March 15, 2016 / 3:54 PM / 2 years ago

BUZZ-U.S. STOCKS ON THE MOVE-Valeant, Apple, Celator, Inogen

(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter,; for the Morning News Call newsletter, Wall Street was lower on Tuesday as a slide in oil prices dragged down energy stocks and investors kept to the sidelines ahead of the U.S. Federal Reserve's policy meeting. The Dow Jones industrial average was down 0.12 percent at 17,209.13, the S&P 500 was down 0.46 percent at 2,010.43 and the Nasdaq Composite was down 0.49 percent at 4,726.925.


The Canadian drugmaker cut its revenue forecast for the year by about 12 percent, or $1.5 billion, citing slower growth in its U.S. dermatology, gastrointestinal and women’s health businesses.

** MALLINCKRODT PLC, $62.9, -9.64 pct

** ENDO INTERNATIONAL PLC, $39.55, -6.01 pct

** MYLAN NV, $46.3299, -3.22 pct


Shares of specialty pharmaceutical companies got clipped after beleaguered Valeant Pharmaceuticals slashed its 2016 forecast.

** ALERE INC, $50.07, -6.34 pct

The diagnostics company, which has agreed to be acquired by Abbott Laboratories, said it had received a grand jury subpoena from the U.S. Department of Justice seeking documents relating to its sales practices in Africa, Asia and Latin America.

** APPLE INC, $104.86, +2.28 pct

Morgan Stanley raised its estimate for the company’s first-quarter iPhone unit sales to 56.5 million from previous estimate of 49 million. The iPhone maker said China delivering strongest growth.

** CELATOR PHARMACEUTICALS INC, $7.68, +357.14 pct

The drug developer’s experimental drug showed statistically significant improvement in overall survival rates in myeloid leukemia patients in a late-stage study.

** ELI LILLY & CO, $71.18, -3.69 pct

The drugmaker narrowed goals of key study of its experimental Alzheimer’s disease drug, solanezumab.

** OUTERWALL INC, $36.96, +7.47 pct

The Redbox DVD rental kiosk owner is to explore strategic and financial alternatives, nearly a month after its second-largest shareholder, Engaged Capital LlC, urged the company to explore strategic options, including taking it private.

** MEAD JOHNSON NUTRITUION CO, $83.04, +10.07 pct

The Enfamil baby formula maker has engaged Lazard, M&A blog Betaville said. The company was talked about before as a takeover target, possibly for Danone.

** CHILDREN’S PLACE INC, $74.76, +5.77 pct

The children’s apparel retailer’s fourth-quarter profit and sales beat estimates, helped by strength in its wholesale and international businesses.


The fuel storage system maker skipped principal payment under credit facility as it negotiated with its creditors, but said it may have to seek bankruptcy protection if talks fail.

** FERRO CORP, $11.7, +7.64 pct

The specialty chemical maker received an offer from University of Phoenix owner Apollo Global Management LLC , Bloomberg reported, citing people with knowledge of the matter.

** CLIFFS NATURAL RESOURCES INC, $2.39, -11.81 pct

Bondholders are suing the iron ore producer over a bond exchange offer in January that was prompted by falling commodity prices and aimed at reducing the company’s debt.

** PEAK RESORTS INC, $3.08, -12.50 pct

The ski resort operator reported lower-than-expected thrid-quarter revenue, profit, hurt by a 23 percent decline in skier and tuber visits.


The biotech company announced proposed public offering and said it intends to use net proceeds from offering to fund ongoing clinical trials.


The for-profit education provider posted higher-than-expected fourth-quarter profit, helped by cost controls.

** DSW INC, $28.03, +1.96 pct

The footwear and accessories retailer reported its fourth-quarter revenue above analysts’ average estimate, helped by increased promotions.

** IMMUNOMEDICS INC, $2.36, -10.94 pct

The drug developer said it will terminate late-stage trial of its pancreatic cancer drug after it did not show sufficient improvement in overall survival in an interim analysis.

** INOGEN INC, $41.47, +17.35 pct

The medical technology company posted better-than-expected fourth-quarter revenue and profit, helped by demand for portable oxygen concentrators.

** TERRAVIA INC, $2.58, +35.79 pct

The renewable oils and bioproducts maker signed multi-year supply agreement with Unilever .

** AVON PRODUCTS INC, Tuesday close $4.38, -7.99 pct premarket

The cosmetics maker said on Monday it would cut about 2,500 jobs worldwide and shift its corporate headquarters to the UK as part of its three-year turnaround plan.

** 3D SYSTEMS CORP, $12.39, -14.26 pct

JP Morgan cut the 3D printer maker’s stock rating to “underweight” from “neutral”. The company’s fourth-quarter revenue was boosted by healthcare and industrial orders as well as higher service revenue but it said “market conditions remain challenging and uncertain”.

** BLACK DIAMOND INC, $4.92, +5.35 pct

The adventure sports equipment maker reported quarterly adjusted profit of 2 cents per share from continuing operations, excluding items, versus average analyst estimate of a loss of 1 cent, according to Thomson Reuters I/B/E/S.

** BHP BILLITON LTD, $25, -6.89 pct

** RIO TINTO PLC, $27.28, -5.08 pct

Lead miners’ shares fell after their peer Antofagasta Plc said it will not pay a final dividend.

** LINN ENERGY LLC, $0.7161, -26.91 pct

** LINNCO LLC, $0.4647, -30.55 pct

Struggling oil and gas producer Linn said a Chapter 11 bankruptcy filing may be “unavoidable”. The company said that there was substantial doubt about its ability to continue as a “going concern” after it decided to skip an interest payment on some senior notes.

** ENERGY XXI LTD, $0.6622, -5.59 pct

The U.S. oil and gas producer said it had delayed paying the interest due on the debt of one of its subsidiaries as it continues to work with advisers to slash debt.

** OREXIGEN THERAPEUTICS INC, $0.645, -7.86 pct

The drugmaker said it agreed to buy the U.S. rights to its flagship obesity drug from partner Takeda Pharmaceutical Co Ltd and will tap Canada’s Valeant Pharmaceutical International Inc to sell the pill in parts of Europe. (Compiled by Arunima Banerjee in Bengaluru; Edited by Don Sebastian)

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