August 20, 2015 / 2:26 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Disney, Time Warner, Micron, NetApp

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Wall Street fell sharply for the fourth straight day on Thursday after the Federal Reserve highlighted global growth concerns and as finance stocks declined on speculation that the central bank would not raise interest rates in September.

The Dow Jones industrial average was down 1.20 percent at 17,141.35, the S&P 500 was down 1.08 percent at 2,057.18 and the Nasdaq Composite was down 1.41 percent at 4,948.279.

** WALT DISNEY, $102.03, -4.15 pct

** TIME WARNER, $74.99, -3.64 pct

Bernstein cut its rating on the stocks of the two media companies to “market perform”, saying “We can no longer advocate a view that DIS or TWX will Outperform the market over the next 12-months”.

** NETAPP INC, $30.752, +3.26 pct

The data storage equipment maker reported a better-than-expected quarterly adjusted profit and revenue as its focus on cloud-based storage products started to pay off.

** HASBRO INC, $78.62, -1.21 pct

** LEAPFROG ENTERPRISES INC, $0.9827, +3.42 pct

** MATTEL INC, $22.58, +0.31 pct

** JAKKS PACIFIC INC, $9.81, +5.48 pct

Oppenheimer started coverage of Hasbro’s stock with a “perform” rating and coverage of the other three toymakers’ stocks with an “outperform” rating.


** PALATIN TECHNOLOGIES INC, $1.03, +6.19 pct

Canadian drugmaker Valeant said it would buy Sprout Pharmaceuticals, which just won approval for its “female Viagra” drug Addyi, for about $1 billion plus milestone payments.

The news also boost the stock of Palatin, which is creating a drug that could rival Addyi.

** MICRON TECHNOLOGY INC, $15.01, -5.60 pct

Baird cut its rating on the chipmaker’s stock to “neutral” and more than halved its price target to $15 from $36.

** KEYSIGHT TECHNOLOGIES INC,$32.73, +10.80 pct

The electronic measurement instrument maker posted better-than-expected third-quarter profit, helped by lower costs. The company’s 2015 revenue forecast topped analysts estimates.


Cantor Fitzgerald raised its rating on the laminated flooring retailer’s stock to “buy” from “hold” and its price target to $18 from $15.

** COEUR MINING INC, $3.92, +5.38 pct

** NEWMONT MINING CORP, $18.42, +2.73 pct

** BARRICK GOLD CORP, $8.36, +5.82 pct

** YAMANA GOLD, $2.38, +3.93 pct

U.S.-listed shares of gold miners rose as gold hit its highest in nearly five weeks after meeting minutes from the U.S. Federal Reserve suggested policymakers were in no hurry to raise interest rates.

** FRESH MARKET INC, $26.655, -2.20 pct

Bank of America Merrill Lynch cut its rating on the grocery store operator’s stock to “underperform”, saying the company could be hurt by higher promotions and easier availability of organic and specialty foods at rivals such as Whole Foods Market Inc and conventional supermarkets.

** 58.COM INC, $43.95, -4.46 pct

The Chinese online classifieds provider posted a second-quarter loss compared with a profit a year earlier as operating expenses soared nearly 244 percent. The company’s net cash provided by operating activities was fell to $7.9 million from $22.2 million a year ago. Total revenues increased 147.1 percent, but gross margin fell to 93.7 percent from 94.7 percent.

** SILVERCORP METALS INC, $0.697, -15.37 pct

The Canadian silver miner said it had chosen to withdraw its listing on the New York Stock Exchange after deciding that the costs and burdens of maintaining the listing outweigh the benefits “during this downturn in the commodity cycle”. The company’s NYSE-listed shares have stayed below $1 for 30-days, which is below the NYSE continued listing requirement.

** EVOKE PHARMA INC, $4.3, +3.37 pct

Brean Capital started coverage on the specialty drug developer’s stock with a “buy” rating, saying the company’s experimental drug to treat gastroparesis was likely to have strong commercial uptake because of greater efficacy and fewer side-effects.

** RENREN INC, $3.58, -2.72 pct

The Chinese social networking company’s second-quarter revenue fell 34 percent, hurt by lower revenue from games and advertising business.

** ONE HORIZON GROUP INC, $1.45, +2.84 pct

YTO Express, one of China’s largest logistics company, will trial One Horizon’s Aishuo VoIP platform in Jiangsu province. The company had launched Aishuo in China in February and last week said it had won a VoIP-supply contract with a Chinese satellite operator.

** SOLERA HOLDINGS INC, $49, +0.72 pct

Solera Holdings, which provides technology services to insurance companies, is in advanced talks to sell itself to private equity firms, according to a person familiar with the matter. (Compiled by Sruthi Shankar in Bengaluru; Editing by Savio D’Souza)

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