(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s) Wall Street was higher on Tuesday morning as crude oil prices recovered from multi-year lows and data showed that the U.S. economy grew at a healthy clip in the third quarter.
Dow Jones industrial average was up 0.28 percent at 17,300.05, the S&P 500 was up 0.27 percent at 2,026.59 and the Nasdaq Composite was up 0.07 percent at 4,972.374.
** FORD MOTOR CO, $14.11, +2.77 pct
** ALPHABET INC, $765.73, +0.65 pct
Google is said to be in talks with automaker Ford Motor to help build the Internet search company’s autonomous cars, Automotive News reported, citing a person with knowledge of the project.
** PERSEON CORP, $0.3122, -54.62 pct
Privately owned Galil Medical Inc ended its merger agreement with the medical device maker as it was unable to obtain sufficient financing to fund the deal.
** PSIVIDA CORP, $4.81, +30.00 pct
The drugmaker said its lead experimental therapy prevented inflammation in the back of patients’ eyes in a late-stage study.
** ETSY INC, $8.3629, -3.99 pct
Roth Capital Partners started coverage of the crafts goods ecommerce retailer with a “sell” rating and $5.75 price target - the first brokerage to have its lowest rating on the stock.
** STEELCASE INC, $14.52, -23.09 pct
** KNOLL INC, $18.56, -9.29 pct
Office furniture maker Steelcase on Tuesday reported lower-than-expected third quarter profit and revenue, hurt by higher operating losses in EMEA, its second-largest market by sales.
Rival Knoll’s shares were also hit.
** SUNEDISON INC, $5.07, -24.78 pct
** TERRAFORM POWER INC, $12.25, -1.61 pct
** TERRAFORM GLOBAL INC, $5.5003, -5.82 pct
TerraForm Power shareholder Appaloosa Management LP said it wants to inspect the books of the solar yieldco to learn more about its dealings with parent SunEdison.
** SOLARCITY CORP, $52.59, -4.54 pct
** SUNRUN INC, $12.12, -9.55 pct
** SUNEDISON INC, $5.07, -24.78 pct
** VIVINT SOLAR INC, $9.61, -7.60 pct
The Nevada Public Utilities Commission said it will consider a draft order to reduce credits customers receive to sell solar power back to grid. SolarCity said it will be forced to cease sales and operations in Nevada and Vivint said it will be prevented from re-entering the market.
** DIGITAL ALLY, $8.12, +8.85 pct
Digital Ally reported multiple follow-on orders for its in-car video systems, body-worn video cameras and automatic activation systems.
** SORRENTO THERAPEUTICS INC, $9.16, +17.29 pct
FBR started coverage of the drug developer’s stock with an “outperform” rating and a $22 price target.
** WALT DISNEY CO, $106, -0.55 pct
Star Wars: The Force Awakens” opened with a record-breaking $248 million at the U.S. and Canadian box office, and $529 million globally over its opening weekend, Disney said.
** DOMINION DIAMOND CORP, $10.06, +22.38 pct
Dominion Diamond said on Tuesday it looked forward to having an open dialogue with a group of investors led by Canadian hedge fund K2, who believe that the diamond miner’s policies have unduly hurt its share price.
** ENCANA CORP, $4.74, -3.66 pct
BMO Capital Markets downgraded the Canadian oil and natgas producer’s stock to “market perform” from “outperform” and cut its price target by $2 to $8 saying the “company needs materially higher commodity prices to internally fund its shift to liquids and deleverage its balance sheet.”
** CHIPOTLE MEXICAN GRILL INC, $499.54, -4.30 pct
Federal authorities are investigating a new E.coli strain linked to Chipotle Mexican Grill, piling more pressure on the popular burrito chain already grappling with an outbreak that has affected about 50 people in nine states.
** DENBURY RESOURCES INC, $2.045, +8.20 pct
The oil and gas company said it would exchange debt of up to $650 million. RBC Capital Markets analysts estimated the debt exchange will cut Denbury’s debt by $350 million.
