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The Dow and S&P 500 indexes were lower on Monday after a slide in oil prices and a swathe of weak quarterly results led by Morgan Stanley but a recovery in healthcare and biotech stocks pushed the Nasdaq Composite up. Dow Jones industrial average futures were down 0.05 percent at 17,107, S&P 500 futures were down 0.12 percent at 2,023 and Nasdaq 100 futures were up 0.22 percent at 4,444.5.
** MORGAN STANLEY, $32.158, -5.28 pct
The Wall Street bank reported a quarterly profit that fell far short of market expectations, capping a generally downbeat quarter for big U.S. banks after investors fled the bond, currency and commodity markets.
** HALLIBURTON CO, $37.08, -1.93 pct
The world’s No.2 oilfield services provider reported a bigger-than-expected 36 percent drop in quarterly revenue, hurt by weak drilling activity and pricing in North America.
** WEIGHT WATCHERS INTERNATIONAL INC, $13.51, +98.97 pct
Talk-show host and media magnate Oprah Winfrey is buying a 10 percent stake in the company in a vote of confidence for a company that is helping her and millions of others lose weight.
** MICROSEMI CORP, $35.33, -5.43 pct
** PMC-SIERRA INC, $11.6736, +14.00 pct
Microsemi offered to buy PMC-Sierra in deal valued at about $2.2 billion, trumping Skyworks Solutions Inc’s offer of $2 billion.
** EXXON MOBIL, $81.03, -1.76 pct
** CHEVRON CORP, $89.5, -1.96 pct
** CHESAPEAKE ENERGY CORP, $8.11, -3.45 pct
** MARATHON OIL CORP, $18.48, -4.15 pct
** MURPHY OIL CORP, $27.72, -4.25 pct
** CONOCOPHILLIPS, $53.81, -2.57 pct
** STONE ENERGY CORP, $6.66, -8.77 pct
** BAYTEX ENERGY CORP, $4.12, -10.43 pct
** EP ENERGY CORP, $6.2, -8.96 pct
** CALIFORNIA RESOURCES CORP, $4.21, -6.03 pct
U.S.-listed oil and gas producers’ stocks fell more than 3 percent on Chinese demand concerns and indications of Iran nuclear deal progress.
** GOLDEN OCEAN, $2.47, -5.36 pct
** INTERNATIONAL SHIPHOLDING CORP, $1.97, -14.35 pct
** DHT HOLDINGS, $7.98, -3.86 pct
** GULFMARK OFFSHORE, $7.82, -6.79 pct
Shipping companies stocks’ fell as China data showed slow economic growth and oil prices fell. International Shipholding also announced non-payment of dividend.
** CARPENTER TECHNOLOGY CORP, $31.11, -12.73 pct
** NUCOR CORP, $41, -2.75 pct
** UNITED STATES Steel Corp, $12.07, -3.29 pct
Steel companies’ stocks fell on weakening commodities demand, especially from China, spurring further metal price declines during the quarter, JP Morgan analysts wrote. A strong dollar and low oil prices also might have weighed on metal prices and company earnings.
** UBIQUITI NETWORKS INC, $31.8, -6.88 pct
JMP Securities cut rating on the wireless networking equipment maker’s stock to “market underperform” from “market perform”. “We believe Ubiquiti’s entry into the solar market has high execution risk and we do not believe the company’s new wireless product announcements will lead to significant competitive gains or major catalysts,” JMP analysts wrote in a note.
** GREAT LAKES DREDGE & DOCK CORP, $4.14, -22.33 pct
The dredging service provider withdrew full-year adjusted EBITDA forecast, citing unanticipated project losses, delays and lower-than-expected business in its environmental & remediation business during the third quarter. The company’s board will review strategic alternatives and Chief Executive Jonathan Berger said last week he would quit by April 13, 2017.
** HASBRO INC, $71.71, -7.80 pct
Revenue from girls’ toy business declined 28 percent for the toymaker; a record drop for four straight quarters. Popular girls’ toys such as Furby and My Little Pony saw weak sales.
** GENOCEA BIOSCIENCES INC, $5.1, -29.46 pct
The immunotherapy developer said it would suspend clinical trial after its experimental pneumonia vaccine failed to meet main goal in a mid-stage study.
** WYNN RESORTS LTD, $67.555, -7.33 pct
** MELCO CROWN ENTERTAINMENT LTD, $17.315, -5.90 pct
** LAS VEGAS SANDS CORP, $47.07, -5.33 pct
** MGM RESORTS INTERNATIONAL, $20.86, -3.20 pct
U.S. casino operators had been pressured by a decline in profit at Chinese industrial companies and recent yuan devaluation. China’s quarterly economic growth dipped below 7 percent for the first time since global financial crisis in the third quarter, hurt partly by cooling investment.
** DEHAIER MEDICAL SYSTEMS LTD, $1.8999, +33.80 pct
Beijing-based medical device maker won medical device distribution bid funded by China Development Bank Corp . It would provide X-Ray machine and defibrillator monitor to Dongsheng Hospital of Ordos, Inner Mongolia.
** VALEANT PHARMACEUTICALS INTERNATIONAL INC, $164.7, -7.24 pct
The Canadian drugmaker and others have been criticized for acquiring companies and raising prices of drugs to boost profits. “I do think, given that environment, the pricing that pharmaceutical companies will take in the future will be more modest,” CEO Michael Pearson said.
** NORTHWEST BIOTHERAPEUTICS INC, $4.82, +15.04 pct
The biotechnology company was not aware of any fundamental reason for the substantial decline in the price of its stock on Friday. This is part of an ongoing effort to drive the company’s price lower via an “orchestrated campaign”, including questionable short-selling activity, the company said on Monday. Northwest’s shares fell 29.3 percent on Friday.
** ZAFGEN INC, $11.28, +8.88 pct
U.S. FDA placed partial hold on development of the drug developer’s obesity treatment and confirmed that the patient who died during a late-stage study had been taking the drug, beloranib.
** CAMPUS CREST COMMUNITIES INC, $6.65, +17.08 pct
The student housing real estate investment trust got a buyout offer worth $1.9 billion, including debt. The offer included $6.90 in cash and the rest in net proceeds from the company’s sale of its evo Montreal JV.
** GALECTIN THERAPEUTICS INC, $2.92, +2.46 pct
The drug developer filed application to the U.S. FDA for study of its cancer immunotherapy, GR-MD-02, in combination with Merck & Co Inc’s Keytruda.
** BP PLC, $34.93, -2.59 pct
The company and China’s CNPC will next week unveil a strategic alliance to develop oil resources in Iraq and other regions, industry sources said on Friday, as Britain and China seek to tighten economic ties. (Compiled by Manish Parashar in Bengaluru; Editing by Maju Samuel)