November 10, 2015 / 5:08 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Apple, EMC, UAL, Sophiris, Ocata, Anavex, Flotek

(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, U.S. stocks were lower on Tuesday morning, dragged down by Apple, as investors worried about China's economic health and braced for an interest rate hike by the Federal Reserve next month.

Dow Jones industrial average futures were down 0.11 percent at 17,655, S&P 500 futures were down 0.14 percent at 2,070 and Nasdaq 100 futures were down 0.51 percent at 4,629.

** APPLE INC, $117.45, -2.59 pct

** AVAGO TECHNOLOGIES LTD, $121.47, -3.98 pct

** CIRRUS LOGIC, $29.88, -7.23 pct

** QORVO, $51.96, -3.94 pct

** SKYWORKS SOLUTIONS INC, $79.96, -5.81 pct

Credit Suisse is the latest broker to note weakening demand for the iPhone 6s leading to cuts in component orders from Apple to its Asian suppliers. CS’s comments follow HSBC on Monday, which said that iPhone 6s and 6s Plus adoption after about 40 days of being on sale has been worse than the iPhone 6 and only marginally better than the iPhone 5. Supply chain stocks fell on the commentary.

** EMC CORP, $25.63, -0.77 pct

** VMWARE INC, $59.28, -0.30 pct

Dell Inc’s $67 billion offer for EMC could run into a big tax barrier of up to $9 billion that could derail the deal, technology news website Re/code reported, citing sources familiar with the matter. VMware is majority owned by EMC.

** UNITED AIRLINES, $59.99, -0.27 pct

The U.S. Justice Department has sued to stop United Airlines from acquiring 24 takeoff and landing slots at Newark Liberty International Airport from Delta Airlines.

** CHIPOTLE MEXICAN GRILL INC, $620.4, +1.82 pct

Chipotle said it would reopen all 43 restaurants in Seattle and Portland after health officials found no evidence of E. coli bacteria at those outlets.

** GAP INC, $26.49, -4.33 pct

The apparel retailer reported lower-than-expected Q3 sales, hurt by a strong dollar, while October comparable sales fell much more than expected due to a steep decline in comparable sales at the Banana Republic chains.

** SOPHIRIS BIO INC, $2.3701, +175.18 pct

The drug developer said its experimental drug met the main goal of improving symptoms in men suffering from benign prostatic hyperplasia, or enlarged prostate, in a late-stage study. Similar results in a separate late-stage study for PRX302 could support U.S. approval, Sophiris said.

** OCATA THERAPEUTICS INC, $8.425, +88.90 pct

Japan’s Astellas Pharma Inc said late on Monday that it would buy the cell therapy developer in all-cash deal valued at about $379 mln to build presence in opthalmology market.

** ANAVEX LIFE SCIENCES CORP, $4.12, -33.55 pct

The drug developer’s stock closed down 24 percent lower on Monday, reversing course from premarket, after TheStreet columnist Adam Feuerstein said Anavex presented “meaningless” data on its Alzheimer’s drug. The company had said its experimental oral drug met main goal of being safe and well-tolerated in mid-stage study.

** FLOTEK INDUSTRIES INC, $9.72, -33.42 pct

The specialty chemicals and drilling equipment distributor said it has carefully reviewed recent report on validity of data from its FracMax database. The analysis suggests production data for 3 of wells were misinterpreted and that it understated production of those wells.


The drug developer said interim data from an early-stage trial showed patients with blood cancers and inherited blood diseases were disease-free after a stem cell transplant with company’s lead drug.


The drug developer said it expects to set aside funds to settle a U.S. government probe and that it breached some covenants on $25 million loan. Aegerion also said the use of its cholesterol drug, Juxtapid, fell in the U.S. as more patients switched to a new therapy.


The drugmaker said Q3 revenue jumped 25 percent, boosted by increased sales of lead drug Zadaxin, and the company also raised its FY 2015 adjusted EPS forecast.

** LEAPFROG ENTERPRISES INC, $0.6961, -21.79 pct

The toy maker said it says it continues to explore all available financial, strategic and structural alternatives after it reported lower-than-expected Q2 sales hurt by significant markdown to support its promotion plans for LeapTV. The company said international sales continue to be impacted by the closure of Target stores in Canada and that 2016 sales would “contract considerably” relative to the prior year.

** REAL GOODS SOLAR INC, $0.649, -44.53 pct

The SEC has subpoenaed the solar company on June 29, asking for documents related to investigation into a July 2014 pipe offering.


The business management services provider said its accounting firm, Moss Adams LLP, has information, which indicates an illegal act has or may have occurred regarding BBSI’s workers’ compensation expense reserve. Barrett said in May that SEC was investigating its accounting practices with regard to worker compensation reserves.

** RIGNET INC, $25.15, -20.79 pct

The provider of network infrastructure services for oil and gas companies reported lower-than-expected Q3 revenue and profit.

** SCIENTIFIC GAMES CORP, $9.525, -17.68 pct

The slot machine maker reported a much bigger Q3 net loss, mainly due to a $535 million goodwill impairment charge associated with recent acquisitions.

Deutsche Bank said the chare was a “eyes wide open moment” and “call out the reality that future cash flows will be lower than previously articulated”.


The energy-focused construction company won a brownfield contract from RasGas Co Ltd for engineering, procurement, construction and installation (EPCI) of a project, offshore Qatar. McDermott also reported better-than-expected Q3 results.

** RACKSPACE HOSTING INC, $30.89, +14.03 pct

The web-hosting company reported Q3 revenue and profit above analysts’ average estimate, helped by higher demand for its online storage space offering. The company also said it intends to offer $350 million of senior notes due 2024.

