August 11, 2015 / 6:28 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Caterpillar, Google, Apple, Terex, Exxon

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter,; for the Morning News Call newsletter, All three major U.S. stock indexes were down more than 1 percent on Tuesday for the first time in over a month as China's surprise devaluation of the yuan stoked fears about the health of the economy and pressured commodity-related stocks.

The Dow Jones industrial average was down 1.42 percent at 17,365.4, the S&P 500 was down 1.25 percent at 2,077.85 and the Nasdaq Composite was down 1.70 percent at 5,015.31.

** GOOGLE INC A, $686.985, +3.60 pct

** GOOGLE INC C, $655.67, +3.46 pct

The company overhauled its operating structure, creating a holding company called Alphabet to pool its many subsidiaries and separate the core web advertising business from newer ventures like driverless cars.

** APPLE INC, $113.5, -5.20 pct

Jefferies cut its price target on Apple to $130 from $135 on Monday, citing uncertain demand for the iPhone and a loss in investor confidence in the company’s ability to grow. Apple’s future growth depends on emerging markets such as China, analysts have said.

** GENERAL MOTORS CO, $30.635, -4.09 pct

** FORD MOTOR CO, $14.635, -2.37 pct

** FIAT CHRYSLER AUTOMOBILES NV, $16.21, -2.11 pct

** CATERPILLAR INC, $77.66, -3.12 pct

** JOY GLOBAL INC, $25.49, -5.03 pct

Shares of U.S. automakers and industrials fell after China devalued the yuan. GM has a nearly 15 percent market share in China, while Ford’s share is 4.5 percent. Caterpillar, the world’s largest maker of mining and construction equipment, has a number of manufacturing plants in the country. Joy Global also makes mining equipment.

** EXXON MOBIL CORP, $77.06, -1.23 pct

** CHEVRON CORP, $85.04, -0.99 pct

** SCHLUMBERGER LTD, $83.73, -0.84 pct

** HALLIBURTON CO, $41.46, -0.38 pct

Oil fell on concerns of weaker demand from China after the world’s top energy consumer devalued its currency and as OPEC signaled supplies from rivals were proving more resilient than expected to low prices

** FREEPORT-MCMORAN INC, $10.16, -12.79 pct

** SOUTHERN COPPER CORP, $27.7, -3.05 pct

** ARCELORMITTAL SA, $9.21, -4.95 pct

Base metal producer’s shares slumped after the yuan devaluation, which fueled worries about a supply glut and boost the cost of commodities for the world’s top metals consumer.

** SYMANTEC CORP, $21.4099, -6.55 pct

** CARLYLE GROUP LP, $24.11, -4.21 pct

Norton antivirus software maker Symantec has agreed to sell its data storage unit, Veritas, for $8 billion to a group led by Carlyle Group as it seeks cash to turn around its core security software business. Symantec also reported lower-than-expected first revenue and profit, mainly due to sliding PC sales.

** TEREX CORP, $26.77, +22.63 pct

The U.S. heavy equipment maker and Finland’s Konecranes Abp have agreed on an all-share merger to complement their businesses and achieve cost savings.


The drug developer reported a bigger second-quarter net loss due to higher clinical development expenses for experimental drugs blisibimod and Sollpura.

** AMERICAN PUBLIC EDUCATION INC, $21.89, -12.72 pct

The for-profit education company said it expects third-quarter new student sign-ups to fall 19-23 percent and revenue to fall 7-11 percent.

** OMEGA PROTEIN CORP, $16.64, +3.74 pct

Wynnefield Capital Management, Omega’s second-largest shareholder, urged the nutrition products maker to explore strategic alternatives, including a sale of company or its assets.

** INTREXON CORP, $48.35, -16.18 pct

The synthetic biology company reported second-quarter revenue below analysts’ estimates, while at least two brokerages downgraded stock on valuation.

