January 6, 2016 / 12:21 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Apple, Verizon, Pioneer Natural, Valeant

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U.S. stock index e-mini futures fell on Wednesday as China allowed its currency to weaken further and oil prices fell to their lowest in more than 11 years: Dow Jones industrial average futures were down 1.46 percent at 16,831, S&P 500 futures were down 1.55 percent at 1,980.5 and Nasdaq 100 futures were down 1.76 percent at 4,404.75.

** APPLE INC, Tuesday close $102.71, -2.30 pct premarket

The iPhone maker is expected to cut production of its latest iPhone models by about 30 percent in the January-March quarter due to mounting inventories, the Nikkei reported.

** VERIZON COMMUNICATIONS INC, Tuesday close $46.5, -2.15 pct premarket

The wireless carrier has started a process to sell its data center assets, hoping to fetch more than $2.5 billion, people familiar with the matter said on Tuesday, as the U.S. telecoms conglomerate focuses on its core business.

** PIONEER NATURAL RESOURCES CO, Tuesday close $125.17, -7.41 pct premarket

The oil and gas explorer announced an upsized offering of its common stock at $117 per share. The company raised the size of the offering to 12 million shares from 10.5 million. It expects total gross proceeds of about $1.4 billion from the offering.

Nomura cut its price target on the stock to $165 from $174, RBC to $150 from $152 and Topeka Capital to $175 from $185.

** VALEANT PHARMACEUTICALS INTERNATIONAL INC, Tuesday close $100.86, -6.55 pct premarket

The drugmaker will appoint an interim chief executive to replace Michael Pearson, who is hospitalized, a source familiar with the matter told Reuters. The source did not clarify whether the CEO would be temporary or would permanently replace Pearson, 56, who is recovering from a severe case of pneumonia.

** CONATUS PHARMACEUTICALS INC, Tuesday close $2.87, +34.15 pct premarket

The drug developer said its experimental drug reduced the presence of a protein fragment in patients with liver cirrhosis in a mid-stage trial.

** LOCKHEED MARTIN CORP, Tuesday close $218.26

** OSHKOSH CORP, Tuesday close $37.58

The U.S. Court of Federal Claims will hear arguments on Jan. 20 in weapons maker Lockheed’s motion to halt Oshkosh’s work on 17,000 armored Humvee truck replacements for the U.S. Army while Lockheed challenges the $6.75 billion contract.

** SPIRIT AIRLINES INC, Tuesday close $41.5

The budget airline operator named board member Robert Fornaro as chief executive in a move analysts say may nudge it towards a merger with Frontier Airlines and improve its results after a year of unit revenue decline. (Compiled by Kshitiz Goliya in Bengaluru; Editing by Kirti Pandey)

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