March 15, 2016 / 5:33 PM / 2 years ago

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

(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, A decline in energy and healthcare stocks weighed on Wall Street on a relatively quiet Tuesday as investors awaited the outcome of the U.S. Federal Reserve's two-day policy meeting.The Dow Jones industrial average was down 0.09 percent at 17,213.86, the S&P 500 was down 0.43 percent at 2,011.01 and the Nasdaq Composite was down 0.59 percent at 4,722.22.


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, $62.31, -10.49 pct

** ENDO INTERNATIONAL PLC, $38.6, -8.27 pct

** MYLAN NV, $46.75, -2.34 pct


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

** ALERE INC, $49.87, -6.72 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, $104.455, +1.89 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.

** TEREX CORP, $23.4, +7.39 pct

China’s Zoomlion Heavy Industry Science & Technology Co Ltd has raised its bid for the U.S. crane maker, according to people familiar with the matter, as it challenges Terex’s merger with Finland’s Konecranes.

** CELATOR PHARMACEUTICALS INC, $7.35, +337.50 pct

Two brokerages raised price target after the drug developer’s drug showed statistically significant improvement in overall survival rates in myeloid leukemia patients in late-stage study.

** ELI LILLY & CO, $71.01, -3.92 pct

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


The immunotherapy developer posted bigger-than-expected fourth-quarter loss.

** OUTERWALL INC, $37.67, +9.54 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, $83.61, +10.83 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.

** CONSTELLIUM NV, $4.31, -37.26 pct

The Dutch aluminum product maker posted lower-than-expected fourth-quarter adjusted EBITDA, partly due to lower transportation and industry shipments.

** LOXO ONCOLOGY INC, $18.95, -8.50 pct

The cancer drug developer posted bigger-than-expected fourth-quarter loss, hurt by 74 percent rise in expenses.

** ARALEZ PHARMACEUTICALS INC, $4.9901, -13.96 pct

The drug developer reported fourth-quarter revenue of $6 million versus $9.9 million year earlier primarily due to increased costs associated with upcoming launch of its new drug Yosprala.

** IGNYTA INC, $5.3, -29.52 pct

At least three brokerages cut price targets of the drug developer after bigger-than-expected loss for 2015.

** RENT-A-CENTER INC, $14.49, +7.73 pct

Raymond James raised the rent-to-own furniture retailer’s rating to “strong buy” from “outperform”, ups price target to $21 from $18.

** MANNKIND CORP, $1.34, -3.60 pct

The drugmaker reported bigger-than-expected fourth-quarter loss hurt by higher costs.


The drug developer on Monday posted bigger loss that narrowly misses estimates.

** MOMO INC, $12, -8.81 pct

The Chinese mobile chat app company’s monthly active user growth slows down to 0.7 percent by end of fourth quarter from 83 percent in first quarter 2015.

** ARATANA THERAPEUTICS INC, $4.2, -8.70 pct

The pet drug developer reported net loss of 37 cents per share, compared with a loss of 30 cents per share year earlier.

** CHILDREN’S PLACE INC, $76.01, +7.54 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, $11.66, +7.27 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, $2.36, -12.92 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, $3.09, -12.22 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, $28.21, +2.62 pct

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

** IMMUNOMEDICS INC, $2.5401, -4.15 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, $40.48, +14.54 pct

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

** TERRAVIA INC, $2.455, +29.21 pct

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

** AVON PRODUCTS INC, $3.99, -8.90 pct

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, $12.59, -12.87 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”.

** BHP BILLITON LTD, $25.03, -6.78 pct

** RIO TINTO PLC, $27.345, -4.85 pct

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

** LINN ENERGY LLC, $0.7235, -26.15 pct

** LINNCO LLC, $0.4601, -31.24 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.

** ALCOA INC, $9.165, -5.22 pct

** CENTURY ALUMINUM CO, $7.015, -3.90 pct

Shares of U.S. aluminum producers down on persistent concerns over demand in top consumer China and uncertainty over outcome of U.S. Federal Reserve’s policy meeting.

** CHEVRON CORP, $92.89, -1.45 pct

** SCHLUMBERGER NV, $72.47, -1.32 pct

** CHESAPEAKE ENERGY CORP, $4.02, -8.22 pct

** KINDER MORGAN INC, $17.86, -4.70 pct

Shares of oil and gas companies down as oil falls for second straight day. Market participants cited technical resistance after Brent crude ran above $40/bbl and worried that U.S. crude stockpiles continued to rise despite falling production.

** ENERGY XXI LTD, $0.6323, -9.85 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, $0.6411, -8.41 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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