** CELLDEX THERAPEUTICS INC, $17.2001, -19.44 pct

The drugmaker said it would have to wait for data on its experimental drug Rintega from a late-stage study in brain cancer before applying for a marketing application, after discussions with the U.S. FDA suggested that the health regulator thought a mid-stage study was not big enough.

** EDISON INTERNATIONAL, $58.89, -1.09 pct

Deutsche Bank cut its rating on the utility’s stock to “hold” from “buy” and lowered its price target to $62.

** JA SOLAR HOLDINGS CO LTD, $7.83, -0.13 pct

The Chinese solar company reported better-than-expected second-quarter profit and revenue, helped mainly by demand in China.

** RED ROBIN GOURMET BURGERS INC, $77.17, -12.61 pct

The restaurant operator cut its 2015 revenue growth forecast to “near 12 percent” from 12.0-12.5 percent. Red Robin also reported lower-than-expected second-quarter revenue.

** AQUINOX PHARMACEUTICALS INC, $16.6799, -11.65 pct

The drug developer’s shares rose for 3rd straight session after company said on Thursday its experimental drug reduced pain in patients with bladder pain syndrome.

** SHAKE SHACK INC, $68.517, -3.01 pct

The hamburger chain, known for its indulgent hormone- and antibiotic-free burgers and sides, reported better-than-expected quarterly profit and sales.


The cruise operator’s offering of 20 million shares was priced at $59.25 per share, compared with Monday’s close of $61.42.

** ICU MEDICAL INC, $118.79, +17.53 pct

Roth Capital Partners raised its price target on the stock to $124 from $102 after the medical device maker raised its revenue and profit forecasts for the full year.

** YODLEE INC, $16.25, +28.97 pct

** ENVESTNET INC, $30.55, -32.43 pct

Envestnet, a wealth management technology provider, said it would buy financial software maker Yodlee for about $560 million.

** TUBEMOGUL INC, $12.7599, +12.03 pct

The advertising software maker reported better-than-expected Q2 revenue, as it provided brand advertisers with advertising software to transform their media planning.

** NOVAVAX INC, $14.149, +26.44 pct

A vaccine developed by Novavax was shown to prevent a common respiratory viral infection in a mid-stage study, taking it one step closer to becoming the first vaccine for the virus that affects almost all American children.

** ORGANOVO HOLDINGS INC, $2.67, -21.47 pct

The provider of 3D bioprinting technology for the health industry posted a bigger quarterly loss as operating expenses rose 35 percent.

** NTELOS HOLDINGS CORP, $9, +23.12 pct


NTELOS, a wireless service provider, will be bought by Shenandoah in an all-cash deal valued at about $640 million, including net debt.

** HERTZ GLOBAL HOLDINGS INC, $16.46, -3.86 pct

The car rental company reported a 5 percent decline in quarterly revenue, hurt by a strong dollar and lower car rental volume in the United States.

** YUME INC, $3.37, -26.74 pct

The video brand advertiser forecast third-quarter revenue below estimates on Monday.

Piper Jaffray and Needham downgraded the stock.

** AVID TECHNOLOGY INC, $8.745, -27.25 pct

The video editing software maker reported lower-than-expected second-quarter sales, hurt by a decline in bookings and a strong dollar.

Dougherty & Co LLC downgraded the stock to “neutral” from “buy”.

** MILACRON HOLDINGS CORP, $16.03, +2.89 pct

The plastic equipment maker’s second-quarter profit beat market estimates on “robust” equipment sales in North America, Europe and India. The company said it was on track to deliver annual organic revenue growth of 5 percent.

** SYMETRA FINANCIAL CORP, $31.53, +6.81 pct

The U.S. life insurance company said it agreed to be bought by Japan’s Sumitomo Life Insurance Co for about $3.8 billion in cash.

** RACKSPACE HOSTING INC, $28.33, -10.72 pct

Rackspace reported second quarter results that were lower than our expectations and lowered total 2015 guidance, prompting at least least 12 brokerages cut price targets. (Compiled by Anya George Tharakan in Bengaluru; Editing by Savio D’Souza)

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