January 4, 2016 / 1:20 PM / in 2 years

BUZZ-U.S. STOCKS ON THE MOVE-Netflix, Tesla, Baxalta, Unilife

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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 1.68 percent at 17,050, S&P 500 futures were down 1.66 percent at 2,001.75 and Nasdaq 100 futures were down 1.98 percent at 4,497.

** VALEANT PHARMACEUTICALS INTERNATIONAL INC, Thursday close $101.65, -3.73 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, -3.76 pct premarket

The pioneering 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.

** NETFLIX INC, Thursday close $114.38, -4.11 pct premarket

Robert W. Baird & Co cut its rating on the video streaming service provider’s shares to “neutral” from “outperform” and price target to $115 from $128. “Our quarterly U.S. subscriber survey suggests potentially weaker U.S. subscriber results for the second consecutive quarter, and while international may beat, we believe much of that is priced in,” Baird analysts wrote in a note.

** TEVA PHARMACEUTICAL INDUSTRIES LTD, Thursday close $65.64, -1.78 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.

** BAXALTA INC, Thursday close $39.03, +4.79 pct premarket

The drugmaker said on Monday that it inked a deal with privately held Symphogen under which the companies would develop immuno-oncology drugs. The agreement holds a total potential value up to 1.4 billion euros ($1.6 billion) in option fees and milestones over the long term, in addition to royalties on worldwide sales, Baxalta said.

** UNILIFE CORP, Thursday close $0.4951, +104.00 pct premarket

The medical device maker entered into an exclusivity agreement with Amgen Inc, which paid a non-refundable $15 million deposit for an option to negotiate a potential transaction with Unilife until Jan. 31. Unilife, which makes injections and insulin patch pumps, said last year that it was reviewing strategic alternatives, including a sale, after getting interest from a possible buyer. A potential deal with Amgen could include a license to Unilife’s existing proprietary devices, the purchase of up to 19.9 percent of its common stock, and manufacturing arrangements and rights between the companies.

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

** BANK OF AMERICA CORP, Thursday close $16.83, -2.50 pct premarket

** U.S. BANCORP, Thursday close $42.67, -1.38 pct premarket

** 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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