January 4, 2016 / 12:15 PM / in 2 years

BUZZ-U.S. STOCKS ON THE MOVE-Valeant Pharma, Tesla, Teva

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U.S. stock index e-mini futures fell on Monday after weak Chinese economic data reignited fears of a global slowdown, sparking a selloff in stock markets on the first trading day of 2016: Dow Jones industrial average futures were down 1.78 percent at 17,032, S&P 500 futures were down 1.79 percent at 1,999 and Nasdaq 100 futures were down 2.07 percent at 4,492.75.

** VALEANT PHARMACEUTICALS INTERNATIONAL INC, Thursday close $101.65, -4.28 pct premarket

Billionaire investor William Ackman said on Thursday he sold about 5 million shares in the drug company in order to generate a tax loss as investors in his Pershing Square Capital Management face the biggest loss in the company’s history.

** TESLA MOTORS INC, Thursday close $240.01, -4.63 pct premarket

The electric car maker said on Sunday that it delivered 17,400 vehicles in the fourth quarter of 2015, just above the low end of its forecast of 17,000-19,000.

Tesla delivered 208 of its new electric SUV, the Model X, in the quarter, below the expectations of some analysts. Robert W Baird analyst Ben Kallo, who had expected Tesla to deliver about 1,000 Model X cars, said deliveries were lower as “the Model X production ramp began later than we had expected” in the fourth quarter.

** TEVA PHARMACEUTICAL INDUSTRIES LTD, Thursday close $65.64, -1.81 pct premarket

The underwriters for the drugmaker’s share offering last month have exercised their over-allotment option to purchase additional shares worth $658 million. That brings the total proceeds of the share offering to $7.24 billion, Israel-based Teva said on Sunday.

** AMERICAN EXPRESS CO, Thursday close $69.55, -2.10 pct premarket

** BANK OF AMERICA CORP, Thursday close $16.83, -2.61 pct premarket

** U.S. BANCORP, Thursday close $42.67

** VISA INC, Thursday close $77.55, -1.87 pct premarket

Fidelity Investments said on Monday it was dropping long-time credit card partners American Express and Bank of America, ending a 12-year partnership that has generated billions of dollars in fees. Boston-based Fidelity, which has 24 million customers, said its new partners would be U.S. Bancorp and Visa, effective Monday. The exclusive alliance will provide Visa branded credit-card products to U.S. consumers, including Fidelity customers. (Compiled by Abhirup Roy in Bengaluru; Editing by Kirti Pandey)

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