajmera and Ramkumar Iyer in Bengaluru; Edited by Don Sebastian)

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