** EXONE CO, $8.1134, -22.21 pct

** 3D SYSTEMS CORP, $9.77, -3.17 pct

** STRATASYS LTD, $25.24, -5.57 pct

** VOXELJET AG, $5.77, -4.94 pct

3D printer maker ExOne reported a bigger-than-expected Q3 loss, hurt by higher costs, and also forecast 2015 revenue below analysts’ average estimate.

The results and forecast also weighed on the shares of other 3D printer makers.

** NEVRO CORP, $51.1, +7.94 pct

The medical device maker reported better-than-expected Q3 revenue, driven by increased demand for its spinal cord stimulator. It also forecasts 2015 revenue above analysts’ estimates.

** KEYW HOLDING CORP, $6.57, -11.10 pct

The cyber-security software and hardware maker reported a bigger-than-expected loss and also lowered its revenue expectations for the year from its government and commercial businesses.

** OPKO HEALTH INC, $10.42, +4.72 pct

The drug developer posted an unexpected Q3 profit, helped by several non-recurring and non-cash activities, on significantly higher revenue that beat analysts’ expectations. Revenue was boosted by recently acquired Bio-Reference Labs and EirGen and also income from a collaboration with Pfizer Inc.

** SUNEDISON INC, $5.93, -19.86 pct

The U.S. solar company said it would reduce sales of assets to its “yieldcos”, raising fresh concerns about its ability to fund its operations, projects and acquisitions.

** D.R. HORTON INC, $30.52, +6.08 pct

The largest U.S. homebuilder reported a near 44 percent jump in profit for the fourth quarter as the company sold more homes and it said orders rose 19 percent.

** MOTOROLA SOLUTIONS INC, $68.36, +0.23 pct

Activist investor ValueAct, the largest shareholder in the walkie-talkie maker, said the company’s shares were undervalued and that it would talk to its board about ways to enhance shareholder value.


The beleagured Canadian drugmaker said cutting ties with a controversial specialty pharmacy will hurt its dermatology business in the short term.

** MALLINCKRODT PLC, $55.11, -5.00 pct

Mallinckrodt tumbled 17 percent on Monday after influential short-seller Citron Research called the drugmaker “a far worse offender of the reimbursement system”. Earlier in October, Citron had accused Valeant Pharmaceuticals of using specialty pharmacies to inflate revenue.

** ROCKWELL AUTOMATION, $102.85, -4.58 pct

Automation systems maker reported Q4 profit, revenue below analysts’ estimates due to a 10.7 pct fall in sales in control products and solutions business, the company’s biggest. The company also forecast 2016 adjusted profit and sales below estimates, citing weak oil and gas markets, strong dollar and continued weakness in its key emerging markets.

** CANADIAN SOLAR INC, $20.87, -9.38 pct

The solar company posted better-than-expected Q3 profit and revenue, helped by strong demand for modules from U.S., Japan, China and India.

** GALENA BIOPHARMA INC, $1.46, -15.12 pct

The oncology drug developer said it planned to divest its commercial business, which comprises Abstral and Zuplenz tablets used for treating cancer pain and prevention of nausea and vomiting caused by surgery, and and posted a bigger-than-expected Q3 loss.

** CYBERARK SOFTWARE LTD, $40.48, -9.60 pct

BofA Merrill Lynch cuts its rating on the Israel-based cyber security software maker to “neutral” from “buy”, and price target to $48 from $80, citing “concerns over earnings in the next few quarters. “The market is also showing some signs of fatigue, with Barracuda Networks Inc and FireEye Inc reporting on disappointing revenues and Fortinet Inc disappointing on margins,” analysts wrote.

** JAZZ PHARMACEUTICALS PLC, $133.81, -4.41 pct

The drug developer posted lower-than-expected Q3 profit and revenue on Monday and lowered the upper end of 2015 revenue forecast.

** OVERSTOCK.COM, $14.1, -17.06 pct

The online retailer reported a Q3 loss, compared with profit year earlier and in Q2, as operating and litigation expenses rose.

** QT MIDSTREAM PARTNERS, $71.72, -5.87 pct

The pipeline company’s first follow-on equity offering in two months was priced and its units fell to trade roughly in line with their offering price.

** ACETO CORP, $25.72, -6.85 pct

The company said it planned to privately place convertible senior notes of about $125 million, but provided no details on when the offering would be priced.

** ATMEL CORP, $7.39, -3.52 pct

Activist hedge fund Elliott has disclosed a 2.9 percent stake in Anglo-German chipmaker Dialog Semiconductor and says it will rally co-shareholders to vote against the acquisition of U.S. peer Atmel.


Liberty Global Plc and Discovery Communications Inc to purchase 5 million shares of Lions Gate, resulting in each having about 3.4 percent shareholding in the movie studio behind the “Hunger Games” franchise.

** TUBEMOGUL INC, $12.77, +2.49 pct

The advertising software maker reported better-than-expected Q3 revenue, helped by higher sales from platform services business where it executes its customers’ advertising campaign. The company also forecasts Q4 revenue above analysts’ estimate.

** NORFOLK SOUTHERN CORP, $87.46, -1.31 pct

** CANADIAN PACIFIC RAILWAY LTD, $139.76, -1.70 pct

Canadian Pacific is exploring a potential acquisition of U.S. peer Norfolk Southern, a person familiar with the matter said on Monday. The two rail companies have held preliminary merger talks, but there is no certainty that negotiations will advance, the person said.

Reporting by Natalie Grover in Bengaluru; Editing by Savio D'Souza

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