** ABERCROMBIE & FITCH CO, $27.08, +6.03 pct
The company promoted Fran Horowitz, the president of its Hollister brand, to the newly created role of chief merchandising officer in another effort to make its apparel more attractive to teen shoppers.
** LKQ CORP, $28.68, +4.86 pct
The U.S. auto parts supplier said it would buy Italy’s Rhiag-Inter Auto Parts Italia SpA in a deal valued at $1.14 billion on an enterprise basis to expand in Europe.
** ALEXZA PHARMACEUTICALS INC, $0.8435, -3.93 pct
The drugmaker said mid-stage data from its epilepsy drug produced a decrease in mean “standardized photosensivity range”, the main goal of the study.
** BIOTA PHARMACEUTICALS INC, $1.9, +4.40 pct
FBR & Co starts coverage of the drugmaker’s shares with an “outperform” rating and $6 price target, citing the company’s promising clinical pipeline for targeted treatment of infectious diseases.
** CONAGRA FOODS INC, $41.22, +0.56 pct
The maker of Chef Boyardee pasta and Healthy Choice dinners reported profit that topped estimates, helped by cost-cutting and lower commodity expenses as the company shifts to healthier, less processed foods that consumers want.
** SPIRIT AIRLINES INC, $41.865, +1.81 pct
The U.S. budget airline said they expect an improvement in revenue per available seat mile trends in 2016, more favorable domestic capacity trends in second half of 2016 and stability in the competitive environment.
** SELECT COMFORT CORP, $20.86, -1.93 pct
Piper Jaffray cut its rating on the mattress maker’s shares to “neutral” from “overweight” and price target to $22 from $27, saying continued issues with company’s enterprise resource planning software implementation may hurt sales in Q4 and early 2016.
** EXPRESS SCRIPTS HOLDING CO, $86.46, -0.79 pct
The largest U.S. pharmacy benefit manager said it was negotiating the repricing of its contract with Anthem Inc , one of its biggest customers, but it was too soon to know the financial terms of the deal.
Express Scripts also forecast adjusted earnings for 2016 well above analysts’ estimates.
** NETAPP INC, $26.255, -4.87 pct
The data storage equipment maker said it would buy SolidFire, a flash-storage systems maker, for $870 million in cash. The deal is expected to close in the fiscal fourth quarter, the company said on Monday.
** FIAT CHRYSLER, $13.72, -1.72 pct
The carmaker said its subsidiary FCA US LLC had redeemed all of its outstanding 8 1/4 percent secured senior notes due 2021 on Dec. 21.
** INTREXON CORP, $32.28, +1.48 pct
The genetic engineering company said it signed a deal with Johnson & Johnson to develop treatments and preventive medicine for type 2 diabetes, using a drug platform.
** WESTERN REFINING INC, $37.46, -0.19 pct
** NORTHERN TIER ENERGY LP, $25.99, +7.04 pct
Western Refining said it had reached an agreement to buy the shares of Northern Tier Energy it did not already own, in a deal that values the refiner at $2.43 billion.
** ADVANCED MICRO DEVICES INC, $2.585, +2.17 pct
Tech giant Samsung Electronics Co Ltd will start making new chips for Advanced Micro Devices next year, South Korea’s Electronic Times reported on Tuesday, citing unnamed sources.
** CHEVRON CORP, $90.44, +1.34 pct
Chevron on Tuesday said it has agreed to sell up to 1 million tonnes a year of liquefied natural gas (LNG) from its Australian Gorgon project to China Huadian Green Energy Co over 10 years starting in 2020.
** CONOCOPHILLIPS, $46.07, +2.15 pct
The U.S. oil and natural gas producer sold its stake in a joint venture with Russian state oil company Rosneft, exiting the country after more than 25 years, the Financial Times reported. (Compiled by Shubhankar Chakravorty in Bengaluru; Editing by Savio D’Souza)