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U.S. stock indexes fell sharply on Thursday as market volatility in China and a relentless slide in oil prices unnerved investors. The Dow Jones industrial average was down 1.22 percent at 16,701.09, the S&P 500 was down 1.33 percent at 1,963.77 and the Nasdaq Composite was down 1.81 percent at 4,748.321.
** APPLE INC, $98.8837, -1.80 pct
The iPhone maker’s shares continued their downward spiral after dropping below $100 for the first time in nearly five months on Wednesday. The stock has fallen 4.4 percent, eroding $26 billion in market cap, in two days following reports of slowing shipments of iPhone 6S and 6S Plus.
** ATMEL CORP, $8, -6.65 pct
Microchip Technology Inc is reconsidering its interest in the micro-controller maker due to weakness in the company's business in the fourth quarter, Bloomberg reported, citing a person with knowledge of the matter. (bloom.bg/1kNc1a5)
** KB HOME, $10.99, -6.79 pct
** D.R. HORTON INC, $29.075, -1.97 pct
** LENNAR CORP, $44.39, -2.22 pct
** TOLL BROTHERS INC, $31.54, -1.84 pct
KB Home reported lower-than-expected profit and revenue for the fourth quarter due to inclement weather, which included floods and storm, and “trade shortages”. U.S. homebuilders have been grappling with a shortage of qualified construction workers as low wages fail to attract talent.
Shares of other homebuilders also fell on the news.
** TWITTER INC, $21.09, -1.40 pct
The micro-blogging site operator filed a lawsuit in an Ankara court on Thursday, seeking to annul a fine by the Turkish authorities for not removing content Turkey says is “terrorist propaganda”, a source familiar with the matter told Reuters.
** SUNRUN INC, $9.7, -4.90 pct
The solar panel installer said it had ceased all operations in Nevada after the state reduced credits customers receive for selling excess solar power to the grid. Sunrun, which partners with local installation companies, said it expected hundreds of job losses in the state.
** EPIZYME INC, $9.72, -15.77 pct
The cancer drug developer plans to offer $120 million worth of common stock at $9 per share, representing a discount of about 22 percent to the stock’s Wednesday close. As of Jan. 6, Epizyme had 41.7 million shares outstanding.
** OTONOMY INC, $20, -4.99 pct
The ear drug developer’s public offering of 5 million shares was priced at $20 per share, representing a 5 percent discount to the stock’s Wednesday close. As of Jan. 6, the company had 24.2 million shares outstanding.
** FINISH LINE INC, $16.56, -10.49 pct
The footwear retailer cut its profit and comparable sales forecasts for the year ending Feb. 27 after a supply chain disruption in the third quarter resulted in $32 million of lost sales. The company also reported lower-than-expected sales and profit for the third quarter.
** HP INC, $10.92, -3.28 pct
Wells Fargo cut its rating on the stock to “market perform” from “outperform”, citing “lack of material catalysts in FY16” for company, which houses former Hewlett-Packard Co’s legacy printer and PC business. Analysts noted that certain aspects of HP were “under appreciated” and there was potential for gains in the company’s premium, gaming and detachable PC segments.
** ALCOA INC, $8.33, -3.25 pct
The U.S. aluminum producer’s shares fell due to concerns over demand from China, one of the biggest consumers of industrial metals. China’s factory activity contracted for the 10th straight month in December, and at a sharper pace than in November, according to a private survey, dampening hopes that the world’s second-largest economy will enter 2016 on a steadier footing.
** CONSTELLATION BRANDS INC, $151.46, +5.83 pct
The alcoholic beverage maker reported better-than-expected quarterly net sales and profit, and said it plans to spend $1.5 billion to build a brewery in Mexico to meet growing demand for its Mexican beer brands.
** DYNAVAX TECHNOLOGIES CORP, $24.34, +14.92 pct
The drug developer said its experimental hepatitis B vaccine was found to be safe and effective in a late-stage study. The drug, HEPLISAV-B, was more effective than a currently marketed vaccine, Engerix-B, it said.
** TETRALOGIC PHARMACEUTICALS CORP, $0.502, -70.47 pct
The drug developer said it planned to stop its cancer drug study after the treatment failed to show any clinical benefit over a placebo in a mid-stage trial. Birinapant was being studied in combination with azacitidine in patients with myelodysplastic syndromes.
Roth Capital cut its price target on the stock to $1 from $5.
** CHEVRON CORP, $84.26, -2.10 pct
** SCHLUMBERGER NV, $66.99, -1.05 pct
** EXXON MOBIL CORP, $76.9, -0.74 pct
Oil slid below $33 per barrel on Thursday to levels not seen in more than a decade, as a tumble in Chinese equities rattled investors already concerned by near-record production and massive stockpiles of unwanted crude and refined products.
** MACY’S INC, $37.57, +3.93 pct
The department store chain operator said it would eliminate more than 2,000 jobs and consolidate operations after reporting weak holiday sales, highlighting a downturn in apparel demand that has likely taken a similar toll on other department stores and clothing chains.
** UNIQURE NV, $16.6175, +11.45 pct
The Dutch biotech company said its experimental gene therapy for a blood clotting disorder benefited some patients in an early-stage study.
** UNITED CONTINENTAL HOLDINGS INC, $53.25, -3.53 pct
The airline operator said Chief Executive Oscar Munoz underwent a heart transplant on Wednesday, but it expected him to return to the helm of the second-largest U.S. airline by the spring.
** UNITEDHEALTH GROUP INC, $113.47, -1.75 pct
The New York Attorney General has ordered the health insurer to pay a $100,000 fine after an investigation found the insurance provider engaged in anti-competitive practices involving elder and long-term care products, according to a person familiar with the matter.
** YAHOO INC, $30.81, -4.20 pct
The Internet company is working on a plan to cut its workforce by at least 10 percent and it could start the process as early as this month, Business Insider reported, citing sources.
** TRANSCANADA CORP, $30.82, -2.78 pct
The Canadian pipeline company sued the U.S government on Wednesday to reverse President Barack Obama’s rejection of the Keystone XL pipeline, and also plans to seek $15 billion in damages from a trade tribunal.
** NORFOLK SOUTHERN CORP, $78.45, -1.30 pct
Two senior Democrats in the U.S. House of Representatives urged federal regulators on Wednesday to reject any acquisition of railroad operator Norfolk Southern Corp by Canadian Pacific Railway Ltd. (Compiled by Kshitiz Goliya in Bengaluru; Editing by Kirti Pandey)