December 17, 2015 / 3:47 PM / 3 years ago

BUZZ-U.S. STOCKS ON THE MOVE-KaloBios, Pandora, Avon, Accenture

(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 down slightly in early trading on Thursday, a day after the Federal Reserve raised interest rates for the first time in almost a decade. The Dow Jones industrial average was down 0.48 percent at 17,664.77, the S&P 500 was down 0.57 percent at 2,061.21 and the Nasdaq Composite was down 0.21 percent at 5,060.337.


** RETROPHIN INC, $21.56, +0.98 pct

KaloBios shares were halted after CEO Martin Shkreli was arrested by the FBI after a federal investigation involving his former hedge fund and a pharmaceutical company he previously headed. The securities fraud probe of Shkreli, who is now chief executive officer of Turing Pharmaceuticals and KaloBios, stems from his time as manager of hedge fund MSMB Capital Management and CEO of biopharmaceutical company Retrophin, a person familiar with the matter said.

KaloBios shares fell more than 50 percent premarket.

** PANDORA MEDIA INC, $15.25, +13.47 pct

A U.S. Copyright Royalty Board raised music royalty rates that Pandora and other Internet radio stations would have to pay.

“We think this new rate was as wise as Solomon in that everyone should walk away with victory,” Albert Fried analysts wrote in a note.

** PIER 1 IMPORTS INC, $4.83, -18.82 pct

The home decor and furniture importer reported lower-than-expected Q3 sales on Wednesday due to weak store traffic; cuts full-year EPS, comparable sales forecasts.

** AVON PRODUCTS INC, $4.255, +4.03 pct

The beauty products maker said it had agreed to sell 80.1 percent of its North America business to private equity firm Cerberus Capital Management LP for $170 million.

** FEDEX CORP, $153.15, +2.90 pct

The package delivery company on Wednesday reported a better-than-expected quarterly net profit, saying higher margins, cost-cutting and a lower effective tax rate offset weak industrial production and global trade.

** GENERAL MILLS INC, $56.88, -3.90 pct

General Mills reported its second straight fall in quarterly sales, hurt by a strong dollar and weak demand for its snacks and baking products in the United States, and the company cut its full-year sales forecast.


The skin and wound-care product maker said the FDA approved its new treatment for burning, itching, erythema, scaling and pain related to dandruff.

** SHAW COMMUNICATIONS INC, $17.71, -9.55 pct

Canada’s Shaw Communications said on Wednesday it has agreed to buy Wind Mobile, the country’s fourth-largest wireless provider, in a deal that gives it a much-needed presence in the cellular market.

** ACCENTURE PLC, $105.765, -3.04 pct

Accenture forecast current-quarter net revenue largely below analysts’ average estimate, due to lower orders in the company’s outsourcing business and negative impact from a stronger dollar.


Goldman Sachs downgraded the hardwood flooring retailer’s stock to “sell” from “neutral”, saying the company has been investing into eroding fundamentals, growing capacity despite sharp declines in sales and margin.

** MOBILEYE NV, $41.24, +3.51 pct

Tesla Motors Inc said it would continue to use driving assistant software maker MobilEye NV’s vision chips in its vehicles, a day after a celebrity hacker challenged MobilEye’s technology.

Mobileye’s stock fell nearly 7 percent on Wednesday after short-selling firm Citron Research tweeted it was the “short of the year: 2016”.

** GALAPAGOS NV, $60.96, +3.50 pct

** GILEAD SCIENCES INC, $104.57, +1.19 pct

Belgium’s Galapagos has signed a deal potentially worth more than $2 billion with U.S. firm Gilead to develop a drug targeting inflammatory diseases, reviving a project abandoned by former partner AbbVie.

** MICRON TECHNOLOGY INC, $14.525, +3.23 pct

Morgan Stanley upgraded the memory chipmaker’s stock to “overweight” from “equalweight”, and raised their price target to $18 from $16, saying “Investor anticipation of weak February guidance has driven the stock to new lows, creating a compelling entry point”.


The FDA will allow the company to submit an application to market its experimental blood cancer treatment if the drug successfully clears a single late-stage study.

** ASTRAZENECA PLC, $33.36, -1.27 pct

The company is to buy 55 percent of privately held biotech firm Acerta Pharma for $4 billion to give it access to a new kind of blood cancer drug, boosting its long-term growth at the cost of a near-term hit to earnings.

** MAGNEGAS CORP, $1.85, +7.56 pct

The alternative fuel maker said a sub-contractor for a Kennedy space center build-out project placed its first order for metal-cutting fuel.


Warburg Pincus and Silver Lake divest their stakes in underwritten block after the exchange and clearing house operator announced 5.7-million-share secondary offering after the bell on Wednesday.

** ORACLE CORP, $37.35, -4.01 pct

The business software maker on Wednesday delivered a third-quarter profit forecast that did not quite meet analysts’ expectations, and the company’s shares fell about 1 percent in extended trading. (Compiled by Natalie Grover in Bengaluru; Edited by Don Sebastian)

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